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There is also a significant target market for Indian ZEE NETWORK CORPORATE STRUCTURE c. films in foreign countries due to large expatriate populations of Indian origin. The overseas distribution rights of the Indian films are usually sold in a single block for the comprising overseas theatrical, cable and satellite rights. Rights for distribution via home video are typically not a significant source of revenue for Indian film producers due to rampant piracy. ilm Exhibition - There are around 12,500 cinema screens in India. Most of the cinema halls in India operate in an unorganised environment and are owned by individual entrepreneurs. The first multiple screen theatre in India was opened in 1997 in New Delhi and, since then, the industry has seen the entry of several organised corporate players. In the last two years, the state governments in several states have announced entertainment tax exemptions to theatre operators for building new multiple screen theatre complexes, which resulted in an expansion in theatre capacity. As a result of regulatory changes in India, the Company has in recent years shifted the uplinking of most of its channels from Singapore to India, resulting in a reduced role for some of its overseas subsidiaries. Partly as a result of these reduced roles, several overseas subsidiaries, primarily Software Supplies International Limited, Asia TV Africa Limited, Zee MGM Limited, and Zee Telefilms (International) Limited, have been consolidated under Asia Today Limited to streamline its businesses, improve operating efficiencies and to further rationalise its unprofitable operations in line with its strategic objectives. In addition, Asia TV (Netherlands) Limited, BVI, a wholly owned subsidiary incorporated in Netherlands which is not engaged in any business activity, has been wound up. The following chart sets forth the corporate structure of the Company before restructuring as on March 31, 2004. CORPORATE STRUCTURE BEFORE RESTRUCTURING ZEE TELEFILMS LIMITED 100% Siticable Network Limited 100% 100% 100% 100% ETC Networks Limited New Era Integrated Subscriber Siticable Broadband Central Bombay Cable 51% 64% Padmalaya Enterprises Private Limited Zee Turner Limited 50.1% 50% Padmalaya Telefilms Limited Winterheath Company 100% Limited Padmalaya (Mauritius) Telefilms Inc. (USA) 100% Asia Today Limited (Mauritius) 74% 68% 100% 100% Econnect India Limited Zee Interactive Learning Systems Limited 50% 100% 100% 100% 100% Expand Fast Holdings Limited (BVI) 100% Expand Fast Holdings (Singapore) pte Limited (Singapore) Asia TV Limited (UK) 100% ZEE TELEILMS LIMITED Zee Telefilms (International Limited) (Mauritius) 100% Zee TV USA Inc (USA) Zee Multimedia Worldwide Limited (BVI) 100% 100% Asia TV Software Supplies (Africa) International Limited Limited (Mauritius) (Mauritius) 100% 100% Zee MGM Limited (Mauritius) Zee TV South Africa (Proprietary) Limited (South Africa) Asia TV (Netherland) (BVI) (Netherland) Zee Multimedia Worldwide (Mauritius) Limited (Mauritius)
The following chart sets forth the structure of the Company after the completion of its corporate restructuring. 100% Siticable Network Limited 100% 100% 100% 100% New Era Integrated Subscriber Siticable Broadband Central Bombay Cable CORPORATE STRUCTURE AFTER RESTRUCTURING ZEE TELEFILMS LIMITED ETC Networks Limited 51% 64% 74% Padmalaya Enterprises Private Limited 50.1% Padmalaya Telefilms Limited 100% Padmalaya Telefilms Inc. (USA) STAND-ALONE INANCIALS A. RESULTS O OPERATIONS Non-Consolidated inancial Information for the Year Ended March 31, 2004 compared to the Year Ended March 31, 2003. Total Revenue Total revenue increased Rs. 527.9 million, or 9.6%, from Rs. 5,497.0 million in 2003 to Rs. 6,024.9 million in 2004. This increase in total revenue was principally a result of an increase in revenue from sales and services in 2004, which was partially offset by a decrease in other income during the same period. Sales and Services. Revenue from sales and services increased Rs. 575.5 million, or 12.0%, from Rs. 4,795.6 million in 2003 to Rs. 5,371.1 million in 2004. This increase in revenue from sales and services was primarily due to an increase in broadcasting revenue of Rs. 1,486.4 million in 2004 primarily as a result of the up linking of Zee Cinema and Zee TV for part of the year from India. This increase in broadcasting revenue was partially offset by a decrease in sales revenue of Rs. 583.8 million, the decrease coming from a fall in export sales due to the shifting. There was also an increase in sales to the tune of Rs. 198.7 million on 37 Zee Turner Limited 100% Expand Fast Holdings (Singapore) pte Limited (Singapore) Zee Interactive Learning Systems Limited 50% 50% Winterheath Company Limited (Mauritius) 100% Asia Today Limited (Mauritius) 100% 100% Zee TV South Africa (Proprietary) Limited (South Africa) 100% Zee Multimedia Worldwide Limited (BVI) 100% Zee Multimedia Worldwide (Mauritius) Limited (Mauritius) 100% 100% Asia TV Limited (UK) Zee TV USA Inc (USA) account of sale of electornic devices. The shifting has also resulted in a significant drop in commission income. This has dropped by Rs. 326.0 million from Rs. 825.5 million in 2003 to Rs. 499.5 million in 2004. Other Income. Other income decreased Rs. 47.6 million, or 6.8%, from Rs. 701.4 million in 2003 to Rs. 653.8 million in 2004. This decrease in other income reflected a decrease in interest income in 2004 due to repayment of high interest bearing loans advanced and reduction of interest rates in 2004, which were partially offset by an increase in miscellaneous income on account of write back of certain payables during the same period and an increase in dividend income, dividend income this year coming from its subsidiary ETC Networks Ltd. There was also an increase in dividend income from its investment in shares of Essel Propack Ltd. and dividend income also earned from investments in mutual funds. Total Expenditure Total expenditure increased Rs. 297.5 million, or 8.8%, from Rs. 3,394.6 million in 2003 to Rs. 3,692.1 million in 2004. This increase in total expenditures was principally a result of increases in cost of goods sold, administrative and other expenses and selling and distribution expenses
Page 18 and 19: Directors’ Report Your Directors
Page 20 and 21: proper explanation relating to mate
Page 22 and 23: Name of the The financial Holding E
Page 24 and 25: Board members have complete and unf
Page 26 and 27: Details of last three Annual Genera
Page 28 and 29: AShareholders’ Information 1. Dat
Page 30 and 31: 15. Change of Address Members holdi
Page 32 and 33: 24. Distribution of Shareholding as
Page 34 and 35: ● Zee broadcasts Zee TV and Alpha
Page 36 and 37: transparency and implementation of
Page 40 and 41: in 2004, which were partially offse
Page 42 and 43: year as against Rs. 3,199.3 million
Page 44 and 45: Prior Period Adjustments (Net) Prio
Page 46 and 47: numbers. It is also possible that u
Page 48 and 49: The Company primarily competes agai
Page 50 and 51: suspended the implementation of CAS
Page 52 and 53: committee with representatives from
Page 54 and 55: Annexure to Auditors’ Report Anne
Page 56 and 57: Balance Sheet as at March 31, Sched
Page 58 and 59: Schedules to the Balance Sheet as a
Page 60 and 61: Schedule 5 : ixed Assets (at cost)
Page 62 and 63: ZEE TELEILMS LIMITED (Rs. in ’000
Page 64 and 65: Schedules to the Profit and Loss Ac
Page 66 and 67: Schedule 18 : Significant Accountin
Page 68 and 69: 12. Leases a) Operating Lease Lease
Page 70 and 71: 7. Disclosures a) Share application
Page 72 and 73: ) Provision for taxation for the ye
Page 74 and 75: (iv) Transactions with Related Part
Page 76 and 77: i) Details of Remuneration to direc
Page 78 and 79: e) Other Information Particulars Ea
Page 80 and 81: Cash low Statement for the year end
Page 82 and 83: Last ive Years’ inancial Highligh
Page 84 and 85: Auditors’ Report To the Board of
Page 86 and 87: C Consolidated Balance Sheet as at
Page 88 and 89:
Schedules to Consolidated Balance S
Page 90 and 91:
Schedules to Consolidated Balance S
Page 92 and 93:
Schedulse to Consolidated Profit an
Page 94 and 95:
Schedule 18 - Significant Accountin
Page 96 and 97:
(b) Tangible fixed assets (i) Tangi
Page 98 and 99:
on actuarial valuation are charged
Page 100 and 101:
(c) The components of the deferred
Page 102 and 103:
Propack Limited; Essel Agro Limited
Page 104 and 105:
Business Segment (inancial Year 200
Page 106:
BConsolidated Cash low Statement as
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