MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAGATI PUBLICATIONS PRIVATE LIMITED |
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Registered Office : |
8-2-696, Carmel Point, Road No: 12, Banjara Hills, Hyderabad
– 500 034, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.11.2006 |
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Com. Reg. No.: |
051651 |
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CIN No.: [Company
Identification No.] |
U22212AP2006PTC051651 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDJ01525G |
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PAN No.: [Permanent
Account No.] |
AABCJ7667G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a new publisher of Sakshi, a Telgu Newspaper. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 2512000 |
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Status : |
New company |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a new publisher of Sakshi, a Telugu Newspaper. The company
has a strong capital base. Trade relations are fair. No complaints have been
heard from market sources. The company can be considered for small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
8-2-696, Carmel Point, Road No: 12, Banjara Hills,
Hyderabad – 500 034, Andhra Pradesh, India |
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Tel. No.: |
91-40-23303829/ 23304284/ 23327195 |
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Fax No.: |
91-40-23305113 |
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E-Mail : |
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Corporate Office : |
8-2-120/86/3, Plot No.G1, Krishna Sindhu Residency, Road No.3, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India
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DIRECTORS
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Name : |
Mr. Y.S. Jagan Mohan Reddy |
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Designation : |
Director |
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Address : |
269/ S/ 98, Sagar Society, Road # 2, Banjara
Hills, Hyderabad – 500 034, Andhra Pradesh, India |
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Date of Birth/Age : |
21.12.1972 |
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Date of Appointment : |
21.06.2007 |
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Name : |
Mr. Harish C. Kamarthy |
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Designation : |
Director |
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Address : |
8C, 1st Main, IAS Colony, HSR Layout, Bangalore – 516 390,
Andhra Pradesh, India |
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Date of Birth/Age : |
27.11.1968 |
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Date of Appointment : |
14.11.2006 |
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Name : |
Mr. J. Jagan Mohan Reddy |
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Designation : |
Director |
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Address : |
Nabikota, Ravindra Nagar, Kadapa – 516 390, Andhra Pradesh, India |
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Date of Birth/Age : |
15.06.1971 |
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Date of Appointment : |
14.11.2006 |
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Name : |
Mr. Y.E. Prasada Reddy |
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Designation : |
Director |
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Address : |
Plot No. 424, Road # 78, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
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Date of Birth/Age : |
26.09.1957 |
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Date of Appointment : |
21.06.2007 |
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Name : |
Mr. S. Ramakrishna Reddy |
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Designation : |
Director |
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Address : |
72, GF 1, Meadoscort, Ashwini Layout, Road# 70, Jubilee Hills,
Hyderabad – 500 033, Andhra Pradesh, India |
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Date of Birth/Age : |
16.06.1958 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. K. Raja Prasad Reddy |
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Designation : |
Director |
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Address : |
Flat # 405, SMR Majestic, Road 3 2, Jupitor Colony, Sikh Village,
Hyderabad – 500 009, Andhra Pradesh, India |
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Date of Birth/Age : |
12.09.1956 |
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Date of Appointment : |
17.07.2007 |
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Name : |
Mr. V. Vijaysai Reddy |
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Designation : |
Director |
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Address : |
S 19, TNHB Apartment, 4, Luz Church Road, Mylapore, Chennai – 600 004,
Tamilnadu, India |
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Date of Birth/Age : |
12.09.1956 |
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Date of Appointment : |
17.07.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.08.2007
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Names of Shareholders |
No. of Shares |
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Harish C. Kamarthy |
7000 |
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J. Jagan Mohan Reddy |
3000 |
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Carmel Asia Holdings Private Limited |
50035800 |
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Total |
50045800 |
As on 27.08.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
99.98 |
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Directors
or relatives of directors |
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0.02 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a new publisher of Sakshi, a Telgu Newspaper. |
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
S P Associates Chartered Accountants |
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Address : |
18, Anna Avenue, Kasturba Nagar, Adyar, Chennai – 600 020, Tamilnadu,
India |
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Holding Company : |
Carmel Asia Holdings Private Limited CIN No.: U65993KA2005PTC037807 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50045800 |
Equity Shares |
Rs.10/- each |
Rs.500.458
millions |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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500.458 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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1.852 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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502.310 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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502.310 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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101.444 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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399.283 |
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Other Current Assets |
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0.609 |
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Loans & Advances |
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1.500 |
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Total
Current Assets |
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401.392 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.965 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.965 |
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Net Current Assets |
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400.427 |
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MISCELLANEOUS EXPENSES |
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0.439 |
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TOTAL |
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502.310 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Interest received on Fixed Deposits |
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2.796 |
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Other Income |
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0.000 |
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Total Income |
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2.796 |
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Profit/(Loss) Before Tax |
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2.796 |
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Provision for Taxation |
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0.944 |
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Profit/(Loss) After Tax |
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1.852 |
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Total Expenditure |
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0.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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66.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
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100.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.56 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.00 |
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Current Ratio (Current Asset/Current Liability) |
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415.95 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U22212AP2006PTC051651 |
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Name of the
company |
JAGATI PUBLICATIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
8-2-696, Carmel Point, Road No: 12, Banjara Hills,
Hyderabad – 500 034, Andhra Pradesh, India |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Oriental Bank of Commerce, Plot No.52, Road No.5, Venkatagiri Colony,
Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India E-Mail: bm0924@obc.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Assets |
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Date of
instrument Creating the charge |
23.01.2008 |
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Amount secured by
the charge |
Rs.400.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
PLR+3%, present PLR 13.25% Terms of
Repayment: validity 1 year. Margin: 25% in
the shape of un-encumbered duly discharged FDRs/ CDRs (along with interest
thereon) Extent and
Operation of the charge:
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Short particulars
of the property charged |
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PROJECT STATUS:
The company is envisaging the launch of a Telugu
daily New Paper named “SAKSHI”.
The Sakshi launch is intended from 19 centers
and 20 printing locations simultaneously in the state of Andhra Pradesh.
Looking to the massive nature of the project till now, no other news paper in
the world has launched so many numbers of centers simultaneously at one go.
The project is in stage of implementation with
the advanced Plant and Machinery at all centers. The hi-technology with fully
computerized pre-press and fully automated printing machinery with all the
colour and automated post press shall enable the smooth dispatch of the paper.
The key personnel are in the erection of the
machinery at all centers and supervise the implementation in the pre-planned
scheduled. The establishment of the subscriber network is biggest task on which
the resources are already placed.
The management is looking forward to launch
with a big bang in the market and would call for all the wishes of the
shareholders and employees.
FINANCE:
The company has raised share capital of Rs.500.458
millions by way of allotting 50045800 equity shares of Rs.10/- each.
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.49.84 |
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UK Pound |
1 |
Rs.76.81 |
|
Euro |
1 |
Rs.64.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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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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29 |
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 |
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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 |
|
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 |
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<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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