MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DAINIK BHASKAR –
UNIT OF WRITERS AND PUBLISHERS LIMITED |
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Registered Office : |
6, Dwarka Sadan, Press
Complex, Maharana Pratap Nagar, Babibganj, Bhopal, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.01.1987 |
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Com. Reg. No.: |
10-1714 |
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CIN No.: [Company
Identification No.] |
L00221MP1981PLC001714 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLW00007A |
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Legal Form : |
Closely held
public limited liability company |
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Line of Business : |
Printer and Publisher
of `Dainik Bhaskar' Daily Newspaper in Hindi, simultaneously published from
Bhopal, Gwalior, Indore, Jabalpur, Bilaspur, Raipur, Srinagar, Kota, Udaipur,
Bikaner and Ajmer |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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Maximum Credit Limit : |
USD 8750000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is doing
well. Directors are reported as experienced, respectable and resourceful businessmen.
Their trade relations are reported as fair. General financial position is
satisfactory. Payments are usually correct and as per commitments. The company can
be considered good for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
6, Dwarka Sadan,
Press Complex, Maharana Pratap Nagar, Babibganj, Bhopal, Madhya Pradesh,
India |
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Tel. No.: |
91-755-2551601 /
02 / 03 |
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Fax No.: |
91-755-2270466 /
2270333 |
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Telefax : |
0705-264 NEWSIN |
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Publishing
Offices : |
Bhaskar Lane,
Jayendraganj, Gwalior, Madhya Pradesh Tel. No.
91-751-2323965 - 67 Fax No.
91-751-2320941 4/54, Press
Complex, A. B. Road, Indore - 452 008, Madhya Pradesh Tel. No.
91-731-2554444 - 6 Fax No.
91-731-2557555 Press Complex,
Rajbandha Mandan, G. E. Road, Raipur, Madhya Pradesh Tel. No.
91-771-2535277 / 88 / 89 Fax No.
91-771-2535255 Gumber Complex,
Nermal School Road, Bilaspur, Madhya Pradesh Tel. No.
91-7752-246622 / 224850 Fax No.
91-7752-223475 28/31, Rani Mahal,
Jhansi, Uttar Pradesh Tel. No.
91-5172-2440033 / 2440044 Plot No. 10, Opp.
Vidya Ashram School, Malviya Nagar, Jaipur, Rajasthan Tel. No.
91-141-2510568 / 2511357 / 2511357 Fax No.
91-141-2517651 12-B, Heavy
Industrial Area, Jodhpur, Rajasthan Tel. No.
91-291-2741936 / 2744585 Fax No.
91-291-2744936 Civil Lines, Near
District Industries Centre, Ajmer, Rajasthan Tel. No.
91-145-252444 / 252443 Fax No.
91-145-2426021 New Udaipur
Printing House, Mahasatiya Ke Samne, Aayad, Udaipur, Rajasthan Tel. No.
91-294-2419888 / 889 / 2413578 / 2422245 Bikaner Printing
House, Purani Ginnani, Ravistar House, Bikaner, Rajasthan Tel. No.
91-151-2203988 / 2206988 Fax No.
91-151-2528988 B-9/10,
Industrial Estate, Kota, Rajasthan Tel. No.
91-744-2363838 / 9 Fax No.
91-744-236354 5A, Industrial
Estate, Ganganagar |
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Business
Offices : |
Gala No. G3A,
Kaman Wala Chambers, New Udyog Mandir 2, Mahim (West), Mumbai Tel. No.
91-22-24445469 / 70 / 24459350 Fax No.
91-22-24445469 Contact Person: Mr.
Eric 'D'Souza - Regional Manager Classic House,
12-14/8, Doctor Lane, New Delhi Tel. No.
91-11-23360397 / 23360378 / 23360466 Contact Person:
Mr. Kishore Sengupta - General Manager 57/1, Pudda Pukar
Road, Kolkata - 700 620, West Bengal Telefax: 91-33-24748911 Contact Person:
Mr. Tuhin Chattopadhyay 339, 4th
Floor, After Plaza Centre, 129-G. N. Chetty Road, Chennai - 600 006 Tel. No.
91-44-28354235 Contact Person:
Hema Sreekumar SF-6, City Point,
Infantry Road, Bangalore, Karnataka Mobile: 9844064564 Contact Person:
Mr. Sravana 2, Park Valley
Flat, Paras Bagh Society, Kochrab, Kagdiwad, Ellis Bridge, Ahmedabad, Gujarat Tel. No.
91-79-26886107 Contact Person:
Mr. Nadim Jafri 2-2-1144, Uma
Mansion, New Nallakunta, Hyderabad, Andhra Pradesh Contact Person:
K. S. Gopalakrishanan 379, Shanivar
Peth, Opp. Kanyashala, Pune, Maharashtra Tel. No.
91-20-2459002 Contact Person:
Mr. Shirish Atre 111/325, Ashok
Nagar, Kanpur, Uttar Pradesh Tel. No.
91-512-2290827 Contact Person:
Mr. J. K. Awasthy A-5/1, NSK
Society, Near Ravi Nagar, Civil Lines, Nagpur, Maharashtra Tel. No.
91-712-2524759 Contact Person:
Mr. Umesh Mahato 1/579, Vishal
Khand, Gomti Nagar, Lucknow, Uttar Pradesh Tel. No.
91-522-2219542 Contact Person:
H. P. Singh Bundela SCO 145-146, 1st
Floor, Sector 8C, Madhya Marg, Chandigarh Tel. No.
91-172-2771256 / 2778331 / 2549416 / 7 Contact Person:
Capt. P. C. Chauhan B/7, Shanti Vihar
Colony, Post Office, B. V. College, Patna, Bihar Tel. No.
91-612-2231210 / 2288558 Contact Person:
Mr. Sanjay Singh 3, Gautam Nagar,
Race Course Circle, Baroda, Gujarat Telefax: 91-265-2338443 S-18-50, Kulkarni
Niwas, Near LIC Branch Office, Paithan Gate, Main Road, Aurangabad,
Maharashtra Tel. No.
91-240-2353374 Madhya Pradesh BHOPAL GWALIOR Phone :0751-2323965, 6, 7,
Rajasthan AJMER BIKANER FAX-528988
JAIPUR Fax-2517651 JODHPUR
KOTA Phone :363839,363840, 363736 Fax : 363737 UDAIPUR
Chattissgarh Bilaspur Fax : 64590 RAIPUR Fax : 535255,631671
CHANDIGARH PLOT 11,12 , SECTOR- 25 D HISSAR PANIPAT
DELHI Gol Market, New delhi
MUMBAI G-3A, Kamanwala Chambers, Mogul Lane, Mahim, Mumbai-16 TeleFax : 4445469 |
DIRECTORS
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Name : |
Mr. Ramesh
Chandra Agrawal |
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Designation : |
Director |
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Address : |
E 1/79, Arora
Colony, Bhopal 462016, Madhya Pradesh, India |
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Date of Birth/Age : |
24.03.1945 |
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Date of Appointment : |
13.01.1981 |
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Name : |
Mrs. Meena Garg |
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Designation : |
Director |
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Address : |
University
Campus, Sagar, Madhya Pradesh |
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Name : |
Mr. Govind Prasad
Garg |
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Designation : |
Director |
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Address : |
Maina Bali Gali,
Gwalior, Madhya Pradesh |
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Name : |
Mr. Sudhir
Agrawal |
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Designation : |
Director |
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Address : |
E 1/79, Arera
Colony, Bhopal 462016, Madhya Pradesh, India |
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Date of Birth/Age : |
20.07.1967 |
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Date of Appointment : |
20.04.1992 |
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Name : |
Mr. Girish
Agarwal |
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Designation : |
Whole time
Director |
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Address : |
E 1/79, Arera
Colony, Bhopal-462016, Madhya Pradesh, India |
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Date of
Birth/Age : |
10.07.1971 |
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Date of Appointment : |
01.12.2002 |
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Name : |
Mr. Pawan Agarwal |
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Designation : |
Director |
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Address : |
E 1/79, Arera
Colony, Bhopal-462016, Madhya Pradesh, India |
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Date of
Birth/Age : |
31.07.1974 |
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Date of
Appointment : |
25.09.2000 |
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Name : |
Mrs. Namita
Agarwal |
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Designation : |
Director |
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Address : |
E 1/79, Arera
Colony, Bhopal-462016, Madhya Pradesh, India |
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Date of
Birth/Age : |
12.06.1972 |
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Date of
Appointment : |
01.12.2002 |
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Name : |
Mrs. Jyoti
Agarwal |
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Designation : |
Director |
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Address : |
E 1/79, Arera Colony,
Bhopal-462016, Madhya Pradesh, India |
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Date of
Birth/Age : |
01.04.1971 |
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Date of
Appointment : |
08.03.2005 |
KEY EXECUTIVES
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Name : |
Mrs. Pooja Katare |
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Designation : |
Company Secretary |
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Address : |
H-21, Fortune Estate, Kolar Road, Bhopal-462042, Madhya Pradesh, India |
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Date of
Birth/Age : |
20.04.1978 |
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Date of
Appointment : |
18.09.2004 |
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Name : |
Ritu Varshney |
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Designation : |
Secretary |
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Address : |
35, Senior Hig, Katara Hills, Bhopal 462043, Madhya Pradesh, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
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Mr. Ramesh Chandra Agarwal |
202589 |
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Mrs. Meena Garg |
201 |
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Mrs. Kasturi Devi Agarwal |
139349 |
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Mrs. Jtoti Agarwal |
125986 |
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Mr. Sudhir Agarwal |
113957 |
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Bhaskar Fiscal and Infrastructure |
670000 |
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S. A. Trading and Investments Private Limited |
670000 |
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Dev Fiscal
Services Private Limited |
201000 |
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Bhopal Financial
Services Private Limited |
303000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Foreign Holdings |
|
7.14 |
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Bodies Corporate |
|
21.36 |
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Directors or relatives of the Directors |
|
71.50 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Printer and
Publisher of `Dainik Bhaskar' Daily Newspaper in Hindi, simultaneously
published from Bhopal, Gwalior, Indore, Jabalpur, Bilaspur, Raipur, Srinagar,
Kota, Udaipur, Bikaner and Ajmer |
GENERAL
INFORMATION
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No. of Employees : |
450 |
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Bankers : |
State Bank of
Indore Shahpura Branch,
E-5/193, Arora Colony, Bhopal, Madhya Pradesh [The company has been
substantially assisted by Rajasthan State Industrial Development &
Investment Corporation Limited]. |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Krishna Gupta
& Company Chartered
Accountants |
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Address : |
105, Parikalp
Singhal Tower, 1st Floor, Above UCO Bank, Old High Court Road,
Gwalior-474009, Madhya Pradesh, India |
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Tel. No.: |
91-2328374/
5086435 |
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Mobile No.: |
91-751-2328374 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity shares |
Rs. 100/- each |
Rs. 150.000 Millions |
|
2500000 |
Preference Shares |
Rs.100/- each |
Rs.250.000 Millions |
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Total |
|
Rs.400.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1068275 |
Equity shares |
Rs. 100/- each |
Rs. 106.827 Millions |
|
2300000 |
Preference Shares |
Rs.100/- each |
Rs.230.000 Millions |
|
|
|
|
Rs.329.197 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
336.827 |
329.197 |
329.197 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1851.199 |
364.378 |
874.890 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2188.026 |
693.575 |
1204.087 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1377.763 |
|
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2] Unsecured Loans |
678.550 |
764.840 |
225.220 |
|
|
TOTAL BORROWING |
678.550 |
764.840 |
1602.983 |
|
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DEFERRED TAX LIABILITIES |
63.121 |
59.063 |
159.582 |
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|
|
|
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|
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TOTAL |
2929.697 |
1517.478 |
2966.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
876.029 |
807.857 |
1575.180 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
47.603 |
15.100 |
21.758 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.579
|
0.000 |
359.560 |
|
|
Sundry Debtors |
77.422
|
23.632 |
740.608 |
|
|
Cash & Bank Balances |
1024.093
|
0.930 |
217.669 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1563.165
|
1704.111 |
404.178 |
|
Total
Current Assets |
2667.259
|
1728.673 |
1722.015 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
661.189
|
1031.650 |
292.911 |
|
|
Provisions |
0.005
|
2.502 |
91.245 |
|
Total
Current Liabilities |
661.194
|
1034.152 |
384.156 |
|
|
Net Current Assets |
2006.065
|
694.521 |
1337.859 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Pre-Operative Expenses |
0.000 |
0.000 |
31.855 |
|
|
TOTAL |
|
|
|
|
|
|
2929.697 |
1517.478 |
2966.652 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3784.871 |
2440.201 |
6118.009 |
|
|
Other Income |
8408.861 |
7895.837 |
|
|
|
Total Income |
12193.732 |
10336.038 |
6118.009 |
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
2430.389 |
5440.541 |
306.921 |
|
|
Provision for Taxation |
-- |
-- |
(3.677) |
|
|
Profit/(Loss) After Tax |
2430.389 |
5440.541 |
310.598 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
746.068 |
513.813 |
|
|
|
Payment to Auditors |
20.000 |
68.000 |
|
|
|
Interest |
3917.152 |
626.746 |
|
|
|
Insurance Expenses |
37.069 |
14.076 |
|
|
|
Power & Fuel |
406.449 |
301.332 |
|
|
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Depreciation & Amortization |
3060.504 |
2789.824 |
|
|
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Other Expenditure |
1576.101 |
581.706 |
|
|
Total Expenditure |
9763.343 |
4895.497 |
5811.087 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
19.93
|
52.63 |
5.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
64.21
|
222.95 |
5.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68
|
2.14 |
9.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.11
|
7.84 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
2.59 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.03
|
1.67 |
4.48 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This Form is for |
Creation of charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate identity
number of the company |
L00221MP1981PLC001714 |
|
Name of the
company |
WRITERS AND PUBLISHERS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 280,
Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad, Gujarat,
India |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Rabo India
Finance Private Limited 1-A, Janpath, New
Delhi 110001, India |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds for creation of joint mortgage |
|
Date of
instrument Creating the charge |
12.12.2006 |
|
Amount secured by
the charge |
Rs. 1400 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest 9% per annum on
the Term Loan of Rs. 1400 Millions transferred to DB Corporation Limited as
per the Order of Hon’ble High Court of Gujarat dated 10.10.2006 regarding de
merger of the publishing business of Writers and Publishers Limited into DB
Corp Limited [b] For Term Loan
of Rs. 1400 Millions of DB Corporation Limited 18 equal quarterly
installments staring at the end of 9 months from dated of first drawdown. [c] Margin NA [d] Extent and
operation of the charge To secure the
Term loan of Rs. 1400 Millions of DB Corporation Limited. The charge extends and operates on the
properties of the Company situated at Noida, Jaipur, Indore, Bhopal,
Chandigarh as specified in Memorandum of Deposit of title on paripassu basis
with YES Bank Limited for its Term
Loan of Rs. 700 Millions. [e] others The Term Loan of
Rs. 1400 Millions which had been the Term Loan of the Company is the Term Loan
of DB Corporation Limited w.e.f.
12.12.2006 pursuant to the scheme of arrangement sanctioned by Hon’ble High Court of Gujarat vide its order
dated 10.10.2006. |
|
Short particulars
of the property charged |
Properties
situated at Noida, Jaipur, Indore, Bhopal, Chandigarh as specified in the
Memorandum of Deposit of Title deeds for creation of Joint Mortgage. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
|
Name of the company |
WRITERS AND
PUBLISHERS LIMITED |
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|
Presented By |
Pooja Katare – Company
Secretary |
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|
1) Date and description of instrument creating the change |
Agreement for Cash Credit dated 15.01.1999 |
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|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the Borrower’s present and future book debts, outstanding moneys, receivables,, claims, engagements, securities, investments, rights and assets shall be hypothecated for bank and also secured by mortgage on Company’s land situated at 6, Press Complex, M. P. Nagar, Bhopal by way of deposit of title deeds and shall rank pari passu with MPFC. The mortgage will continue till repayment of the loan. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 16.25% + Interest Tax |
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5) Name and Address and description of the person entitled to the charge. |
State bank of Indore, Shahapura, Bhopal |
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6) Date and brief description of instrument modifying the charge |
Joint Deed of hypothecation, working capital consortium Agreement and Joint Equitable mortgage dated 10.01.2006 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Working Capital Consortium Agreement executed amongst the company and State Bank of Indore and State Bank of Maharashtra Limit : Increase in fund based Working Capital limit from Rs. 500 Millions to Rs. 700 Millions by State Bank of Indore and from Rs, 73.500 Millions to Rs. 100 Millions by Bank of Maharashtra as under :
. Security : a] Primary : Hypothecation of entire current assets of the Company. b] Collateral:
Second pari passu bypothecation charge over entire fixed assets of the
Company situated at Noida,
Jaipur, Indore, Bhopal, Chandigarh, Ahmedabad, Surat and Vadodara. c] Guarantee: Corporate Guarantee
of Bhaskar Publications and Allied Industries Private Limited and personal
guarantee of R. C. Agarwal, Sudhir Agarwal, Shri. Girish Agarwal and Shri.
Pawan Agarwal |
|
Name of the company |
WRITERS AND
PUBLISHERS LIMITED |
|
Presented By |
Mr. R.C. Agarwal/ Mr. Sudhir
Agarwal, Director |
|
1) Date and description of instrument creating the change |
Agreement for hypothecation of Plant and Machinery and other fixed asserts dated 30.06.2004 and memorandum of entry dated 11.07.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.115.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Primary security – hypothecation of plant and machinery existing and future, relating to Surat project. Equitable mortgage of land and building acquired/ constructed at Surat. Collateral – Extension of charge on entire current assets fof the company. Extension of 2nd pari passu charge on the fixed assets fof the company at 6, M.P. Nagar, Bhopal, already charged to us to secure the working capital facilities. Corporate Guarantees of Bhaskar Graphic and Allied Industries Private Limited Perswonal Guarantees of Mr. R. C. Agarwal, Mr. Sudhir Agarwal, Mr. Girish Agarwal and Mr., Pawan Agarwal |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The advances shall be utilised only for the purchase of land, factory and office building, plant and machinery including DG set, Electricals and for no other purpose. Advance repayable in 26 quarterly instalments (2 quarterly instalment of Rs.2.500 millions each. 4 quarterly instalments of Rs.4.500 millions each and 16 quarterly instalments of Rs.5.000 millions each) plus interest. First instalment shall be due o0n 31.12.2005 Interest shall be payable at the rate of 1% above BPLR + 0.50% premium i.e. 12.25% p.a. payable monthly. The whole advance to become repayable forthwith in the event of violations of conditions specified. Borrower not to create any other charge, security or lien without the written consent of the bank. Borrower to insure the property charged |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Indore, Shahapura, Bhopal |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
|
Name of the
company |
WRITERS AND
PUBLISHERS LIMITED |
|
Presented By |
Pooja Katare – Company
Secretary |
|
1) Date and
description of instrument creating the change |
Agreement of Cash Credit dated 12.04.1998 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.30.000 millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All the Borrower’s present and future book debts, outstanding moneys, receivables,, claims, engagements, securities, investments, rights and assets of hypothecation of book debts, charge over fixed assets and 2nd charge over the fixed assets at Jaipur |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Margin 50% Interest @ 16.25%p.a. + Interest Tax |
|
5) Name and
Address and description of the person entitled to the charge. |
State bank of Indore, Shahapura, Bhopal |
|
6) Date and brief description of instrument modifying
the charge |
Agreement of Cash Credit – Hypothecation of Debts and Assets dated 15.12.2004 |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Limit : Increase in limit by Rs.100 millions aggregating to Rs.320 millions Further Security : Hypothecation of entire current assets of the company lyingh at Bhopal, Raipur, Bilasour, Noida, Jodipur. 2nd charge of conm[pany’s fixed assets at Jaipur, Bhopal, chandigarh Personal Guarantees fo Mr. Ramesh ?Chandra Agarwal, Mr. Sudhir Girish Agarwal, Corporate Guarantees of Bhaskar Graphics and Printing Arts Limited and Bhaksar Publications and Allied Industries Private Limited Margin 35% Interest on cash credit 3.25% below BPLR 7.5% for the present payable : Monthly. |
|
Name of the company |
WRITERS AND
PUBLISHERS LIMITED |
|
Presented By |
Mr. R.C. Agarwal, Director |
|
1) Date and description of instrument creating the change |
The 26.12.1995. No Formal agreement has been executed by the company. The charge has been created by simple deposit of title deeds with State Bank of India, Industrial Financial Branch, Bhopal to secure the overall limit of Rs.96.400 millions guaranteed to Bhaskar Industries Limited, a group company |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Overall limit of Rs.96.400 millions comprising Term Loan of Rs.40 millions, cash credit limit of Rs.41.4 millions and Bank Guarantee limit of Rs.15 millions repayable and dischargeable by Bhaskar Industries Limited to the Bank in terms of the Agreement of loan dated 26.12.1995 |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable mortgage of land and building of the company located at Plot No.220B, Phase II, Industrial Estate, Noida as Collateral security |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Charge operates inter alia as security for the due repayment of and discharge by Bhaskar Industries Limited of Rs.96.4 millions and of the charge, interest, cost and other moneys due to the Bank in terms of the said agreement. The charge created under the said agreement is to be a continuing security till its satisfaction of the charge |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Commercial Branch, Local Head Office Premises, Hosheangabad Road, Bhopal |
|
6) Date and brief description of instrument modifying the charge |
13.05.2005. No instrument was executed A mortgage by deposit f title deeds was created by the company in favour of SBI of overall revised limit of Rs.561 millions comprising f Cash credit of Rs.167 millions Term Loan Rs.275 millions, Bank guarantee Limit of Rs.2 millions LC Limit Rs.40 millions A certified copy of the recirtal is enclosed. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The overall limit of Rs.96.4 millions payable by Bhaskar Industries Limited to SBI in terms of said Loan Agreement dated 26.12.1998, 19.06.2000, 22.10.2001, 25.11.2002 charge is now modified to secure the enhanced limit of Rs.561 millions by the said mortgage by constructive delivery of the title deeds, created by the company on 13.05.2005 in favour of SBI. |
BUSINESS
Subject is a
Printer and Publisher of `Dainik Bhaskar' Daily Newspaper in Hindi, simultaneously
published from Bhopal, Gwalior, Indore, Jabalpur, Bilaspur, Raipur, Srinagar,
Kota, Udaipur, Bikaner and Ajmer.
The scheme of
Amalgamation of Bhaskar Graphic and Printing Arts Limited (BGPL) with the
company has been approved by the Honarable High court of Madhya Pradesh, Indore
Bench on 30.11.2004. The erstwhile Bhaskar Graphic and Printing Arts Limited
(BGPL) stands merged with the company with effect from 01.04.2004. The annual
report of Writers and Publishers Limited has been prepared after giving effect
to the amalgamation.
Amalgamation of Bhaskar Graphic and Printing
Arts Limited with the company:
The company Bhaskar
Graphic and Printing Arts Limited has been merged with the company by the order
of honerable High Court of Madhya Pradesh, Indore Bench on 30.11.2004. In terms
of the Scheme of Amalgamation of the Company issued and allotted 357630 Equity
shares of Rs.100/- each to the members of the erstwhile Bhaskar Graphic and
Printing Arts Limited.
Due to the
Amalgamation of Bhaskar Graphic and Printing Arts Limited with the company the
profits of the company for this year has been increased Profit after tax for
this year amounts to Rs.226.921 millions in comparison of the last year, which
was Rs.152.458 millions. The total Turnover during the year stands at
Rs.6118.009 millions in comparison to the last year which stood at Rs.2155.803
millions.
Website Details :
Bhaskar Group is a 17000 millions business conglomerate
with strong presence in Newspapers. Television, Entertainment, Printing,
Textiles, Fast Moving Consumer Goods, Oils, Solvents and Internet
Services.
The
group has rocketed to the top of the print media industry in India with its
flagship Hindi daily newspaper, Dainik Bhaskar, and the Gujarati
newspaper, Divya Bhaskar.
Brand 'Bhaskar' is today synonymous with success, quality, dynamism and ethics
in millions of households across India and the corporate world
alike.
Dainik Bhaskar -
Hindi News Paper
The family flagship newspaper Dainik Bhaskar achieved leadership position in the state of Madhya Pradesh in 1992. In 1996, Rajasthan became the focus of the group and Jaipur edition was launched in December 1996 followed by six other editions in the State of Rajasthan and established No.1 position in the state. The Jaipur launch of Dainik Bhaskar has become a "case study" in the leading business schools of India.
After achieving leadership position in Rajasthan, the group decided to enter
the Chandigarh market and launched its edition in June 2000. The challenge in
Chandigarh was unique. It was the only city in India where English had more
readership than vernacular dailies. The challenge was that Hindi was just not
being read.
Dainik Bhaskar changed this pattern and is now the largest read newspaper in Chandigarh. After the success in Chandigarh, the group launched its edition in the state of Haryana to empower the north and now people of Haryana have their "own newspaper" Dainik Bhaskar, which is the No. 1 in all the state of its presence with a circulation of 2.3 millions per day.
The Bhaskar Group Launched its Gujarati newspaper "Divya Bhaskar" in
June 2003 from Ahmedabad. In just three years of its time Divya Bhaskar covers
the entire state of Gujarat with 5.5 millions of readers (NRS 06). Divya
Bhaskar is also acclaimed as No. 1 newspaper in Gujarat (NRS 06).
Divya Bhaskar also Launched its international edition in May 2004
Dainik
Bhaskar is published from following centers
Ø
Madhya
Pradesh
Ø
Bhopal
Ø
Indore
Ø
Gwalior
Ø
Jabalpur
Ø
Satna
Ø
Chattisgarh
Ø
Raipur
Ø
Bilaspur
Ø
Rajasthan
Ø
Jaipur
Ø
Jodhput
Ø
Udaipur
Ø
Ajmer
Ø
Bikaner
Ø
Kota
Ø
Shriganganagar
Ø
Haryana
Ø
Panipat
Ø
Hisar
Ø
Faridabad
Ø
gurgaon
Ø
Chandigarh
Ø
Chandigarh
and Himachal Pradesh
Ø
Gujarat
( Divya Bhaskar )
Ø
Ahmedabad
Ø
Baroda
Ø
Surat
Ø
Bhavnagar
Ø
Rajkot
Ø
Mumbai
Ø
Uttar
Pradesh
Ø
Jhansi
Ø
Maharashtra
Ø
Nagpur
More
than 35,00,000 copies are circulated from the above mentioned editions every day
whereas in 1992, 2,28,000 copies were circulated in Madhya Pradesh and Uttar
Pradesh.
According
to the recent NRS Survey 2006, Bhaskar Group of Newspapers has been described
as the Number One newspaper (all languages) in the country. It is the largest
read newspaper group with 26.5 millions readers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.41 |
|
UK Pound |
1 |
Rs. 79.81 |
|
Euro |
1 |
Rs. 57.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|