MIRA
INFORM REPORT
|
Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
B I PUBLICATIONS PRIVATE LIMITED |
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Registered Office : |
359, Dr. D N Road, Mumbai – 400 023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.01.1984 |
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Com. Reg. No.: |
11-31783 |
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CIN No.: [Company
Identification No.] |
U22110MH1984PTC031783 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB09170A |
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PAN No.: [Permanent
Account No.] |
AAACB4865D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Publishers, Printers, Exporter, Importer, Distributor, Dealers, Agents
of Books, Magazines etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 790000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company in its field. Trade relation
are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Aslam |
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Designation : |
Finance Manager |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
359, Dr. D N Road, Mumbai – 400 023, Maharashtra, India |
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Tel. No.: |
91-22-22875692 / 22265889 |
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Fax No.: |
91-22-22046778 |
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E-Mail : |
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Website : |
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Head Office : |
54, Janpath, New Delhi – 110 001, India |
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Tel. No.: |
91-11-23325313 / 17 |
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Fax No.: |
91-11-23323136 / 23323138 |
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Branch Office : |
Located at ·
Kolkata ·
Chennai ·
Patna ·
Bangalore ·
New Delhi ·
Mumbai |
DIRECTORS
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Name : |
Mr. Shashank Bhagat |
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Designation : |
Director |
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Address : |
9, Link Road, Jang Pura
Extension, New Delhi – 110 014, India |
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Date of Birth/Age : |
21.05.1969 |
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Date of Appointment : |
08.08.1994 |
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E-Mail : |
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Name : |
Mrs. Reshma Bhagat |
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Designation : |
Director |
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Address : |
9, Link Road, Jang Pura Extension,
New Delhi – 110 014, India |
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Date of Birth/Age : |
21.08.1970 |
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Date of Appointment : |
04.07.2006 |
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Name : |
Mrs. Sulochna R. Bhagat |
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Designation : |
Chairperson |
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Address : |
9, Linki Road, Jangpura Extension,
New Delhi – 110 014, India |
KEY EXECUTIVES
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Name : |
Mrs. Geetu Sachdeva |
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Designation : |
Secretary |
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Address : |
1/7198, Shivaji Park Extension, New Delhi – 110 032, India |
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Date of Birth/Age : |
28.01.1976 |
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Date of Appointment : |
26.10.2006 |
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Name : |
Mr. Amit Sharma |
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Designation : |
Secretary |
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Address : |
797, Laxman Vihar, Phase – 2, Gurgaon – 122 001, Haryana, India |
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Date of Birth/Age : |
01.09.1975 |
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Date of Appointment : |
03.09.2007 |
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Name : |
Mr. Pradyumna Poddar |
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Designation : |
Chief Operating Officer |
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E-Mail : |
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Name : |
Mr. Y R Chadha |
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Designation : |
Publishing Director |
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E-Mail : |
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Name : |
Mr. Anil Taneja |
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Designation : |
General Manager - Coordination |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Shashank Bhagat |
1770 |
|
British Institute of Engineering Technology (India) Private Limited |
4970 |
|
O N Seth |
10 |
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Total |
6750 |
List of Allotment (As on 26.12.2006)
|
Names of Allottees |
No. of Shares |
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Shashank Bhagat |
1750 |
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Total |
1750 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Bodies Corporate |
73.63 |
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Directors or relatives of directors
|
26.22 |
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Other top fifty (50) shareholders |
0.15 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Publishers, Printers, Exporter, Importer, Distributor, Dealers, Agents
of Books, Magazines etc. |
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Products : |
·
Trading and Publication of Books ·
Trading of Stationery Items |
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Agencies Held : |
Elsevier UK |
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Exports : |
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Countries : |
·
UK ·
USA |
GENERAL
INFORMATION
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Bankers : |
·
Sonali Bank ·
Allahabad
Bank, New Delhi |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M Nasir and Company Chartered Accountant |
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Address : |
102, JMD House, 4378/4B, Ansari Road, Darya Ganj, Delhi – 110 002,
India |
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Tel. No.: |
91-11-23266346 / 51020957 |
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Associates : |
·
Biermans Card Company Private Limited ·
Bhagat Industrial Corporation Limited ·
Brite Leasing and Finance Limited ·
Digvijay Chemicals Limited ·
Technocrat Electronic Controls Private Limited ·
United India Periodicals Private Limited ·
Radiant Buildcon Private Limited ·
Hotel Marina |
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Subsidiaries : |
·
John Tinson and Company Private Limited CIN No.: U99999DL1986PTC025385 ·
eTomato Consulting Private Limited CIN No.: U72900DL2006PTC147647 ·
B I Waverly Private Limited CIN No.: U74899DL1993PTC056059 ·
Lord Properties Private Limited CIN No.: U70101PB1981PTC004581 |
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Holding Company : |
British Institute of Engineering Technology (India) Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6750 |
Equity Shares |
Rs.100/- each |
Rs.0.675
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.675 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
157.143 |
113.420 |
100.448 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
157.818 |
113.920 |
100.948 |
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LOAN FUNDS |
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1] Secured Loans |
25.565 |
25.344 |
17.598 |
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2] Unsecured Loans |
104.200 |
26.225 |
7.800 |
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TOTAL BORROWING |
129.765 |
51.569 |
25.398 |
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DEFERRED TAX LIABILITIES |
1.249 |
0.000 |
0.000 |
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TOTAL |
288.832 |
165.489 |
126.346 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.761 |
12.278 |
11.507 |
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Capital work-in-progress |
0.765 |
0.000 |
0.000 |
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INVESTMENT |
59.247 |
50.855 |
7.753 |
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DEFERREX TAX ASSETS |
0.000 |
0.220 |
0.063 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
75.752
|
70.061 |
51.506 |
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Sundry Debtors |
174.218
|
157.325 |
130.135 |
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Cash & Bank Balances |
67.486
|
82.273 |
74.716 |
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Other Current Assets |
3.083
|
2.809 |
2.134 |
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Loans & Advances |
146.022
|
24.925 |
46.102 |
|
Total
Current Assets |
466.561
|
337.393 |
304.593 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
239.288
|
219.889 |
171.796 |
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Provisions |
17.214
|
15.368 |
25.774 |
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Total
Current Liabilities |
256.502
|
235.257 |
197.570 |
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Net Current Assets |
210.059
|
102.136 |
107.023 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
288.832 |
165.489 |
126.346 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
514.624 |
460.940 |
NA |
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Other Income |
14.385 |
9.461 |
NA |
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Total Income |
529.009 |
470.401 |
NA |
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Profit/(Loss) Before Tax |
30.967 |
20.137 |
17.557 |
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Provision for Taxation |
10.618 |
7.239 |
6.593 |
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Profit/(Loss) After Tax |
20.349 |
12.898 |
10.964 |
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Earnings in Foreign Currency : |
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Export Earnings |
10.866 |
11.927 |
NA |
|
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Other Earnings |
0.400 |
2.538 |
NA |
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Total Earnings |
11.266 |
14.465 |
NA |
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CIF Value : |
136.716 |
198.302 |
NA |
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Expenditures : |
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Financial Expenses |
3.384 |
2.269 |
NA |
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Depreciation & Amortization |
2.794 |
2.416 |
NA |
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Other Expenditure |
491.864 |
445.579 |
NA |
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Total Expenditure |
498.042 |
450.264 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.85
|
2.74 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
6.02
|
4.37 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.38
|
5.76 |
5.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.18 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.45
|
2.52 |
2.21 |
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Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.43 |
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
·
Land
·
Building
·
Vehicles
·
Furniture, Fixtures and Equipments
·
Machinery and Equipments
Form No. 8
|
Name of the company |
B I PUBLICATIONS PRIVATE LIMITED |
|
Presented By |
Mr. R D Bhagat,
Director |
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1) Date and description of instrument creating the change |
General Letter of
Hypothecation dated 2nd May, 1984 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.650 millions
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|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future product goods and movable property, any kind of the Company include
Vehicles, Furniture and Fixtures all stocks of Books and Mortgages. |
|
5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank,
New Delhi |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
Web Details
Tradition of Excellence
Subject has 50 years of publishing and distribution
experience — especially in the field of medicine. Today, Subject is the largest
distributor of medical books in India. It has an extensive network, excellent
infrastructure and an experienced sale force , who are in constant contact with
doctors, medical colleges, pharmaceutical companies, wholesale and retail
bookshops. In addition, Subject continues to be one of India’s largest
distributors in science, technology, management, literature, humanities, social
science, general and school books.
Subject is a part of the BI Group, which has
varied interests in distilleries, hotels, higher education and real estate.
Proven Competence and Professionalism in
Publishing For many years now, Subject has also made a name for itself in
publishing original and reprint titles. Besides running a successful school and
higher education programme, Subject has brought out many path breaking books in
the field of medicine. At various occasions subject entered into joint ventures
with well-known international medical publishers such as Churchill Livingstone
and Williams and Wilkins. Subject is currently poised to dramatically expand
its publishing presence in medicine.
Enduring
International Associations
Subject is a name well known for its
professionalism, insistence on quality and ethical business practices. Subject
enjoys a fruitful ongoing interaction with all international associates and
participates in all major international book fairs. It prides itself in
building long lasting relations with all its associates.
Subject has two distinct verticals in the
Company – Medical and Non-medical
Medical
Subject has been over the past 5 decades the
most preferred book supplier to all Medical Colleges across the country. BI
with its goodwill and excellent service has been catering to the needs of all
Medical Institutions and Medical Fraternity. The needs and
requirements of students, individual doctors and libraries have been
fulfilled by subject. Subject in these 50 years have partnered with all
leading global publishers and have distributed their titles across the length
and breadth of the country.
On account of this success, the worlds
largest Health Sciences Publishing Company – “Elsevier Heath Sciences” has
strategically associated itself with subject.
Non-Medical
In the Non-Medical vertical, Subject is
reinforcing its ‘ foot print’. Slowly and steadily it is strengthening its
business association with organisations like
·
McGraw Hill, USA
·
Palgrave Macmillan, UK
·
Pearson Education (Singapore) Pte. Limited
Non-medical publishers have also been the
strengths of subject and are looking at the ‘Synergetic’ effect which they can
leverage by associating with subject.
Elsevier and BI – Strategic Association
Subject has entered into a strategic
association with Elsevier Science. Subject will provide a range of
services to Elsevier including fulfilment.
Reed Elsevier is a 10 billion dollar group
has chosen subject as its fulfilment partner.
They have chosen them on account of
·
A strong brand equity and goodwill across all industry channels.
·
A history of fairness and transparency across all dealings
·
Proven financial reliability over 5 decades.
·
Strong PAN India foot print.
One of the biggest asset of the
subject is its “People” who have vast industry knowledge. It is the
commitment of its people coupled with the best infrastructure in terms of
offices, warehousing, information technology and credit management that makes
subject a leader in the industry.
Subject is the only book distribution
company in India that is implementing SAP across all locations.
Today subject provides its
customers real time information on
·
Order Management
·
Receivable management and collection
·
Finance and Billing details,
·
Sales Order processing and Standing Orders
·
On line access,
·
Sales analysis and reporting, etc.
Infrastructure
Presence in 16 cities across India including 12 stock holding branches, Subject
arguably has the best distribution infrastructure in India.
In addition, they have a Central Promotion Department based
in the Head Office at Delhi. Its sole task is to keep academics, librarians,
booksellers and institutions abreast with all new and forthcoming titles by
preparing and mailing attractive flyers, catalogues and posters. Over the years
a substantial and segmented database of e-mail addresses has also been built,
to which e-mail promotion is also done. Most valuable is the large sales force
based at the branches that actively promote books at all levels – wholesalers,
booksellers, libraries and the academic community.
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|