MIRA
INFORM REPORT
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Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MANIPAL MEDIA NETWORK LIMITED |
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Formerly Known As : |
MANIPAL PRINTERS
AND PUBLISHERS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.12.1948 |
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Com. Reg. No.: |
08-1159 |
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CIN No.: [Company
Identification No.] |
U22221KA1948PLC001159 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM00134B |
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Legal Form : |
A closely public limited liability company. |
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Line of Business : |
Printing and Publishing of Newspapers and Magazines. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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 520000 |
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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 an established company of well known educationalists of
Syndicate Bank which was nationalised in year 1969. They run several
educational institutes at Manipal. Available information indicates high financial
responsibility of the company. Their trade relations are fair. Payments are
correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office / Press Premises : |
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Tel. No.: |
91-820-2571151- 59 |
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Fax No.: |
91-820-2570563 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. fts. – Owned |
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Branches : |
Located at :-
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DIRECTORS
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Name : |
Mr. Tonse Satish Upendra Pai |
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Designation : |
Director |
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Address : |
No. 38, Anant Nagar, Manipal, Udupi – 576104, |
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Date of Birth/Age : |
26.11.1941 |
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Date of Appointment : |
11.08.1969 |
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Name : |
Mr. Tonse Mohandas Pai |
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Designation : |
Director |
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Address : |
Anant Nagar, Manipal, Udupi – 576104, |
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Date of Birth/Age : |
20.06.1933 |
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Date of Appointment : |
06.01.1954 |
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Name : |
Mr. Tonse Ashok Pai |
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Designation : |
Director |
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Address : |
14 Anant Nagar, Manipal, Udupi – 576104, |
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Date of Birth/Age : |
01.11.1948 |
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Date of Appointment : |
20.01.1975 |
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Name : |
Dr. Ramdas Madhav Pai |
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Designation : |
Director |
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Address : |
Geetanjali, Manipal, Udupi – 576104, |
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Date of Birth/Age : |
17.09.1935 |
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Date of Appointment : |
14.08.1973 |
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Name : |
Mr. Tonse Gautam Pai |
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Designation : |
Whole Time Director |
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Address : |
No. 38, Anant Nagar, Manipal, Udupi – 576104, |
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Date of Birth/Age : |
26.09.1974 |
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Date of Appointment : |
01.11.2006 |
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Other Directorship : |
Manipal Press Limited U22219KA2000PTC026222 Sharath Investments Private Limited U67120KA1983PTC005626 Zeta Infotech Private Limited U64202KA1997PTC022991 Primacy Industries Private Limited U24242KA2004PTC034633 |
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Partnership held in partnership firm : |
Hosali Enterprises Press Corner, Manipal – 576104, |
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Name : |
Mr. Madhavdas Nalpat |
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Designation : |
Director |
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Address : |
U 26 C / 8, DLF Qutab, Enclave, Gurgaon – 112002, |
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Date of Birth/Age : |
23.12.1949 |
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Date of Appointment : |
25.08.2000 |
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Name : |
Dr. Belle Monappa Hegde |
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Designation : |
Direct |
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Address : |
‘Manjunath’, Chilimbi Hill Bijai, Mangalore, South Kanara – 575004, |
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Date of Birth/Age : |
18.08.1939 |
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Date of Appointment : |
25.08.2000 |
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Name : |
Dr. S M Valiathan |
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Designation : |
Director |
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Address : |
KMC Quarters No. 247, |
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Date of Birth/Age : |
24.05.1934 |
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Date of Appointment : |
03.04.2002 |
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Name : |
Mr. Shivanand Shetty |
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Designation : |
Director |
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Address : |
A 1401 Kanthi Apartments, |
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Date of Birth/Age : |
15.10.1945 |
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Date of Appointment : |
07.06.2002 |
KEY EXECUTIVE
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Name : |
Mr. Katappady Ramdas Shenoy |
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Designation : |
Secretary |
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Address : |
Swasthika, Corporation Bank Road, Udupi – 576101, |
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Date of Birth/Age : |
03.02.1924 |
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Date of Appointment : |
26.08.1980 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Tonse Mohandas
Pai |
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366495 |
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T. Satish U. Pai |
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14117509 |
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Madhav Ramdas Pai |
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370533 |
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Tonse Ashok Pai |
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3853529 |
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K. K. Pai |
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55580 |
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T. Gautam Pai |
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1240947 |
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Sharath
Investments Private Limited |
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3586746 |
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Shivally
Investments Company Private Limited |
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4446380 |
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Nandana Pai |
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12281 |
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Total |
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28050000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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28.64 % |
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Directors or relatives of directors |
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71.36 % |
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Total |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Printing and Publishing of Newspapers and Magazines. |
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Brand Names : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Standard Newsprint and Glazed Newsprint |
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Countries : |
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Terms : |
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Selling : |
Local Market : Advance or deposits from agent terms |
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Purchasing : |
L/C, D/A, Cash or Credit (180 days) terms |
GENERAL INFORMATION
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No. of Employees : |
192 |
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Bankers : |
v
Syndicate Bank Manipal Main Branch, Manipal – 576 104, Tel No. 91-8252-2570918 v
Vijaya Bank K.
M. Marg, Udupi – 576 101, Karnataka Tel No. 91-8252-2522972 v
Union Bank of Tel No. 91-80-2271779 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sri Ramulu Naidu and Company Chartered Accountants |
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Address : |
II Floor, Rambhavan Complex, Kodialbail, Mangalore – 575003, |
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Associates/Subsidiaries : |
Manipal – 576 104, Karnataka --Printing of Security Items
CIN No.: U22219KA2000PLC026222 Manipal – 576 104, Karnataka --Printing and Publishing
--Printing of Security Items
--Printing of Security Items
--Printing of Security
Items |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12,50,00,000 |
Equity Shares |
Rs. 2/- each |
Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,80,50,000 |
Equity Shares |
Rs. 2/- each |
Rs. 56.100
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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56.100 |
56.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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75.367 |
66.201 |
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NETWORTH |
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131.467 |
122.301 |
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LOAN FUNDS |
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1] Secured Loans |
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156.883 |
141.535 |
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2] Unsecured Loans |
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98.449 |
86.447 |
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TOTAL BORROWING |
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255.332 |
227.982 |
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DEFERRED TAX LIABILITIES |
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36.054 |
35.709 |
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TOTAL |
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422.853 |
385.992 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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231.971 |
231.477 |
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INVESTMENT |
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39.524 |
19.583 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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82.554 |
60.788 |
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Sundry Debtors |
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125.831 |
112.296 |
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Cash & Bank Balances |
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10.787 |
8.694 |
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Loans & Advances |
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36.171 |
29.456 |
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Total
Current Assets |
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255.343 |
211.234 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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88.542 |
63.931 |
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Provisions |
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17.817 |
15.565 |
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Total
Current Liabilities |
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106.359 |
79.496 |
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Net Current Assets |
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148.984 |
131.738 |
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MISCELLANEOUS EXPENSES |
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2.374 |
3.194 |
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TOTAL |
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422.853 |
385.992 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.75 |
2.51 |
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Current Ratio (Current Asset/Current Liability) |
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2.40 |
2.66 |
LOCAL AGENCY FURTHER INFORMATION
Subject was originally incorporated under the name and style of Express
Printers Private Limited and was changed to Manipal Printers & Publishers
Private Limited w.e.f. 3rd April 1956.
Subject became deemed public limited company w.e.f. 1st
April, 1982.
The company’s name was again changed to present w.e.f. 28th
June, 2000.
It is in trade terms with:
- Holmen
- Trigon Gulf
FZC,
- Sri Venkatesa
Papers & Boards Limited, Madathukulam Tamilnadu
- The Mysore
Paper Mills Limited,
- Intercontinental
- The State
Trading Corporation of India Limited,
- Times of India
Group,
- Departments
of The State Government of Karnataka
- Departments
of The Government of
- Triqon Gulf
FZE, Jabal Ali,
The company diversified into the business of TV Channel, relaying TV
Programmes, Video Films and Development of required Programmes.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U22221KA1948PLC001159 |
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Name of the
company |
MANIPAL MEDIA NETWORK LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
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Particular of
charge holder |
Syndicate Bank Manipal Main Branch, Manipal – 576 104, |
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Nature of
description of the instrument creating or modifying the charge |
Composite hypothecation agreement dated 02.06.2007 Confirmation of creation of second / subsequent equitable mortgage
dated 02.06.2007 |
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Date of
instrument Creating the charge |
02.06.2007 |
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Amount secured by
the charge |
Rs. 197.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 12 %
p.a. being 1 % below Syndicate Bank’s prime lending rate [PLR] Terms of
repayment Repayable on Demand
Margin Margin applicable
for working capital Extent operation
of the charge Charge extends on
all the aforesaid assets throughout the period of sanctioned limit by way of
first charge. |
AS PER WEBSITE
Subject is an integrated media company that provides information and
entertainment to a large Kannada audience.
It publishes and prints the popular Kannada daily Udayavani; the weekly
family magazine Taranga; the Kannada film magazine Roopatara and
the literary Tushara.
In early 2002, Subject also started television software production for Kannada
channel
E Tv, making it the first and only indigenous media house in Karnataka to have
a presence across all three media—print, television and Internet.
Udayavani is printed in three
editions—Manipal,
The leading daily in Coastal Karnataka for over 25 years, Udayavani is the
preferred choice of advertisers and readers for exchanging information.
Classifieds in Udayavani are printed under the categories of Matrimonials,
Weddings & Anniversary messages, Birthday messages and Obituaries.
Real Estate, Recruitment, Vehicles, Change of Name and other Ads are also
featured regularly.
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 records 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.39.79 |
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|
1 |
Rs.81.62 |
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Euro |
1 |
Rs.56.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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 |
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