MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	TATA SKY LIMITED (w.e.f July 2005)

Formerly Known As :	SPACE TV LIMITED (w.e.f 17.05.2004) SPACE TV PRIVATE LIMITED

Registered Office :	3^rd Floor, C-1, Wadia International Centre (Bombay Dyeing), Pandurang Budkkar Marg, Worli, Mumbai – 400025, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	09.01.2001

Com. Reg. No.:	11-130365

Paid-up Capital :	Rs.9836.088 Millions

CIN No.: [Company Identification No.]	U92120MH2001PTC130365

TAN No.: (Tax Deduction & Collection Account No.)	MUMS33388F

PAN No.: (Permanent Account No.)	AAGCS9294M

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	To Provide Direct-To-Home (DTH) Broadcasting Services to Cable TV Viewers Across the Country.

No. of Employees :	Not divulged by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	---

Status :	Moderate

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a joint venture between Tata and Star Television. Profitability of the company appears to be under pressure. There appears to be huge accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to usually correct. In view of strong promoters, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Management non co-operative [ Name not Disclose]

LOCATIONS

Registered Office :	3^rd Floor, C-1, Wadia International Centre (Bombay Dyeing), Pandurang Budkkar Marg, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66133000
Fax No.:	91-22-66133030
E-Mail :	narimank@tatasky.com anshumans@tatasky.com atulb@tatasky.com
Website :	http://www.tatasky.com

Corporate Office :	Bansiwala Mill Compound, Off Dr. E Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-56305555
Fax No.:	91-22-56669609

DIRECTORS

As on 12.07.2011

Name :

Mr. Ishaat Riyasat Hussain

Designation :

Director

Address :

Flat No.222, 2nd Floor, B Wing, NCPA, Residential Apartments, Sir Dorab Tata Road, Nariman Point, Mumbai-400021, Maharashtra, India

Date of Birth :

02.09.1947

Date of Appointment :

06.02.2004

Din No.:

00027891

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Nominee director	17/07/1989	17/07/1989	-	Active	NO
2	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	3/4/1998	3/4/1998	-	Active	NO
3	U99999MH1917PLC000478	TATA SONS LIMITED	Whole-time director	1/7/2009	24/11/1998	-	Active	NO
4	L29308MH1954PLC009371	VOLTAS LIMITED	Director	26/04/1999	26/04/1999	-	Active	NO
5	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	15/07/1999	15/07/1999	-	Active	NO
6	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Nominee director	29/09/1999	29/09/1999	-	Active	NO
7	U65991MH1995PLC087722	TATA TRUSTEE COMPANY LIMITED	Director	16/06/2000	16/06/2000	17/03/2011	Active	NO
8	U66010MH2000PLC128403	TATA AIG LIFE INSURANCE COMPANY LIMITED	Director	23/08/2000	23/08/2000	-	Active	NO
9	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Nominee director	24/08/2000	24/08/2000	-	Active	NO
10	L72200AP1975PLC001970	CMC LIMITED	Director	16/10/2001	16/10/2001	4/1/2010	Active	NO
11	L64200MH1986PLC039266	TATA COMMUNICATIONS LIMITED	Director	1/7/2002	1/7/2002	26/06/2007	Active	NO
12	U72200TN2003PTC050510	SPEECH AND SOFTWARE TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	13/03/2003	13/03/2003	-	Active	NO
13	U92120MH2001PLC130365	TATA SKY LIMITED	Director	6/2/2004	6/2/2004	-	Active	NO
14	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	2/3/2005	2/3/2005	26/09/2011	Active	NO
15	U67120MH2005PLC155188	BSE LIMITED	Director	14/09/2007	9/11/2006	29/05/2010	Active	NO
16	L65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	17/07/2007	13/04/2007	-	Active	NO
17	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	30/05/2007	30/05/2007	14/01/2011	Active	NO
18	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	2/7/2010	5/1/2010	-	Active	NO
19	L17120MH1879PLC000037	THE BOMBAY DYEING AND MANUFACTURING COMPANY LIMITED	Director	11/8/2010	1/6/2010	-	Active	NO
20	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	29/09/2011	18/03/2011	-	Active	NO
21	U63013DL2004PLC217305	GO AIRLINES (INDIA) LIMITED	Director	21/06/2011	21/06/2011	-	Active	NO

Name :

Mr. Bharat Damodar Vasani

Designation :

Director

Address :

Flat No. B-11, Peregrine 400, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Birth :

24.08.1958

Date of Appointment :

06.02.2004

Din No.:

00040243

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1994PLC080918	TATA SECURITIES LIMITED	Director	5/1/2005	5/1/2005	-	Active	NO
2	U31900MH2005PLC158120	INFINITI RETAIL LIMITED	Director	16/12/2005	16/12/2005	4/5/2009	Active	NO
3	U92120MH2001PLC130365	TATA SKY LIMITED	Director	6/2/2006	6/2/2006	-	Active	NO
4	U65923MH2006PLC162503	TATA MOTORS FINANCE LIMITED	Director	15/06/2007	24/08/2006	-	Active	NO
5	U72900AP2006PLC077939	TATA ADVANCED SYSTEMS LIMITED	Director	19/09/2006	19/09/2006	6/5/2009	Active	NO
6	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	25/05/2007	13/03/2007	-	Active	NO
7	U45401MH2007PTC170381	CASA DECOR PRIVATE LIMITED	Director	27/04/2007	27/04/2007	13/05/2009	Active	NO
8	U93090MH2007PLC173035	TATA INDUSTRIAL SERVICES LIMITED	Director	13/08/2007	13/08/2007	17/11/2008	Active	NO
9	U65923MH2007PLC176158	TATA CAPITAL MARKETS LIMITED	Director	26/11/2007	26/11/2007	-	Active	NO
10	U74990MH2008PLC183426	NOVA INTEGRATED SYSTEMS LIMITED	Director	11/6/2008	11/6/2008	6/5/2009	Active	NO
11	U74990AP2008PLC077969	TARA AEROSPACE SYSTEMS LIMITED	Director	12/6/2008	12/6/2008	2/6/2009	Active	NO
12	U74900MH2010PLC198635	TS INVESTMENTS LIMITED	Director	7/1/2010	7/1/2010	-	Active	NO

Name :

Mr. Farokh Nariman Subedar

Designation :

Director

Address :

Wadia Building, Ground Floor, Babulnath Road, Mumbai-400007, Maharashtra, India

Date of Birth :

24.09.1955

Date of Appointment :

06.02.2004

Din No.:

00028428

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63090MH1988PTC049519	TEJ TRANSPORTATION PRIVATE LIMITED	Director	31/07/1991	31/07/1991	14/09/2010	Active	NO
2	U51909MH1957PLC010942	TATA SERVICES LIMITED	Director	14/02/1997	14/02/1997	-	Active	NO
3	L65990MH1991PLC060670	TATA CAPITAL LIMITED	Director	11/3/1997	11/3/1997	-	Active	NO
4	U74999MH1922PLC001030	EWART INVESTMENTS LIMITED	Director	19/06/1997	19/06/1997	-	Active	NO
5	U67120MH1992PLC066160	PANATONE FINVEST LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
6	U63020MH1970PLC014572	CHEMICAL TERMINAL TROMBAY LIMITED	Director	1/10/1999	1/10/1999	31/03/2007	Active	NO
7	U74210MH1999PLC123010	TATA CONSULTING ENGINEERS LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
8	U51100MH1996PTC102142	GLOBAL INFORMATION SERVICES PRIVATE LIMITED	Nominee director	2/3/2001	2/3/2001	30/06/2010	Active	NO
9	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	19/03/2002	19/03/2002	30/09/2008	Active	NO
10	U65990MH1999PTC118686	ZOROASTRIAN INVESTMENT CORPORATION PRIVATE LIMITED	Director	1/6/2003	1/6/2003	-	Active	NO
11	U92120MH2001PLC130365	TATA SKY LIMITED	Director	6/2/2004	6/2/2004	-	Active	NO
12	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Director	12/8/2004	12/8/2004	19/09/2008	Active	NO
13	U11100MH1993PLC134095	TATA PETRODYNE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
14	L67200MH1937PLC002622	TATA INVESTMENT CORPORATION LIMITED	Director	11/3/2005	11/3/2005	-	Active	NO
15	U74140MH2006PLC164217	TATA PENSION MANAGEMENT LIMITED	Director	31/08/2006	31/08/2006	29/06/2007	Active	NO
16	U51900MH2006PLC159776	COMPUTATIONAL RESEARCH LABORATORIES LIMITED	Director	6/8/2007	17/11/2006	30/09/2007	Active	NO
17	U70102MH2007PLC168300	TATA REALTY AND INFRASTRUCTURE LIMITED.	Director	2/3/2007	2/3/2007	10/12/2008	Active	NO
18	U22122DL1970PTC092640	TATA MCGRAW HILL EDUCATION PRIVATE LIMITED	Director	6/6/2008	7/8/2007	-	Active	NO
19	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	26/06/2009	26/06/2009	14/06/2011	Active	NO
20	U85110MH2000PLC128425	TATA AIG GENERAL INSURANCE COMPANY LIMITED	Additional director	26/10/2009	26/10/2009	-	Active	NO
21	U74900MH2010PLC198635	TS INVESTMENTS LIMITED	Director	7/1/2010	7/1/2010	7/4/2011	Active	NO
22	U67100MH2010PLC210201	TATA CAPITAL FINANCIAL SERVICES LIMITED	Director	5/9/2011	26/03/2011	-	Active	NO

Name :

Mr. Vikram Kaushik

Designation :

Managing Director

Address :

Sanghi House, 5^th Floor, 94, Napean Sea Road, Mumbai-400006, Maharashtra, India

Date of Birth :

17.09.1950

Date of Appointment :

01.01.2006

Other Directorships :

· Hathway Cable and Datacom Private Limited

· Media Content and Communications Services (India) Limited

Name :

Mr. Harit Nagpal

Designation :

Managing Director

Address :

Flat No. 5 2^nd Floor, 27-A, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

02.11.1961

Date of Appointment :

01.01.2011

Din No.:

00481307

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32202MH1999PTC120818	CONNECT (INDIA) MOBILE TECHNOLOGIES PRIVATE LIMITED	Director	10/12/2004	10/12/2004	14/12/2007	Active	NO
2	U64201GJ1999PTC059542	VODAFONE INDIA SERVICES PRIVATE LIMITED	Director	10/6/2005	10/6/2005	3/6/2007	Active	NO
3	U72900MH2006PTC159149	HUTCHISON GLOBAL SERVICES PRIVATE LIMITED	Additional director	12/2/2007	12/2/2007	6/6/2007	Active	NO
4	U51101DL2007PLC180238	VODAFONE INFRASTRUCTURE LIMITED	Director	17/07/2008	18/12/2007	11/6/2009	Active	NO
5	U64202TZ1995PLC007674	VODAFONE CELLULAR LIMITED	Director	5/9/2008	18/12/2007	11/6/2009	Active	NO
6	U64200DL2007PLC207420	VODAFONE TOWERS LIMITED	Director	20/08/2008	18/12/2007	11/6/2009	Active	NO
7	U64202DL1992PLC088087	VODAFONE MOBILE SERVICES LIMITED	Director	27/08/2008	18/12/2007	11/6/2009	Active	NO
8	U32100GJ1995PLC035282	VODAFONE WEST LIMITED	Director	2/9/2008	18/12/2007	11/6/2009	Active	NO
9	U32204WB1992PLC079998	VODAFONE EAST LIMITED	Director	1/9/2008	18/12/2007	11/6/2009	Active	NO
10	U64201DL1997PLC088088	VODAFONE DIGILINK LIMITED	Director	27/08/2008	18/12/2007	11/6/2009	Active	NO
11	U72200DL1997PLC085764	VODAFONE SPACETEL LIMITED	Director	27/08/2008	18/12/2007	11/6/2009	Active	NO
12	U74899DL1995PLC074451	VODAFONE SOUTH LIMITED	Director	27/08/2008	18/12/2007	11/6/2009	Active	NO
13	U65999MH2008NPL182612	UNIQUE INTERMEDIARY FACILITATORS	Additional director	26/05/2008	26/05/2008	11/6/2009	Active	NO
14	U74900MH2008PLC183456	MOBILE COMMERCE SOLUTIONS LIMITED	Director	12/6/2008	12/6/2008	17/12/2009	Active	NO
15	L24100MH1961PLC012066	SAVITA OIL TECHNOLOGIES LIMITED	Director	9/9/2008	26/07/2008	-	Active	NO
16	U92120MH2001PLC130365	TATA SKY LIMITED	Director	12/7/2011	1/1/2011	-	Active	NO
17	L64202KA2000PLC027860	ONMOBILE GLOBAL LIMITED	Additional director	7/12/2011	7/12/2011	-	Active	NO

Name :

Mr. Padmanabh Sinha

Designation :

Director

Address :

Plat No. 33, Maken, Tower Coor HSO Society, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth :

21.02.1971

Date of Appointment :

02.08.2007

Din No.:

00101379

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Nominee director	2/4/2005	2/4/2005	9/8/2007	Active	NO
2	L92490MH1999PLC122381	FAME INDIA LIMITED	Nominee director	2/8/2005	2/8/2005	10/7/2008	Active	NO
3	U67190MH2000PTC154942	TEMASEK HOLDINGS ADVISORS INDIA PRIVATE LIMITED	Director	15/10/2005	15/10/2005	24/01/2011	Active	NO
4	U92120MH2001PLC130365	TATA SKY LIMITED	Director	2/8/2007	2/8/2007	11/10/2011	Active	NO
5	U64201DL2006PLC156038	BHARTI INFRATEL LIMITED	Director	22/07/2008	31/03/2008	31/01/2011	Active	NO
6	U55100MH2003PLC143639	ROOTS CORPORATION LIMITED	Director	18/03/2011	18/03/2011	-	Active	NO

Name :

Mr. Uday Shankar

Designation :

Director

Address :

Vastu CHS 3/4^th Floor, Plat Nos. 301 and 302, Dr. R G Thandani Marg, Worli Sea Face, Mumbai – 400025, Maharashtra, India

Date of Birth :

16.09.1961

Date of Appointment :

01.08.2009

Din No.:

01755963

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U92132MH2002PTC136072	MEDIA CONTENT AND COMMUNICATIONS SERVICES (INDIA ) PRIVATE LIMITED	Director	24/08/2007	24/08/2007	-	Active	NO
2	U22211DL2007NPL165480	NEWS BROADCASTERS ASSOCIATION	Director	1/9/2007	1/9/2007	5/1/2008	Active	NO
3	U92120MH2001PLC130365	TATA SKY LIMITED	Director	27/06/2008	20/09/2007	-	Active	NO
4	U74899DL1999NPL101705	INDIAN BROADCASTING FOUNDATION U S 25 PUBLIC COMPANY	Nominee director	21/09/2007	21/09/2007	-	Active	NO
5	L64204MH1959PLC011421	HATHWAY CABLE AND DATACOM LIMITED	Director	9/9/2009	24/10/2007	-	Active	NO
6	U74300MH1996PTC206321	VIJAY TELEVISION PRIVATE LIMITED	Director	30/09/2009	2/1/2009	-	Active	NO
7	U90001MH1991PLC178157	ASIANET COMMUNICATIONS LIMITED	Director	29/09/2009	9/1/2009	-	Active	NO
8	U72900MH2008PTC186380	STAR CJ NETWORK INDIA PRIVATE LIMITED	Director	25/08/2009	24/03/2009	-	Active	NO
9	U73100DL2010NPL205584	BROADCAST AUDIENCE RESEARCH COUNCIL	Director	9/7/2010	9/7/2010	-	Active	NO

Name :

Mr. Jan Koeppen

Designation :

Director

Address :

Flat 815, Onslow, Gardens London SW731W.

Date of Birth/Age :

11.12.1970

Date of Appointment :

26.03.2010

Din No.:

03045923

KEY EXECUTIVES

Name :	Mr. Kumud Goel
Designation :	Secretary
Address :	945/946, Kohinoor, City Kijol Road, Mumbai – 400070, Maharashtra, India
Date of Birth :	31.05.1976
Date of Appointment :	01.08.2009
PAN No.:	AEZPJ8917L

MAJOR SHAREHOLDERS

As on 12.07.2011

Names of Shareholders	No. of Shares

Tata Sons Limited, Mumbai, Maharashtra, India	491803944
Tata Sons Limited, Maharashtra, India Jointly with Ishaat Hussain	100
Tata Sons Limited, Maharashtra, India Jointly with Farokh Subedar	100
Tata Sons Limited, Maharashtra, India Jointly with Bharat Vasani	100
Tata Sons Limited, Maharashtra, India Jointly with K R Bhagat	100
Tata Sons Limited, Maharashtra, India Jointly with E N Kapadia	100
Network Digital Distribution Services FZ- LLC, Dubai	196721778
Baytree Investments (Mauritius) Pte Limited, Mauritius	98360889
TS Investments Limited, India	196721778

Total	983608889

Equity Share Breakup (Percentage of Total Equity)

As on 12.07.2011

Category	Percentage

Foreign Holding (FIIs, FCs, FFI, NRIs, OCBs, or Others)	30.00
Bodies Corporate	70.00

Total	100.00

BUSINESS DETAILS

Line of Business :

To provide direct-to-home (DTH) broadcasting services to cable TV viewers across the country.

GENERAL INFORMATION

No. of Employees :

Not divulged by the management

Bankers :

Bank of India, Andheri Corporate Banking Branch, MDI Building 1^st Floor, 28 S V Road, Andheri (West), Mumbai – 400058, Maharashtra, India
IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
Standard Chartered Bank, 920, M.G. Road, Fort, Mumbai-400001, Maharashtra, India

Facilities:

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loan banks secured	9846.523	11193.875
Foreign Currency loans banks secured	576.324	120.799

Total	10422.847	11314.674

Note:

Loan from Banks, Acceptances are secured by hypothecation and pari-passu charge on the fixed assets and current assets of the company including inventory

and Buyer’s Credit are secured by hypothecation and pari-passu charge on the current assets including inventory and Fixed assets of the company.)

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks unsecured	737.064	664.930
Rupee term loans others unsecured	364.004	395.784

Foreign Currency loans banks unsecured	2185.664	388.706
Other debts unsecured	800.000	750.000

Total	4086.732	2199.420

Banking Relations :

Auditors :

Name 1 :

S. R. Batliboi and Associates

Chartered Accountants

Address :

6^th Floor, Express Tower, Nariman point, Mumbai-400021, Maharashtra, India

Name 2 :

Deloitte Haskins and Sells

Chartered Accountant

Address :

12, Dr. Annie Beasant Road, Worli, Mumbai-400018, Maharashtra, India

Holding Company :

Tata Sons Limited

CIN No. U99999MH1917PLC000478

Subsidiaries :

· ACTVE Digital Services Private Limited

CIN No.: U64120MH2006PTC159808

Related Parties :

· Network Digital Distribution Services FZ LLC

· TS Investments Limited (w.e.f August 27, 2010)

Fellow subsidiaries

· TS Investments Limited (Upto August 26, 2010)

· Tata Consultancy Services Limited

· Tata AIG General Insurance Company Limited

· Tata AIG Life Insurance Company Limited

· Tata Teleservices (Maharashtra) Limited

· Tata Teleservices Limited

· Tata Asset Management Limited

· TCS e-Serve Limited

· Tata Capital Limited

· Tata Investment Corporation Limited

· Tata Business Support Services Limited

· Drive India Enterprise Solutions Limited (w.e.f. September 1, 2010)

· Infiniti Retail Limited

· Tata Housing Development Company Limited

· Tata Securities Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000000	Equity Shares	Rs.10/- each	Rs.20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

983608889	Equity Shares	Rs.10/- each	Rs.9836.088 Millions

Note : Of the above 688,526,222 (Previous years 590,165,333) Equity shares are held by Tata Sons Limited, The holding company (and its nominees) and its subsidiary.

After 12.07.2011

Authorised Capital : 20000.000 millions

Issued, Subscribed & Paid-up Capital : 11065.600 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9836.088	8430.933	7904.000
2] Share Application Money		0.000	1188.000	0.000
3] Reserves & Surplus		12285.924	9054.067	8000.200
4] (Accumulated Losses)		[40050.632]	[35313.394]	[29047.283]
NETWORTH		[17928.620]	[16640.394]	[13143.083]
LOAN FUNDS
1] Secured Loans		10422.847	11314.675	8468.296
2] Unsecured Loans		4086.732	2199.421	1456.942
TOTAL BORROWING		14509.579	13514.096	9925.238
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		[3419.041]	[3126.298]	[3217.845]

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4567.240	2551.089	2981.789
Capital work-in-progress		2741.656	550.982	518.781

INVESTMENT		1.952	1023.229	234.917
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.755	259.210	191.652
	Sundry Debtors	542.123	187.978	103.473
	Cash & Bank Balances	122.937	145.316	437.286
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1343.115	1765.840	1718.879
Total Current Assets		2009.930	2358.344	2451.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3784.397	2473.375	2693.101
	Other Current Liabilities	8046.566	6077.572	4643.984
	Provisions	908.859	1058.995	2067.537
Total Current Liabilities		12739.822	9609.942	9404.622
Net Current Assets		[10729.892]	[7251.598]	[6953.332]

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		[3419.041]	[3126.298]	[3217.845]

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Services	13538.086	11079.468	8020.859
		Other Income	40.861	20.760	34.223
		TOTAL (A)	13578.947	11100.228	8055.082

Less	EXPENSES
		Manufacturing Service Costs	1764.604	3193.942
		Contract Cost	0.000	0.000
		Employee Related Expenses	967.552	990.720	17247.443
		Administrative selling other expenses	8685.375	6478.060
		Consumption materials changes inventories	4520.027	3889.912
		TOTAL (B)	15937.558	14552.634	17247.443

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[2358.611]	[3452.406]	[9192.361]

Less	FINANCIAL EXPENSES (D)		1343.341	1317.913	974.721

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[3701.952]	[4770.319]	[10167.082]

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1035.286	1495.792	1335.043

	PROFIT BEFORE TAX (E-F) (G)		[4737.238]	[6266.111]	[11502.125]

Less	TAX (H)		0.000	0.000	17.361

	PROFIT AFTER TAX (G-H) (I)		[4737.238]	[6266.111]	[11519.486]

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[35313.394]	[29047.283]	[17527.797]

	BALANCE CARRIED TO THE B/S		[40050.632]	[35313.394]	[29047.283]

	Earnings Per Share (Rs.)		[5.11]	[7.58]	[16.47]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(34.88)	(56.31)	(143.01)

Net Profit Margin (PBT/Sales)	(%)	(34.99)	(56.41)	(143.40)

Return on Total Assets (PBT/Total Assets}	(%)	(72.02)	(127.63)	(211.71)

Return on Investment (ROI) (PBT/Networth)		(0.26)	(0.38)	(0.88)

Debt Equity Ratio (Total Liability/Networth)		(1.51)	(1.39)	(1.47)

Current Ratio (Current Asset/Current Liability)		0.15	0.25	0.26

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	0.634	0.000	0.000
Creditors due others	3783.763	2473.375	2693.101

Total	3784.397	2473.375	2693.101

NOTE:

The Registered office of the company has been shifted from Army and Navy Building, 148, Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India, to the present address w.e.f. 29.05.2006.

BACKGROUND:

Subject was incorporated in India on 09.01.2001 to provide direct-to-home (DTH) broadcasting services to TV viewers across the country. The company has commenced its operations on 01.08.2006.

OPERATIONS:

During the year, the Company reached the milestone of 7 million connections. This has been achieved while retaining the market leadership of the DTH sector with a value share of 32%. The DTH sector has now become a six player industry with 35 million connections reported by March 2011

SALES:

The Company increased its reach and penetration in smaller towns and nearly 75% of the new subscribers are now from villages and towns beyond top 20 cities. By the end of the year the Company has presence in over 8000 towns and has more than 80000 dealers servicing the subscribers. Despite deep discounting by competition, Tata Sky was able to maintain second position in the volume share of the DTH base and the dominant leadership in the value share .

SERVICES:

The Company has integrated Customer Service and Field Service operations and created a new service structure for the high-growth phase Company is poised to enter. The thrust now is on the service philisophy Easy and Simple to deal with . Tata Sky has launched many initiatives such as launch of five satellite call centers, Toll free partner helpline, welcome calls educating new subscribers on product, package and processes, new center to handle non-voice channels and retention calling.

IT :

There were a host of projects undertaken this year to mitigate obsolescence risk, provide for future growth and comply with the business and regulatory requirements. Part of IT infrastructure was moved to Cloud ( distant servers) for reduction of cost and increasing uptime. A-la-carte channel packaging was enabled within the timeframe prescribed by the regulatory authority-TRAI. IVR based outbound dialer was implemented to reduce cost and help retention.

The Company is undertaking a project called Tech Refresh which will include hardware and software upgrades as well as capacity augmentation. They have started off by doing a renewal of software license agreements, changing software stack where needed and shall start replacing end-of-life hardware.

FORM : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U92120MH2001PTC130365
Name of the company	TATA SKY LIMITED
Address of the registered office or of the principal place of business in India of the company	3rd Floor, C-1, Wadia International Centre (Bombay Dyeing), Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge Others
Particular of charge holder	The Hongkong and Shanghai Banking Coporation Limited, 1st Floor, 16 Veer Nariman Road, Fort, Mumbai – 400001, Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation for Stocks and Receivables and Plant and Machinery for INR 2510 M
Date of instrument Creating the charge	25/04/2011
Amount secured by the charge	Rs. 2500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: RSTL-To be decided at the time of disbursement SLC/ULC-Commission:0.60% p.a. plus taxes as applicable (including retirement charges) payable annually in advance,BC-0.60% p.a. plus taxes. Terms of Repayment: STL repayable within 12 months from the date of drawdown Extent and operation of the charge: First pari passu charge on moveable assets of the Borrower (more particularly described in Schedule of Supplemental Deed of Hypothecation dated 24.5.2011).
Short particulars of the property charged	First pari passu charge on moveable assets of the Borrower (more particularly described in Schedule of Supplemental Deed of Hypothecation dated 24.5.2011)
Date of Latest modification prior to the present modification	09.11.2009
Particulars of Present modification	Modification of charge from Rs.1500.000 millions to Rs.2500.000 millions.

Fixed Assets:

Office equipment
Computer Equipment
Plant and Machinery
Motor Vehicles
Furniture and Fixtures
Leasehold Improvements

Website Details:

COMPANY OVERVIEW:

Subject provides satellite television broadcasting services in India. The company offers programming and interactive services. It provides various channels, such as entertainment, sports, movies, music, news, and documentaries. Subject was incorporated in 2004 as Space TV Limited and changed its name to Company in 2005. The company is based in Mumbai, India. Company is a subsidiary of Tata Sons Limited.

REVOLUTIONISE TELEVISION VIEWING

Subject is set to revolutionize television viewing in India through its superior digital quality picture and sound. The service aims to empower the Indian viewer with Choice, Control and Convenience through its wide array of programming choices and interactive features. Subject offers viewers a variety of channels ranging from entertainment, sports, movies and music to news and documentaries in DVD picture quality and CD quality sound.

EXTENSIVE CUSTOMER SERVICE NETWORK

Subject has established an extensive customer service network across the country. It has engaged a field force of approximately 3000 service engineers who are complemented by high-end 24x7 call centers, manned by multi-lingual customer service associates, trained to solve all customer problems.

Subject takes direct responsibility for installing and servicing the hardware at every subscriber's home, thereby ensuring the highest levels of customer service.

Subject retails its hardware and prepaid recharge vouchers through popular consumer electronic stores to enhance customer convenience.

OFFERING

In addition to new channels and exciting interactive features, Subject offers all popular television channels, thus becoming a one-stop shop for all the television entertainment needs of customers.

PARTNERS

Subject has invested in state-of-the-art digital infrastructure and has partnered with global leaders in digital technology for the pay television market.

SATELLITE:

Subject has leased all 12 Ku-Band transponders on ISRO’s Indian satellite, INSAT 4A, the most advanced and high-powered KU-Band communication satellite in the region, developed keeping in mind local requirements. The satellite enables Subject to offer superior picture and sound quality with a wider range of channels.

BUSINESS SUPPORT SOFTWARE:

NDS: Subject has partnered with NDS, the provider of technology solutions for pay television. NDS systems has played a key role in the end-to-end system architecture and launching the nationwide digital service. The NDS Video Guard conditional access solution provides superior broadcast security, and enables Subject to offer multiple programming and pricing packages.

Siebel: Subject has selected Siebel, leaders in Customer Relationship Management (CRM) software, to support operations across the areas of call centre and field service operations, customer order management and product configuration.

Kenan: Comverse’s Kenan FX billing software has been selected to support billing for all residential, institutional and commercial customers. The Kenan software has been enhanced specifically for Subject, to support a first in industry pre-paid billing capability which will provide customers convenient payment options.

SAP: SAP the leading Enterprise Resource Planning (ERP) application suite, has been selected by Subject to support the company’s materials management, sales and distribution, finance and control and human resources requirements.

IT:
Sun Microsystems: Subject has selected Sun Microsystems to provide world-class technology infrastructure, which helps the company to deliver high-level service standards for its Satellite Television service. The servers ensure maximum up-time, fault recovery and load management. Sun has also provided Subject with installation, engineering expertise and support.

DIGICOMP:

Subject has partnered with Thomson and Humax, world leaders in digital broadcast technology for building top-of-the line digicompsTM, customised specifically for the Indian markets. The technology’s feature rich design enables Subject to deliver multiple programming, pricing packages and interactive services to its customers.

INCEPTION AND HERITAGE

Incorporated in 2004, Subject is an 80:20 Joint Venture between TATA and STAR. Subject endeavours to offer Indian viewers a world-class television viewing experience through its Satellite Television service.

SKY Brand

The SKY brand, owned by the UK-based British Sky Broadcasting Group, brings to Subject the reputation of more than 20 years experience of satellite broadcasting. SKY is well known for the innovative products and services launched by BSkyB, such as DTH broadcasting in 1989, digital satellite broadcasting in 1998, interactive television services in 1999 and the SKY+ personal video recorder in 2001. Subject joins an international group of DTH businesses that includes platforms as far apart as the UK and Italy in Europe, and Mexico and Brazil in Latin America.

TATA Brand

The Tata Group is one of India's largest and most respected business conglomerates. It comprises 93 operating companies in seven business sectors: information systems and communications, engineering, materials, services, energy, consumer products and chemicals. The Tata Group has operations in more than 40 countries across six continents and its companies export products and services to 140 nations. The Group and its enterprises have been steadfast and distinctive in their adherence to business ethics and their commitment to corporate social responsibility. This is a legacy that has earned the Group the trust of many millions of stakeholders in a measure few business houses anywhere in the world can match.

Pressroom:

MICKEY, MINNIE, DONALD, GOOFY… TATA SKY BRINGS ALIVE THE MAGIC OF DISNEY

Offers Tata Sky Subscribers Disney stories-on-demand, games and more

New Delhi, 06.08.2009 : In a first-of-its-kind initiative, Tata Sky Limited, the JV between the TATA Group and STAR, today announced a special content alliance with The Walt Disney Company India to bring alive the magical world of Disney and its favourite characters on its Interactive platform, Actve Stories and Actve Wizkids.

The magical world of Disney offers Tata Sky subscribers especially children of all age group the very best of Disney stories from fairy tales like Cindrella, Snow White and Winnie the Pooh to the new Disney favourites such as Cars and Lilo and Stitich on Actve Stories in an extremely interactive and fun-loving manner. On Actve Stories, children would be able to enjoy a brand new Disney story everyday, anytime of the day.

On Actve Wizkids, children can enjoy a wide array of games featuring the most popular Mickey Mouse Tennis Challenge or simply go on a Holiday Hunt with Chip and Dale. And that’s not all… kids will be introduced to fun facts about the Disney stories and characters through interstitial pages on Actve Stories and Actve Wizkids. These pages will offer interesting factoids that will help boost their knowledge i.e. Chip and Dale are known as Tic and Tac in French and the fact that Mickey Mouse gas masks were made in England during World War II to help persuade children to carry them!

Additionally, Tata Sky subscribers can access Disney Stories and Games through ‘Red Button’ on Disney and Toon Disney channel that will give subscribers exclusive access to entertaining and educational content.

Mr. Vikram Mehra, Chief Marketing Officer, Tata Sky said, “We are very excited to enter into this alliance with Disney as our focus has always been on ‘edutainment’, by offering our subscribers uninterrupted entertainment along with education. The new features will offer our young subscribers a wonderful, educational experience with their favorite Disney stories and characters as it covers a wide variety of engaging options from stories to games and other interesting and fun activities.”

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. 52.89
UK Pound	1	Rs. 82.71
Euro	1	Rs. 69.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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	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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.