MIRA
INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
STAR INDIA
PRIVATE LIMITED (w.e.f. 07.02.2001) |
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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) : |
31.03.2011 |
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Date of
Incorporation : |
08.02.1994 |
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Com. Reg. No.: |
11-076485 |
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Capital
Investment / Paid-up Capital : |
Rs.2195.010 Millions |
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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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PAN No.: [Permanent Account No.] |
AAACN1335Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Engaged in
procuring television programmes and supplying them to overseas media
companies. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 66000000 |
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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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Jignesh |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-66305555 |
|
Date : |
24.04.2012 |
LOCATIONS
|
Registered Office/Head Office : |
Star House, Off |
|
Tel. No.: |
91-22-66305555 |
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Fax No.: |
91-22-66305050 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Corporate Office: |
The Masterpiece, Marol Naka, |
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Branches : |
Located at: ·
Mumbai ·
Chennai ·
Kolkata ·
·
Ahmedabad ·
Gurgaon |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Rishi Kanwarhheet Gaind |
|
Designation : |
Director |
|
Address : |
31/ 802, NRI Complex, Seawoods Estate, Sector 54-56-28, Nerul, Navi
Mumbai – 4007006, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1975 |
|
Date of Appointment : |
04.11.2009 |
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DIN No.: |
01874494 |
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Name : |
Mr. Saurabh Yagnik |
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Designation : |
Director |
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Address : |
204, 2nd Floor, Sky Flama- A Wing, Dosti Flamingo, T.J. Road,
Sewree, Mumbai – 400015, Maharashtra, India |
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Date of Birth/Age : |
29.12.1970 |
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Date of Appointment : |
04.11.2009 |
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DIN No.: |
02647658 |
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KEY EXECUTIVES
|
Name : |
Ms. Ujwala
Padmakar 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, |
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Date of Birth/Age : |
12.05.1971 |
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Date of Appointment : |
01.11.2001 |
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PAN NO. : |
AAHPW4240R |
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Name : |
Mr. Jignesh |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Buzzer
Investments Limited, |
|
112045031 |
|
Quazar
Investments [ |
|
79122 |
|
Xing Kong Chuan mei Group Company Limited, |
|
86526000 |
|
Startv.Com Holdings Limited, |
|
14610750 |
|
Star Television Technical Services Limited, |
|
6239600 |
|
Total |
|
219500503 |
As on 29.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
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 : |
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Brand Names : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
Deutsche Bank, Mahalaxmi Branch |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi
and Associates Chartered
Accountants |
|
Address : |
18th
Floor, |
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Tel. No.: |
91-22-22876485/
66655000 |
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Fax No.: |
91-22-22876401/
22826000 |
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PAN.: |
AABFS3421N |
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Holding Company : |
Buzzer Investments Limited |
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Ultimate holding
company : |
The News Corporation Limited, US |
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Intermediate
holding company : |
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Fellow Subsidiaries : |
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Subsidiaries : |
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Joint Venture |
STAR DEN Media Services Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
219500503 |
Equity Shares |
Rs.10/- each |
Rs.2195.005 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
219500503 |
Equity Shares |
Rs.10/- each |
Rs.2195.005
Millions |
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|
On 13th July 2010, 107,376,350 Equity Shares of Rs.10/- each were issued pursuant to the Scheme of Amalgamation as approved by the Hon'ble Bombay High Court vide its order dated 18th February 2010.
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 |
2195.010 |
1121.240 |
1121.242 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14371.230 |
5628.170 |
2652.824 |
|
|
4] (Accumulated Losses) |
0.000 |
(2346.090) |
0.000 |
|
|
NETWORTH |
16566.240 |
4403.320 |
3774.066 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
72.200 |
73.770 |
70.706 |
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TOTAL BORROWING |
72.200 |
73.770 |
70.706 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
9273.020 |
0.000 |
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|
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|
|
|
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TOTAL |
16638.440 |
13750.110 |
3844.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1960.100 |
236.640 |
182.352 |
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Capital work-in-progress |
48.330 |
14.030 |
25.819 |
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|
|
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INVESTMENT |
780.650 |
666.960 |
756.388 |
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DEFERREX TAX ASSETS |
256.160 |
247.590 |
420.869 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
6248.690
|
146.571 |
4690.760 |
|
|
Sundry Debtors |
7506.620
|
1027.384 |
6184.080 |
|
|
Cash & Bank Balances |
2016.190
|
1070.597 |
720.960 |
|
|
Other Current Assets |
17.150
|
0.000 |
0.040 |
|
|
Loans & Advances |
8135.230
|
5751.999 |
9338.310 |
|
Total
Current Assets |
23923.880
|
20934.150 |
7996.551 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7701.440 |
3286.480 |
5511.680 |
|
|
Other Current Liabilities |
2484.440
|
2157.517 |
2742.120 |
|
|
Provisions |
144.800
|
93.210 |
95.460 |
|
Total
Current Liabilities |
10330.680
|
8349.260 |
5537.207 |
|
|
Net Current Assets |
13593.200
|
12584.890 |
2459.344 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
16638.440 |
13750.110 |
3844.772 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23453.040 |
18889.240 |
9606.590 |
|
|
|
Other Income |
779.070 |
1011.260 |
802.900 |
|
|
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TOTAL |
24232.110 |
19900.500 |
10409.490 |
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Less |
EXPENSES |
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Administrative Expenses |
19919.800 |
18121.210 |
9791.640 |
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Advertising Expenses |
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TOTAL |
19919.800 |
18121.210 |
9791.640 |
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PROFIT BEFORE
TAX |
4312.310 |
1779.290 |
617.850 |
|
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Less |
TAX |
1422.420 |
797.100 |
1.490 |
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PROFIT AFTER TAX
|
2889.890 |
982.190 |
844.630 |
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1862.350 |
4.350 |
13.810 |
|
|
|
Others |
900.960 |
45.290 |
0.000 |
|
|
TOTAL IMPORTS |
2763.310 |
49.640 |
13.810 |
|
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|
Earnings Per
Share (Rs.) |
13.17 |
4.87 |
9.96 |
|
The above information has been parted by Mr. Jignesh
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.93
|
4.94 |
8.11 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
18.39
|
9.42 |
6.43 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.09
|
20.72 |
10.80 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.40 |
0.16 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
1.91 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.51 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
DETAILS OF SUNDRY CREDITORS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Creditors due
others |
7701.440 |
5511.680 |
5511.680 |
|
Total |
7701.440 |
5511.680 |
5511.680 |
BUSINESS OPERATIONS
During the financial year ending 31st March 2011:
A. The Company has, pursuant to receipt of all regulatory
approvals for uplinking of channels from
i. Star Plus
ii. Star One
iii. Star Gold
iv. Star Utsav
v. Channel V
vi. Star World
vii. Star Movies
B. The Company has commenced the uplink of the following
television channels from
i. Star Plus (
ii. Star One (
iii. Star One (
iv. Star Gold (
C. The Company has received the permission from the Ministry
of Information and Broadcasting vide letters dated 22nd December 2010 for
permission to uplink and downlink into
i. Star Plus HD
ii. Star Gold HD
iii. Star World HD (India Feed)
iv. Star Movies HD (India Feed)
D. During the year ended 31st March 2011, the Company has acquired 100% equity shares in the following group companies, thus making these companies the wholly owned subsidiaries of the Company:
i. PPV Movies and Content Private Limited
ii. Indya Interactive Services Private Limited
iii. Digiwave Infrastructure and Services Private Limited
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Bank guarantees outstanding |
0.30 |
0.30 |
|
Income Tax |
247.20 |
247.20 |
|
Service Tax |
74.86 |
74.86 |
|
Claims against the Company not acknowledged as debts |
48.70 |
47.13 |
FIXED ASSETS
- Leasehold Improvements
- Plant and Machinery
- Furniture and Fixtures
- Computers
- Vehicles
- Office Equipments
- Computer Software
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.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.