MIRA INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION DETAILS
|
Name : |
STAR INDIA
PRIVATE LIMITED |
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Formerly Known As : |
NEWS TELEVISION
(INDIA) LIMITED |
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Registered Office : |
Star House, Off
Dr. E. Moses Road, Mahalaxmi, Mumbai, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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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 |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
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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 7100000 |
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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. Management
declined business and financial details against various communications. |
LOCATIONS
|
Registered Office : |
Star House, Off
Dr. E. Moses Road, Mahalaxmi, Mumbai, Maharashtra, India |
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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, 18 Tak Fung Street, Hunghom, Kowloon, Hong Kong |
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Tel. No.: |
91-852-26218888 |
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Fax No.: |
91-852-26218000 |
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Corporate Office: |
The Masterpiece, Marol Naka, Andheri Kurla Road, Andheri (East),
Mumbai-400059, Maharashtra, India |
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Overseas
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, Dubai, United Arab Emirates Tel. No.
9714-8838600 Fax. No.
9714-8837308/309 No. 73, Lane 72,
Guangfu S. Road, Taipei, Taiwan Tel. No.
8862-27418668 Fax. No.
8862-27343000 E-mail. tw@startv.com No. 186, North
Shan Xi Road, Shanghai - 200 041, P. R. China Tel. No.
8821-62183298 Fax. No.
8621-32185208 E-mail. star@newscrop.com.cn 2903-CD,
Philippine Stock Exchange, Tower II, Oritgas, Centre Exchange Road, Pasig
City, Philippines 1605 Tel. No.
632-6370266 Fax. No.
632-6355026 18th
Floor, Olympia Thai Tower, 444 Ratchadaphisek, Roa, Samsennok Huay Kwang,
Bangkok - 10320, Thailand Tel. No.
662-5138741 Fax. No.
662-5138744 #27-02, Singapore
Land Tower, 50, Raffles Place, Singapore - 048623 Tel. No.
65-62200369 Fax. No.
65-62200973 |
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Branches : |
Located at: Mumbai, Delhi,
Chennai, Kolkata and Bangalore |
DIRECTORS
|
Name : |
Mr. Ajay Kishore
Sharma |
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Designation : |
Director |
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Address : |
Flat No. B/403,
Valencia, 4th Floor, Hiranandani Garden, Powai, Mumbai – 400076,
Maharashtra, India |
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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 |
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Address : |
84 Dariya Mahal,
80 Lady Jagmohandas Marg, Mumbai – 400006, Maharashtra, India |
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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 |
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Address : |
Flat Nos.4S2 and
4S4, 3rd Floor, Samshiba, Nargis Dutt Road, Bandra (West),
Mumbai-400050, Maharashtra, India |
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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 |
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Designation : |
Additional
Director |
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Address : |
B-1904, 19th
Floor, Chaitanya Towers, A S Marathe Marg, Prabhadevi, Mumbai-400025,
Maharashtra, India |
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Date of Birth/Age : |
28.11.1962 |
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Date of Appointment : |
23.03.2007 |
KEY EXECUTIVES
|
Name : |
Ms. Ujwala P
Wakhile |
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Designation : |
Company Secretary |
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Address : |
Flat No.504,
Dosti Tulip, Dosti Acres, S M Road, Wadala (East), Mumbai-400037,
Maharashtra, India |
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Date of
Birth/Age : |
12.05.1971 |
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Date of
Appointment : |
01.11.2001 |
MAJOR SHAREHOLDERS
As on 30.09.2005
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. Ajay Kishore
Sharma |
|
20 |
|
Buzzer
Investments Limited |
|
56045011 |
|
Quazar
Investments [Mauritius] Limited |
|
79122 |
|
Total |
|
56124153 |
Equity Share Breakup
(Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
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
Phoenix
InfoNews Channel v
Phoenix
Chinese Channel v
Phoenix
Movies Channel v
Viva Cinema v
Total TV v
Radio City v
Fortune Star v Star 7827 |
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Exports to : |
Hong Kong |
GENERAL INFORMATION
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No. of Employees : |
About 2000
[Estimated] |
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Bankers : |
Not Available |
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Banking Relations : |
-- |
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Auditors : |
S. R. Batliboi
and Associates Chartered
Accountants |
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Address: |
6th Floor,
Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22876485 |
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Holding Company : |
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Associates : |
Indya.Com Portal Private
Limited |
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Subsidiaries : |
v
Precision
Components Private Limited U74210MH1959PTC011459 v
Livewire
Programme Trading Company Private Limited v
Inya.
Company Portal Private Limited U64202KA2000PTC026495 v
Vijay
Television Limited v
Netto Travel
Company Limited U74899DL2000PLC103884 v
Satelite
Television Asian Region Limited v
Bigtree
Interactive Ticketing Private Limited U92100MH2000PTC124779 v
SGL
Entertainment Limited v
Gold Movies
Private Limited U92100MH2006PTC160436 v
Asian Sky
Broadcasting Fizz v
One Entertainment
Network Private Limited U92100MH2006PTC160437 v
Digiware
Infrastructure & Services Private Limited v
V Music and
Interactive Channels India Private Limited U92100MH2006PTC159917 v
Indian Sky
Broadcasting Limited v
Star
International Networks Private Limited U92120MH2006PTC160079 v Star Advertising Sales BV v Star Digital Services Private Limited U64120MH2006PTC159808 |
CAPITAL STRUCTURE
As on 28.09.2007
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. 561.242 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
561.242 |
561.242 |
561.242 |
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2] Share Pending Allotment |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1240.317 |
1233.160 |
728.579 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
1801.559 |
1794.402 |
1289.821 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
51.200 |
30.500 |
80.000 |
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TOTAL BORROWING |
51.200 |
30.500 |
80.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1852.759 |
1824.902 |
1369.821 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net
Block] |
235.214 |
280.210 |
235.847 |
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Capital
work-in-progress |
45.013 |
29.028 |
136.991 |
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INVESTMENT |
508.400 |
677.610 |
645.721 |
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DEFERREX TAX
ASSETS |
207.524 |
212.043 |
177.171 |
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CURRENT ASSETS,
LOANS & ADVANCES |
|
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Inventories |
236.728 |
121.951 |
381.309
|
|
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Sundry Debtors |
3588.336 |
3907.445 |
2350.822
|
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Cash & Bank
Balances |
1605.653 |
618.310 |
151.394
|
|
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Other Current
Assets |
0.000 |
0.000 |
0.000
|
|
|
Loans &
Advances |
2755.517 |
1985.492 |
1488.818
|
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Total Current Assets |
8186.234 |
6633.198 |
4372.343 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities & Provisions |
7235.625 |
5903.057 |
4120.581
|
|
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Provisions |
94.001 |
104.130 |
77.662
|
|
Total Current Liabilities |
7329.626 |
6007.187 |
4198.243 |
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|
Net
Current Assets |
856.608 |
626.011 |
174.100 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1852.759 |
1824.902 |
1369.821 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including
other income] |
10042.745 |
11867.420 |
8680.838 |
|
|
|
|
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|
Profit/(Loss) Before Tax |
189.849 |
809.446 |
225.198 |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
189.849 |
809.446 |
225.198 |
|
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|
|
|
|
Export Value |
4400.927 |
6778.438 |
4425.898 |
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Import Value |
NA |
NA |
NA |
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Expenditure: |
|
|
|
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Interest |
3.401 |
15.767 |
|
|
Depreciation |
108.163 |
142.324 |
8601.448 |
|
Other Expenditure |
9741.332 |
11051.625 |
|
|
Total
Expenditure |
9852.896 |
11209.716 |
8601.448 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.89 |
6.82 |
2.59 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.89 |
6.82 |
2.59 |
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25 |
11.70 |
4.88 |
|
|
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.45 |
0.05 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.09 |
3.34 |
3.25 |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.10 |
1.04 |
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 Asia and in the process catalysed explosive growth in the media
industry across the entire region.
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 |
Radio City
Launches its 4th Station in Delhi |
|
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 China |
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, India Prisons Service, Interpol, etc.
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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
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 |
|