MIRA
INFORM REPORT
|
Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VASAN PUBLICATIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
New No. 191, Old No. 757, Anna Salai, Chennai - 600 002, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
04.04.1946 |
|
|
|
|
Com. Reg. No.: |
18 - 3197 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U22121TN1946PTC003197 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV00309B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Publishers of Tamil Magazines. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 402355 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track. Financial position is good. Trade relations are fair. Payments are correct & as per commitments. The company can be considered good for any normal business dealings at usual trade terms & conditions. |
LOCATIONS
|
Registered Office & Printing Press : |
New No. 191, Old No. 757, Anna Salai, Chennai 600 002, Tamilnadu, India |
|
Tel. No.: |
91-44-2852 4054 / 64 / 74 / 84 and 94. |
|
Fax No.: |
91-44-2852 3819 |
|
E-mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. S. Balasubramanian |
|
Designation : |
Managing Director |
|
Address : |
58, 3rd Main Road, Gandhinagar, Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth : |
28.12.1935 |
|
Date of Appointment : |
31.03.1965 |
|
Date of Ceasing : |
22.11.1996 |
|
Date of Reappointment : |
17.04.1997 |
|
|
|
|
Name : |
Ms. Saroja Balasubramanian |
|
Designation : |
Director |
|
Address : |
58, 3rd Main Road, Gandhinagar, Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth : |
22.05.1938 |
|
Date of Appointment : |
05.12.1987 |
|
|
|
|
Name : |
Mr. B. Srinivasan |
|
Designation : |
Joint Managing Director |
|
Address : |
58, 3rd Main Road, Gandhinagar, Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth : |
08.11.1969 |
|
Date of Appointment : |
10.09.1990 |
|
|
|
|
Name : |
Mr. M. V. Kumar |
|
Designation : |
Executive Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Srihari S |
|
1035 |
|
Mr. Sanyokta S |
|
900 |
|
Vasan Print Products Private limited |
|
1200 |
|
Vikatan Tele Vistas Private Limited |
|
1200 |
|
Mr. B Srinivasan |
|
865 |
|
Total |
|
5200 |
Equity Shares Breakup (Percentage of Total Equity):
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
46.15 |
|
2 |
Directors or relative of directors |
53.85 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Publishers of Tamil Magazines. |
|
|
|
|
Brands : |
· Ananda Vikatan · Junior Vikatan · Aval Vikatan · Chutti Vikatan · Chitti Vikatan |
GENERAL
INFORMATION
|
No. of Employees : |
400 |
|
|
|
|
Bankers : |
· ING Vysya Bank Limited 185, Mount Road, Chennai – 600006, Tamil Nadu, India · Dhanalakshmi Bank Limited 104 & 107, Anna Salai, Chennai – 600002, Tamil Nadu, India · Canara Bank, Teynampet Branch, Anna Salai – Chennai – 600 018, Tamil Nadu, India · Citi Bank NA, Chennai, Tamil Nadu, India |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name: |
Venkat and Vasan Chartered Accountants |
|
Address: |
Old No. 27, New No. 44, Parangusapuram Street, Kodambakkam, Chennai – 600024, Tamilnadu, India |
|
Tel No.: |
91-44-24832550, 24735213 |
|
|
|
|
Group Companies: |
· Vikatan Media Services Private Limited · Vikatan Pub Solutions Private Limited · Vikatan Televistas Private Limited · Vasan Print Products Private Limited |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5200 |
Equity shares |
Rs. 100/- each |
Rs. 0.520
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.520 |
0.520 |
0.520 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
79.951 |
56.314 |
38.106 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
80.471 |
56.834 |
38.626 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
130.942 |
58.070 |
37.460 |
|
|
2] Unsecured Loans |
0.264 |
1.821 |
5.772 |
|
|
TOTAL BORROWING |
131.206 |
59.891 |
43.232 |
|
|
DEFERRED TAX LIABILITIES |
12.321 |
8.469 |
8.175 |
|
|
Deferred Payment Liabilities |
0.000 |
0.118 |
0.598 |
|
|
|
|
|
|
|
|
TOTAL |
223.998 |
125.312 |
90.631 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
109.934 |
50.031 |
52.530 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
88.384
|
99.049
|
61.817
|
|
|
Sundry Debtors |
77.722
|
63.924
|
44.859
|
|
|
Cash & Bank Balances |
17.609
|
4.116
|
2.626
|
|
|
Other Current Assets |
0.228
|
0.144
|
0.089
|
|
|
Loans & Advances |
80.421
|
32.490
|
17.718
|
|
Total
Current Assets |
264.364
|
199.723 |
127.109 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
128.649
|
112.515
|
89.923
|
|
|
Provisions |
21.651
|
11.927 |
0.000 |
|
Total
Current Liabilities |
150.300
|
124.442 |
89.923 |
|
|
Net Current Assets |
114.064
|
75.281
|
37.186
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.915 |
|
|
|
|
|
|
|
|
TOTAL |
223.998 |
125.312 |
90.631 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
419.858 |
358.298 |
378.153 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
419.858 |
358.298 |
378.153 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
37.210 |
29.976 |
9.651 |
|
|
Provision for Taxation |
13.573 |
11.769 |
0.000 |
|
|
Profit/(Loss) After Tax |
23.637 |
18.207 |
9.651 |
|
|
|
|
|
|
|
|
Export Value |
2.611 |
2.229 |
NA |
|
|
|
|
|
|
|
|
Import Value |
208.581 |
214.831 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
8.829 |
8.066 |
0.000 |
|
|
Other Expenditure |
373.819 |
320.256 |
368.502 |
|
Total Expenditure |
382.648 |
328.322 |
368.502 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.63
|
5.08 |
2.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.86
|
8.37 |
2.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.86
|
8.37 |
2.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.53 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
2.19 |
2.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.60 |
1.41 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporation identity number or foreign company registrations number of
the company |
U22121TN1946PTC003197 |
|
Name of the company |
VASAN PUBLICATIONS PRIVATE LIMITED |
|
Address |
757 Anna Salai Chennai, Tamil Nadu, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
· Movable property · Others |
|
Particular of the charge holder
|
Canara Bank Teynampet Branch, Anna Salai, Chennai –
600 018 Email ID: chn0416@canbank.co.in |
|
Nature or description of the instrument creating charge |
Deed of hypothecation re: machinery, Term
Loan agreement |
|
Date of the instrument creating charge |
11.08.2007 |
|
Amount Secure by the charge |
Rs. 100.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest: As per the document enclosed Terms of repayment: As per the document enclosed Margin: As per the document enclosed Extent and operation of the Charge
Exclusive 1st Charge Others: All other terms and conditions as per the
document enclosed. |
|
Short particulars of the Property charged |
Whole of the fixed assets acquired and /or to be acquired out of the term
loan made available at the bank now including Miscellaneous fixed asset
(Generator, transformer Cabling, Electrification and renovation0 at a total
cost of Rs. 30.000 millions at Plot No. 99 (NP), Ambattur Industrial Estate,
Chennai . Separate form 8 is filed for the landed property. |
Form 8
|
Name of the company |
VASAN PUBLICATIONS LIMITED |
|
Presented By |
Vasan Publications Limited & The Vysya Bank Limited, Mount Road
Branch |
|
1) Date and description of instrument creating the change |
1. Agreement for hypothecation of stock in trade, machinery, book debts, bills and all other movables dated 25.01.2002 2. Two Term Loan Agreements both dated 25.01.2002 for two term loan facilities 3. Agreement for the hypothecation of fixed assets dated 25.01.2002 4. The deed of agreement of Hypothecation and guarantee for both LC and Guarantee Limits both dated 25.01.2002 5. Letter of Hypothecation dated 25.01.2002 6. Letter of Hypothecation to secure time to time Trust loan against goods dt. 25.01.2002 7. Letters confirming mortgage of immovable properties by deposit of title goods. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Facility : Rs. 25.000 millions Term Loan I : Rs. 22.600 millions Term Loan II : Rs. 16.900 millions Import / Inland LC [DP or DA] : Rs. 30.000 millions [Sub Limit DA – Rs. 20.000 millions] Bank Guarantee : Rs. 2.000 millions Total : Rs. 96.500
millions |
|
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 |
1. Exclusive first charge on the current assets [for the cash credit facility] 2. Exclusive first charge on the current assets [for the Term Loan I] 3. Exclusive first charge on the fixed assets, present & future [for the Term Loan II] 4. Exclusive first charge on the current assets [for the Import / Inland LC facility] 5. Exclusive first charge on the current assets [for the Bank Guarantee facility] Collateral Security : 1. Equitable mortgage of land measuring about 14 grounds at 757, Annal Salai, Chennai belonging to M/s. Progressive Builders, partners being Mr. B. Srinivasan & Mr. S. Balasubramaniam – directors of the company. 2. Exclusive first charge on the fixed assets of the company, present and future including land & building, plant & Machinery etc. 3. Equitable mortgage of land measuring about 6 grounds and building thereon at Gemini House, Gandhi Nagar, Adyar, Chennai – 30 in the name of the company 4. Joint and several personal guarantees of Mr. B. Srinivasan, Mrs. Radikha Srinivasan and Mr. S. Balsubramaniam |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Facility : 1. Interest is PLR + 1.50% p.a. [floating rate]. Margin is 25% on stocks and 30% against book debts. Limit valid till 18.01.2003 Term Loan I – Interest is PLR + 1.50% p.a. 2. Repayment Principal : 20 equal quarterly installments of Rs. 1.130 millions each with no holiday period. Interest : Payable quarterly as and when debited 3. Upfront fee 1% of the limit [one time basis] 4. Purpose : For meeting long term working capital requirements. Term Loan II – Interest is PLR + 1.50% p.a. 2. Repayment : Principal : 20 equal quarterly installments of Rs. 0.845 million each with no holiday period. Interest : Payable Quarterly as and when debited 3. Upfront fee 1% of the limit [one time basis] 4. Purpose : for take over of existing term loans with ICICI Bank, Dhanalakshmi Bank and Karur Vysya Bank Import/Inland LC : 1. Commission as per Bank / FEDAI rates. Cash margin 10% in term deposits. 2. Sub limit for LC on DA Rs. 20 millions, Limit valid till 18.01.2003. 3. Purpose: Procurement of newsprint. Bank Guarantee: Commission as per Bank rates. Cash Margin 10% in term deposits. Limit valid till 18.01.2003 2. Purpose : General such as sales tax, customs duty etc |
|
5) Name and Address and description of the person entitled to the charge. |
The Vysya Bank Limited 185, Mount Road, Chennai – 600006 |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 45.77 |
|
UK Pound |
1 |
Rs. 80.67 |
|
Euro |
1 |
Rs. 64.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
|
58 |
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 |
|