MIRA
INFORM REPORT
|
Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SET INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
4TH FLOOR, Interface, Building no.7, Off , Malad Link Road,
Mumbai;400064, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.10.1997 |
|
|
|
|
Com. Reg. No.: |
111487 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U92100MH1997PTC111487 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS19106D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the production and acquisition of Television
Programmes |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
4TH FLOOR, Interface, Building no.7, Off , Malad Link Road,
Mumbai;400064, Maharashtra, India |
|
Tel. No.: |
91-22-67081111 |
|
Mobile No.: |
91-22-66434748 |
|
Website : |
|
|
|
|
|
Corporate Office : |
501, VIPPS Centre, 2, Community Complex Masjid Moth, Greater Kailash II, New Delhi 110 048 TEL: 91-11-29223893-96 ,29223834-36 FAX: 91-11-29223837 M.B. Business Center, M.B. House, 3rd Floor, 51 Chandroday Society, Stadium Road, Ahmedabad 380014 TEL: 91-79-6407001 / 6403133 / 6403159 FAX: 91-79-6400828 2009, 100 Feet Road, Indira Nagar, Bangalore 560 038. TEL: 91-80-5263719 / 5272159 FAX: 91-80-5261978 37 A, Garcha Road, Ground Floor Godhuli, Kolkata 700019. TEL: 91-33-24767055/56 FAX: 91-33-24767057 No. 31/1, Shaffee Mohammed Road, housand Lights, Chennai 600006 TEL: 91-44-2829 4415, 2829 4421 FAX: 91-44-2829 2997 |
DIRECTORS
|
Name : |
Mr. Ravinder Nath |
|
Designation : |
Director |
|
Address : |
A-21, Nitin Bagh, New Delhi;1110049 |
|
Date of Birth/Age : |
16.12.1944 |
|
Date of Appointment : |
18.09.1995 |
|
|
|
|
Name : |
Mr. Pranav Roach |
|
Designation : |
Director |
|
Address : |
P-59, south Extensionc 2, New Delhi;110 049 |
|
Date of Appointment : |
18.09.1995 |
|
|
|
|
Name : |
Mr. Michael Grindon |
|
Designation : |
Director |
|
Address : |
146, Galloway Street, Los Angles 90272 |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Mr. George Leitner |
|
Designation : |
Director |
|
Address : |
547, West Highland, Sierra Madre, California 91204 |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Mr. William Pfeiffer |
|
Designation : |
Director |
|
Address : |
6,Coral Villas, 27, Horizon Drive, Chuuung Hom Kok, Hong kong |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Mr. B.R. Sule |
|
Designation : |
Director |
|
Address : |
A-3, Mayfair Gardens, Little gibbs road, Malabar Hill, Numbai;400006 |
|
Date of Birth/Age : |
20.01.1925 |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Mr. Jayesh Parekh |
|
Designation : |
Director |
|
Address : |
114 a, Arthur Road,# 21-08, Kotong Park Tower, Singapore; 439826 |
|
Date of Birth/Age : |
24.01.1955 |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Mr. Raman Maroo |
|
Designation : |
Director |
|
Address : |
21/22 a, Wooland , 67 Peddar Raod, Mumbai;400026 |
|
Date of Birth/Age : |
24.01.1955 |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Ms. Martha Eberts |
|
Designation : |
Director |
|
Address : |
9432 sierra mar Place, los Angeles CA 900069 USA |
|
Date of Birth/Age : |
10.03.1965 |
|
Date of Appointment : |
26.08.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Foreign holding (foreign institutional investor(s), Foreign
companie(s), Foreign financial institution(s), Non-resident Indian(s),
Overseas corporate bodies |
|
68.37 |
|
Bodies Corporate |
|
31.63 |
|
|
|
|
|
Total |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the production and acquisition of Television
Programmes |
|
|
|
|
Products : |
Satellite Television Programmes Service fees Subscription Income |
PRODUCTION STATUS
The company is Primarily engaged in the
production and acquisition of television programmes. The company is not subject
to licensing requirements and due to the nature of the business, it is not
possible to determined installed capacity
|
Particulars |
|
|
Unit |
Actual Production |
|
Programme Episodes |
|
|
No of Episodes |
894 |
GENERAL
INFORMATION
|
Customers : |
v SET Satellite
Private Limited v Set Discovery
Private Limited |
|
|
|
|
Bankers : |
Unknown |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Water House Chartered Accountant |
|
Address : |
Mumbai |
|
|
|
|
Associates/Subsidiaries : |
SET Satellite Private Limited SET Discovery Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6677924 |
Equity Shares |
Rs. 10/-
each |
Rs. 66.779 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1691.893 |
1526.617 |
1458.691 |
|
|
4] (Accumulated Losses) |
0.000 |
(0.360) |
0.000 |
|
|
NETWORTH |
1716.893 |
1551.257 |
1483.691 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.494 |
2.028 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.494 |
2.028 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1716.893 |
1551.751 |
1485.719 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
196.581 |
107.005 |
178.340 |
|
|
Capital work-in-progress |
43.537 |
7.995 |
4.556 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.074 |
0.074 |
5.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
52.080 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
86.695 |
191.091 |
211.024 |
|
|
Sundry Debtors |
3651.066 |
2777.049 |
2366.754 |
|
|
Cash & Bank Balances |
389.326 |
640.013 |
423.540 |
|
|
Other Current Assets |
110.171 |
84.947 |
0.000 |
|
|
Loans & Advances |
299.148 |
66.409 |
62.017 |
|
Total
Current Assets |
4536.406 |
3759.509 |
3063.335 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
2952.823 |
2243.339 |
1817.602 |
|
|
Provisions |
106.882 |
79.493 |
0.000 |
|
Total
Current Liabilities |
3059.705 |
2322.832 |
1817.602 |
|
|
Net Current Assets |
1476.701 |
1436.677 |
1245.733 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1716.893 |
1551.175 |
1485.719 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
6278.250 |
4957.961 |
0.000 |
|
|
Other Income |
127.602 |
80.419 |
423.470 |
|
|
Total Income |
6405.852 |
5038.3800 |
423.470 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
298.452 |
132.495 |
129.204 |
|
|
Provision for Taxation |
133.176 |
64.576 |
43.256 |
|
|
Profit/(Loss) After Tax |
165.276 |
67.919 |
85.949 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
3028.142 |
2130.582 |
0.000 |
|
|
Traveling Expenses |
0.000 |
0.000 |
5.479 |
|
|
License for Programme |
79.576 |
198.940 |
0.000 |
|
|
Services Income |
407.881 |
88.655 |
37.123 |
|
|
Subscription Income |
0.000 |
2.383 |
7.069 |
|
|
Advertisement Sales |
1.194 |
10.721 |
39.685 |
|
|
Service Fee |
7.078 |
19.168 |
27.190 |
|
Total Earnings |
3523.871 |
2450.449 |
116.546 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Capital Goods |
37.927 |
5.897 |
0.000 |
|
Total Imports |
37.927 |
5.897 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
4564.575 |
3675.887 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
361.453 |
321.165 |
0.000 |
|
|
Payment to Auditors |
1.012 |
0.612 |
0.000 |
|
|
Interest |
0.000 |
0.000 |
3975.561 |
|
|
Insurance Expenses |
1.016 |
0.589 |
0.000 |
|
|
Depreciation & Amortization |
0.000 |
0.000 |
129.934 |
|
|
Other Expenditure |
1179.344 |
907.632 |
0.0000 |
|
Total Expenditure |
6107.400 |
4905.885 |
4105.495 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.58 |
1.34 |
20.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00 |
2.67 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.30 |
3.42 |
4.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78 |
1.49 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.61 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Intangible Assets:
Computer
Software
Tangible Assets:
Lease hold Implement, Plant and Machinery, Computers, Motor Vehicles,
Office Equipments, Furniture and, Fixture
Contingent
Liability: Claims against the company not acknowledge as Debts Rs.0.158 Million
As Per Web Site:
About them:
Subject is dedicated to provide the best in Hindi family entertainment to the largest percentage of the Indian population-the young adult.
Sony
Entertainment Television in India is the first venture of Sony Pictures
Entertainment, the biggest entertainment powerhouse of America. As part of the
Sony family, their channel has access to a wide variety of international
software from film and television divisions of Sony Pictures Entertainment.
Sony
Entertainment Television has an impressive line-up which ranges from the
supernatural to the light-hearted, from talk-shows to life-style improvers,
from the most glamorous events to legendary blockbusters. On April 28, 1997,
history was written as Lata Mangeshkar’s concert hit an all-time high market
share of over 50%, and on October 17, 1998, when the market share zoomed to 85%
with the popular blockbuster ‘Hum Aapke Hain Kaun'. Being a truly global brand,
Sony Entertainment Television is seen in over 40 million households throughout
India, Pakistan, Sri Lanka, Bangladesh and Middle-East.
The
success of the channel is defined by the highly professional, qualified and
dedicated management team motivated and focused to lead the channel from
strength to strength
Sony Entertainment
Television:
Sony Entertainment Television (SET) India, India's No. 2 general
entertainment television channel, is backed by Sony Pictures Television
International (SPTI). Its channels include Sony Entertainment Television, MAX,
AXN, ANIMAX & SAB.
Launched in October 1995, Sony Entertainment Television is a Hindi General Entertainment Channel, focused at providing quality and innovative entertainment to viewers across India. Over the years, the channel has created significant marquee properties through an impressive line up of programs ranging from the light hearted to the supernatural, exploring various genres complimented by an explosive mix of glamorous events and Bollywood blockbusters.
Known for its
innovative concepts and exciting formats, Sony Entertainment Television has been
providing strong platforms for over 700 brands to reach over 38 million
households in India. In addition, Sony Entertainment Television is also
available in US, UK, Africa, Middle East, Europe, Canada, Australia, New
Zealand, Singapore, Pakistan, Nepal, Bangladesh, Maldives, Malaysia and
Indonesia.
Sony Entertainment
Television is a part the network of channels distributed by The One Alliance -
a joint venture between SET India Pvt Ltd and Discovery Communications India.
Other channels in The One Alliance network include MAX, Discovery, Discovery
Travel & Living, SAB TV, MTV, Animal Planet, AXN, ANIMAX, NDTV 24X7, NDTV
India, NDTV Profit, NICK and Ten Sports.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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. 39.34 |
|
UK Pound |
1 |
Rs. 80.72 |
|
Euro |
1 |
Rs. 57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
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. |
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 |
|