MIRA
INFORM REPORT
|
Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
STAR CJ NETWORK INDIA PRIVATE LIMITED |
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Registered
Office : |
6th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road
(East), Mumbai – 400007, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
01.09.2008 |
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|
Com. Reg. No.: |
11-186380 |
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Capital
Investment / Paid-up Capital : |
Rs.2040.642 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2008PTC186380 |
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|
|
TIN No.: |
Not Available |
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|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS61393D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS4905R |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is Engaged in the Business of Wholesale Cash and
Carry Trading in |
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No. of Employees
: |
Information denied by 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 |
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. 23 AC for the year 2014 could not be made available for any
source. As per financials 2013, Profitability of the company is under
pressure. There are accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-43217106)
LOCATIONS
|
Registered Office : |
6th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road
(East), Mumbai – 400007, |
|
Tel. No.: |
91-22-43217106/ 43217000 |
|
Fax No.: |
91-22-43217121 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 25.09.2013
|
Name : |
Mr. Sanjay Jain |
|
Designation : |
Director |
|
Address : |
701/702, Heera Apartments, Plot No. 479, |
|
Date of Birth/Age : |
18.03.1963 |
|
Date of Appointment : |
21.01.2010 |
|
DIN No.: |
00110587 |
|
|
|
|
Name : |
Mr. Young Keun Kim |
|
Designation : |
Director |
|
Address : |
513-304, Mok-Dong, Yangehun-Gu |
|
Date of Birth/Age : |
20.02.1966 |
|
Date of Appointment : |
21.06.2011 |
|
DIN No.: |
03415011 |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Sachdeva |
|
Designation : |
Secretary |
|
Address : |
A - 303, Rishikesh Co-operative Housing Society Limited, Plot No. 29-31, Sector 34, Kamothe, Navi Mumbai - 410 209, Maharashtra, India |
|
Date of Birth/Age : |
11.05.1982 |
|
Date of Appointment : |
13.12.2010 |
|
PAN : |
BFYPS3993A |
MAJOR SHAREHOLDERS
As on 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Star HS Limited, |
|
104968779 |
|
CJ O Shopping Company Limited, |
|
104968779 |
|
Total |
|
209937558 |
As on 28.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
Star HS Limited, |
|
3385903 |
|
CJ O Shopping Company Limited, |
|
3385903 |
|
Total |
|
6771806 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2013
|
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 : |
Subject is Engaged in the Business of Wholesale Cash and Carry Trading in India and Broadcasting of Non-News and Non-Current Affairs Television Channels. |
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Information denied by management |
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|
Bankers : |
Not Available |
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Facilities : |
-- |
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|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th 32nd Floor, Indiabulls Finance
Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West),
Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Joint Venture Company : |
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CAPITAL STRUCTURE
After 25.09.2013
Authorised Capital : Rs.2510.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 2251.548
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
251000000 |
Equity Share |
Rs.10/- Each |
Rs.2510.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
204064236 |
Equity Shares |
Rs.10/- each |
Rs. 2040.642
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2040.642 |
1712.809 |
1285.037 |
|
(b) Reserves & Surplus |
(1946.835) |
(1566.665) |
(728.762) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.001 |
243.850 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
93.808 |
389.994 |
556.275 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
15.117 |
24.940 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
21.661 |
19.267 |
13.581 |
|
Total Non-current Liabilities (3) |
21.661 |
34.384 |
38.521 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
892.421 |
701.275 |
483.238 |
|
(c) Other current
liabilities |
66.471 |
55.258 |
41.545 |
|
(d) Short-term provisions |
2.096 |
2.194 |
1.660 |
|
Total Current Liabilities (4) |
960.988 |
758.727 |
526.443 |
|
|
|
|
|
|
TOTAL |
1076.457 |
1183.105 |
1121.239 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
96.737 |
142.069 |
170.676 |
|
(ii) Intangible Assets |
45.902 |
68.907 |
89.476 |
|
(iii) Capital
work-in-progress |
4.746 |
0.000 |
0.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.391 |
42.971 |
10.316 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
190.776 |
253.947 |
271.268 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
373.156 |
316.249 |
218.706 |
|
(c) Trade receivables |
298.130 |
273.268 |
129.420 |
|
(d) Cash and cash
equivalents |
94.525 |
224.048 |
358.369 |
|
(e) Short-term loans and
advances |
119.854 |
113.983 |
139.026 |
|
(f) Other current assets |
0.016 |
1.610 |
4.450 |
|
Total Current Assets |
885.681 |
929.158 |
849.971 |
|
|
|
|
|
|
TOTAL |
1076.457 |
1183.105 |
1121.239 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Revenue |
3412.495 |
2393.477 |
875.933 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
(1190.371) |
(1087.517) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
(9.824) |
1.408 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(605.882) |
(1180.547) |
(1088.925) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2783.295) |
(1602.748) |
(513.823) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3389.177) |
(2783.295) |
(1602.748) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.89) |
(5.62) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
(100.61) |
(97.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
(3.05) |
(1.95) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
1.22 |
1.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
1285.037 |
1712.809 |
2040.642 |
|
Reserves & Surplus |
(728.762) |
(1566.665) |
(1946.835) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
243.850 |
0.001 |
|
Net
worth |
556.275 |
389.994 |
93.808 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
875.933 |
2,393.477 |
3,412.495 |
|
|
|
173.249 |
42.575 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
875.933 |
2393.477 |
3412.495 |
|
Profit |
(1088.925) |
(1180.547) |
(605.882) |
|
|
(124.32)% |
(49.32)% |
(17.75)% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS NOT AVAILABLE
|
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 |
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 |
No |
|
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 |
CORPORATE INFORMATION
The Company is a 50:50 Joint Venture between STAR HS Limited, Mauritius and CJ O Shopping Company Limited, South Korea. The Company is engaged in the business of wholesale cash and carry trading in India and broadcasting of non-news and non-current affairs television channels.
FINANCIAL AND
OPERATIONAL
The Company has witnessed 42.6% increase in its Total Revenues which has assisted in bringing down the loss from operations of the Company by over 48.7% during the FY 2012-13. The Board expects that the business would see newer heights and the growth trend would continue during the current FY.
The Company tried to downsize its expenditure during the FY 2012-13 which includes the likes of reduction in channel cost by 22.8%. This inter alia with other factors has substantially reduced the working capital requirement of the Company.
The Company has expanded its product base to 1,089 products sourced through about 240 Brands, being showcased on the Company’s Television Channel STAR CJ alive. The Company’s Website under the domain www.starcj.com has also expanded operations and now services about 28 vendors.
The Company expanded its warehousing operations to Bangalore in Karnataka and has acquired about 43,000 sq. ft warehousing space for servicing the southern part of the Country in an efficient manner. The Company also brought on board 3 new franchisees who now service all India operations. This has also sufficiently reduced the Company’s dependency on the existing franchisees. The Company looks at increasing the franchise base and expanding to newer geographies within India.
NO CHARGES EXIST FOR
COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.61.92 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.76.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
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.