|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOX STAR STUDIOS INDIA PRIVATE LIMITED (w.e.f. 05.02.2008) |
|
|
|
|
Formerly Known
As : |
PERSPECTIVE MEDIA PRIVTE LIMITED |
|
|
|
|
Registered
Office : |
Star House, 6th Floor, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
04.10.2006 |
|
|
|
|
Com. Reg. No.: |
11-165060 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.56.877
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92490MH2006PTC165060 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP22756G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP0309G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
To carry on the business of, inter alia, production and distribution
of films and related business |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. And their appears sharp dip
in sales turnover. However, trade relations are reported t be fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management non co-operative.
LOCATIONS
|
Registered Office : |
Star House, 6th Floor, Off Dr. E. Moses Road, Mahalaxmi,
Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-66305555 |
|
Fax No.: |
91-22-66153223 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Deepak Eapen Jacob |
|
Designation : |
Director |
|
Address : |
B2-1003, Uniworld City, Sector 30, Gugaon-122009, Haryana, India |
|
Date of Birth/Age : |
18.12.1970 |
|
Date of Appointment : |
30.09.2009 |
|
DIN No. : |
01435059 |
|
|
|
|
Name : |
Mr. Nitin Kukerja |
|
Designation : |
Director |
|
Address : |
2012, Tower 2,Wing E, Ashok Gardens, Tokersay Jivrag Marg, Sewree,
Mumbai-400015, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1977 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No. : |
02278283 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Fox Star Studios Holdings Limited, |
|
5267687 |
|
Star India Private Limited (Nominee of Fox Star Studios Holdings
Limited), |
|
1 |
|
|
|
|
|
Total |
|
5267688 |
As on 12.02.2011
|
Names of Allottees |
|
No. of Shares |
|
Fox Star Studios Holdings Limited, |
|
420000 |
|
|
|
|
|
Total |
|
420000 |
As on 13.01.2012
|
Names of Allottees |
|
No. of Shares |
|
Fox Star Studios Holdings Limited, |
|
2846800 |
|
|
|
|
|
Total |
|
2846800 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of, inter alia, production and distribution
of films and related business |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
18th Floor, |
|
Tel. No.: |
91-22-66655000 |
|
Fax No.: |
91-22-22826000 |
|
Pan No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
Fox Star Studios Holding Limited, Mauritius (News Corporation Limited,
USA holds 100% equity in Fox Star Studios Holding Limited through various
subsidiaries) |
|
|
|
|
Fellow Subsidiary : |
·
Twentieth Century Fox International Corporation,
USA ·
Star Asian Movies Limited ·
Star Entertainment Media Private Limited ·
Star International Movies Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8534488 |
Equity Shares |
Rs.10/- each |
Rs.85.345
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5687688 |
Equity Shares |
Rs.10/- each |
Rs.56.877
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 |
56.877 |
52.677 |
20.433 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
925.831 |
839.731 |
227.095 |
|
|
4] (Accumulated Losses) |
(117.665) |
(109.846) |
(70.384) |
|
|
NETWORTH |
865.043 |
782.562 |
177.144 |
|
|
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 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
865.043 |
782.562 |
177.144 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
588.978 |
446.429 |
13.082 |
|
|
Capital work-in-progress |
266.674 |
96.097 |
48.461 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.034
|
3.967 |
1.048 |
|
|
Sundry Debtors |
32.681
|
144.987 |
83.853 |
|
|
Cash & Bank Balances |
58.684
|
412.257 |
76.988 |
|
|
Other Current Assets |
0.055
|
0.128 |
0.000 |
|
|
Loans & Advances |
115.847
|
37.821 |
51.784 |
|
Total
Current Assets |
209.301
|
599.160 |
213.673 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.255
|
99.545 |
0.886 |
|
|
Other Current Liabilities |
113.389
|
253.064 |
92.186 |
|
|
Provisions |
11.266
|
6.515 |
5.000 |
|
Total
Current Liabilities |
199.910
|
359.124 |
98.072 |
|
|
Net Current Assets |
9.391
|
240.036 |
115.601 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
865.043 |
782.562 |
177.144 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
574.272 |
1133.029 |
153.081 |
|
|
|
Other Income |
7.119 |
6.175 |
1.609 |
|
|
|
TOTAL (A) |
581.391 |
1139.204 |
154.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
72.979 |
332.904 |
9.883 |
|
|
|
Personnel Expenses |
87.064 |
78.082 |
63.804 |
|
|
|
Administration and Selling
Expenses |
248.649 |
218.508 |
138.449 |
|
|
|
TOTAL (B) |
408.692 |
629.494 |
212.136 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172.699 |
509.710 |
(57.446) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.419 |
0.097 |
0.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
172.280 |
509.613 |
(57.622) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
180.098 |
549.076 |
12.124 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(7.818) |
(39.463) |
(69.746) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(7.818) |
(39.463) |
(70.146) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
56.707 |
0.000 |
2.928 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.37) |
(7.49) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.34)
|
(3.46) |
(45.35) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.36)
|
(3.48) |
(45.56) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.98)
|
(3.77) |
(30.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.05) |
(0.39) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
0.46 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.67 |
2.18 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
75.255
|
99.545 |
0.886 |
|
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three 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 |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
|
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 |
NOTE:
The Registered office of the company has been shifted from 203,
Godavari, SVP Nagar, 4 Bunglows, Andheri (West), Mumbai – 400 053, Maharashtra,
India to the present address w.e.f. 10.10.2006.
NATURE OF
OPERATIONS:
Subject referred
to hereinafter as Fox Star or the Company is in the business of production and
distribution of movies. Subject acquires exploitation rights to movies. These
acquired rights are exploited worldwide and across various platforms, such as
theatrical, music, home video, satellite and all other existing or yet to be
created media including, but not limited to, websites, publishing, gaming and
merchandising. Subject is also the theatrical distributor in India for all
movies released worldwide by Twentieth Century Fox International Corporation.
CONTINGENT
LIABILITY:
A. As per the
provisions of the Maharashtra Value Added Tax Act, 2002 (MVAT), Copyright was
included in the scheduled list of taxable items with effect from April 01, 2005
and hence, the Company is subject to levy of MVAT on revenue earned from lease
of copyrights. In August 2006, the Film and Television Producers Guild of India
have made representations to the Special Working Group (of the Empowered
Committee on VAT comprised of VAT Commisionerates of various states) (SWG) for
granting an exemption from VAT on copyright transactions related to VAT. In
October 2008, the SWG agreed to suspend / shelve VAT on Film industry. The Com
any has relied on the minutes of the meetings of SWG and has not
levied/collected VAT on its invoices.
Further, by way of
notification effective from May 1, 2011, the levy of MVAT on copyright has been
withdrawn by the Government of Maharashtra. No demands have been made on the
Company for MVAT payable till March 31, 2011. The Company believes that the
applicability of VAT is uncertain at this stage given the representations made,
and accordingly, has not made any provisions in the books or paid any amount in
this regard.
B. The Finance
Act, 2010 had introduced a new taxable service category viz Copyright Services,
wherein temporary transfer or permitting the use/ enjoyment of copyright has been
made liable to service tax. The levy extends to all transactions involving
temporary transfer or permitting the use of copyrights in cinematographic films
and sound recordings. Pursuant to this, the Company (as a part of Motion
Pictures Distributors) has filed a writ petition in the Bombay High Court
challenging the vires of the Central Government to levy Service tax under the
said entry. Pending disposal of the writ petition, no provision of any service
tax liability has been made in the books of accounts. The estimated liability
in this regard as on March 31, 2011 is Rs 28.319 Millions (Previous Year Nil).
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.