|
|
|
MIRA INFORM REPORT
|
Report No. : |
504444 |
|
Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TATA SKY LIMITED (w.e.f. 08.11.2005) |
|
|
|
|
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
(Bombay Dyeing), Pandurang Budkkar Marg, Worli, Mumbai – 400025, Maharashtra |
|
Tel. No.: |
91-22-66133000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
09.01.2001 |
|
|
|
|
Com. Reg. No.: |
11-130365 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 14077.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92120MH2001PLC130365 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0304027511 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAGCS9294M1ZF |
|
|
|
|
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 TV viewers across the country. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject operates as a subsidiary of “Tata Sons Limited”. It was
incorporated in 2001 and is based in Mumbai, Maharashtra. It is a satellite
television broadcasting company offering customers interactive services as
well as a variety of channels ranging from entertainment, sports, movies and
music to new and documentaries in a digital versatile disc. As per available financials for the year 2017, the company has
achieved revenue growth of 18.57% as compared to the previous year along with
a thin profit margin of 0.15%. Rating is constrained on account of huge accumulated losses of the
earlier financial years, which has resulted in erosion of the net worth base.
Rating also constrained on account of company’s weak financial risk profile
and its exposure to risk inherent in the direct-to home (DTH) industry such
as intense competition and high regulatory compliance. However, rating takes into account the strong managerial and financial
support received from its majority shareholder, Tata Sons Limited, the
principal holding company for the Tata group. Healthy subscriber addition, focus on high average revenue per user
(ARPU) and maintenance of low churn rate, should help cash accrual improve in
the medium term. Payments seems to be slow but correct. Being a part of Tata Group, the company can be considered 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
17.10.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
17.10.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 18.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE: 91-22-66133000
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 31.03.2017
|
Name : |
Mr. Farokh Nariman Subedar |
|
Designation : |
Director |
|
Address : |
1, Wadia Building, Ground Floor, Babulnath Road, Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1955 |
|
Qualification : |
CA & CS |
|
Date of Appointment : |
06.02.2004 |
|
DIN No.: |
00028428 |
|
|
|
|
Name : |
Ms. Vedika Bhandarkar |
|
Designation : |
Director |
|
Address : |
B-8, Floor-3, Plot-50, B, Sea Face Park, Bhulabhai Desai Road, Cumballa Hill, Mumbai-400026 , Maharashtra, India |
|
Date of Birth/Age : |
19.12.1967 |
|
Qualification : |
BSC & MBA |
|
Date of Appointment : |
26.09.2016 |
|
PAN No.: |
AEUPB2687J |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Bharat Damodar Vasani |
|
Designation : |
Director |
|
Address : |
Flat No. 601, 6th Floor, Ashok Gardens, T2 180/188 TJ Road, Sewree, Mumbai – 400015, Maharashtra, India |
|
Date of Birth/Age : |
24.08.1958 |
|
Qualification : |
LLB and CS |
|
Date of Appointment : |
06.02.2006 |
|
DIN No.: |
00040243 |
|
|
|
|
Name : |
Padmanabh Sinha |
|
Designation : |
Director |
|
Address : |
1206, The Imperial, North Tower, M P Mills Compound, Tardeo, Mumbai, 400034, Maharashtra, India |
|
Date of Birth/Age : |
21.02.1971 |
|
Qualification : |
MBA |
|
Date of Appointment : |
11.08.2015 |
|
DIN No.: |
00101379 |
|
|
|
|
Name : |
Mr. Bharat Dhirajlal Shah |
|
Designation : |
Director |
|
Address : |
Flat No. 21, Hill Park, Building No. 2 A G Bell Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
18.02.1947 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
26.09.2016 |
|
DIN No.: |
|
|
|
|
|
Name : |
Mr. Harit Nagpal |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 5 2nd Floor, 27-A, |
|
Date of Birth/Age : |
02.11.1961 |
|
Qualification : |
BE (Chemical) MBA,FMS |
|
Date of Appointment : |
01.01.2016 |
|
PAN No.: |
AADPN5389A |
|
DIN No.: |
00481307 |
|
|
|
|
Name : |
Mr. Rohit Sipahimalani |
|
Designation : |
Director |
|
Address : |
House No. 44, Coronation Road West #01-02, Astrid Meadows, Singapore 269260 SG |
|
Date of Birth/Age : |
03.10.1966 |
|
Qualification : |
PGDBM,IIM Abad |
|
Date of Appointment : |
13.07.2012 |
|
DIN No.: |
00904065 |
|
|
|
|
Name : |
Mr. Uday Shankar |
|
Designation : |
Director |
|
Address : |
Ashford Apartments, 2nd Floor, 1/26A Ridge Road, Near Sahyadri Guest House, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1961 |
|
Qualification : |
M Phil |
|
Date of Appointment : |
27.06.2008 |
|
DIN No.: |
01755963 |
|
|
|
|
Name : |
Karl Holmes |
|
Designation : |
Director |
|
Address : |
Flat 2 6 Lyndhurst Gardens, London NW35NR GB |
|
Date of Birth/Age : |
25.07.1973 |
|
Qualification : |
MA, Physics from University of Oxford and MBA from Harvard Business School |
|
Date of Appointment : |
26.09.2016 |
|
DIN No.: |
07508986 |
|
|
|
|
Name : |
Mr. Saurabh Agrawal |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 2803, Imperial Towers, BB Nakashe Marg, Tardeo, Mumbai – 400034, Maharashtra, India |
|
Date of Appointment : |
16.01.2018 |
|
DIN No.: |
02144558 |
KEY EXECUTIVES
|
Name : |
Sambasivan Ganesan |
|
Designation : |
Chief Financial Officer |
|
Address : |
1502, Palmgrove Co-Operative Housing Society, CD Barfiwala Road, Juhu Lane, New India Assura NCE Colony, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1967 |
|
Qualification : |
B Com , GRAD CWA, CA, ACS, PGDM from I I M Ahmedabad |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AAWPS0322H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
584017278 |
|
Tata Sons Limited jointly with Ishaat Hussain |
|
100 |
|
Tata Sons Limited jointly with Farokh N Subedar |
|
100 |
|
Tata Sons Limited jointly with Bharat Vasani |
|
100 |
|
Tata Sons Limited jointly with K R Bhagat |
|
100 |
|
Tata Sons Limited jointly with E.N. Kapadia |
|
100 |
|
Network Digital Distribution Services FZ-LLC, UAE |
|
281553975 |
|
Baytree Investments (Mauritius) Pte Limited, Mauritius |
|
140776989 |
|
TS Investments Limited, India |
|
281553975 |
|
Omega FII Investments Pte Limited, Singapore |
|
109794289 |
|
Tata Capital Limited, India |
|
10072871 |
|
Total |
|
1407769877 |
Equity Share Break up (Percentage of Total Equity)
As on 22.06.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
41.49 |
|
Promoter – Others Foreign Company |
20.00 |
|
Public - Bodies corporate |
20.71 |
|
Public – FII/FDI |
17.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To provide direct-to-home (''DTH'') broadcasting services to TV viewers across the country. (Registered activity) |
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Products : |
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||||
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
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|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institutions : |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay
Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025,
Maharashtra, India |
|
|
|
|
Auditors 1: |
|
|
Name : |
S. R. Batliboi and Associates Chartered Accountants |
|
Address : |
12th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West) Mumbai – 400028, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Auditors 2: |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Indiabulls
Finance Centre, Tower 3, 27th-32nd Floor, Elphinstone Mill Compound, Senapati
Bapat Marg, Elphinstone (W), Mumbai – 400013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD2337G |
|
|
|
|
Secretarial audit
report : |
|
|
Name : |
Parikh and Associates |
|
Address : |
111, 11th Floor, Sai - Dwar CHS Limited, Sab TV Road, Opposite Laxmi Industrial Estate, Off. Link Road, Above Shabari Resturant, Andheri west, Mumbai – 400053, Maharashtra, India |
|
PAN
No.: |
AAMFP9456F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
U99999MH1917PLC000478 |
|
|
|
|
Subsidiaries : |
U64120MH2006PTC159808
U64204MH2015PTC267808 |
|
|
|
|
Fellow Subsidiary
company : |
U72900TN2000PLC104165
U31900MH2005PLC158120
U85110MH2000PLC128425
U65921MH2006PLC238745
L64200MH1995PLC086354
U74899DL1995PLC066685
U66010MH2000PLC128403
U65990MH1994PLC077090
U64200TG1995PLC044060
L22210MH1995PLC084781 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
INR 10/- each |
INR 20000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1407770000 |
Equity Shares |
INR 10/- each |
INR
14077.700 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
14077.700 |
14077.700 |
14077.700 |
|
(b) Reserves & Surplus |
(28103.200) |
(27841.900) |
(27630.000) |
|
(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) |
(14025.500) |
(13764.200) |
(13552.300) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8028.200 |
9273.300 |
13718.700 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
6731.200 |
12549.800 |
5338.600 |
|
(d) long-term provisions |
1532.700 |
1789.000 |
1429.900 |
|
Total
Non-current Liabilities (3) |
16292.100 |
23612.100 |
20487.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5291.100 |
316.000 |
231.500 |
|
(b) Trade payables |
4255.600 |
2908.300 |
2464.300 |
|
(c) Other current liabilities |
40291.700 |
37524.300 |
31733.800 |
|
(d) Short-term provisions |
2868.800 |
2878.500 |
2708.700 |
|
Total
Current Liabilities (4) |
52707.200 |
43627.100 |
37138.300 |
|
|
|
|
|
|
TOTAL |
54973.800 |
53475.000 |
44073.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
37846.300 |
35578.700 |
26375.100 |
|
(ii) Intangible Assets |
4431.200 |
3889.600 |
3140.200 |
|
(iii) Capital work-in-progress |
5361.000 |
7884.400 |
7384.800 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
101.700 |
52.100 |
2.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2602.700 |
1318.900 |
992.800 |
|
(e) Other Non-current assets |
143.800 |
1130.200 |
262.600 |
|
Total
Non-Current Assets |
50486.700 |
49853.900 |
38157.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1340.000 |
400.000 |
709.000 |
|
(b) Inventories |
164.200 |
136.200 |
104.300 |
|
(c) Trade receivables |
855.600 |
894.800 |
710.500 |
|
(d) Cash and cash equivalents |
42.300 |
70.100 |
2888.900 |
|
(e) Short-term loans and
advances |
1183.700 |
1831.000 |
860.500 |
|
(f) Other current assets |
901.300 |
289.000 |
642.500 |
|
Total
Current Assets |
4487.100 |
3621.100 |
5915.700 |
|
|
|
|
|
|
TOTAL |
54973.800 |
53475.000 |
44073.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
53025.200 |
44718.300 |
37230.400 |
|
|
Other Income |
257.000 |
191.300 |
160.000 |
|
|
TOTAL
|
53282.200 |
44909.600 |
37390.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2489.600 |
2536.900 |
2051.300 |
|
|
Employees benefits expense |
2569.800 |
2191.500 |
1965.800 |
|
|
Other expenses |
34089.300 |
29117.700 |
24105.900 |
|
|
TOTAL |
39148.700 |
33846.100 |
28123.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
14133.500 |
11063.500 |
9267.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2166.800 |
1863.400 |
2127.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
11966.700 |
9200.100 |
7139.600 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
11889.200 |
8399.300 |
9812.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
77.500 |
800.800 |
(2672.700) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
77.500 |
800.800 |
(2672.700) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(36497.400) |
(37298.200) |
(34625.500) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(36419.900) |
(36497.400) |
(37298.200) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
24.300 |
32.500 |
|
|
TOTAL
EARNINGS |
0.000 |
24.300 |
32.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
9019.100 |
14068.200 |
11620.600 |
|
|
TOTAL
IMPORTS |
9019.100 |
14068.200 |
11620.600 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.06 |
0.57 |
(2.02) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
5686.900 |
11663.400 |
10162.700 |
|
Net cash flows from (used in) operations |
18869.800 |
10079.100 |
8875.600 |
|
Net cash flows from (used in) operating activities |
18728.300 |
10016.800 |
8826.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
22.10 |
29.52 |
27.98 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
16.52 |
12.36 |
13.04 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
623.91 |
418.44 |
438.49 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
86.07 |
81.23 |
88.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.30 |
0.23 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.21 |
1.21 |
1.38 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(1.36) |
(1.54) |
(1.78) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(3.76) |
(3.17) |
(2.74) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(3.40) |
(3.44) |
(2.72) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.52 |
5.94 |
4.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.15 |
1.79 |
(7.18) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.14 |
1.50 |
(6.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(0.55) |
(5.82) |
19.72 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.09 |
0.08 |
0.16 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.08 |
0.08 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.26) |
(0.26) |
(0.31) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.35 |
1.51 |
1.71 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.09 |
0.08 |
0.16 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
14077.700 |
14077.700 |
14077.700 |
|
Reserves & Surplus |
(27630.000) |
(27841.900) |
(28103.200) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(13552.300) |
(13764.200) |
(14025.500) |
|
|
|
|
|
|
Long Term borrowings |
13718.700 |
9273.300 |
8028.200 |
|
Short Term borrowings |
231.500 |
316.000 |
5291.100 |
|
Current Maturities of Long term debt |
10162.700 |
11663.400 |
5686.900 |
|
Total
borrowings |
24112.900 |
21252.700 |
19006.200 |
|
Debt/Equity
ratio |
(1.779) |
(1.544) |
(1.355) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
37230.400 |
44718.300 |
53025.200 |
|
|
|
20.112 |
18.576 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
37230.400 |
44718.300 |
53025.200 |
|
Profit |
(2672.700) |
800.800 |
77.500 |
|
|
(7.18%) |
1.79% |
0.15% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
14077.700 |
14077.700 |
|
(b) Reserves & Surplus |
|
(28380.700) |
(27873.800) |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(14303.000) |
(13796.100) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
8028.200 |
9273.300 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
6731.200 |
12549.800 |
|
(d) long-term provisions |
|
1534.600 |
1789.400 |
|
Total
Non-current Liabilities (3) |
|
16294.000 |
23612.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5291.100 |
316.000 |
|
(b) Trade payables |
|
4327.000 |
2909.300 |
|
(c) Other current liabilities |
|
40300.300 |
37617.900 |
|
(d) Short-term provisions |
|
2868.800 |
2878.500 |
|
Total
Current Liabilities (4) |
|
52787.200 |
43721.700 |
|
|
|
|
|
|
TOTAL |
|
54778.200 |
53538.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
37903.500 |
35578.700 |
|
(ii) Intangible Assets |
|
4503.300 |
3889.600 |
|
(iii) Capital work-in-progress |
|
5398.900 |
8007.200 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2607.600 |
1321.800 |
|
(e) Other Non-current assets |
|
143.800 |
1130.200 |
|
Total
Non-Current Assets |
|
50557.100 |
49927.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1390.000 |
400.000 |
|
(b) Inventories |
|
172.500 |
136.200 |
|
(c) Trade receivables |
|
855.600 |
894.800 |
|
(d) Cash and cash equivalents |
|
62.900 |
97.900 |
|
(e) Short-term loans and advances |
|
838.800 |
1792.700 |
|
(f) Other current assets |
|
901.300 |
289.000 |
|
Total
Current Assets |
|
4221.100 |
3610.600 |
|
|
|
|
|
|
TOTAL |
|
54778.200 |
53538.100 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
53026.600 |
44718.300 |
|
|
Other Income |
|
252.300 |
191.300 |
|
|
TOTAL
|
|
53278.900 |
44909.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
2491.600 |
2536.900 |
|
|
Employees benefits expense |
|
2622.700 |
2198.700 |
|
|
Other expenses |
|
34255.400 |
29136.600 |
|
|
TOTAL |
|
39369.700 |
33872.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
13909.200 |
11037.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
2167.000 |
1863.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
11742.200 |
9173.900 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
11910.300 |
8399.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(168.100) |
774.600 |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(168.100) |
774.600 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
(0.12) |
0.55 |
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: The
registered office of the company has been shifted from “3rd Floor, Bombay Dyeing, A.O.
Building, Pandurang, Budkkar Marg, Worli, Mumbai – 400025, Maharashtra, India”
to the Present Address w.e.f. 09.03.2010
BACKGROUND
The company was incorporated in India on January 9, 2001 to provide direct-to-home (''DTH'') broadcasting services to TV viewers across the country. The Company had commenced its operations on August 1, 2006.
FINANCIAL REVIEW
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principlesin India (Indian GAAP) to comply with the Accounting Standards notified under Section 133 of the Companies Act, 2013 (Act) read with Rule 7 of The Companies (Accounts) Rules, 2014. There are no material departures from the prescribed norms stipulated by the Accounting Standards in preparation of the Annual Accounts.
Accounting policies have been consistently applied except where a newly issued accounting standard, if initially adoptedor a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. Management evaluates all recently issued or revised accounting standards on an ongoing basis.
Standalone operations: Revenue from the standalone operations of the Company for the year was INR 53280.000 Million, 18.6% higher than INR 44910.000 Million in the previous year. Overall operational expenses for the year were INR 39150.000 Million, against INR 33850.000 Million in the previous year. The Profit before Tax is INR 77.500 Million, against Profit before Tax of INR 800.800 Million, in the previous year.
BUSINESS REVIEW
The Company maintained its share of gross additions and continued to be one of the leading players in the market during the financial year. The Company delivered on the financial targets despite challenging business environment.
Sales:
The Company expanded its reach of stocking dealers and channel partners. The Company prioritized its approach on increasing the distribution reach based on TV HHs penetration having maximum potential.
Services:
The Company also maintained the Turnaround time (TAT) for completion of installation and field repair and have introduced critical changes to handle inbound and outbound call volumes and for improving customer experience.
Information Technology (IT): The Company has implemented critical projects at the start of the year which helped in streamlining certain business processes.
Channels:
Linear content was increased from 100 to 250 channels on Everywhere TV (Tata Sky Mobile App). The Company enjoyed Content leadership (600+ Channels and Services) vs. DTH competitors with a significant edge. Tata Sky also launched new distinctive offerings like Mumbai Film Festival, Kids Showcase, Plus 1 services, Tata Sky Bangla Cinema, Tata Sky Punjab De Rang, QYou etc.
Marketing &
Promotions:
In this year, the new Tata Sky logo was launched. An acquisition campaign with Mr. Amitabh Bachchan was launched to further increase the market share.
Pricing:
The Company revised the subscription prices during the year in line with market trends. Increased HD paying subscriber base and continued upselling of new products to existing subscribers enhanced the ARPU during the year.
New Products:
Tata Sky continued to innovate and deliver exciting features and services to its customers through the year. Web Apps allowed their customers to access exciting online applications on their Tata Sky box while the Tata Sky mobile app continued to be the premier app for live TV. Continuing their efforts to enrich their customers experience, the Company also launched +1 Services which offer one hour time shifted feed for some major Hindi GEC and movie channels.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from banks |
1247.500 |
3494.600 |
|
(Foreign currency buyers credit is repayable within 3 years Interest is paid at prevailing LIBOR plus spread ranging between 20 to 95 basis points.) |
|
|
|
|
|
|
|
Short-term
Borrowings |
|
|
|
Term loans from banks |
4760.100 |
125.900 |
|
(Foreign currency buyers credit carries interest of LIBOR plus spread ranging between 5 to 43 basis points. The Buyers Credit is repayable within 1 year.) |
|
|
|
Working capital loans from banks |
31.000 |
188.600 |
|
Total |
6038.600 |
3809.100 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G07288947 |
100040592 |
AXIS TRUSTEE SERVICES LIMITED |
24/06/2016 |
- |
- |
4000000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMa400025IN |
|
2 |
C55377329 |
10574053 |
AXIS TRUSTEE SERVICES LIMITED |
13/05/2015 |
- |
- |
2000000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
3 |
C39643887 |
10541397 |
Standard Chartered Bank |
30/05/2014 |
- |
- |
40000000.0 |
Narain Manzil, 23 Barakhamba Road, New DelhiNew DelhiDL110001IN |
|
4 |
B89987176 |
10461291 |
IDBI Bank Limited |
22/10/2013 |
- |
- |
3500000000.0 |
IDBI TOWER WTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
5 |
B75567784 |
10152794 |
The Hongkong and Shanghai Banking Corporation Limited |
24/03/2009 |
26/04/2013 |
- |
3010000000.0 |
1st Floor, 16 Veer Nariman RoadFortMumbaiMH400001IN |
|
6 |
B14382865 |
10077688 |
YES BANK LIMITED |
28/11/2007 |
24/05/2011 |
- |
2500000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
7 |
G46355962 |
10454027 |
Axis Trustee Services Limited |
19/09/2013 |
- |
14/06/2017 |
2000000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
8 |
C74814260 |
10418178 |
Axis Trustee Services Limited |
07/03/2013 |
- |
24/12/2015 |
1600000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
9 |
B98793342 |
10169999 |
Bank of India |
16/06/2009 |
- |
05/03/2014 |
3000000000.0 |
ANDHERI CORPORATE BANKING BRANCH, MDI BUILDING1ST FLOOR, 28 S V ROAD, ANDHERI (W)MUMBAIMH400058IN |
|
10 |
B95862165 |
10136836 |
IDBI Bank Limited |
14/01/2009 |
27/03/2010 |
29/01/2014 |
6450000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Claims against company not acknowledged as debt |
367.500 |
221.000 |
|
Guarantees |
698.900 |
1109.100 |
|
Other money for which company is contingently liable |
7830.200 |
5539.800 |
FIXED ASSETS
Tangible assets
- Land
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Computer equipments
- Leasehold improvements
Intangible assets
- Computer software
- Licenses and franchise
- Licenses
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 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
|
INR |
|
US Dollar |
1 |
INR 65.45 |
|
|
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.