Prime Focus Ltd Company Summary

Prime Focus Ltd Summary

Prime Focus Limited is one of the largest end-to-end post production services companies in the world; it was incorporated on 24th June 1997 as a consolidated entity of Video Works (EQR) and Video Workshop (Post Production - NLE). The Company provides cutting edge creative and technical services in the three major entertainment markets of Mumbai, Hyderabad and Chennai in India and through its subsidiaries in the UK. The services of the company include Camera Rentals, Advertising Post Production, Feature Film Post Production, Visual Effects, Animation and Broadcast Packaging.The year of inception itself, the company had entered into the higher value advertising business by getting Indias first higher-end finishing system. By the year 1999, PFL had carved a niche for itself in this highly demand and creatively challenging domain. Prime started its telecine operations in the year 2000 and also started offering look design services to the advertising and feature films industry. The Companys status was converted from private limited to public limited in the same year of 2000. During the year 2001, the company was the first in India to start high end film scanning and recording services and started offering digital post production services for the big screen. Prime Focus got in the first spirit Datacine in India during the year 2003 and also outputted Indias first and foremost digital feature film, started to offering the service namely Digital Intermediate.In 2004, PFL had introduced Motion Control services using the only MILO motion control rig in Asia. Also digital shooting using Panasonic Varicam HD was offered. In July of the same year 2004, PFL had set up a world class DI facility through a strategic partnership with Indias premier laboratory Adlabs offering end to end services and with the depth of infrastructure being larger than most in the world. During the year 2005, the company evolved into an integrated visual effects (VFX) and post production house. PFL bagged Best Visual Effects Award in the Screen Awards 2005 for the film Vaah-Life Ho to Aisi. The Company had setup a studio at Raghuvanshi Mills situated at Mumbai, which was started functioning from February of the year 2006. PFL had acquired 55% of the share capital of VTR plc in April of the year 2006 and expanded its geographical presence by merging VTR and Clear, two reputed post production and visual services companies in the creatively matured London Market. To cater the South Indian Film market and also to provide a quality player to the fast growing local advertising community, Prime Focus had commissioned a facility in Chennai during July of the year 2006. Also in the same year, the companys Hyderabad facility also started its services. During the year 2006-07, PFL had established itself in all domains and extended its footprint to the international market with Prime Focus London. The Company awarded the FICCI Frames (BAFF) Award 2007 for Best VFX in the CBZ commercial. In April 2007, the company had launched its fourth Mumbai facility, a house 150 animation and visual effects artists and is aimed at growing the companys business in the advertising and film segments. PFL had entered into a strategic alliance with Warner Brothers Motion Picture Imaging (MPI) in February of the year 2008 to offer their sophisticated post- production capabilities to film makers.During the year 2009, the Company through its overseas wholly owned subsidiary Prime Focus Investments Limited registered in UK acquired Post Logic Studios, INC; 1800 Vine Street, LLC; Prime Focus VFX Services I INC, Prime Focus VFX Technology INC, Prime Focus VFX Services II INC, Prime Focus VFX USA INC, Prime Focus VFX Pacific INC and Prime Focus VFX Australia Pty Ltd abroad. The Company also incorporated wholly owned subsidiary Prime Focus Motion Pictures Limited and acquired entire share capital of GVS Software Private Limited in India in 2008-09. The Company issued and allotted 1,00,000 equity shares on January 30, 2009 pursuant to the scheme ofarrangement of amalgamation of Storemedia Technologies Private Limited with the Company.During 2010-11, Company allotted 10,641,566 Equity Shares of face value of Re. 1/- each to Qualified Institutional Buyers under QIPat a price of Rs 68.58 per Equity Share, aggregating to Rs 729,798,596 on November 10, 2010. The Company allotted 1,000,000 warrantsconvertible into Equity Shares on October 15, 2010 to Mr. Namit Malhotra, a member of the Promoters and Promoter Group carrying an option/ entitlement to subscribe to equivalent number of Equity Shares.The Company executed a business transfer agreement to dispose of its Backend business on a going concern basis by way of slump sale to Prime Focus World Creative Services Private Limited, a Company incorporated in India and a direct subsidiary of Prime Focus World N.V., a company incorporated and operating under the laws of Netherland for a total consideration of Rs 22,970 lacs, effective June 30, 2014. Effective July 01, 2014, Prime Focus World N.V. (PFWNV) forming part of the group, closed the transaction relating to the merger of Double Negative, one of the largest Visual Effects services providers to the global film industry pursuant to a share sale agreement dated June 25, 2014 and Double Negative became a wholly owned subsidiary of PFWNV.2014 checked ...