|
Report Date : |
13.06.2013 |
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 : |
3rd Floor, C-1, Wadia International Centre ( |
|
|
|
|
Country : |
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|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
09.01.2001 |
|
|
|
|
Com. Reg. No.: |
11-130365 |
|
|
|
|
Paid-up Capital : |
Rs.11065.600 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 : |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
-- |
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|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a joint venture between Tata and Star Television. It is an established company having a moderate track record. There
appear huge accumulated losses recorded by the company during 2012. However, capital base of the company seems to be strong. The company
gets good support from its holdings. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
3rd Floor, C-1, Wadia International Centre ( |
|
Tel. No.: |
91-22-66133000 |
|
Fax No.: |
91-22-66133030 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 13.07.2012
|
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/Age : |
02.09.1947 |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00027891 |
|
|
|
|
Name : |
Mr. Bharat Damodar Vasani |
|
Designation : |
Director |
|
Address : |
Flat No. B-11, Peregrine 400, Veer Savarkar Marg,
Prabhadevi, Mumbai-400025, |
|
Date of Birth/Age : |
24.08.1958 |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00040243 |
|
|
|
|
Name : |
Mr. Farokh Nariman Subedar |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.09.1955 |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00028428 |
|
|
|
|
Name : |
Mr. Harit Nagpal |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 5 2nd Floor, 27-A, |
|
Date of Birth/Age : |
02.11.1961 |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
AADPN5389A |
|
DIN No.: |
00481307 |
|
|
|
|
Name : |
Mr. Uday Shankar |
|
Designation : |
Director |
|
Address : |
Vastu CHS 3/4th Floor, Plat Nos. 301 and 302, Dr. R G Thandani Marg, Worli Sea Face, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1961 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
01755963 |
|
|
|
|
Name : |
Mr. Jan Koeppen |
|
Designation : |
Director |
|
Address : |
Flat 815, Onslow, Gardens |
|
Date of Birth/Age : |
11.12.1970 |
|
Date of Appointment : |
26.03.2010 |
|
DIN No.: |
03045923 |
|
|
|
|
Name : |
Mr. Rohit Sipahimalani |
|
Designation : |
Director |
|
Address : |
House 22, 2nd Avenue, Singapore-266673 |
|
Date of Birth/Age : |
03.10.1966 |
|
Date of Appointment : |
11.10.2011 |
|
DIN No.: |
00904065 |
KEY EXECUTIVES
|
Name : |
Mr. Kumud Goel |
|
Designation : |
Secretary |
|
Address : |
945/946, Kohinoor, |
|
Date of Birth/Age : |
31.05.1976 |
|
Date of Appointment : |
01.08.2009 |
|
PAN No.: |
AEZPJ8917L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.07.2012
|
Names of Shareholders |
No. of Shares |
|
Tata Sons Limited, India |
584017278 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Tata Sons
Limited, |
100 |
|
Network Digital
Distribution Services FZ- LLC, |
233607111 |
|
Baytree
Investments ( |
116803557 |
|
TS Investments
Limited, |
233607111 |
|
TOTAL
|
1168035557 |
AS ON 13.07.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies 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 : |
Information denied by the management |
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Bankers : |
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||||||||||||||||||||||||
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||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
6th Floor, |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
12, |
|
PAN No.: |
AADFD2337G |
|
|
|
|
Holding Company : |
·
Tata Sons Limited |
|
|
|
|
Subsidiaries : |
·
Actve Digital Services Private Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Tata Consultancy Services Limited ·
Tata AIG General Insurance Company Limited ·
Tata AIG
Life Insurance Company Limited ·
Tata Teleservices (Maharashtra) Limited ·
Tata Teleservices 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 CIN No.: -
U67120MH1994PLC080918 ·
Tata Asset Management Limited CIN No.: -
U65990MH1994PLC077090 |
|
|
|
|
Other Related Parties : |
·
Network Digital Distribution Services FZ – LLC ·
TS Investments Limited CIN No.: -
U74900MH2010PLC198635 |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
|
|
|
|
|
1106560001 |
Equity Shares |
Rs.10/- each |
Rs.
11065.600 Millions |
|
|
|
|
|
AS ON 13.07.2012
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 |
|
|
|
|
|
|
1168035557 |
Equity Shares |
Rs.10/- each |
Rs.
11680.355 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
11065.600 |
9836.089 |
|
(b) Reserves & Surplus |
|
(27918.263) |
(27764.708) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
1487.708 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
6371.901 |
7375.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
71.149 |
61.500 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
3166.044 |
5103.441 |
|
(b) Trade payables |
|
2668.321 |
3283.313 |
|
(c) Other current
liabilities |
|
16237.877 |
10578.790 |
|
(d) Short-term provisions |
|
1207.049 |
847.359 |
|
TOTAL |
|
14357.386 |
9320.784 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
7626.003 |
3535.641 |
|
(ii) Intangible Assets |
|
1724.670 |
1031.602 |
|
(iii) Capital
work-in-progress |
|
3146.787 |
2733.979 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.953 |
1.953 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
424.193 |
394.383 |
|
(e) Other Non-current assets |
|
112.826 |
97.541 |
|
|
|
13036.432 |
7795.099 |
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
120.000 |
0.000 |
|
(b) Inventories |
|
10.869 |
1.755 |
|
(c) Trade receivables |
|
161.035 |
535.237 |
|
(d) Cash and cash
equivalents |
|
151.877 |
29.183 |
|
(e) Short-term loans
and advances |
|
749.935 |
942.645 |
|
(f) Other current
assets |
|
127.238 |
16.865 |
|
TOTAL |
|
14357.386 |
9320.784 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8430.933 |
|
|
2] Share Application Money |
|
|
1188.000 |
|
|
3] Reserves & Surplus |
|
|
9054.067 |
|
|
4] (Accumulated Losses) |
|
|
(35313.394) |
|
|
NETWORTH |
|
|
(16640.394) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
11314.675 |
|
|
2] Unsecured Loans |
|
|
2199.421 |
|
|
TOTAL BORROWING |
|
|
13514.096 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
(3126.298) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2551.089 |
|
|
Capital work-in-progress |
|
|
550.982 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1023.229 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
259.210
|
|
|
Sundry Debtors |
|
|
187.978
|
|
|
Cash & Bank Balances |
|
|
145.316
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1765.840
|
|
Total
Current Assets |
|
|
2358.344 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2473.375
|
|
|
Other Current Liabilities |
|
|
6077.572
|
|
|
Provisions |
|
|
1058.995
|
|
Total
Current Liabilities |
|
|
9609.942 |
|
|
Net Current Assets |
|
|
(7251.598)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
(3126.298) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15893.725 |
13538.087 |
11079.468 |
|
|
|
Other Income |
58.972 |
40.861 |
20.760 |
|
|
|
TOTAL (A) |
15952.697 |
13578.948 |
11100.228 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
11137.322 |
13385.454 |
3193.942 |
|
|
|
Employee Related Expenses |
1161.479 |
932.797 |
990.720 |
|
|
|
Other expenses |
3169.794 |
2154.309 |
6478.060 |
|
|
|
Changes in inventories of finished goods, work-in progress and stock
in trade |
0.000 |
(535.001) |
3889.912 |
|
|
|
TOTAL (B) |
15468.595 |
15937.559 |
14552.634 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
484.102 |
[2358.611] |
[3452.406] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1723.184 |
1343.342 |
1317.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[1239.082] |
[3701.953] |
[4770.319] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1742.348 |
1035.286 |
1495.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
[2981.430] |
[4737.239] |
[6266.111] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
[2981.430] |
[4737.239] |
[6266.111] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
[29047.283] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA
|
NA |
[35313.394] |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.82) |
(5.11) |
[7.58] |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(18.69)
|
(34.89) |
(56.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(18.76)
|
(34.99) |
(56.41) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(27.94)
|
(77.75) |
(127.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.26 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.62)
|
(0.70) |
(0.81) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.06
|
0.08 |
0.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Term Loan from Banks |
1871.901 |
0.000 |
|
Short Term
Borrowings |
|
|
|
Rupee Term Loan from Banks |
1241.233 |
580.925 |
|
Foreign Currency Term Loans from banks |
305.647 |
2185.664 |
|
Intercorporate deposits |
500.000 |
800.000 |
|
Loans and Advances from Others |
270.323 |
364.004 |
|
|
|
|
|
TOTAL |
4189.104 |
3930.593 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
Trade Payables |
2668.321 |
3283.313 |
2473.375 |
|
|
|
|
|
|
TOTAL |
2668.321 |
3283.313 |
2473.375 |
BACKGROUND
Subject was
incorporated in India on January 9, 2001 to provide direct-to-home (DTH)
broadcasting services to TV viewers across the country. The Company has
commenced its operations on August 1, 2006.
OPERATIONS
The DTH sector in
India is a six-player industry with about 46 million connections reported by
March 2012. About 11 million fresh connections got added during this financial
year. Tata Sky had about 19% share of the fresh additions of the year and about
25% of the gross additions in March 2012 retaining the leadership position in
gross additions from December 2011. During the year, the Company reached the
milestone of 9 million connections and now has about 25% market share in terms
of value.
FIXED ASSETS
·
Office equipment
·
Computer Equipment
·
Plant and Machinery
·
Motor Vehicles
·
Furniture and Fixtures
·
Leasehold Improvements
WEBSITE DETAILS
NEWS
2 EMPLOYEES ARRESTED FOR DUPING TATA SKY OF RS 7CR
THE
Economic Offences Wing (EOW) of the Mumbai Police Crime Branch on Thursday
registered a case of cheating and forgery against two employees of Tata Sky DTH
for allegedly cheating the company of Rs 76.800 Millions over a four-year
period by producing fake invoices and bills. The accused were named by company
officials in their complaint to the EOW.
According
to EOW officers, the two accused have been identified as Jaffar Bootwala and
Nitesh Barbhaiya. While Bootwala is a marketing manager, Barbhaiya is an
executive.
Additional
Commissioner of Police (EOW) Rajvardhan confirmed that an FIR had been registered
in the case. "We have received a formal complaint from the organisation.
Our investigations are on," he said. EOW sources said the fraud came to
light when a supplier approached the organisation and complained that a Tax
Deducted at Source (TDS) entry had been made in his income tax returns.
"Tata
Sky began probing the complaint and an internal audit was ordered. When the
audit report came out, it was learnt that the organisation was swindled of Rs
76.800 Millions and that fake invoices and bills for supply of products had
been passed on as genuine. Officials of Tata Sky then found out that the duo
was responsible for the fraud. They approached us and we registered a
case," said an officer, requesting anonymity.
The
officer said the police have learnt that some of the documents had forged
signatures on them. "The accused seem to have forged the signature of the
vice-president, marketing. They also produced purchase offers and bills for a
fake company under the name of Master Graphics to charge the DTH provider. They
submitted fraudulent documents to Tata Sky and managed to take out Rs 76.800
Millions. Tata Sky officials have found blatant violations through the audit
and have reported them to us," said the officer.
TATAS
TO TRIM TATA SKY STAKE, TEMASEK TO EXIT
Tata Sons, holding company of the
Tata Group, is looking at the option of offloading a part of its 60 per cent
stake in the loss-making direct-to-home Tata Sky Limited to private equity
players and institutional investors and raise funds for the satellite TV
company’s growth plans.
Private
equity firm Temasek is exiting the company by selling its 10 per cent
stake while Rupert Murdoch’s Network Digital Distribution Services will pare
part of its 30 per cent stake, according to a source close to the development.
“The company has a good business model in the long run but for the next few
years it will continue to make huge losses. It has negative net worth,” an
investor who was approached for the stake sale told Business Standard.
The
company started operations in August 2006 and the Tatas are looking at selling
10-15 per cent of their stake.
For
fiscal 2011-12, Tata Sky made a net loss of Rs 2980.000 Millions on net sales of Rs 15900.000 Millions
as compared to a net loss of Rs 4700.000 Millions
on net sales of Rs 13500.000 Millions recorded
in the previous fiscal. The source also said a proposal was made by the Tatas
to Videocon to merge their direct-to-home businesses but the latter declined,
seeking a better valuation.
When
contacted, STAR India CEO Uday Shankar declined to comment. An email sent to
Tata Sons did not elicit any response till the time of going to press. A
spokesperson said over the phone that Tata Sons would not comment on the stake
sale.
According
to the source, Tata Sky needs Rs 500 crore of equity infusion each year to
service debt and meet capital expenditure plans. As some shareholders want to
cash out, the hunt is on for new investors. The Tatas will continue to hold a
majority stake in the company while the other two investors, including Murdoch,
will pare their investment substantially. The company would continue to use the
Tata brand name, the source said.
The
valuation of Tata Sky is likely to be around $1.5 billion, taking into account
the valuation of its listed peers such as Dish TV. As on November 22, Dish TV
had a market capitalisation of Rs 77840.000 Millions.
The
Indian DTH market is growing by double-digit percentage figures — thanks to the
recent digitisation drive across metro cities. Though the DTH companies have
been able to make inroads into the cable & satellite market in India,
subscriber acquisition costs and churn rates remain high. Analysts tracking the
industry say weak earnings of five per cent and lower returns on capital
employed could encourage several DTH operators to sell stake via foreign
capital. The raising of FDI limits by the government in the sector in September
this year is likely to be a positive for the sector.
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 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. 58.27 |
|
|
1 |
Rs. 91.15 |
|
Euro |
1 |
Rs. 77.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
36 |
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.