MIRA INFORM REPORT

 

 

Report No. :

334038

Report Date :

28.07.2015

 

IDENTIFICATION DETAILS

 

Name :

DISNEY ENTERTAINMENT (INDIA) LIMITED (w.e.f. 17.06.2015)

 

 

Formerly Known As :

UTV GLOBAL BROADCASTING LIMITED

 

 

Registered Office :

1st Floor, Building No. 14, Solitaire Corporate, Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-40981400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.06.2007

 

 

Com. Reg. No.:

11-171337

 

 

Capital Investment / Paid-up Capital :

Rs. 26.440 Million

 

 

CIN No.:

[Company Identification No.]

U32300MH2007PLC171337

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in providing television broadcasting services and also operates a distribution platform for the television channels.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Company’s name has been changed from “UTV global Broadcasting Limited” to “Disney Entertainment (India) Limited” with effect from 17th June 2015.

 

Subject was incorporated in 2007 and is based in Mumbai, India. It operates as a subsidiary of UTV Software Communications Ltd, which is a subsidiary of The Walt Disney Company. It is having satisfactory track.

 

Rating takes into consideration sound financial risk profile of the company marked by strong networth base and very low gearing of the company.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of strong managerial and financial support from its holding companies, the subject can be considered for business dealings with 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 DENIED

 

Management non co-operative (Tel. No.: 91-22-40981400)

 

 

LOCATIONS

 

Registered Office :

1st Floor, Building No. 14, Solitaire Corporate, Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-61091000/40981400

Fax No.:

91-11-64721930

E-Mail :

puneet.juneja@disney.com

 

 

DIRECTORS

 

AS ON 22.09.2014

 

Name :

Mr. Anuraag Shroff

Designation :

Director

Address :

51,  Krishna (Utpal), Flat No. 3,  Swastick Society, N S Road, No. 3, Juhu Scheme,  Ville Parle (West), Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

14.02.1965

Date of Appointment :

01.10.2012

DIN No.:

06386823

 

 

Name :

Shalini Sethi

Designation :

Director

Address :

Rajkiran B/205, Yari Road, Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

15.11.1972

Date of Appointment :

19.07.2013

DIN No.:

06638837

 

 

Name :

Manas Mati

Designation :

Director

Address :

Flat No. 2703, Oberoi Woods, Off Western Express Highway, Near Aarey Colony, Goregaon (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

05.10.1969

Date of Appointment :

30.04.2014

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 22.09.2014

 

Names of Shareholders

 

No. of Shares

UTV Software Communications Limited, India

 

2344231

Mr. Charles Jacob

 

1

Mr. Kunal Bharti

 

1

Mr. S Venkata Subramanian

 

1

Mr. Nimish Shah

 

1

Mr. Sujit Vadiya

 

1

The Wait Disney Company (Sortheast Asia) Pte. Limited, Singapore

 

300000

 

 

 

Total

 

2644236

 

AS ON 24.09.2015

 

Names of Allottee

 

No. of Shares

UTV Software Communications Limited, India

 

243421

 

 

 

 

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 22.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

11.35

Bodies corporate

88.65

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in providing television broadcasting services and also operates a distribution platform for the television channels.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

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 :

--

 

Auditors :

 

Name :

Price Water House and Company

Chartered Accountant

Address :

5th Floor, Tower D, The Mellenia, 1 and 2 Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India

PAN No.:

AADFP9359C

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding

Company :
  • The Walt Disney Company (TWDC)
  • UTV Software Communications Limited

 

 

Holding Company :

  • The Walt Disney Company (Southeast Asia) Pte Limited
  • UTV Entertainment Television Limited
  • Genx Entertainment Limited

 

 

Fellow Subsidiary Company :
  • Indiagames Limited
  • UTV New Media Limited
  • First Future Agri and Developers Limited
  • The Walt Disney Company (India) Private Limited

 

 

 

CAPITAL STRUCTURE

 

AS ON 22.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs. 30.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2644236

Equity Shares

Rs.10/- each

Rs. 26.440 Million

 

 

 

 

 

 

AFTER 22.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs. 30.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2644236

Equity Shares

Rs.10/- each

Rs. 26.442 Million

243421

Allottees

Rs. 10/- each

Rs. 2.434 Million

 

Total

 

Rs. 28.876 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

26.440

24.180

20.000

(b) Reserves & Surplus

8526.620

6586.590

2708.240

(c) Money received against share warrants

7.200

7.200

7.200

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

8560.260

6617.970

2735.440

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

3017.570

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

5.890

(d) long-term provisions

0.000

12.200

0.000

Total Non-current Liabilities (3)

0.000

12.200

3023.460

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

344.000

344.000

786.000

(b) Trade payables

109.660

275.760

114.430

(c) Other current liabilities

68.430

307.950

775.220

(d) Short-term provisions

0.000

5.340

0.700

Total Current Liabilities (4)

522.090

933.050

1676.350

 

 

 

 

TOTAL

9082.350

7563.220

7435.250

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1.670

8.020

16.470

(ii) Intangible Assets

0.000

0.090

0.730

(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

8622.440

6897.140

5687.140

(c) Deferred tax assets (net)

0.000

0.000

232.870

(d)  Long-term Loan and Advances

131.260

111.130

1224.930

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

8755.370

7016.380

7162.140

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

6.540

284.140

194.240

(d) Cash and cash equivalents

236.490

151.930

31.790

(e) Short-term loans and advances

81.540

38.090

47.080

(f) Other current assets

2.410

72.680

0.000

Total Current Assets

326.980

546.840

273.110

 

 

 

 

TOTAL

9082.350

7563.220

7435.250

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

4.300

793.230

690.500

 

 

Other Income

46.260

0.800

6.410

 

 

TOTAL                                    

50.560

794.030

696.910

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Employees benefits expense

22.770

143.140

106.330

 

 

Expenditure on production, transportation and other expenditure pertaining to E&P activities

12.870

500.240

0.000

 

 

Other expenses

45.050

100.900

549.160

 

 

Exceptional Item

12.610

0.000

0.000

 

 

TOTAL                                    

93.300

744.280

655.490

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(42.740)

49.750

41.420

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

36.170

231.770

424.110

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

(78.910)

(182.020)

(382.690)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

3.700

9.090

7.010

 

 

 

 

 

 

PROFIT BEFORE TAX

(82.610)

(191.110)

(389.700)

 

 

 

 

 

Less

TAX                                                                 

0.000

232.870

(232.870)

 

 

 

 

 

 

PROFIT AFTER TAX

(82.610)

(423.980)

(156.830)

 

 

 

 

 

 

Earnings Per Share (Rs.)

(31.24)

(160.34)

(59.31)

 

 

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 flow from (used in) operation

38.170

993.310

(638.940)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(1921.16)

(53.45)

(22.71)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

(993.95)

6.27

6.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(17.96)

(28.69)

(25.72)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.01)

(0.03)

(0.14)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.04

0.05

1.39

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.63

0.59

0.16

 

 

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

20.000

24.180

26.440

Reserves & Surplus

2708.240

6586.590

8526.620

Share Application money pending allotment

0.000

0.000

0.000

Net worth

2728.240

6610.770

8553.060

 

 

 

 

long-term borrowings

3017.570

0.000

0.000

Short term borrowings

786.000

344.000

344.000

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

3803.570

344.000

344.000

Debt/Equity ratio

1.394

0.052

0.040

 

 

 

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)

Sales

690.500

793.230

4.300

 

 

14.878

(99.458)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

690.500

793.230

4.300

Profit

(156.830)

(423.980)

(82.610)

 

(22.71%)

(53.45%)

(1921.16%)

 

 

 

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

Yes

21

Banking facility details

No

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 7TH Floor, Building No. 11, Solitaire Corporate Park, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 10.01.2014.

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Rupee term loan from others

344.000

344.000

 

 

 

Total

344.000

344.000

 

 

 

 

 

INDEX OF CHARGES

 

NO CHARGES EXIST FOR THE COMPANY.

 

 

 

 

FIXED ASSETS

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 64.00

UK Pound

1

Rs. 99.43

Euro

1

Rs. 70.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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