MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
WESTLAND LIMITED |
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Registered Office : |
571 Karmaveerar Kamarajar Bhavan, Poonamalle High Road, Aminjikarai,
Chennai – 600029, Tamilnadu. |
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Country : |
India |
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Date of Incorporation : |
18.07.2007 |
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Com. Reg. No.: |
064265 |
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CIN No.: [Company
Identification No.] |
U22190TN2007PLC064265 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW03358F |
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PAN No.: [Permanent
Account No.] |
AAACW7482K |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Importer of Books |
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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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 company and yet to prepare and file its first
financials with the Government Departments. Trade relations are fair. Scale
of activity is limited. No complaints have been heared from market sources. The company can be considered for small to mediocre business dealings.
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INFORMATION PARTED
BY
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Name : |
Mr.Prem Kumar Rao |
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Designation : |
Sr. Accountant |
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Date : |
31.10.2008 |
LOCATIONS
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Registered Office : |
571 Karmaveerar Kamarajar Bhavan, Poonamalle High Road, Aminjikarai,
Chennai – 600029, Tamilnadu, India. |
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Tel. No.: |
91-44-30580416 |
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Fax No.: |
91-44-30580417 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft. |
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Location : |
Rented |
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Branches : |
Located At: Chennai Tel: 91-44-42080417/18 pro@westland-tata.com Bangalore Tel: 91-80-26606048/26612243 Mumbai Tel: 91-22-28517129/30 Delhi Tel: 91-9212400248 / 43537537 Hyderabad |
DIRECTORS
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Name : |
Mr.Kolialum S. Padmanabhan |
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Designation : |
Whole-time Director |
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Address : |
No.2A, Gettu Apartments, No.4, Venkatapathy Street, Kilpauk, Chennai –
600010, Tamilnadu, India. |
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Date of Birth : |
26.09.1935 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
00587770 |
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Name : |
Mr.Jayasankar Subramaniam |
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Designation : |
Director |
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Address : |
A-2, Century Retreat, 23, Sterling, 1 Cross Street, Nungambakkam,
Chennai – 600034, Tamil Nadu, India. |
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Date of Birth : |
13.03.1958 |
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DIN No.: |
00109073 |
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Name : |
Mr.Himanshu Chakrawarti |
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Designation : |
Director |
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Address : |
Flat No. 1A and 2A, Rosemere, 18 Harrington Road, Chetpet, Chennai –
600031, Tamil Nadu, India. |
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Date of Birth : |
14.11.1966 |
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DIN No.: |
01196050 |
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Name : |
Mr.Sundar Rajan Gopalakrishnan |
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Designation : |
Director |
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Address : |
58-2, Ward No.24, Ganapathi Street, West Mambalam, Chennai – 600033,
Tamil Nadu, India. |
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Date of Birth : |
27.11.1966 |
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DIN No.: |
00998641 |
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Name : |
Mr.Sudhir W. Kamat |
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Designation : |
Director |
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Address : |
A/3, Borivali Lucky Apartment, Shanti Ashram, Eksar Road, Borivali
(West), Mumbai – 400103, Maharashtra, India. |
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Date of Birth : |
21.03.1954 |
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DIN No.: |
00109116 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Landmark Limited |
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2737175 |
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Mr. Himanshu Chakrawarti |
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1 |
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Ms. Hemalatha Ramaiah |
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1 |
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Mr.Jayasankar Subramanian |
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1 |
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Mr. Gautam Padmanabhan |
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95195 |
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Mr.K.S. Padmanabhan |
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1 |
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Mr. G. Sundarrajan |
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1 |
List of Allottees As on 31.03.2008
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Names of Allottees |
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No. of Shares |
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Landmark Limited and Regent Management Private Limited |
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2625 |
BUSINESS DETAILS
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Line of Business : |
Importer of Books |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (120 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
180 ( in office + in branches) |
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Bankers : |
HDFC House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013,
Maharashtra, India. |
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Banking Relations
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- |
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Auditors : |
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Name : |
Deloitte Haskins and Sell (for group company) Chartered Accountant Internal Audit S.K.Agarwal and Company Chartered Accountant Bangalore |
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Parent Company’s : |
Ø Land Mark
Limited – Nungambakkam Ø Trend
Enterprises Limited – Mumbai (Parent company of Land Mark Limited) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 1/- Each |
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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NA |
NA |
NA |
NA |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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400.000 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10113886 |
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Corporate
identity number of the company |
U22190TN2007PLC064265 |
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Name of the
company |
WESTLAND LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
571 Karmaveerar Kamarajar Bhavan, Poonamalle High Road,
Aminjikarai, Chennai – 600029, Tamilnadu, India. |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
HDFC Bank Limnited HDFC House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013,
Maharashtra, India. Srinivasan.venkataraman@hdfcbank.com CIN No.:- L65920MH1994PLC080618 |
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Nature of
description of the instrument creating or modifying the charge |
No separate instrument has been executed for creation of the charge as
equitable mortgage is an oral transaction. A copy of the Memorandum of
Extension of Mortgage recorded by the Bank dated 24.06.2008 is enclosed
herewith. |
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Date of
instrument Creating the charge |
24.06.2008 |
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Amount secured by
the charge |
Rs.70.000
Millions. |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Any such rate as
may be advised to the company from time to time in respect of the credit
facilities. Terms of repayment Repayable on
Demand Margin As may be
prescribed by the bank from time to time for the credit facilities. Extent and operation of the charge First exclusive
charge by extension of mortgage by constructive delivery of title deeds in
respect of immovable properties of the company described in the Attachment as
security for repayment of credit facilities granted/ to be granted to the
company aggregating to Rs. 70.000 Millions together with interest, costs,
charges and other dues any time hereafter may become due and owing to the
bank in respect of and under the credit facilities and interest and all the
other cost thereto. |
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Short particulars
of the property charged |
As per attachment |
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Particulars of
the present modification |
The credit
facilities granted to the company have also been further secured by extension
of mortgage by constructive delivery of title deeds in respect of immovable
properties of the company described in the attachment. |
Trade References
- Land Mark
Limited – Nungambakkam (Chennai)
- Higg Bodham
Private Limited – Chennai
AS PER WEB SITE
DETAILS
Company Profile
Subject
is a growing Indian trade publishing and distribution house, which includes
EastWest Books and the new Tranquebar Press. Westland publishes general trade
books: their list of titles includes books on food and cooking, spirituality
and self-help, health and wellness, popular fiction, history and architecture,
general reference, travel and a host of other subjects. The group has several
decades of experience in book retail and distribution, and to move into publishing
was a natural transition. With a young, energetic team of editors and designers
based in Chennai and Delhi, Subject company is one of the few publishing houses
in India to bring both the North and the South together.
Corporate
background:
Formed
through the merger of EastWest Books (Madras) Private Limited and Westland
Books Private Limited, the companies have over 60 years of experience in the
publishing and distribution business. Subject distributes for all major U.K,
U.S, and Indian publishers including Random House, Simon and Schuster, Harper
Collins, Penguin, Hatchette, Dover, Canongate,Grove Atlantic, Perseus,Egmont,
Pan Macmillan and many others. The company pioneered the implementation of the
long tail concept in distribution.
Westland
is the publishing and distribution arm of Landmark Limited, the company that
runs the Landmark chain of bookstores. The majority stake in Landmark is owned
by Trent Limited, a Tata enterprise.
Tranquebar Press:
The
name: Tranquebar gets its name from the tiny, beautiful coastal town in Tamil
Nadu (now called Tharangambadi) where Indian publishing and printing really
began. In 1706, Bartholomew Ziegenbalg, a young Dutch Protestant missionary,
arrived in Tranquebar; he learned Tamil from one of his assistants, who drew
the letters on the beach using a stick. By 1716, Ziegenbalg had got a printing
press up and running—with Tamil as well as English type. He printed a few
tracts in English, a Portuguese-English ABC primer—and the first version of the
New Testament in Tamil. Printing spread from Tranquebar to the rest of India,
thanks to Ziegenbalg’s insistence on using the local language and his
determination that the technology should be shared.
The house:
In its
first year, Tranquebar Press plans to publish a wide range of fiction and
non-fiction. Their emphasis is on new writing and experimental work of high
literary standards in any genre. Their list of authors includes Jeet Thayil,
Saeed Mirza, Samit Basu, Ruchir Joshi, Daljit Nagra, Susan Mridula Koshy, Arun
Krishnan and many more.
EastWest Books:
This
venerable Chennai publishing house was well-known as an academic publisher
until the 1980s, when EastWest began its foray into literary publishing. The
imprint was the first to publish works by Mahesh Dattani, Paul Zachariah and
Esther David, among other writers, and was one of the first publishing houses
in India to take a serious interest in translations and in Dalit writing.
EastWest also ran the Indian Review of Books. Today, it specializes in books
with a focus on South India—from literature to travelogues to local histories.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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