Help Required...

Hello, I am Amol from India...
I have below mentioned equipments. Please guide how to set up the home theater system with these.
1. Sony KDL40-EX520 HD LED TV
2. Onida DFX-8500 DVD Player
3. Onida 5.1 Speakers
4. WD TV Live (3rd Gen)
5. Tata Sky Plus HD Set top box

Please let me know if below mentioned set-up would work well. Please suggest alternative set-ups possible.
1. Connect STB to TV - HDMI
2. Connect WD TV Live to TV - HDMI
3. Connect DVD Player to TV - Component or Composite video (DVD player not having HDMI out)
4. Connect TV Coax out to receiver (Subwoofer)
5. Connect DVD Player Coax out to receiver (Subwoofer)