MIRA INFORM REPORT
|
Report Date : |
25.05.2007 |
IDENTIFICATION
DETAILS
|
Name : |
STAR
INDIA PRIVATE LIMITED |
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Formerly Known As : |
NEWS
TELEVISION ( |
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Registered Office : |
Star
House, Off |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
08.02.1994 |
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Com. Reg. No.: |
11-76485 |
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CIN No.: [Company Identification No.] |
U72300MH1994PTC076485 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
MUMS04399D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Engaged
in production / procuring television programmes and supplying them to
overseas media companies. |
RATING
& COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors
will not cause fatal effect. Satisfactory capability for payment of interest
and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD
5000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a part of Star T. V. Group, leading entertainment television channel
owners. Available information indicates high financial responsibility of the
company. Trade relations are fair. Payments are correct and as per
commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Star
House, Off |
|
Tel. No.: |
91-22-56305555 |
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Fax No.: |
91-22-56305050 |
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E-Mail : |
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Head
Office : |
8th
Floor, One Harbourfront, |
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Tel.
No.: |
91-852-26218888 |
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Fax
No.: |
91-852-26218000 |
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Oveseas
Offices : |
Unit
5-10, Level 9, Tower E3, The Towers, Oriental Plaza, No. 1, East Chang An
Ave, Dong Cheng District, Beijing, 100738, China Tel.
No. 8610-85188500 Fax.
No. 8610-85188501 E-mail.
star@newscorp.com.cn Roundabout
8, Warehouse, DC-6, Tel.
No. 9714-8838600 Fax.
No. 9714-8837308/309 No.
73, Lane 72, Tel.
No. 8862-27418668 Fax.
No. 8862-27343000 E-mail.
tw@startv.com No.
186, Tel.
No. 8821-62183298 Fax.
No. 8621-32185208 E-mail.
star@newscrop.com.cn 2903-CD,
Philippine Stock Exchange, Tower II, Oritgas, Tel.
No. 632-6370266 Fax.
No. 632-6355026 18th
Floor, Tel.
No. 662-5138741 Fax.
No. 662-5138744 #27-02,
Tel.
No. 65-62200369 Fax.
No. 65-62200973 Sydney
and Melbourne Mainland
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Branches
: |
Located
at: Mumbai,
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DIRECTORS
|
Name : |
Mr.
Ajay Kishore Sharma |
|
Designation : |
Director
|
|
Address : |
Flat
No. B/403, |
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Date of Birth/Age : |
11.11.1960 |
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Date of Appointment : |
15.05.2000 |
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Name : |
Ms.
Kaushal Jasvant Dalal |
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Designation : |
Director
|
|
Address : |
84 Dariya
Mahal, 80 Lady Jagmohandas Marg, Mumbai – 400006, |
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Date of Birth/Age : |
17.12.1967 |
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Date of Appointment : |
29.01.2002 |
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Name : |
Mr.
Sameer Chandran Nair |
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Designation : |
Director
|
|
Address : |
Flat Nos.4S2
and 4S4, 3rd Floor, Samshiba, |
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Date of Birth/Age : |
03.12.1964 |
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Date of Appointment : |
11.12.2002 |
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Name : |
Mr.
Pervaz Poonawaka |
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Designation : |
Director
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Name : |
Mr.
Bhalchandra Bhalerao |
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Designation : |
Director
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|
Name : |
Mr.
Paritosh Joshi |
|
Designation : |
Additional
Director |
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Address : |
B-1904,
19th Floor, |
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Date of Birth/Age : |
28.11.1962 |
|
Date of Appointment : |
23.03.2007 |
KEY
EXECUTIVES
|
Name
: |
Ms.
Ujwala P Wakhile |
|
Designation
: |
Company
Secretary |
|
Address
: |
Flat
No.504, Dosti Tulip, Dosti Acres, S M Road, Wadala (East), Mumbai-400037, |
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Date
of Birth/Age : |
12.05.1971 |
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Qualification
: |
|
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Experience
: |
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Date
of Appointment : |
01.11.2001 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Ajay Kishore Sharma |
|
20 |
|
Buzzer
Investments Limited |
|
56045011 |
|
Quazar
Investments [ |
|
79122 |
As on
31.03.2006
|
Names
of Shareholders |
|
No. of Shares |
|
Foreign
holdings |
|
99.99 |
|
Directors
or their relatives |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Engaged
in production / procuring television programmes and supplying them to
overseas media companies. |
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|
|
|
Products : |
Recorded
Video Cassettes |
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Brand Names : |
v
Star Movies v
Star World v
Star Plus v
Star Gold v
Xing Kong v
Vijay v
Star Chinese Channel v
Star News v
Channel V v
National Geographic Channel v
Adventure One Channel v
Star Sports v
ESPN v
v
v
v
Viva Cinema v
Total TV v
v
Fortune Star v
Star 7827 |
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Exports to : |
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GENERAL
INFORMATION
|
No. of Employees : |
About
2000 [Estimated] |
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|
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Bankers : |
Not
Available |
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Banking Relations : |
-- |
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Auditors : |
Batliboi
& Associates Chartered
Accountants, 6th
Floor, |
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Tel. No.: |
91-22-22876485 |
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Holding Company : |
Buzzer
Investments Limited The
News Corporation Limited, |
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Associates : |
Indya.Com
Portal Private Limited |
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Subsidiaries : |
v
Precision Components Private Limited v
Livewire Programme Trading Company Private Limited v
Vijay Television Limited v
Satelite Television Asian Region Limited v
SGL Entertainment Limited v
Asian Sky Broadcasting Fizz v
Digiware Infrastructure & Services Private Limited v
Indian Sky Broadcasting Limited v
Star Advertising |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
56130000 |
Equity
Shares |
Rs. 10/- each |
Rs. 561.300 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
56124153 |
Equity
Shares |
Rs. 10/- each |
Rs. 561.241 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
560.450 |
560.450 |
560.450 |
|
|
2] Share Pending Allotment |
9.653 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
734.293 |
463.355 |
277.738 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1304.396 |
1023.805 |
838.188 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
1304.396 |
1023.805 |
838.188 |
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APPLICATION
OF FUNDS |
|
|
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|
|
|
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FIXED
ASSETS [Net Block] |
248.170 |
500.234 |
682.272 |
|
|
Capital
work-in-progress |
33.333 |
36.148 |
38.766 |
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|
|
|
|
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INVESTMENT |
738.676 |
724.696 |
654.086 |
|
|
DEFERREX
TAX ASSETS |
163.945 |
106.863 |
0.000 |
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|
|
|
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|
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
170.593
|
285.429 |
324.081 |
|
|
Sundry
Debtors |
1533.207
|
2118.540 |
1635.306 |
|
|
Cash
& Bank Balances |
705.502
|
324.762 |
1050.080 |
|
|
Other
Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans
& Advances |
955.419
|
1111.716 |
639.358 |
|
Total Current
Assets |
3364.721
|
3840.447 |
3648.825 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities & Provisions |
3244.449
|
4184.583 |
4185.761 |
|
Total Current
Liabilities |
3244.449
|
4184.583 |
4185.761 |
|
|
Net Current Assets |
120.272
|
[344.136] |
[536.936] |
|
|
|
|
|
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|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
1304.396 |
1023.805 |
838.188 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales
Turnover [including other income] |
7281.568 |
6041.204 |
4639.767 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
419.268 |
253.754 |
189.851 |
|
Provision for Taxation |
147.918 |
101.769 |
143.034 |
|
Profit/(Loss) After Tax |
271.350 |
151.985 |
46.817 |
|
|
|
|
|
|
Export Value |
3663.644 |
2602.109 |
2097.783 |
|
|
|
|
|
|
Import Value |
7.992 |
2.500 |
26.225 |
|
|
|
|
|
|
Total Expenditure |
6862.300 |
5787.451 |
N.A. |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT /
Total Income |
(%) |
3.72
|
2.51 |
1.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.75
|
4.20 |
4.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.60
|
5.84 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.24 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.48
|
4.08 |
4.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.91 |
0.87 |
LOCAL
AGENCY FURTHER INFORMATION
HISTORY
Subject
was originally incorporated on 8th February, 1994 under the name and
style of "News Television (India) Limited" at Mumbai in Maharashtra having
Company Registration Number 76485, Subsequently the name was changed to present
w.e.f. 29.01.2001.
The
company was launched in 1991 with five television channels, and pioneered
satellite television in
Coupled
with the opening up of Asian economics, access to satellite television redefine
viewing experience for millions. Providing more people with more choice than ever
before the company set new standard in content, production and variety.
The
company is wholly owned subsidiary of the News Corporation.
During
the year ended March 31, 2004 the company has achieved the portal business of
Indya.com Portal Private Limited with effect from April 1, 2002, based on the
scheme of arrangement for demerger of the portal business of Indya.com into the
company, sanctioned by the Karnataka High Court, Bangalore, on December 4, 2003. accordingly, per the scheme, as a consideration
for demerger of the portal business of Indya.com, the company was required to
issue 1 Equity share to shareholders of Indya.com for every 619 Equity shares
held by them in Indya.com/ consequently,
the company has on June 29, 2004, issued and allotted 79124 Equity shares of
the face value of Rs. 10/- each at a rate of Rs. 122/- per share to
shareholders of Indya.com
The
company became a Deemed Public Company under section 43 A of the company’s Act,
1956 consequent to the amendment to the act in December 2000, the company
converted itself into a Private Company.
The
company is principally engaged in production / procuring television programmes
and supplying them to overseas media company’s.
The company also acts as an agent for advertisement sales for overseas
media company’s and carries on channel subscription business.
Generic
Names of Principal Products / Services of the company are as under :
Ř
TV Programme, Movie Production & Distributors
Ř
Advertisement
Ř
Pay Channels Fees
ACHIEVEMENTS
|
29/04/2003 |
|
|
24/04/2003 |
STAR's
Foucus Asia Wins Two Awards at the International Wildlife Film Festival |
|
16/04/2003 |
STAR
MOVIES Taken to New Heights Steven
Spielberg's Mini-series to Exclusively Premiere on Star Movies |
|
15/04/2003 |
Viewing
Share on Star News Doubles |
|
07/04/2003 |
STAR
owns 100% of Channel V |
|
21/02/2003 |
New
Shows Take Star Plus Ratings to New Heights Channel registers 50 out of 50
top shows on Hindi Cable |
|
20/01/2003 |
Channel
V, CCTV and SMG Stage The 9th Channel V, Chinese Music Awards Richie
Jen, Sun Yan Zi, Sun Nan and Han Hong Reap Top Honours |
|
15/01/2003 |
STAR's
Xing Kong Wei Shi Expands Landing Rights in |
Fixed Assets
v
Leasehold Improvements
v
Plant & Machinery
v
Furniture & Fixtures
v
Computers
v
Vehicles
v
Office Equipments
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors will
not cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse
factors are apparent. Repayment of interest and principal sums in default or
expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
NR |
In view
of the lack of information, we have no basis upon which to recommend credit
dealings |
No Rating |
|