|
|
|
MIRA INFORM REPORT
|
Report No. : |
492032 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
NEW DELHI TELEVISION LIMITED |
|
|
|
|
Registered
Office : |
207, Okhla Industrial Estate, Phase III, New Delhi – 110020 |
|
Tel. No.: |
91-11-41577777 / 26446666 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.09.1988 |
|
|
|
|
Com. Reg. No.: |
55-033099 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 257.890 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L92111DL1988PLC033099 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN/UIN : |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The
Company is in the business of television media and currently operates three
channels including a dual channel (NDTV 24x7, NDTV India, NDTV Profit and
Prime). [Registered Activity] |
|
|
|
|
No. of Employees
: |
1690 (Approximately) |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
New Delhi Television Limited (NDTV) was promoted by Dr. Prannoy Roy and Ms. Radhika Roy in the year 1988 and is into business of broadcasting of news and other contents on TV. The company currently operates four channels viz. NDTV 24X7, NDTV India, NDTV Profit+Prime and NDTV Good Times. As per the financials of 2017, the company has witnessed degrowth of 11% in the total operating income this reduction in the operating revenue and high personnel expenses resulted into operating loss during the year. Rating takes into consideration, the satisfactory financial risk profile marked by comfortable net worth and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operations backed by its long standing experience of the promoters along with established market position in the news and broadcasting industry as well as wee- diversified advertiser base. The company is listed on BSE at the price held at 46.45 against its face value of INR 4. However, these rating strengths gets partially offset by elongated working capital cycle leading to high working capital utilization and high dependence on advertising revenue along with continuous operational losses record by the company. Further, as quarterly results till September 2017, the company has registered a loss of 178.8 million along with deteriorated revenues. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealing 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating= BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
10.08.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating= A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
10.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 14.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non Co-operative (91-11-41577777)
91-11-26446666 – CONTINUALLY
RINGING
LOCATIONS
|
Registered Office : |
207, Okhla Industrial Estate, Phase III, New Delhi – 110020, India |
|
Tel. No.: |
91-11-41577777 / 26446666 |
|
Fax No.: |
91-11-29231740 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mrs. Radhika Roy |
|
Designation : |
Executive Co-Chairperson |
|
Address : |
B-207, Greater Kailash-1, New Delhi –
110048, India |
|
Date of Appointment : |
08.09.1988 |
|
DIN No.: |
00025625 |
|
|
|
|
Name : |
Dr. Prannoy Roy |
|
Designation : |
Executive Co-Chairperson |
|
Address : |
B-207, Greater Kailash-1, New Delhi –
110048, India |
|
Date of Appointment : |
08.09.1988 |
|
DIN No.: |
00025576 |
|
|
|
|
Name : |
Mr. Pramod Bhasin |
|
Designation : |
Director |
|
Address : |
F- 35, Fatehpur Beri Radhe Mohan Drive
Fatehpur Road, Drive Jonapur, New Delhi – 110030, India |
|
Date of Appointment : |
30.04.2010 |
|
DIN No.: |
01197009 |
|
|
|
|
Name : |
Ms. Indrani Roy |
|
Designation : |
Director |
|
Address : |
164, Block G New Alipore, Kolkata – 700053,
West Bengal, India |
|
Date of Appointment : |
14.05.2004 |
|
DIN No.: |
01033399 |
|
|
|
|
Name : |
Mr. Kaushik Dutta |
|
Designation : |
Director |
|
Address : |
843-A, Block Lavy Pinto Asiad Village,
Delhi – 110049, India |
|
Date of Appointment : |
15.01.2016 |
|
DIN No.: |
03328890 |
|
|
|
|
Name : |
Mr. John Martin O' Loan |
|
Designation : |
Director |
|
Address : |
Flat 12, Hillbrow, Richmond Hill Richmond
Surrey Tw106bh Gb, UK |
|
Date of Appointment : |
15.02.2016 |
|
DIN No.: |
07322343 |
KEY EXECUTIVES
|
Name : |
Mr. Saurav Banerjee |
|
Designation : |
Chief Executive Officer |
|
Address : |
K-13, S/F Kailash Colony, New Delhi –
110048, India |
|
Date of Appointment : |
04.12.2017 |
|
PAN No.: |
AFBPB0095C |
|
|
|
|
Name : |
Ms. Suparna Singh |
|
Designation : |
Chief Executive Officer |
|
Address : |
C-418, Defence Colony, South Delhi New –
110024, India |
|
Date of Appointment : |
04.12.2017 |
|
PAN No.: |
AAYPS9510P |
|
|
|
|
Name : |
Mr. Ravi Asawa |
|
Designation : |
Chief Financial Officer |
|
Address : |
C-902, BPTP Freedom Park Life, Sector-57,
Gurugram – 122001, Haryana, India |
|
Date of Appointment : |
04.12.2017 |
|
PAN No.: |
ADGPA8272P |
|
|
|
|
Name : |
Mr. Navneet Raghuvanshi |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
427, II nd, Ashoka Enclave – III, Sector –
35, Faridabad – 121003, Haryana, India |
|
Date of Appointment : |
05.11.2014 |
|
PAN No.: |
AELPR2118F |
|
|
|
|
Group CEO and
Executive Vice-Chairperson : |
Ø Mr. K.V.L. Narayan Rao |
|
|
|
|
Director, Finance and
Group CFO : |
Ø Mr. Saurav Banerjee |
|
|
|
|
Audit Committee : |
Ø Mr. Kaushik Dutta - Chairperson Ø Mr. Pramod Bhasin Ø Mr. John Martin O’Loan Ø Ms. Indrani Roy |
|
|
|
|
Nomination and
Remuneration Committee : |
Ø Mr. Kaushik Dutta -Chairperson Ø Dr. Prannoy Roy Ø Mr. John Martin O’Loan Ø Ms. Indrani Roy |
|
|
|
|
Stakeholders
Relationship Committee : |
Ø Ms. Indrani Roy-Chairperson Ø Mrs. Radhika Roy Ø Dr. Prannoy Roy |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
39615168 |
61.45 |
|
(B) Public |
24856099 |
38.55 |
|
Grand Total |
64471267 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Individuals/Hindu
undivided Family |
20801240 |
32.26 |
|
PRANNOY ROY |
10276991 |
15.94 |
|
RADHIKA ROY |
10524249 |
16.32 |
|
Any Other
(specify) |
18813928 |
29.18 |
|
RRPR Holding
Private Limited |
18813928 |
29.18 |
|
Sub Total A1 |
39615168 |
61.45 |
|
A=A1+A2 |
39615168 |
61.45 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Foreign Portfolio
Investors |
9259457 |
14.36 |
|
Eriska Investment
Fund Limited |
2851894 |
4.42 |
|
LTS Investment Fund
Limited |
6285000 |
9.75 |
|
Financial
Institutions/ Banks |
35407 |
0.05 |
|
Sub Total B1 |
9294864 |
14.42 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share capital
upto INR 0.200 million |
7715632 |
11.97 |
|
Individual share
capital in excess of INR 0.200 million |
3542415 |
5.49 |
|
NBFCs registered
with RBI |
1025 |
0.00 |
|
Any Other
(specify) |
4302163 |
6.67 |
|
Key Management
Personnel |
71176 |
0.11 |
|
NRI |
101292 |
0.16 |
|
NRI – Non- Repat |
52101 |
0.08 |
|
Bodies Corporate |
3924156 |
6.09 |
|
lookline
tradelinks Private Limited |
699787 |
1.09 |
|
Clearing Members |
153438 |
0.24 |
|
Sub Total B3 |
15561235 |
24.14 |
|
B=B1+B2+B3 |
24856099 |
38.55 |
BUSINESS DETAILS
|
Line of Business : |
The
Company is in the business of television media and currently operates three
channels including a dual channel (NDTV 24x7, NDTV India, NDTV Profit and
Prime). [Registered Activity] |
||||
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|
Products / Services
: |
|
||||
|
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|
||||
|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
||||
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|
||||
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Imports : |
Not Divulged |
||||
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
No. of Employees : |
1690 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: LONG TERM
BORROWINGS
SHORT TERM
BORROWINGS (i) INR 1146.420 million
(Previous year INR 1064.570 million) is secured by a charge created on the
book-debts of the Company. The loan is secured by a collateral securities
given on the office premises at W-17, GK-I, 2nd floor, New Delhi,
hypothecation of plant and machinery, equipments and all other fixed assets
and fixed deposits against margin for Letter of credit/Bank guarantee,
Corporate Guarantee received from M/s Delta Softpro Private Limited for the
Industrial plot at Gautam Budh Nagar, Plot No.17-18, Block -C, Sector-85
Phase-III,NOIDA, U.P. and pledge of 2,692,419 numbers (previous year
2,692,419 numbers) Equity shares of JaiPrakash Power Ventures Limited and
33,000 numbers (previous year 33,000 numbers) Equity shares of NDTV Worldwide
Limited. The working capital loans are reviewed and renewed on a yearly basis
and carry an interest rate of base rate + 1.50%. Effective rate of interest
as at March 31, 2017 is 11.10%. (Previous year 11.20%). (ii) Loan of INR 35.000
million (Previous year INR Nil) taken from NDTV Worldwide Limited, a subsidiary
of the Company, at an interest rate of 8% per annum. |
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
Building No.10, 8th Floor, Tower B, DLF Cyber City, Phase -
II, Gurugram – 122002, Haryana, India |
|
Tel. No.: |
91-124-7191000 |
|
Fax No.: |
91-124-2358613 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related parties
where control exists : |
· RRPR Holding Private Limited |
|
|
|
|
Subsidiaries (Direct
/Indirect) : |
· NDTV Media Limited · NDTV Convergence Limited · NDTV Labs Limited · NDTV Lifestyle Holdings Limited · NDTV Lifestyle Limited · NDTV Networks Limited (Formerly NDTV Networks Private Limited) · NDTV (Mauritius) Multimedia Limited (liquidated w.e.f. 09th May 2015) · NDTV Worldwide Limited · Delta Softpro Private Limited · Indianroots Retail Private Limited (Formerly JA Ethnic Retail Private Limited) · NDTV Ethnic Retail Limited (acquired on March 26, 2013) (Formerly NDTV Ethnic Retail Private Limited) · BrickbuyBrick Ventures Limited · Fifth Gear Auto Limited · Red Pixel Gadgets Limited · SmartCooky Ventures Limited · BrickbuyBrick Projects Limited · Red Pixels Ventures Limited · Fifth Gear Ventures Limited · SmartCooky Internet Limited · OnArt Quest Limited · Special Occasions Limited · Redster Digital Limited · On Demand Transportation Technologies Limited |
|
|
|
|
Associate company : |
· Astro Awani Network Sdn Bhd, Malaysia |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
433250000 |
Equity Shares |
INR 4/- each |
INR 1733.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64482517 |
Equity Shares |
INR 4/- each |
INR 257.930 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64471267 |
Equity Shares |
INR 4/- each |
INR 257.890 Million |
|
|
|
|
|
a)
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting period
Equity shares
|
Equity Shares |
Number
of Shares |
INR in Million |
|
At the beginning of the year |
64471267 |
257.890 |
|
Outstanding at the end of the year |
64471267 |
257.890 |
b)
Details of
shareholders holding more than 5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity shares of INR 4/- each fully paid up held by: |
|
|
|
RRPR Holding Private Limited |
18813928 |
29.18 |
|
Mrs. Radhika Roy |
10524249 |
16.32 |
|
Dr. Prannoy Roy |
10276991 |
15.94 |
|
Oswal Greentech Limited |
-- |
-- |
|
LTS Investment Fund Limited |
6285000 |
9.75 |
c)
Rights,
preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid. Failure to pay any amount called up on shares may lead to forfeiture of the shares. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company in proportion to the number of equity shares held.
d) During the year ended 31 March 2009, the Company had instituted the Employee Stock Purchase Scheme 2009 (the “Scheme”) to compensate the employees who had opted for the surrender of their stock options granted to them under Employee Stock Option Plan 2004. The Scheme was formulated in accordance with erstwhile SEBI (Employee Stock option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and approved by the shareholders on March 10, 2009. It provides for the issue and allotment of not exceeding 2,146,540 equity shares to the eligible employees of the Company and its subsidiaries by the ESOP & ESPS Committee at an exercise price of INR 4 each. Accordingly, the Company had allotted 1,753,175 equity shares in the previous periods.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
257.890 |
257.890 |
257.890 |
|
(b) Reserves & Surplus |
2386.880 |
2920.240 |
3136.340 |
|
(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) |
2644.770 |
3178.130 |
3394.230 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.130 |
35.630 |
264.130 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
597.880 |
347.880 |
249.270 |
|
(d) long-term
provisions |
140.330 |
112.830 |
114.970 |
|
Total Non-current
Liabilities (3) |
745.340 |
496.340 |
628.370 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1181.420 |
1064.570 |
1355.370 |
|
(b) Trade
payables |
1361.730 |
1003.450 |
804.820 |
|
(c) Other
current liabilities |
378.850 |
614.870 |
570.800 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
2922.000 |
2682.890 |
2730.990 |
|
|
|
|
|
|
TOTAL |
6312.110 |
6357.360 |
6753.590 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
550.080 |
571.750 |
711.950 |
|
(ii)
Intangible Assets |
9.460 |
14.670 |
19.020 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.030 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2728.640 |
2748.740 |
2990.380 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
302.580 |
463.420 |
282.560 |
|
(e) Other
Non-current assets |
3.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3593.760 |
3798.580 |
4003.940 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
93.130 |
|
(b) Inventories |
10.710 |
64.850 |
32.160 |
|
(c) Trade
receivables |
1558.130 |
1419.920 |
1599.480 |
|
(d) Cash
and cash equivalents |
189.750 |
189.750 |
192.640 |
|
(e)
Short-term loans and advances |
891.570 |
795.370 |
742.820 |
|
(f) Other
current assets |
68.190 |
88.890 |
89.420 |
|
Total
Current Assets |
2718.350 |
2558.780 |
2749.650 |
|
|
|
|
|
|
TOTAL |
6312.110 |
6357.360 |
6753.590 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
3817.270 |
4286.980 |
4293.020 |
|
|
|
|
Other Income |
63.420 |
54.530 |
46.280 |
|
|
|
|
TOTAL |
3880.690 |
4341.510 |
4339.300 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Production expenses |
842.790 |
826.010 |
805.100 |
|
|
|
|
Employees benefits expense |
1488.270 |
1446.290 |
1381.080 |
|
|
|
|
Operations and administration expenses |
956.590 |
980.580 |
981.630 |
|
|
|
|
Marketing, distribution & promotion expenses |
732.620 |
949.790 |
816.070 |
|
|
|
|
Exceptional items |
74.000 |
0.000 |
78.080 |
|
|
|
|
TOTAL |
4094.270 |
4202.670 |
4061.960 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(213.580) |
138.840 |
277.340 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
152.460 |
164.970 |
201.540 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(366.040) |
(26.130) |
75.800 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
160.490 |
184.460 |
212.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
(526.530) |
(210.590) |
(136.900) |
||
|
|
|
|
|
|
||
|
Less |
TAX |
6.830 |
5.510 |
118.850 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
(533.360) |
(216.100) |
(255.750) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2209.470) |
(1993.370) |
(1737.620) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(2742.830) |
(2209.470) |
(1993.370) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Advertisement revenue |
84.430 |
109.320 |
62.540 |
|
|
|
|
Subscription revenue |
205.510 |
191.890 |
169.040 |
|
|
|
|
Event revenue |
96.130 |
43.940 |
0.000 |
|
|
|
|
Other business income |
7.720 |
5.520 |
0.000 |
|
|
|
TOTAL EARNINGS |
393.790 |
350.670 |
231.580 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Capital goods |
5.200 |
13.310 |
29.090 |
|
|
|
|
Equipments stores and spares |
3.330 |
5.180 |
2.140 |
|
|
|
|
Video tapes |
0.000 |
0.000 |
0.080 |
|
|
|
TOTAL IMPORTS |
8.530 |
18.490 |
31.310 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
(8.27) |
(3.35) |
(3.97) |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
28.500 |
228.500 |
178.500 |
|
Cash generated from operations |
406.490 |
549.810 |
419.070 |
|
Net cash generated from operating activities |
263.100 |
423.040 |
298.510 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
699.300 |
705.800 |
|
Total Expenditure |
|
813.200 |
843.600 |
|
PBIDT (Excluding Other Income) |
|
(113.900) |
(137.800) |
|
Other income |
|
27.100 |
29.900 |
|
Operating Profit |
|
(86.800) |
(107.900) |
|
Interest |
|
35.600 |
36.800 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(122.400) |
(144.700) |
|
Depreciation |
|
35.700 |
34.100 |
|
Profit Before Tax |
|
(158.100) |
(178.800) |
|
Tax |
|
1.300 |
0.400 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
(159.400) |
(179.200) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(159.400) |
(179.200) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
148.99 |
120.89 |
135.99 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.45 |
3.02 |
2.68 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(19.94) |
2.14 |
8.62 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.38) |
0.24 |
0.38 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.47 |
0.46 |
0.47 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.46 |
0.42 |
0.53 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.10 |
0.84 |
0.80 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.21 |
0.18 |
0.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(1.40) |
0.84 |
1.38 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(13.97) |
(5.04) |
(5.96) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(8.45) |
(3.40) |
(3.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(20.17) |
(6.80) |
(7.53) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.93 |
0.95 |
1.01 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.93 |
0.93 |
1.00 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.42 |
0.50 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.72 |
5.15 |
6.97 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.93 |
0.95 |
1.01 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 4.00/- |
|
Market Value |
INR 46.45/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
257.890 |
257.890 |
257.890 |
|
Reserves & Surplus |
3136.340 |
2920.240 |
2386.880 |
|
Net
worth |
3394.230 |
3178.130 |
2644.770 |
|
|
|
|
|
|
Long-Term Borrowings |
264.130 |
35.630 |
7.130 |
|
Short Term Borrowings |
1355.370 |
1064.570 |
1181.420 |
|
Current Maturities of Long term debt |
178.500 |
228.500 |
28.500 |
|
Total
borrowings |
1798.000 |
1328.700 |
1217.050 |
|
Debt/Equity
ratio |
0.530 |
0.418 |
0.460 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4293.020 |
4286.980 |
3817.270 |
|
|
|
(0.141) |
(10.957) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
4293.020 |
4286.980 |
3817.270 |
|
Profit/(Loss) |
(255.750) |
(216.100) |
(533.360) |
|
|
(5.96%) |
(5.04%) |
(13.97%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
257.890 |
257.890 |
|
(b) Reserves &
Surplus |
(96.040) |
561.670 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
(d) Minority interest |
1322.940 |
1344.790 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1484.790 |
2164.350 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
557.130 |
185.630 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
164.300 |
132.510 |
|
Total Non-current
Liabilities (3) |
721.430 |
318.140 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
1183.380 |
1064.570 |
|
(b) Trade payables |
1289.990 |
1065.060 |
|
(c) Other current
liabilities |
532.950 |
871.340 |
|
(d) Short-term provisions |
1.710 |
0.730 |
|
Total Current Liabilities
(4) |
3008.030 |
3001.700 |
|
|
|
|
|
TOTAL |
5214.250 |
5484.190 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
671.940 |
708.620 |
|
(ii) Intangible Assets |
175.970 |
161.860 |
|
(iii) Capital
work-in-progress |
4.320 |
21.310 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
171.950 |
117.420 |
|
(c) Deferred tax assets
(net) |
8.850 |
8.290 |
|
(d) Long-term Loan and Advances |
515.280 |
639.360 |
|
(e) Other Non-current
assets |
47.080 |
14.490 |
|
Total Non-Current Assets |
1595.390 |
1671.350 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
62.790 |
132.820 |
|
(c) Trade receivables |
1593.770 |
1470.510 |
|
(d) Cash and cash
equivalents |
759.870 |
1079.880 |
|
(e) Short-term loans and
advances |
1059.390 |
1011.350 |
|
(f) Other current assets |
143.040 |
118.280 |
|
Total Current Assets |
3618.860 |
3812.840 |
|
|
|
|
|
TOTAL |
5214.250 |
5484.190 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
5226.650 |
5657.650 |
|
|
Other Income |
125.360 |
113.590 |
|
|
TOTAL |
5352.010 |
5771.240 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Purchases of
Stock-in-Trade |
8.430 |
145.360 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.210 |
5.640 |
|
|
Production expenses and
cost of services |
1208.380 |
1237.180 |
|
|
Employees benefits
expense |
2132.050 |
2013.590 |
|
|
Operations and administration
expenses |
1250.410 |
1327.590 |
|
|
Marketing, distribution
and promotion expenses |
886.660 |
1266.310 |
|
|
Exceptional items |
74.000 |
0.000 |
|
|
TOTAL |
5560.140 |
5995.670 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(208.130) |
(224.430) |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
219.800 |
207.590 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(427.930) |
(432.020) |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
224.170 |
249.020 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
|
(652.100) |
(681.040) |
|
|
|
|
|
|
Less |
TAX |
84.770 |
75.340 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(736.870) |
(756.380) |
|
|
|
|
|
|
Add/ Less |
SHARE OF MINORITY |
47.020 |
191.650 |
|
|
|
|
|
|
Add/ Less |
SHARE IN PROFIT OF ASSOCIATE |
2.030 |
16.530 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR THE YEAR |
(687.820) |
(548.200) |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(10.67) |
(8.50) |
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 |
No |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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 |
Yes |
|
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 |
CORPORATE INFORMATION
The Company is a public limited company incorporated in India under the provisions of the Companies Act, 1956. Its shares are listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) in India. The Company is in the business of television media and currently operates three channels including a dual channel (NDTV 24x7, NDTV India, NDTV Profit and Prime). The subsidiaries of the Company include NDTV Lifestyle Limited, NDTV Convergence Limited (to exploit the synergies between television, internet and mobile and owns the website ndtv.com) and NDTV Worldwide Limited, which offers high end consultancy for setting up of local television news channels in emerging markets across the world. The Company has subsidiaries engaged into different e-commerce businesses on various platforms such as www.Gadgets360.com, www.indianroots.com, www.carandbike.com, www.bandbaajaa.com and www.mojarto.com.
AWARDS OF EXCELLENCE:
2016-2017
WAN-IFRA Digital Media
Awards 2016 – September 2016
Gold: Best News Product - Gadgets
360
Gold: Best Entertainment and
Lifestyle Website – NDTV-Nirmal MyFit 100 days
Silver: Best News Website –
NDTV.com
Silver: Best News Product - News
Beeps
Silver: Best Digital Advertising
Campaign – L’Oreal Paris Women of Worth 2016
Silver: Best Use of Online Video –
Shiksha Ki Ore campaign
Silver: Best Entertainment and
Lifestyle Mobile Service – NDTV-Nirmal MyFit 100 days
Bronze: Best News Product – Vixty
App
Bronze: Best Use of Online Video -
L’Oreal Paris Women of Worth 2016
Bronze: Best Visualisation Project
– NDTV-Dettol Banega Swachh India
Ramnath Goenka Excellence
in Journalism Awards 2015 - November 2016
On The Spot Reporting
(Broadcast): Aamir
Rafiq
Peerzada & Rakesh
Solanky - NDTV Prime
Environment (Broadcast): Sushil C Bahuguna – NDTV
India
21st Asian Television
Awards – December 2016
Best News Programme: NDTV -
The Buck Stops Here: Terror in Pathankot
Promax Asia Awards 2016 –
December 2016
Gold: Best News and Current
Affairs Promo - NDTV’s Non-Tabloid Campaign: You Are What You Watch
Silver: Best Public Service
Announcement - NDTV’s Every Life Counts Campaign: Passing the Baton
IAMAI India Digital Awards
– February 2017
Best News Website - NDTV.com
Best in Specialised
e-commerce - Gadgets
360
ENBA 2016 (exchange4media)
Awards – February 2017
Best In-depth Series –
English - Truth vs Hype: NDTV 24x7
Best New Coverage –
National – English – Special Jury Commendation NDTV’s Extensive Coverage of
Drought in India: NDTV
24x7
Best News Coverage –
International – English - Noopur Tiwari - November Paris Attack 2015: NDTV 24x7
Best Channel or Programme
Promo – English/Hindi - Chidiya Udd – Hindi: NDTV
Public Relations Council of
India Awards – March 2017
Chanakya Award for Media
Personality of the Year - Maya Sharma, NDTV
Gandhi Peace Foundation –
March 2017
First Kuldip Nayar Award
for Journalism - Ravish
Kumar, NDTV India
ISC-FICCI Sanitation Awards
- April 2017
Media for Sanitation Award
– NDTV 2017 New York Festivals TV & Film Awards – April 2017
Silver: Station/Image Category for
NDTV Promotion ID ’You Are What You Watch’
Bronze: News Promotion Category –
NDTV for Promotion ID ‘You Are What You Watch Cell Animation’
Bronze: -Film & Video
Education/Information/ Entertainment Productions Category – NDTV Passing The
Baton - Every Life Counts
The Laadli Media &
Advertising Awards for Gender Sensitivity 2015-2016 – April 2017
Uma Sudhir for Revolt By
Child Brides
India International CSR
Conclave 2017 – May 2017
CSR Project Of The Year –
Media: NDTV for the
NDTVDettol Banega Swachh India campaign
Pandit Hari Dutt Sharma
Award – May 2017
Excellence in Hindi
Journalism – Nidhi Kulpati, NDTV India Promax India 2017 – May 2017
Best News/Current Affairs
Category
Gold: NDTV You Are What You Watch
Non Tabloid Cell Animation promo
Silver: NDTV You Are What You Watch
Non Tabloid Promo
Inkspell Master of Modern
Marketing 2017 Awards (mCube Awards) – May 2017
Best Content in a Digital
Marketing Campaign – NDTV-Fortis More To Give Campaign
Mumbai Press Club RedInk
Awards 2017 – June 2017
Excellence in Science &
Innovation - TV
Aamir Rafiq Peerzada, NDTV
Prime – Lighting The Himalaya
Excellence in Human Rights
Reporting
Maya Mirchandani, NDTV 24x7
– India Matters - Bastar
Excellence in Political
Reporting
Sreenivasan Jain, NDTV 24x7
– Truth vs Hype – Gau
Rakshaks – Protectors or
Extortionists?
MANAGEMENT DISCUSSION AND
ANALYSIS
Industry Overview
The year 2016-17 was a
mixed bag for the Indian Media and Entertainment (M&E) industry. While the
digital ecosystem penetrated further into the citizen’s day-to-day lives and opened
up new avenues of consumption and revenue, it was time for introspection for
many parts of the industry.
A slow economic recovery in
the U.S. and muted growth in China saw the global economy grow at a sluggish
rate of 2.6 per cent, with Brexit, the U.S. election and the rise of
protectionist and free trade rhetoric adding to business uncertainty. The
Indian economy, nevertheless, is expected to outperform major economies with a
projected Financial Year (FY 2017-18) Gross Domestic Product (GDP) growth rate
of 7.1 per cent, despite the speed bump caused by demonetization.
In 2016, the Indian M&E
industry grew at 9.1 per cent on the back of advertising growth of 11.2 per
cent. This was aided by strong fundamentals and a steady growth in consumption,
although demonetization shaved off 1.5 – 2.5 per cent in terms of growth across
all media sub segments at the end of the year.
Television & News
Advertising
Television experienced
slower growth due to a lacklustre year for subscription revenues, which have
faced headwinds owing to continued challenges around digitization and its
intended benefits flowing through the value chain. Television advertising saw
sunrise sectors, such as e-commerce, scaling back ad spends significantly and
the event of demonetization lead to an adverse impact across categories.
Overall television
advertising revenues growth slowed to 11% in 2016 as compared to 17% in 2015.
TV news specifically saw a surge in viewership in the last two quarters of 2016
due to various political events, the demonetization saga and subsequent
build-up in anticipation for the Union Budget. However, the impact of this
viewership growth did not translate into commensurate advertising growth.
Subscription Revenues
Continue to Lag Expectations
The subscription revenue
growth for broadcasters again fell short of expectation of 16 per cent, growing
at 11 per cent in 2016. One of the key reasons for this lag was the success of
the FreeDish model which distributes channels on a free-to-air basis. Further
impacts arose out of slow progress in the Phase 3 and 4 of digitalization.
The subscription revenues
for broadcasters are expected to grow at a CAGR of 19.3 per cent from 2016-2021
to reach a size of INR 230 billion, translating into a 30 per cent share of the
total TV subscription revenues.
Digital Gaining Prominence
for The Future
The burgeoning mobile
internet and smartphone penetration has given rise to an alternative screen for
media consumption in this country, which is still dominated by single television
households. The roll out of 4G by major telecommunication companies and the
resultant tariff wars have resulted in the increase content consumption and
given an impetus to users to be online and interact on digital platforms
continually. The government and private initiatives around public Wi-Fi,
greater emphasis on broadband roll out by multiple system operators (MSOs) are
also likely to deepen the scope of the digital consumption.
Consequently, the
advertising spends on digital have shown a robust growth and is expected to
continue its growth trajectory at a rapid pace with a CAGR of 30.8 per cent
until 2021 until it finally becomes equal to revenues in print.
The GST Variable
GST, which is expected to be
implemented by the Central Government in FY 2017-18, is likely to streamline
the multiple incidence of taxes currently being levied by both Central and
State Governments. While the introduction of GST is likely to have varied
levels of impact across the various media segments on an overall basis, the
M&E industry is expected to be a net beneficiary. This is primarily due to
the availability of input credits across the board within the GST ambit.
However, GST rules are
complex and particularly the move from a place of production-based taxation to
destination based taxation would require change in operating models to optimise
the impact of GST. There would be an initial adverse impact on advertising
spend as organisations across the board struggle with the implementation of
GST. However, in the long-term, with the formalization of the economy and the
widening of tax base, there could be a positive impact on the country’s GDP and
consequently on advertising spends.
Business Overview
NDTV India during the year pioneered
the concept of mobile journalism in mainstream news reporting in the country.
With the help of indigenously developed software, mobile specific workflows,
and by way of a major retraining exercise among their reporters, they have
eliminated almost all overheads in the production process, and equipped their
selves to respond to news event faster than ever before. The entire reporting
process has been so drastically simplified that a single journalist is now able
to shoot, anchor, edit and file a video report for final telecast on air all
from the confines of her mobile phone from any part of the country.
A testament to its success,
the new mobile based system was used to file more than 100 video stories
covering the recent Uttar Pradesh and Punjab assembly elections. The channel
managed stories from the ground, exclusive interviews in choppers all shot on
the mobile phone. The initiative has now been successfully replicated in their
other channels.
NDTV India’s YUVA - youth conclave on the 17th
September with a singular aim of focussing on solutions for the challenges
faced by the Indian youth. Specifically targetting issues ranging from
infrastructural lapses, facilities, health and security and ways to create a
better connected system which could enable the nation to mobilise the youth of
their country in a more positive way.
NDTV 24x7 focussed on several
prominent elections within the country as well as around the globe. Starting
the year with the UK elections, then following on with highly anticipated US
elections, and ending the year with the recently concluded assembly elections
in key Indian states. NDTV’s show the Election Centre which has covered
elections for over 25 years, travelled across the election states for all the
stories, colour, analysis, the big interviews & the public view. The
channel also launched new shows like for & against – which brings forth two
sides to every story, two opinions on every issue, Reality Check – in an age of
post-truths, this is a show focussing on separating fact from fiction and busts
the myths to take viewers to the real heart of the story, and Spotlight – a
show where viewers have a chance to catch their favourite stars on NDTV as they
talk about their films, foibles and fans.
NDTV Prime had a packed year as well.
Ranging from exclusive content like “On The Road with Tim Cook”, where it was
the only channel to travel with Tim Cook during his India trip, to
conceptualizing and executing shows like – “Lighting the Himalayas” which
brought the spectacular journey of bringing electricity to the remote parts of
Ladakh and Kargil to television viewers for the first time. Shows like “Jock
the Talk” – which focussed on giving a face to the celebrated RJs of India, and
“The Unwanted” - were the highlights during the year.
Special Projects has been spearheading
campaigns on social issues since the last decade. In 2016 – 2017, they did over
a dozen campaigns across the NDTV Network on diverse issues. From highlighting
the bad quality of their air with #ICantBreathe and Green Drives campaigns,
recognizing women achievers with Women Of Worth Awards & Conclave, bringing
issues of maternal and child healthcare in rural India with the Every Life
Counts campaign, motivating India to pledge to donate their organs with More To
Give & Pledge Your Heart campaigns, appealing people to not drink and drive
with Road to Safety campaign, raising funds to support education of tribal
children with a charity ball in London for the Shiksha Ki Ore Campaign and
continuing to do their part to make India a cleaner and greener country with
Behtar India and Banega Swachh India campaigns.
Their campaigns won
multiple awards, with 6 wins at Wan-Ifra (South Asian Digital Media) for Women
of Worth, MyFit100Days, Shiksha Ki Ore and Banega Swachh India campaigns. Their
flagship campaign on sanitation, Banega Swachh India won the Bronze Abby for
the Mere 10 Guz (My 10 yards) initiative at Goafest 2017. NDTV was also
conferred upon a special award ‘Media For Sanitation’ by FICCI and India Sanitation
Coalition for this campaign.
NDTV Convergence now reaches 120 mn unique
visitors and page views exceeding 1 bn each month. The news portal maintains
its position as one of the leading digital news sources in the country.
The company recently launched
a new section dedicated to Health news (www.ndtv.com/health). With its content
partnership with Healthline and a tie-up with WebMD on the way the intention is
to create a single shelf stopping point for consumers and become a dominant
player in the genre. Going forward the company expects to see a huge surge in
this content segment.
The company is also going
to launch a competing section in the space of lifestyle and women targeted
content very soon.
During the year the company
won several awards for its news content, its innovative video content
specialized app Vixty, as well as for its special cause online campaigns like
‘Women of Worth’, ‘Shiksha Ki Ore’, ‘MyFit 100 days’ and ‘Banega Swachh India’
in alignment with the group initiatives.
NDTV Lifestyle has capitalised on its
library of Food shows and launched an Indian Food Channel for the UK called
NDTV Spice in November 2016.
The Indian Lifestyle
channel NDTV Goodtimes has maintained a stronghold in the space of wedding
programming with two shows Band Baajaa Bride, and Yaarri Dostii Shaadi. The
channel has also added to the Design and Home space with its show Luxe
Interiors and has partnered on a number of Design Events and Shows. In the
Luxury genre they travelled with film star Rahul Khanna through Scotland and
also explored Switzerland with three TV celebrities. All this while managing to
cut costs. NDTV Goodtimes has also garnered revenue through syndicating content
in India and abroad.
Gadgets360.com (Red Pixels
Ventures Limited) during
the financial year 2016-17 turned profitable in Q2 and continued to be
profitable through Q3 and Q4. The rare feat is achieved within just 12 months
of its launch. The company has launched its new initiative called
hotdeals360.com in April 2017.
Gadgets360’s content play
continues to be the number one destination for gadget news and reviews,
garnering more than twice the active users to its nearest competitor.
Gadgets360 is now among the Top 25 Technology News websites in the world
according to market intelligence company SimilarWeb.
During the year, Gadgets360
won a Gold for “Best New Product” at WAN-IFRA South Asian Digital Media Awards
2016. In addition,
Gadgets360 was awarded as the “BEST specialized e-commerce website” of 2016 by
Internet & Mobile Association of India (IAMAI).
Carandbike.com (Fifth Gear
Ventures Limited) is
now the third largest auto portal in India and the fastest growing over the
last 12 months. It ended March with a record 7.5 million unique visitors and
18.5 million pageviews. The android app is now live and will be promoted in the
coming year.
The used car space in India
was impacted severely with demonetization and is showing signs of recovery.
Competitors raising large rounds of capital is worrying though they have the unique
advantage of huge organic growth without spending any marketing money. This
year they hope to maintain their growth while also focusing on building their
revenue streams.
Mojarto.com (OnArt Quest
Limited) launched
operations on June 17 2016. It is an online e-commerce destination to buy art,
artefacts, collectibles and jewelry. Mojarto is an aggregator that brings
artists, galleries, artisans and designers from across the sub-continent onto a
single powerful platform that breaks the existing barriers of accessibility,
transparency, awareness and trust, in this category. The website currently has
more than 23000+ artworks, prints & collectibles and have aggregated more
than 3300+ artists; 70+ galleries and 80+ branded stores.
Bandbaajaa.com (Special Occasions
Limited) an
NDTV venture is a one-stop online platform that connects customers and premium
wedding vendors to make wedding planning a highly efficient process.
Bandbaajaa.com has gradually become fastest growing wedding platform by
spreading into 20+ cities and by bringing 7500+ vendors on board in just one
year into operations.
Growing from four million
online customers, Bandbaajaa.com has also ventured into the television and
ground exhibition space grabbing over two hundred thousand eyeballs. The
venture has successfully assisted customers in planning wedding of every
budget.
In terms of TV
Distribution they brought down expenses in the domestic market by 22% in
comparison to the previous year. They also added 3 new clients in the
international markets – SingTel in Singapore, StarTimes in South Africa and
Bubbles TV (DTH & IPTV) which covers most of the countries in mainland
Europe. NDTV is now officially available in over 100 countries through its
various distribution affiliates in international market. NDTV also added a new
channel called NDTV Spice on Virgin Media, UK and organized its first
international award function “NDTV Gulf Excellence Awards” in Dubai in
December, facilitating some of the members of the Indian Diaspora.
OUTLOOK
·
Television
The television advertising
industry grew by 11 per cent in 2016. The event of demonetization in November
2016 was a blow to the growth rate, with cash drying up and consumption levels declining
sharply. The impact however is expected to be short term in nature and deferred
consumed spending is expected to reflow into the system leading to a full
recovery by end of Q1 or Q2 – FY 2017-18
·
Digital
With the increasing
penetration of fixed and mobile broadband due to furious pace of investments by
telecom players, digital or OTT content consumption is likely to continue on
its growth trajectory. Advertiser interest in digital is also likely to grow
due to the medium’s inherent ability to accurately target consumers. The
concept of ‘cord-cutting’ in terms of OTT taking over Television is not likely
to play out anytime in the near future and television and digital platforms are
likely to co-exist and complement each other.
·
TRAI Tariff Regulation
The consultation paper
floated by TRAI in October 2016 suggest several caps on carriage costs and
subscription channel costs. The regulation of carriage fee could be a positive
for broadcasters like us as the same would bring in cost certainty and rationalization.
However the proposed regulations in their current form do not stipulate a
minimum carrying capacity for distribution companies, which implies constraints
around carriage could still remain. Also the draft orders do not regulate
Placement and Marketing fee, it could act as an alias for the Carriage fee
arrangements, thereby not achieving the intended benefit.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans |
|
|
|
From related parties |
35.000 |
0.000 |
|
|
|
|
|
Total |
35.000 |
0.000 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH
SEPTEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Six Months ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
705.800 |
720.900 |
1426.700 |
|
Other Operating Income |
29.900 |
27.100 |
57.000 |
|
Total
Income from Operations |
735.700 |
748.000 |
1483.700 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Production expenses and
cost of services |
115.700 |
122.200 |
237.900 |
|
Employees benefits
expense |
357.300 |
379.100 |
736.400 |
|
Operations and administration
expenses |
217.200 |
202.500 |
419.700 |
|
Marketing, distribution
and promotion expenses |
153.400 |
131.000 |
284.400 |
|
Depreciation and Amortization expenses |
34.100 |
35.700 |
69.800 |
|
Finance Costs |
36.800 |
35.600 |
72.400 |
|
Total
Expenses |
914.500 |
906.100 |
1820.600 |
|
Profit / (Loss) from ordinary activities before
Exceptional items |
(178.800) |
(158.100) |
(336.900) |
|
Exceptional items |
-- |
-- |
-- |
|
Profit / (Loss) before Tax |
(178.800) |
(158.100) |
(336.900) |
|
Tax Expense |
0.400 |
1.300 |
1.700 |
|
Profit
/ (Loss) after Tax |
(179.200) |
(159.400) |
(340.300) |
|
Other
comprehensive income/(loss), net of income tax |
|
|
|
|
Items that not will be reclassified to profit or loss |
|
|
|
|
- Remeasurement of defined benefit plans |
(1.700) |
-- |
(1.700) |
|
Total Other comprehensive income/(loss), net of income tax |
(1.700) |
-- |
(1.700) |
|
NET
PROFIT / (LOSS) |
(180.900) |
(159.400) |
(340.300) |
|
Paid-up Equity Share Capital (Face value INR 4/- per
share) |
257.900 |
257.900 |
257.900 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
(2.81) |
(2.47) |
(5.28) |
SEGMENT WISE REVENUE,
RESULTS SEGMENT ASSETS AND SEGMENT LIABILITIES
(INR In Million)
|
Particulars |
Quarter
ended |
Six Months ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Television media and related operations |
1002.200 |
1037.500 |
2039.700 |
|
b)
Retail/e-commerce |
35.000 |
29.100 |
64.100 |
|
Total segment
revenue |
1037.200 |
1066.600 |
2103.800 |
|
Less: Inter
– segment revenue |
11.700 |
8.400 |
20.100 |
|
Total income
from operations (net sales) |
1025.500 |
1058.200 |
2083.700 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before exceptional items, share in
Profit/ (loss) of associates and tax |
|
|
|
|
a)
Television media and related operations |
(65.200) |
(41.400) |
(106.600) |
|
b)
Retail/e-commerce |
(89.300) |
(96.600) |
(185.900) |
|
Total segment
results |
(1554.500) |
(138.000) |
(292.500) |
|
(Add)/Less: |
|
|
|
|
c) Interest |
50.900 |
50.300 |
101.200 |
|
d) Exceptional
items - Television media and related operations |
-- |
-- |
-- |
|
e) Share in
Profit/ (loss) of associates - Television media and related operations |
2.400 |
5.800 |
8.200 |
|
Total Profit
Before Tax |
(203.000) |
(182.500) |
(385.500) |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
a)
Television media and related operations |
4530.800 |
4437.400 |
4530.800 |
|
b)
Retail/e-commerce |
254.600 |
289.300 |
254.600 |
|
Total
|
4785.400 |
4726.700 |
4785.400 |
|
|
|
|
|
|
4. Segment Liabilities |
|
|
|
|
a)
Television media and related operations |
3870.600 |
3681.200 |
3870.600 |
|
b)
Retail/e-commerce |
94.200 |
119.400 |
94.200 |
|
Total
|
3964.800 |
3800.600 |
3964.800 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
INR In Million
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
ASSETS |
|
|
Non-current
assets |
|
|
Property, plant and
equipment |
373.700 |
|
Investment properties |
115.700 |
|
Intangible assets |
7.800 |
|
Financial
Assets |
|
|
-
Investments |
2995.700 |
|
-
Other financial assets |
53.600 |
|
Deferred tax assets (net) |
0.000 |
|
Income tax assets (net) |
114.000 |
|
Other non-current assets |
63.500 |
|
Total Non-Current Assets |
3724.000 |
|
|
|
|
Current
assets |
|
|
Inventories |
15.300 |
|
Financial
Assets |
|
|
-
Investments |
0.000 |
|
-
Trade receivables |
984.100 |
|
-
Cash and bank balances |
9.100 |
|
-
Bank balance |
180.800 |
|
-
Other financial assets |
128.000 |
|
Income tax assets (net) |
875.100 |
|
Other current assets |
400.800 |
|
Total Current Assets |
2593.200 |
|
|
|
|
TOTAL |
6317.200 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
Funds |
|
|
Share Capital |
257.900 |
|
Other equity |
2295.000 |
|
Total Shareholders’ Funds
|
2552.900 |
|
|
|
|
Non-Current
Liabilities |
|
|
Financial
liabilities |
|
|
-
Borrowings |
0.000 |
|
-
Other financial liabilities |
134.700 |
|
Provisions |
146.000 |
|
Other non-current liabilities |
400.400 |
|
Total Non-current
Liabilities |
681.100 |
|
|
|
|
Current
Liabilities |
|
|
Financial
liabilities |
|
|
-
Borrowings |
1276.600 |
|
-
Trade payables |
1330.600 |
|
-
Other financial liabilities |
128.900 |
|
Provisions |
74.000 |
|
Other current liabilities |
273.100 |
|
Total current
Liabilities |
3083.200 |
|
|
|
|
TOTAL |
6317.200 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G36785764 |
100079411 |
ADITYA BIRLA FINANCE LIMITED |
03/02/2017 |
- |
- |
550000000.0 |
INDIAN RAYON COMPOUND,VERAVALGU362266IN |
|
2 |
B79683967 |
10436992 |
SYNDICATE BANK |
26/06/2013 |
- |
- |
500000000.0 |
I.P. ESTATE,4, BSZ MARG,NEW DELHIDL110002IN |
|
3 |
B79682670 |
10436986 |
SYNDICATE BANK |
19/06/2013 |
- |
- |
142500000.0 |
I.P. ESTATE4, BSZ MARG,NEW DELHIDL110002IN |
|
4 |
B60329836 |
10382174 |
CORPORATION BANK CORPORATE BANKING BRANCH |
28/09/2012 |
- |
- |
750000000.0 |
10TH FLOOR, HINDUSTAN TIMES BUILDING,18/20, K.G. MARGNEW DELHIDL110001IN |
|
5 |
B79684379 |
10041714 |
SYNDICATE BANK |
12/02/2007 |
26/06/2013 |
- |
2242500000.0 |
I.P. ESTATE,4, BSZ MARG,NEW DELHIDL110002IN |
|
6 |
B79682365 |
10010761 |
SYNDICATE BANK |
29/06/2006 |
19/06/2013 |
- |
540000000.0 |
I.P. ESTATE4, BSZ MARG,NEW DELHIDL110002IN |
|
7 |
G08873069 |
10570197 |
YES BANK LIMITED |
22/05/2015 |
- |
28/07/2016 |
300000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
8 |
C37744372 |
10041721 |
SYNDICATE BANK |
12/02/2007 |
21/01/2008 |
03/12/2014 |
450000000.0 |
I P ESTATE,I P ESTATE,NEW DELHIDL110002IN |
|
9 |
C37746625 |
10365888 |
SYNDICATE BANK |
22/06/2012 |
- |
03/12/2014 |
500000000.0 |
I.P. ESTATENEW DELHIDL110002IN |
|
10 |
C37744877 |
10041715 |
SYNDICATE BANK |
12/02/2007 |
- |
03/12/2014 |
250000000.0 |
I P ESTATE,4,BSZ MARG,NEW DELHIDL110002IN |
Contingent liabilities
(a) Claims against the Company
not acknowledged as debts:
(i)
Income
tax and other regulatory matters disputed by the Company: INR 6.620 million
(Previous Year INR 6.620 million)
(ii)
Miscellaneous
INR 82.560 million (Previous Year INR 82.560 million). The Company had filed a
suit for recovery of INR 66.860 million being the principal debt together with
interest thereon against Doordarshan (DD) in the High Court of Delhi in
February 1998 for various programmes produced and aired between 1994 and 1996.
In its rejoinder, DD has admitted debts of INR 35.610 million only but has
disputed the balance claim of INR 31.200 million and interest claimed. On the
contrary, DD has claimed INR 82.560 million - INR 55.490 million towards
telecast fee etc. against various programmes and INR 27.07 million as interest
thereon, which has not been accepted by the Company.
The
amount represents the best possible estimate arrived at on the basis of
available information. The uncertainties and possible reimbursements are
dependent on the outcome of the legal process and therefore cannot be predicted
accurately. The Company has engaged reputed professional advisors to protect
its interest and has been advised that it has strong legal positions against
such disputes.
(b) The Company along with one
subsidiary has given a corporate guarantee of INR 550 million (previous year
INR 300 million) towards a term loan of INR 550 million (previous year INR 300
million) sanctioned to its subsidiary, NDTV Convergence Limited, by a financial
institution/bank. As of March 31, 2017, NDTV Convergence Limited has drawn INR
550 million (previous year INR 300 million) against this loan. In the ordinary
course of business, the Company expects the subsidiary to meet its obligations
under the term of the loan and no liability on this account is anticipated.
(c) Bank guarantees issued for
INR 30.380 million (Previous year INR 3.930 million). These have been issued in
the ordinary course of business and no liabilities are expected.
(d) The Company has received
legal notices of claims / lawsuits filed against it relating to infringement of
copyrights, trademarks and defamation suits in relation to the programmes
produced by it. In the opinion of the management supported by legal advice, no
material liability is likely to arise on account of such claims/law suits.
FIXED ASSETS:
Tangible assets
·
Building
·
Plant and Machinery
·
Computers
· Office Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible assets
· Computer Software
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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.