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Cinevista Ltd.

BSE: 532324 Sector: Media
NSE: CINEVISTA ISIN Code: INE039B01026
BSE LIVE 10:44 | 17 Jan 6.01 -0.14
(-2.28%)
OPEN

6.00

HIGH

6.01

LOW

6.00

NSE LIVE 10:43 | 17 Jan 6.15 0
(0.00%)
OPEN

6.00

HIGH

6.15

LOW

6.00

OPEN 6.00
PREVIOUS CLOSE 6.15
VOLUME 110
52-Week high 10.20
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 34.53
Buy Price 6.01
Buy Qty 100.00
Sell Price 6.40
Sell Qty 950.00
OPEN 6.00
CLOSE 6.15
VOLUME 110
52-Week high 10.20
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 34.53
Buy Price 6.01
Buy Qty 100.00
Sell Price 6.40
Sell Qty 950.00

Cinevista Ltd. (CINEVISTA) - Chairman Speech

Company chairman speech

ANNUAL REPORT - 2001 CINEVISTA COMMUNICATIONS LTD CHAIRMANS' SPEECH Dear Shareholders, A hearty welcome to the fourth annual general meeting of your company. The Director's report and the Audited Accounts for the Year ended March 31st, 2001, have been with you or sometime now, and with your permission, I shall take them as read. Since we last met exactly one year back, the global economy, the Indian economy and the media and entertainment industry in India have witnessed significant changes. Events over the last few weeks, as you are already well aware of, have altered the equilibrium of the global economy and the revailing geo- political structure. The coming times will be challenging for people and organisations all walks of life. While the extent to which India will be directly affected by these clanged circumstances is yet to be seen the uncertainty regarding the extent and duration of the ongoing slowdown in the economy has increased. Consequently, most businesses are likely to see an erosion in margins. The weaker ones may either succumb or merge with larger and stronger ones, leading to a greater degree of consolidation in most industries. This is likely to happen in the media and entertainment industry also. As such, while the times ahead will pose challenges, they will also throw up opportunities. Your Company will be on the lookout to recognise, identify and translate such opportunities to emerge as a larger, stronger and more meaningful player in the media and entertainment industry once the slowdown starts reversing itself. The last one year has seen significant changes in the media and entertainment industry in India. Doordarshan's dominance and commercial viability in the broadcasting segment has been eroded. This has adversely affected your company's working. Not only has your company had to cease telecast of all its programmes on Doordarshan, but has also had to write off large amounts on account of unsold inventory, and on account of Knock- Out which had reached an advanced stage of implementation, but could not go on air for various reasons. However, your company11as been quick to adapt to this change and has successfully diversified its business away from Doordarshan to the private satellite channels. Efforts are on to give further impetus to this diversification and results of the same will be visible in the coming times. When we met last year, I had mentioned that your company aims to move to a level of 7 hours of original programming per week by March, 2001, 14 hours of original programming per week by March, 2002, and 21 hours of original programming per week by March 2003, across various channels. I am sure, that you will be glad to know, that despite the fact that your company has withdrawal all its programmes from Doordarshan, it still has seven an a half hours of original programming on air at this point in time on the various private satellite channels, which is likely to see a further increase in the months to come. This number would have been much higher had Doordarshan not eroded in its commercial viability. I had also mentioned last year about changes that the Indian film industry is undergoing, and how your company was well poised to benefit from these changes. You will be glad to know that your company's first feature film Yeh Mohabbat Hai, under the banner of its subsidiary Cinevista Eagle Plus Media Pvt. Ltd. is nearing completion and is scheduled for release in December, 2001. Your company sees the film segment as a high growth area in the years to come and as such your company is also working on other film projects which will be announced soon. Your directors sincerely thank all the employees for their commitment, hard work, dedication and enthusiasm; all the shareholders and investors for their confidence; and all the customers and clients for their continued patronage. Thanking you Chairman