Started in 2018, Ganesh Films India Limited is a company engaged engaged in the business of acquiring distribution rights of south Indian movies from production or co-production houses and thereafter distribute the same to the cinema halls spread across the Distribution Territory. The company was originally started as a proprietary concern, "M/s Ganesh Films" in 1985. Since incorporation, Company has entered into agreements for acquisition of distribution rights of many films ('Library'). Company currently has a Library of over 696 south Indian films (including Tamil, Telugu, Malayalam and other regional language films) in which the Company has sole, irrevocable and non-exclusive distribution right (including linear & non-linear internet rights / IPTV rights / digital rights under copyright to license, sub-license, distribute, advertise, market and otherwise exploit any platforms or internet or digital based medium) to use the contents / titles for a perpetual term for all the territories in the world including India. They source or acquire distribution rights of film by entering into assignment / licensing arrangements with film producers. M/s. Ganesh Films, a proprietary concern was formed by Nambirajan Ganapathi Yadav ("Ganesh Films"), the Promoter of Ganesh Films India Limited ("the Company" or "GFIL") in the year 1985 with a view to increasing the popularity of south Indian language movies in northern and western regions of India commonly known in the film industry as the North Indian territory ("Distribution Territory"). The business includes theatrical distribution of south Indian films (including Tamil, Telugu, Kannada, Malayalam and other regional films) in the Distribution Territory through the media platforms like internet, mobile phone and other platforms ("Digital Platforms"). The Promoters have vast experience in the theatrical distribution of approx. 450 south Indian films (including Tamil, Telugu, Kannada, Malayalam and other regional films) in the Distribution Territory. Some of the popular blockbuster films distributed by Ganesh Films, the proprietary concern of the Promoter, (before its acquisition by Ganesh Films India Limited) includes Sivaji, Dasavathaaram, Endhiran, Thevar Magan, Captain Prabhakaran, Thaana Serndha Kootam, Roja, Oomai Vizhigal etc. Company acts as distributor for south Indian films in the Distribution Territory. They operate in one of the three models (1) Distributor Commission; (2) Minimum Guarantee; and (3) Acquisition for theatrical distribution of films. As on May 31, 2018, Company had approximately 5 (five) employees. As company is formed in April 2018, so financials for very short period is available and there is no listed peers available as per DRHP. Company's P/BV is 1.66 based on NAV of 48.24 post issue. Due to very limited data, its not possible to evaluate the company on financial parameters. On BRLM's front, for Fedex Securities Ltd, this is the 3rd SME IPO and from last 2 IPOs, all with 2% to 15% premium on the day of listing. As of now, from last 2 IPOs, 1 is trading below issue price and remaining above issue price. ( As on 07.07.18 ) As company is just 3 months old, so very limited financials data is available. This is only 3rd SME IPO from BRLM. So we give NEUTRAL rating to this SME IPO as per current market situation.
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