Shree Ashtavinayak Cine Vision Ltd Company Summary

Shree Ashtavinayak Cine Vision Ltd Summary

The Company was incorporated on October 23, 2001 as Shree Ashtavinayak Cine Vision Private limited and subsequently converted into a Public Limited Company on June 25, 2004. The Company was originally promoted by Mr. Amit A. Behl, Ms. Seema D. Kar, Mr. Kiran B. Mistry and L.R. Enterprises Pvt. Ltd with a view to carry out the business of producing television serial. Mr. Dhilin H.Mehta, the present Managing Director joined the Board on April 01, 2002 and bought the shareholding of L.R.Enterprise Pvt. Ltd. and Mr. Amit Behl who resigned as director on April 01, 2002. Later on Mr. Kiran B. Mistry resigned from the Board on January 23, 2003, Ms. Seema D. Kar resigned on November 02, 2004. Over the period Mr. Dhilin H. Mehta started looking after the business in an integrated manner.The Company produced two full-length films Fan2ssh dudes in the 10th Century and Agnipankh which was released in financial year 2003-04. The company has distributed both films. Since these were the initial venture of the company into films, it was considered prudent to keep the risks low by keeping the budgets low. This venture helped us to get exposure to all aspects of making films and helped lay a foundation for company in film production. The company has decided to discontinue business of TV serials, and sold TV serials produced by us to interested parties on as is whereas basis over a period of year. The last sale of TV serials was completed in November 2005 for Rs.65 lakhs.In May 2004, the company has entered into the business of distribution of films produced under other banner to achieve vertical integration. This also helped company to understand audience tastes and preferences and build relationships in the industry. In the year 2004-05 company has began distribution in the Mumbai Territory and distributed ten films. During the year 2005-06, the company has distributed eight films. The company has begun distribution in the Delhi Territory in January 2006. By end of October 2006, the company had distributed films in 1151 theaters in a span of two and a half years.The strategy of vertical integration of production and distribution, which was put in place, worked well with the release of this film. The company has also entered into an agreement with K Sera Sera Production Ltd and Studio 18 a division of Network 18 Fincap Pvt. Ltd. for films to be produced in association with them and have also agreed to share the cost to be incurred on production of films.To complete the chain of vertical integration, the Company forayed into the area of exhibition of films. This would enable company to have effective control over screening of owns films both produced and distributed. The company has tied up with 31 theatres across Mumbai Territory.December 2006, the company has entered into capital market. The company has issued 37,28,000 Equity shares to the public. Issue price is Rs.160/- per share.