MIRA
INFORM REPORT
|
Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE HIND SAMACHAR
LIMITED |
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Registered Office : |
207-R, Model
Town, Jalandhar – 144003, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.08.1949 |
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Com. Reg. No.: |
16-1529 |
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CIN No.: [Company
Identification No.] |
U22121PB1949PLC001529 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04710G |
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PAN No.: [Permanent
Account No.] |
AAIPC6242Q |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
Traders and
Publishers of Newspaper. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2600000 |
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Status : |
Very Goods |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed publishers of newspapers and periodicals. Directors
are reported as experienced and respectable businessmen. Trade relations are fair. Payments are however reported as slow but
correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
207 – R, Model
Town, Jalandhar - 144003, Punjab, India |
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Tel. No.: |
91 – 181 – 2280104 to 6 |
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Press : |
91 – 181 – 2280106 |
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Fax No.: |
91 – 181 – 2280113 / 2280111 |
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E-mail : |
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Area : |
500 sq. mtrs. |
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Location : |
Owned |
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Head
Office/Mines : |
Hind Samachar
Street, Pucca Bagh, Civil Lines, Jalandhar - 144 001, Punjab, India |
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Tel. No.: |
91 – 181 – 2280104 to 6 |
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Fax No.: |
91 – 181 – 2280113 / 2280111 |
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Area : |
15000 sq. mtrs. |
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Location : |
Owned |
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Branches : |
Located at :
·
Kolkata
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DIRECTORS
|
Name : |
Mr. Vijay Kumar Chopra |
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Designation : |
Chairman & Managing
Director |
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Address : |
Model Town, Jalandhar, Punjab |
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Date of
Birth/Age : |
56 years |
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Qualification
: |
Graduate |
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Experience : |
35 years |
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Name : |
Mr. Ashwani Kumar
Chopra |
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Designation : |
Director |
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Address : |
Model Town, Jalandhar, Punjab |
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Date of
Birth/Age : |
39 years |
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Qualification
: |
MBA |
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Experience : |
10 years |
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Name : |
Mr. Tilak Raj
Suri |
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Designation : |
Director |
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Name : |
Mr. Bhag Singh
Sidhu |
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Designation : |
Director |
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Name : |
Mrs. Sudarshan
Chopra |
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Designation : |
Director |
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Address : |
Model Town, Jalandhar, Punjab |
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Date of
Birth/Age : |
53 years |
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Qualification
: |
Graduate |
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Name : |
Mrs. Swadesh
Chopra |
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Designation : |
Director |
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Name : |
Mr. Avinash
Chopra |
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Designation : |
Director |
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Address : |
Model Town, Jalandhar, Punjab |
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Qualification
: |
Graduate |
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Experience : |
7 years |
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Name : |
Mr. Amit Chopra |
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Designation : |
Director |
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Address : |
Model Town,
Jalandhar, Punjab |
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Qualification
: |
Graduate |
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|
Name : |
Mr. Arvind Chopra |
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Designation : |
Director |
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Address : |
Model Town,
Jalandhar, Punjab |
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Qualification
: |
Graduate |
SHAREHOLDING
PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Directors and
their family members |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Traders and
Publishers of Newspaper. |
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Products : |
☻
Newspaper Publishing |
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Brand Names : |
“Punjab Kesari”,
“Jag Bani”, “Hind Samachar” |
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Agencies Held
: |
Carrier Aircone |
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Exports to : |
U.K., U.S.A.,
Canada, South Africa, Nepal and Sri Lanka [Punjab Kesri] |
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Imports from : |
Canada,
Scandenevia, Russia, Singapore, USA and Germany [Papers] |
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Terms : |
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Selling : |
Cash and Credit
(60/90 days) |
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Purchasing : |
Cash and Credit
[60 days] |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Actual Production |
|
Newspaper |
|
Copies |
300000 per day |
GENERAL
INFORMATION
|
Suppliers : |
˜
Mysore Paper
Mills Limited ˜
Hindustan
Newsprints Limited ˜
Nepa
Limited, Nepa Nagar ˜
Coates of
India Limited ˜
Rama
Newsprint Limited, Surat, Gujarat ˜
Shree Rajeshwaranand
Paper Mills Limited |
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Customers : |
Local Customers Retailers Wholesalers End Users Government Bodies |
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No. of
Employees : |
700 |
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Bankers : |
Ø Punjab & Sind Bank, Jalandhar Ø Union Bank of India Ø State Bank of India, Jalandhar Ø Punjab National Bank, Jalandhar Ø Bank of India Ø Bank of Punjab Limited, Civil Lines,
Jalandhar, Punjab |
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Facilities : |
Credit Limits : Punjab National
Bank :Rs. 20.000 millions Punjab & Sind
Bank : Rs. 15.000 millions |
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Banking
Relations : |
Unknown |
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Auditors : |
S. C. Vasudeva
and Company Chartered
Accountants, E-1, Connaught
Place, New Delhi-110001 Tel. No. :
91-11-23328655 S. C. Vasudeva
and Company Chartered Accountants, Raj TPT Bldf,
Gill Road, Ludhiana |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34700 |
‘A’ class Equity
Shares |
Rs. 100/- each |
Rs. 3.470 millions |
|
3000 |
‘B’ class Equity
Shares |
Rs. 10/- each |
Rs. 0.030 million |
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Total |
|
Rs. 3.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
3.000 |
3.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
654.474 |
462.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
657.474 |
465.500 |
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LOAN FUNDS |
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1] Secured Loans |
|
257.167 |
78.000 |
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2] Unsecured Loans |
|
72.568 |
23.000 |
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TOTAL BORROWING |
|
329.735 |
101.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
987.209 |
566.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
226.100 |
525.600 |
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Capital work-in-progress |
|
167.723 |
0.000 |
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INVESTMENT |
|
0.274 |
7.500 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
209.019 |
81.000 |
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Sundry Debtors |
|
419.052 |
4.900 |
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Cash & Bank Balances |
|
3.498 |
40.500 |
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Other Current Assets |
|
116.879 |
0.000 |
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Loans & Advances |
|
57.267 |
24.600 |
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Total
Current Assets |
|
805.715 |
151.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
314.178 |
124.600 |
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Provisions |
|
[101.575] |
0.000 |
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Total
Current Liabilities |
|
212.603 |
124.600 |
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Net Current Assets |
|
593.112 |
26.400 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
7.000 |
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TOTAL |
|
987.209 |
566.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
|
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|
Sales and Subscription |
|
753.279 |
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Advertisement Receipts |
|
1400.635 |
1660.500 |
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Other Income |
|
46.033 |
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Total |
|
2199.947 |
1660.500 |
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Profit/(Loss) Before Tax |
|
[109.389] |
168.500 |
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Provision for Taxation |
|
3.600 |
42.000 |
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Profit/(Loss) After Tax |
|
[112.989] |
126.500 |
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Import Value |
|
NA |
35.000 |
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Expenses |
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Direct Publication Expenses |
|
1497.560 |
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Personnel Expenses |
|
34.904 |
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Administration and other Charges |
|
76.108 |
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Financial Expenses |
|
27.146 |
1492.000 |
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Selling and Distribution Expenses |
|
537.217 |
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Depreciation |
|
20.638 |
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Other Expenses |
|
115.763 |
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Total Expenditure
|
|
2309.336 |
1492.000 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[5.14] |
7.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[14.52] |
10.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[10.60] |
24.90 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
[0.17] |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.82 |
0.48 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.79 |
1.21 |
LOCAL AGENCY
FURTHER INFORMATION
The company is
trading as “Punjab Kesari”.
Trade Reference :
Carrier Aircone
Limited
The following are
the Newspapers published by the company :
˜
Daily Punjab
Kesari (Hindi)
˜
Daily Jag Bani
(Punjabi)
˜
Daily Hind
Samachar (Urdu)
Fixed Assets
- Land
- Plant & Machinery
- Building
- Furniture & Fixtures
- Building Under Construction
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.42.16 |
|
UK Pound |
1 |
Rs.82.28 |
|
Euro |
1 |
Rs.65.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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/normal. |
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 |
|