1. Summary Information
|
|
|
Country |
India |
|
Company Name |
STAR CJ NETWORKS
INDIA PRIVATE LIMITED |
Principal Name 1 |
Mr. Uday Shankar |
|
Status |
Moderate |
Principal Name 2 |
Mr. Sanjay Jain |
|
|
|
Registration # |
11-186380 |
|
Street Address |
Star House, 6th
Floor, Off |
||
|
Established Date |
01.09.2008 |
SIC Code |
-- |
|
Telephone# |
91-22-43217000 |
Business Style 1 |
Trading, Producing, Importing, Licensing |
|
Fax # |
91-22-43217121 |
Business Style 2 |
Buying Programmes, Content, Software Production |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
1,285,036,860/- |
Product Name 3 |
-- |
|
Shareholders |
Foreign Holdings - 100% |
Banking |
Not Available |
|
Public Limited Corp. |
No |
Business Period |
4 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ca [19] |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint Venture Company |
|
Star HS Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
641,582,000 |
Current Liabilities |
524,784,000 |
|
Inventories |
218,706,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
260,151,000 |
Other Liabilities |
40,182,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
564,966,0000 |
|
Invest& other Assets |
801,000 |
Retained Earnings |
873,985,000 |
|
|
|
Net Worth |
556,274,000 |
|
Total Assets |
1,121,240,000 |
Total Liab. & Equity |
1,121,240,000 |
|
Total Assets (Previous Year) |
437,394,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Total Revenue |
875,934,000 |
Net Profit |
(1,088,925,000) |
|
Sales(Previous yr) |
31,551,000 |
Net Profit(Prev.yr) |
(512,327,000) |
MIRA
INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
STAR CJ NETWORK INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Star House, 6th Floor, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
01.09.2008 |
|
|
|
|
Com. Reg. No.: |
11-186380 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1285.037 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900MH2008PTC186380 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS61393D |
|
|
|
|
Legal Form : |
Private Limited Liability Company.
|
|
|
|
|
Line of Business : |
Trading, Producing, Importing, Licensing, Buying Programmes, Content, Software
Production and Distribution of Satellite Television Channels. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca [19] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under severe pressure. However, trade relations are reported as fair. Business
is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Note : The company is
in the initial stage of its business and has not earned any profit. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Star House, 6th Floor, Off |
|
Tel. No.: |
91-22-43217106 / 43217000 |
|
Fax No.: |
91-22-43217121 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 15.07.2011
|
Name : |
Mr. Uday Shankar |
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Designation : |
Director |
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Address : |
Ashford Apartments, 2nd Floor, 1/26A, |
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Date of Birth/Age : |
16.09.1961 |
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Date of Appointment : |
24.03.2009 |
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|
DIN : |
01755963 |
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Other Directorship : |
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|
Name : |
Mr. Sanjay Jain |
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Designation : |
Director |
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Address : |
701/702, Heera Apartments, Plot No. 479, |
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Date of Birth/Age : |
18.03.1963 |
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Date of Appointment : |
21.01.2010 |
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|
DIN : |
00110587 |
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Other Directorship : |
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Name : |
Mr. Jung Seo |
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Designation : |
Director |
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Address : |
4-102,
Hagye-Dong, Hanshin Core Ville, Nowon Ku |
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Date of Birth/Age : |
02.08.1960 |
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Date of Appointment : |
21.06.2011 |
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DIN : |
03414631 |
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Name : |
Mr. Young Keun Kim |
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Designation : |
Director |
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Address : |
513-304,
Mok-Dong, Yangehun-Gu |
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Date of Birth/Age : |
20.02.1966 |
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Date of Appointment : |
21.06.2011 |
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DIN : |
03415011 |
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KEY EXECUTIVES
|
Name : |
Mr. Yogesh Sachdeva |
|
Designation : |
Secretary |
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Address : |
A - 303,
Rishikesh CHS, Shubh Shagun Complex, Plot No. 29-31, Sector 34, Kamothe, Navi
Mumbai - 410 209, Maharashtra, India |
|
Date of Birth/Age : |
11.05.1982 |
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Date of Appointment : |
13.12.2010 |
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PAN : |
BFYPS3993A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.07.2011
|
Names of Shareholders |
No. of Shares |
|
Satr HS Limited, |
64251843 |
|
CJ O Shopping Company Limited, |
64251843 |
|
Total |
128503686 |
AS ON 22.11.2011
|
Names of Allottees |
No. of Shares
Allotted |
|
Satr HS Limited, |
21388617 |
|
CJ O Shopping Company Limited, |
21388617 |
|
Total |
42777234 |
(AS ON 15.07.2011)
|
Equity Share
Breakup Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading, Producing, Importing, Licensing, Buying Programmes, Content,
Software Production and Distribution of Satellite Television Channels. |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
|
|
|
|
Bankers : |
Not Available |
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|
|
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
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PAN : |
AACFD4815A |
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Joint Venture Company : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
251,000,000 |
Equity Share |
Rs.10/- Each |
Rs.2510.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
128,503,686 |
Equity Share |
Rs.10/- Each |
Rs.1285.037
millions |
|
|
|
|
|
As on 15.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
251,000,000 |
Equity Share |
Rs.10/- Each |
Rs.2510.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
171,280,920 |
Equity Share |
Rs.10/- Each |
Rs.1712.809
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 |
1285.037 |
825.287 |
17.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
873.985 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[1602.748] |
(513.823) |
(1.495) |
|
|
NETWORTH |
556.274 |
311.464 |
15.905 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
24.940 |
23.533 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
581.214 |
334.997 |
15.905 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
260.151 |
285.766 |
0.000 |
|
|
Capital work-in-progress |
0.801 |
2.110 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
218.706
|
12.606 |
0.000 |
|
|
Sundry Debtors |
129.421
|
11.448 |
0.000 |
|
|
Cash & Bank Balances |
358.369
|
52.589 |
16.039 |
|
|
Other Current Assets |
4.450
|
0.003 |
0.000 |
|
|
Loans & Advances |
149.342
|
72.872 |
0.425 |
|
Total
Current Assets |
860.288
|
149.518 |
16.464 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
509.958
|
83.206 |
0.505 |
|
|
Current Liabilities |
14.826
|
10.936 |
0.054 |
|
|
Provisions |
15.242
|
8.255 |
0.000 |
|
Total
Current Liabilities |
540.026
|
102.397 |
0.559 |
|
|
Net Current Assets |
320.262
|
47.121 |
15.905 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
581.214 |
334.997 |
15.905 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
31.551 |
0.000 |
|
|
|
Other Income |
|
4.335 |
0.000 |
|
|
|
TOTAL |
875.934 |
35.886 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
32.892 |
0.000 |
|
|
|
General and Other Administrative Expenses |
NA |
262.299 |
1.495 |
|
|
|
Payments to and Provision for Employees |
|
188.545 |
0.000 |
|
|
|
TOTAL |
NA |
483.736 |
1.495 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(447.850) |
(1.495) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
40.944 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX |
(1087.517) |
(488.794) |
(1.495) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.408 |
23.533 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX |
(1088.925) |
(512.327) |
(1.495) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(513.823) |
(1.495) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1602.748) |
(513.823) |
(1.495) |
|
|
|
|
|
|
|
|
|
|
IMPORTS - Capital Goods |
NA |
137.585 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(11.53) |
(9.14) |
(38.67) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(124.31) |
(1427.65) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
(1549.22) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(97.06) |
(112.29) |
(9.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.95) |
(1.57) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97 |
0.33 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.46 |
29.45 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject was incorporated on September 1, 2008 to undertake the business
of wholesale cash and carry trading, producing, importing, licensing, buying
programmes, content, software production and distribution of satellite
television channels. The company has not started its commercial activities till
March 31, 2009
OPERATING ACTIVITIES
During the financial year , the Company received the license
to Uplink and Downlink a 24 hours Non-News and Current Affairs Television
Channel " STAR/
CJ alive " from India, from the Ministry of
Information and Broadcasting, Government of India after which the Company
launched its FIRST 24
hour Home Shopping Television Channel STAR
CJ alive in India on 1st August, 2010. This has augmented the Company's
business operations of Wholesale Cash and Carry commenced by the Company in the
previous year, which was initially fulfilling the requirements of the Company's
Franchisee, generated only through a six hour showcasing of products on STAR
Utsav channel. The Company has also launched a full fledged e-commerce website
to serve as an enhanced platform for doing business by the Company's
Franchisee(s), given the fact that in
As at the end of the financial year the channel had over 600 products reaching approx. 14 million Indian household, representing products of 105 renowned brands. The Company also successfully launched several promotional/ marketing programmes in furtherance of its objective to boost the viewership of the Company's TV Channel STAR CJ alive and other platforms like Good Shopping India, Shopping ka Sixer, to name a few.
FINANCIALS
During the year the company earned majorly from trading in merchandise and as fees from the franchisee. Though there has been a significant growth in the total revenue, due to increased scale of operations the company had to incur additional expenses on goods, services and talented human resources, which lead to multifold increase of total expenditure as compared to the last year thus leading to increase in loss for the current financial year. The Company plans to utilize these additional resources to the best extent and lay down concrete steps to achieve best value for its shareholders.
SHARE CAPITAL
There was no increase in the Authorised Share Capital of the Company. During the year, the Company has issued and allotted a total of 4,59,75,006 equity shares, of Rs. 10/- each, to the existing shareholders of the Company.
Contingent
Liabilities :
Rs. in millions
|
Particulars |
31.03.2011 |
31.03.2010 |
|
(a) Bank Guarantee with Haryana VAT Department
(Fully Secured By Fixed Deposit with Bank) |
0.100 |
0.100 |
|
(b)Estimated amount of contracts remaining to be
executed on capital account and not provided for |
0.121 |
0.000 |
FIXED ASSETS
- Furniture and
Fixtures
- Office
Equipments
- Computers
- Studio
Equipments
AS PER WEB DETAILS
PROFILE
Subject (STAR CJ) is a joint venture between STAR Asia and the South Korean home shopping major, CJ O Shopping Company Limited Backed by the creative insights of STAR and the domain leadership of CJ O Shopping, subject has launched a 24x7 home shopping channel called STAR CJ Alive to further increase its outreach to viewers and to provide the viewers unparalleled service and convenience of shopping from the comfort of their homes. These programs showcase a number of products of different genres from various famous brands. Subject offers an unparalleled, ultra-convenient shopping experience making stylish and intelligent products available at the consumers' doorstep even as it entertains and informs with its unique television programming
Subject's credo is to deliver genuine value, supreme quality and outstanding service to people through the television and other media, in an entertaining and innovative format. It is a platform where the television viewer gets acquainted with premium products and brands through shows on the channel and can simply call to place an order. The experience does not end here. Over telephone, the shopper is assisted by trained shopping consultants who help her select the best deals to suit her requirements. Once an order is placed, the product is home delivered to the consumer within five days. This simple and convenient service further frees consumers of any anxiety by offering the option to pay via multiple modes of payments like cash on delivery, demand draft, cash remittance and credit card payments (which are fully secured).
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 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.49.12 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.64.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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.