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Cinevista Ltd.

BSE: 532324 Sector: Media
NSE: CINEVISTA ISIN Code: INE039B01026
BSE LIVE 12:49 | 02 Dec 5.90 -0.39
(-6.20%)
OPEN

6.20

HIGH

6.20

LOW

5.90

NSE LIVE 15:24 | 02 Dec 5.90 -0.30
(-4.84%)
OPEN

5.80

HIGH

6.05

LOW

5.75

OPEN 6.20
PREVIOUS CLOSE 6.29
VOLUME 201
52-Week high 10.20
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 33.90
Buy Price 5.90
Buy Qty 100.00
Sell Price 6.28
Sell Qty 100.00
OPEN 6.20
CLOSE 6.29
VOLUME 201
52-Week high 10.20
52-Week low 3.26
P/E
Mkt Cap.(Rs cr) 33.90
Buy Price 5.90
Buy Qty 100.00
Sell Price 6.28
Sell Qty 100.00

Cinevista Ltd. (CINEVISTA) - Director Report

Company director report

CINEVISTAAS LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT TO THE MEMBERS CINEVISTAAS LIMITED Your Directors have pleasure in submitting the Fifteenth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2012. 1. Financial Results (Rs. in lacs) STANDALONE 2011-12 2010-11 Income from Operations 3602.60 3494.30 Operating Expenditure 3124.45 3376.73 Depreciation and Amortisation 166.55 173.94 Operating Profit 311.60 (56.37) Other Income 15.55 81.41 Profit before Finance Costs 327.15 25.04 Finance Costs 312.11 251.70 Profit after Finance Costs but before Tax 15.04 (226.66) Tax Expenses 13.84 73.56 Net Profit After Tax 1.20 (300.22) Financial and Operational Review: The Company has earned a gross income of Rs. 3618.15 lacs for the financial year 2011-12, as compared to Rs. 3575.70 lacs in the previous year, recording an increase of Rs. 42.45 lacs. The Company has earned a net profit of Rs. 1.20 lacs for the year as compared to net loss of Rs.300.22 lacs in the previous year. Interest expenditure for the year under review has marginally increased by Rs. 60.41 lacs as compared to the previous year. Depreciation during the year has recorded a marginal decrease by Rs. 7.40 lacs as compared to marginal increase of Rs. 7.02 lacs in the previous year. Earnings per share have been Rs. 0.002 for the current year as compared to NIL in the previous year. Resources & Liquidity: The Company's paid up capital is Rs.11,48,72,950 with accumulated Reserves & Surplus of Rs. 15220.39 lacs. Management Discussion and Analysis Report (MDA) The detailed Analysis of the Operating performance of the Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report. 2. Changes in Capital Structure There has been no change in the capital structure during the year under review. 3. Transfer to Reserves The amounts increased in the reserves during the year on account of the profit of Rs. 1,20,301.27 as compared to the previous year decrease on account of loss of Rs. 300,21,500.24 4. Dividend Your Directors do not propose any dividend for the year ended 31st March, 2012. 5. Board of Directors Mr. Niranjan Shivdasani, retire by rotation as Director at the upcoming Annual General Meeting and being eligible offers himself for reappointment. The Board recommends his appointment. Brief resume of the Directors, nature of their expertise in specific functional areas, names of companies in which they hold directorships and memberships/chairmanships of Board Committees, their shareholding and relationships between them inter se, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the report on Corporate Governance forming part of the Annual Report. 6. Corporate Governance Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Management Discussion and Analysis and Auditors' Certificate are appended as part of the Annual Report. The required certification by Chief Executive Officer and Chief Financial Officer is also appended to the Annual Report. The requisite certificate from the Auditors of the Company, M/s Sarath & Associates, Chartered Accountants, confirming Compliance with the conditions of Corporate Governance as stipulated under the aforesaid clause 49, is annexed to this Report. 7. Directors' Responsibility Statement Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, the Directors' confirm the following: (i) that in the preparation of the Annual Accounts for the financial year ended 31st March, 2012, the. applicable accounting standards have been followed and that there are no material departures from the same; (ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012, and of the Statement of profit and loss of the Company for the year ended on that date; (iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (iv) that the Directors have prepared the annual accounts for the financial year ended 31st March, 2012, on a going concern basis. 8. Subsidiaries There has been no material change in the nature of the business of the subsidiaries. A statement containing brief financial highlights of the subsidiaries is included in the Annual Report. As required under Clause 32 of the Listing Agreement entered into with the Stock Exchanges, a consolidated financial statement of the Company and all its subsidiaries are attached. The consolidated. financial statements have been prepared in accordance with the relevant accounting standards as prescribed. Pursuant to the provision of Section 212(8) of the Act, the Ministry of Corporate Affairs vide its circular dated February 8, 2011 has granted general exemption from attaching the balance sheet, statement of profit and loss and' other documents of the subsidiary companies with the balance sheet of the Company. A statement containing brief financial highlights of the Company's subsidiaries namely Cinevista Studios Private Limited, Cinevista Eagle Plus Media Private Limited and Video Vista Inc. for the financial year ended March 31, 2012 is included in the Annual Report. The annual accounts of these subsidiaries and the related detailed information will be made available to any member of the Company/its subsidiaries seeking such information at any point of time and are also available for inspection by any member of the Company/its subsidiaries at the registered office of the Company. The annual accounts of the said subsidiaries will also be available for inspection, as above, at the head offices/registered offices of the respective subsidiary companies. The Company shall furnish a copy of the details of annual accounts of subsidiaries to any member on demand. 9. Fixed Deposits During the year under review, the Company did not accept any fixed deposits from the public. 10. Auditors The Company's Statutory Auditors M/s. Sarath & Associates, Chartered Accountants, retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. You are requested to appoint the Auditors. The Company has received the letter from them to the effect that their appointment if made would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956 and that they are not disqualified for such appointment within the meaning of section 226 of the said Act. 11. Secretarial Audit As directed by. Securities & Exchange Board of India, (SEBI) secretarial audit is being carried out at the specified period by the Practicing Company Secretary. The findings of the secretarial audit were entirely satisfactory. 12. Statutory Information Conservation of Energy & Technology Absorption Considering the nature of the business of the Company, the particulars required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of Energy and Technology Absorption are not applicable. Foreign Exchange Earnings and Outgo Foreign Exchange Earnings have been Rs. 52.83 lacs as compared to the previous year which amount to Rs. 69.31 lacs and Foreign Exchange Outgo is NIL as compared to previous year which was 0.70 lacs. Particulars of Employees The provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, are not applicable since there is no employee drawing remuneration exceeding the ceiling prescribed therein. 13. Appreciation Your Directors thank the viewers, suppliers, bankers, Financial Institutions, Central and State Governments and Shareholders, for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the company. For and on behalf of the Board Cinevistaas Limited Place: Mumbai Prem Krishen Malhotra Date : 13th August, 2012 Chairman MANAGEMENT DISCUSSION & ANALYSIS A very warm welcome to you, this morning, at the occasion of the 15th A.G.M. of your Company. As compared with the year before, your Company has redeemed lost ground and traversed back to green, from the RED, it showed up last year in. Its been a slow and steady, but sure trail towards the path of growth, consolidation, diversification and building volumes, which will become more discernible to our valued shareholders, over the coming three years. But before we talk about the way forward, lets take a look at the year gone by. The Financial Year 2011 - 2012 saw your Company recording a total turnover of Rs.36,18,15,469/-. Depreciation costs accounted for Rs.1,66,54,838/- while interest costs accrued to total Rs.3,05,07,042/-. A huge burden, which we necessary need to cut down, in the years ahead. We're currently looking at various options, with a sole view of curtailing our interest costs, focusedly, in the year ahead. The Financial Year 2011 -2012 primararily saw three of your Company's programmes featuring across different time-bands, across different networks. 'DIL, DOSTI, DANCE' - D3 as it is fondly called, became the channel driver for Channel V, of the Star group. This one show singularly laid the foundation and became the stepping stone for the channel to establish an entire band width of prime-time fiction programming, restructuring it to a position once commanded by Star-One, in its hey days. This show vastly loved and hugely patronised by its target audience, is well on its way to running right through the Financial Year 2012 -2013, on the pure merit of its performance and the T.R.P.'s it commands. Your Company is a leader in shows, targeted at the true youth segment. 'EK HAZAARON MEIN MERI BEHNA HAI' completes a year of its telecast, this 2nd of October 2012. Extremely well received by the entire family audience, all over, this beautifully crafted, emotionally well webbed, romantically tilted show, has been received whole heartedly, not only by the target audience it was meant to reach out to, but by one and all, across all age groups. We're extremely confident that this soap will see atleast another year of telecast, before it concludes with its entire gamit of emotions, conflicts and turbulence, weaved intricately within the very many characterisations and plots, that the series has masterly put together. We're proud to share with our valued shareholders that two of our four lead players have been contracted by leading film makers for breaks, in their forthcoming films. 'SEETE', on Udaya TV, completed its glorious run of 564 episodes, on the 31st of August 2012. This series has been a great learning experience for us, which has in many ways, further intensified our resolve to do bigger and better work in the state of Karnataka. 'MAHABHARATA is thus the new project that will find berth in the very slot vacated by 'SEETE', on Udaya TV. A mammoth, multi-dimensional project, entailing huge production costs, besides investment in time, effort, passion, perseverence and perfection, this will hit the small screen on Udaya TV's platform, from the 3rd of September 2012. We hope to have a dream run with this Mother of all Mythological 'MAHABHARATAM' will be our maiden venture on the Sun TV. platform. It was your Company's desire and wish to ultimately get on to the largest and the most viewed network in terms of numbers, in the South i.e. Sun TV 'SEETE', on Udaya, was our launch pad which not only propelled numbers on an early non-prime-time 6 - 6.30 pm slot, but amazed both the viewers and the channel, with it's production quality, research and authenticity, screenplay and dialogues, visual beauty, to give your Company the much needed recognition it needed in the South, for Sun TV to recognise your Company's ability to allot it, the coveted Sunday morning 9.30 - 10.30 am prime-time slot, for the Mega series titled 'MAHABHARATAM'. While this will be a weekly, 'MAHABHARATA' telecast on Udaya TV will be a daily, telecast five times a week, between Monday's and Friday's at the 6 - 6.30 pm time band. 'MAHABHARATAM', being produced by your Company in the Tamil language, will be the very first full blown Mythological, to have been ever attempted and produced in the state of Tamil Nadu, with Tamil actors and technicians. It is your Company's vision, hardwork and initiative that has made this endeavour possible. 'MAHABHARATAM' goes on the air, on Sun TV. tentatively on the 16th of September 2012; a week here or there possibly. The biggest advantage that we've with these products, is that the I.P.R. will vest with your Company, in perpetuity. We have just finished a shoot for a tele-film, for Star-Plus. The edited length has come down to a full 80-minutes. It stars the 'DILL MILL GAYYE' heartthrob, Karan Singh Grover, in the title role. By the time, we meet for our Annual General Meeting, this will have been aired either on Saturday's/Sunday's, on the Star-Plus platform, in the evenings, in August 2012. Titled 'EK NANO SI LOVE STORY', it is a beautifully crafted RomCom, which your Company truly hopes, its valued sharholders, truly enjoy. Besides the above, in the coming months, your Company's efforts, time and money will be employed in the shoot of several pilot episodes, details of which are listed below:- 1. A pilot for the channel 'Life O.K.' is scheduled for shoot, in the month of August 2012. 2. A pilot episode for Sony TV. for a series tentatively titled 'CHAHAT. This shoot is also scheduled for the month of August2012. 3. A test episode for a new series, to be aired on Channel V is scheduled for shoot, in September 2012. All these pilot episodes, will then go through a research analysis, with various teams, charted out by channels, which has become customary today, before putting a product on air. If all goes well, your Company will have all the above referred series, on the air, at some point of time, between the 3rd quarter and the 4th quarter of 2012 - 2013. However, this is entirely dependent on the. feedback the channels receive from their research team and most importantly, their own need, at that point of time! What is important and significant for our valued shareholders to note, is that your Company has been able to access work, across different channels. As a production Company, we promise to put in our very best, into every singular pilot, we execute. The rest, we leave to destiny. Before concluding, your Company would like to reiterate it's motto, for it's shareholders. It reads :- We've come a long way, But, at times, we feel, Like we've only just begun, For there is still so much to say, to tell, And the best has yet to come. Thank you

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