MIRA INFORM REPORT
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Report No. : |
340650 |
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Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR SPORTS INDIA PRIVATE LIMITED (31.10.2013) |
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Formerly Known As
: |
ESPN SOFTWARE INDIA PRIVATE LIMITED |
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Registered
Office : |
Star House, Off. Dr. E Moses Road, Mahalaxmi, Mumbai – 400011,
Maharashtra |
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Tel. No.: |
91-22-66305555 |
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Country : |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
01.08.1995 |
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Com. Reg. No.: |
11-244794 |
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Capital
Investment / Paid-up Capital : |
Rs.234.000 Million |
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CIN No.: [Company Identification
No.] |
U74899MH1995PTC244794 |
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IEC No.: |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE2334C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a broadcasting company. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Twenty-First Century Fax, Inc. New York. The holding company stands at 97th position on Fortune 500.
It was incorporated during the year 1995. It operates as a broad cast media
and entertainment company. It has a fine track record. As per Indian operations, the company has not filed its latest financial
i.e. 23ac for the year 2014 in the government department. For the financial year ended 2013, the company has impressive
operational activity backed by fine top line growth along with decent sales
turnover and profitability margin of 4.62%. The company possesses comfortable capital structure, efficient
networth position along with negligible borrowings. It has strong financial
risk profile. The rating is restricted due to unavailability of latest financial. Further, the company has vast experience of its promoters, diversify
business scale, strong financial and managerial support from its holding
company. Payments terms are regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
31-03-2013.
INFORMATION DENIED
Management Non Co-operative (91-22-66305555)
LOCATIONS
|
Registered Office : |
Star House, Off. Dr. E Moses Road, Mahalaxmi, Mumbai – 400011,
Maharashtra, India |
|
Tel. No.: |
91-22-66305555 |
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Fax No.: |
91-22-6630 5050 |
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E-Mail : |
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Website : |
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Branch Office : |
Located At: ·
Bangalore ·
Kolkata ·
Ahmedabad ·
Chennai ·
Kanpur ·
Chandigarh ·
Delhi ·
Jaipur |
DIRECTORS
AS ON 30.12.2013
|
Name : |
Mr. Raman Kumar Sharma |
|
Designation : |
Director |
|
Address : |
C-77, Sarita Vihar, New Delhi – 110044, India |
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Date of Birth/Age : |
03.11.1959 |
|
Date of Appointment : |
09.11.2006 |
|
DIN No.: |
00046763 |
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|
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|
Name : |
Mr. Vijay Kumar Rajput |
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Designation : |
Director |
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Address : |
A 1/51, Safdarjung Enclave, New Delhi, India |
|
Date of Birth/Age : |
30.10.1960 |
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Date of Appointment : |
15.12.1997 |
|
DIN No.: |
00260239 |
KEY EXECUTIVES
|
Name : |
Mr. Susgmita Ghosh |
|
Designation : |
Secretary |
|
Address : |
Vatika Hostel (Room No.110), D6, Shakarpur Main Market, New Delhi –
110092, India |
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Date of Birth/Age : |
08.08.1984 |
|
Date of Appointment : |
11.12.2012 |
|
PAN No.: |
AZLPG2624A |
MAJOR SHAREHOLDERS
AS ON 30.12.2013
|
Names of Shareholders |
No. of Shares |
|
Worldwide Wickets, Mauritius [Formerly known as ESPN (Mauritius)
Limited] |
23400328 |
|
Sanjay Deepchandra Jain |
2 |
|
Total |
23400330 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.12.2013
|
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 |
99.99 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a broadcasting company. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Building No.8, Cyber city, Gurgaon – 122002, Haryana, India |
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PAN No.: |
AAEFP5579P |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associate
(AS ON 30.06.2013) : |
Premier Hockey Development Private Limited |
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Holding
company (AS ON 30.06.2013) : |
Worldwide Wickets Mauritius (WWM) |
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Fellow
Subsidiary company (AS ON 30.06.2013) : |
·
Asianet Communications Limited ·
ESS Advertising (Mauritius) S.N.C. ·
ET Compagnie (ESSM) ·
ESS Distribution (Mauritius) S.N.C. ·
ET Compagnie (ESSD) ·
ESS Singapore ·
Star Entertainment Media Private
Limited ·
Star India Private Limited ·
Vijay Television Private Limited |
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|
|
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives (AS ON 30.06.2013) : |
ESPN Provident Fund Trust |
CAPITAL STRUCTURE
AS ON 30.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23400330 |
Equity Shares |
Rs.10/- each |
Rs.234.003 Million |
|
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|
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
234.000 |
234.000 |
234.003 |
|
(b) Reserves & Surplus |
4276.500 |
3706.000 |
3404.177 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4510.500 |
3940.000 |
3638.180 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9.730 |
6.580 |
6.780 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
43.800 |
49.500 |
51.461 |
|
(d) long-term
provisions |
12.800 |
0.620 |
0.000 |
|
Total Non-current
Liabilities (3) |
66.330 |
56.700 |
58.241 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
4172.190 |
1306.210 |
6377.664 |
|
(c) Other
current liabilities |
460.830 |
501.640 |
1025.257 |
|
(d) Short-term
provisions |
15.220 |
9.940 |
101.883 |
|
Total Current
Liabilities (4) |
4648.240 |
1817.790 |
7504.804 |
|
|
|
|
|
|
TOTAL |
9225.070 |
5814.490 |
11201.225 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
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|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
42.150 |
46.270 |
63.380 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.050 |
0.050 |
0.049 |
|
(c) Deferred tax assets (net) |
301.800 |
331.840 |
475.629 |
|
(d) Long-term Loan and Advances |
2.600 |
38.670 |
38.102 |
|
(e) Other
Non-current assets |
0.220 |
0.420 |
0.420 |
|
Total Non-Current
Assets |
346.820 |
417.250 |
577.580 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9.430 |
2.710 |
2.515 |
|
(c) Trade
receivables |
1841.700 |
1080.600 |
1838.833 |
|
(d) Cash
and cash equivalents |
4270.320 |
3083.900 |
8209.644 |
|
(e)
Short-term loans and advances |
1190.500 |
795.160 |
73.829 |
|
(f) Other
current assets |
1566.300 |
434.870 |
498.824 |
|
Total
Current Assets |
8878.250 |
5397.240 |
10623.645 |
|
|
|
|
|
|
TOTAL |
9225.070 |
5814.490 |
11201.225 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11795.850 |
10006.570 |
|
|
|
|
Other Income |
545.600 |
626.100 |
|
|
|
|
TOTAL |
12341.450 |
10632.670 |
13540.304 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
11308.810 |
10180.840 |
12075.885 |
|
|
|
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|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1032.640 |
451.830 |
1464.419 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
462.140 |
149.990 |
417.253 |
|
|
|
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|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
570.500 |
301.840 |
1047.166 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.38 |
12.90 |
44.75 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
185.282 |
(445.327) |
(4954.744) |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
Net Profit Margin PAT / Sales |
(%) |
4.84 |
3.02 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
11.57 |
8.24 |
13.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.11 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91 |
2.97 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
Rs. In
Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
234.003 |
234.000 |
234.000 |
|
Reserves & Surplus |
3404.177 |
3706.000 |
4276.500 |
|
Net
worth |
3638.180 |
3940.000 |
4510.500 |
|
|
|
|
|
|
long-term borrowings |
6.780 |
6.580 |
9.730 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
6.780 |
6.580 |
9.730 |
|
Debt/Equity
ratio |
0.002 |
0.002 |
0.002 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total
Income |
13540.304 |
10632.670 |
12341.450 |
|
|
|
(21.474) |
16.071 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total
Income |
13540.304 |
10632.670 |
12341.450 |
|
Profit |
1047.166 |
301.840 |
570.500 |
|
|
7.73% |
2.84% |
4.62% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office address of the company has
been shifted from S-405 (LGF) Greater Kailash Part-II, New Delhi – 110048,
India to the present address w.e.f. 30.04.2013
BUSINESS (AS ON 30.06.2013):
The business
segment comprise of the following:
Affiliate Sales:
Includes Subscription Income from distribution of services and Income from Sale
of Decoders.
Ad Sales: Includes
Income from Advertisement Sale.
Others: Digital Media, Production & Event Management.
GENERAL
INFORMATION ABOUT THE COMPANY (AS ON 30.06.2013):
Star
Sports India Private Limited (formerly known as ESPN Software India Private
Limited) (SSIPL or the company), incorporated in India on August 1, 1995 is a
subsidiary of Worldwide Wickets Mauritius (WWM) (formerly known as ESPN (Mauritius)
Limited). WWM is fully owned by ESPN Star Sports (ESS). ESS was a 50: 50 joint
venture between Walt Disney through ESPN Inc. and News Corporation through Star
Television Holdings Corporation.
During
the year News Corporation and ESPN entered into a definitive agreement under
which a subsidiary of News Corp bought ESPN Incs 50 per cent interest in ESS
and became the ultimate holding company in November 2012. News Corporation is
now known as Twenty First Century Inc., USA.
SSIPL
is the sole and exclusive distributor of international channels namely: ESPN,
Star Sports, Star Cricket, ESPN HD, Star Cricket HD and Fox News television
channels owned by ESS. These channels deliver a diverse array of international
and regional sports to viewers via its encrypted pay services. SSIPL has two
major sources of revenues i.e. Ad Sales and Subscription Revenue. Ad Sales
revenues are generated by selling commercial airtime to various Indian
corporates and advertisement agencies.
The
Distribution Revenue is generated by distributing the channels across the
country to various operators / facilitators such as Direct to Home (DTH)
Operators, Multi System Operators (MSOs), the cable operators and Hotel and
Commercial Establishments (HCE). These services are distributed through
encrypted signals to various operators/ facilitators by use of decoders.
SSIPL
generates revenue from development and supply of content on internet and mobile
through various activities such as SMS alerts packages of all sports for mobile
operators, sports download on mobile, content through SMS keywords on short
code, Interactive Voice (IVR) services, Event Management etc.
SSIPL also generates revenue from carrying out production of
sports television programmes.
LITIGATION
DETAILS:
|
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.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
65 |
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.