MIRA
INFORM REPORT
|
Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
PUDHARI PUBLICATIONS PRIVATE LIMITED |
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Registered
Office : |
Pudhari Bhavan, 2318-C, Bhausingji Road, Kolhapur-416002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.04.2004 |
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Com. Reg. No.: |
25-19095 |
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Capital Investment
/ Paid-up Capital : |
Rs.78.000
Millions |
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CIN No.: [Company Identification
No.] |
U22121PN2004PTC019095 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KLPP01388C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Publishers of Newspapers. |
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No. of Employees
: |
60 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 3900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Shivaji |
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Designation : |
Senior Accountant |
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Contact No.: |
91-231-2543113 |
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Date : |
07.12.2011 |
LOCATIONS
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Registered Office : |
Pudhari Bhavan, 2318-C Ward, Bhausinghji Road, Kolhapur-416002,
Maharashtra, India |
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Tel. No.: |
91-231-2543111 / 2 / 3 / 4 |
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Fax No.: |
91-231-2543124 / 5 |
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E-Mail : |
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Website : |
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Area: |
10000 sq. ft. |
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Location: |
Owned |
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Branch Offices : |
Located
At: ·
Mumbai ·
·
Pune ·
Pimpri ·
Ahmednagar ·
·
Sangli ·
Satara ·
Karad ·
Solapur ·
Pandharpur ·
Ratnagiri ·
Sindhudurga ·
Goa ·
Belgaum |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Pratapsingh Ganpatrao Jadhav |
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Designation : |
Chairman cum Managing Director |
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Address : |
Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra,
India |
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Date of Birth/Age : |
05.11.1944 |
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Date of Appointment : |
05.04.2004 |
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Din No.: |
00580012 |
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Other Directorship:
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Name : |
Mr. Yogesh Pratapsingh Jadhav |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra,
India |
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Date of Birth/Age : |
03.02.1978 |
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Date of Appointment : |
05.04.2004 |
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Din No.: |
01676519 |
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Other Directorship:
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Name : |
Mrs. Geetadevi Pratapsingh Jadhav |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra, India |
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Date of Birth/Age : |
03.12.1951 |
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Date of Appointment : |
05.04.2004 |
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Din No.: |
00580285 |
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Other Directorship:
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Name : |
Mrs. Sheetal Mandar Patil |
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Designation : |
Director |
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Address : |
37, Buenamonte NCL CHS, Pashan, Pune-411008, Maharashtra, India |
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Date of Birth/Age : |
09.09.1975 |
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Date of Appointment : |
05.04.2004 |
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Din No.: |
00839700 |
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Other Directorship:
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Name : |
Mrs. Smita Yogesh Jadhav |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra,
India |
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Date of Birth/Age : |
17.02.1981 |
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Date of Appointment : |
30.09.2010 |
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Din No.: |
02623032 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Shivaji |
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Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pratapsingh Ganpatrao Jadhav |
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4525000 |
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Yogesh Pratapsingh Jadhav |
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2062000 |
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Pratapsingh Ganpatrao Jadhav HUF |
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40600 |
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Geetadevi Pratapsingh Jadhav |
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995000 |
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Sheetal Mandar Patil |
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175600 |
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Mandar Madhukar Patil |
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600 |
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Subhash Lahusing Atigre |
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600 |
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Nikhil Subhash Atigre |
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600 |
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Total |
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7800000 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Publishers of Newspapers. |
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Imports : |
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Products : |
Newspapers |
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Countries : |
·
Gulf Countries ·
Canada |
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Terms : |
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Selling : |
L/C (30 and 90 days) |
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Purchasing : |
L/C (30 and 90 days) |
GENERAL INFORMATION
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Suppliers : |
·
Indo Afrique Papers Mills ·
DIC India Limited ·
Shreerang Mercantile India Private Limited |
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Customers : |
Others (Agents) |
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No. of Employees : |
60 [Approximately] |
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Bankers : |
·
The Saraswat Co-Operative Bank Limited, CS No.
1716, E Ward, Rajarampuri, 7th Lane, Kolhapur-416008, Maharashtra,
India ·
IDBI Bank Limited ·
The Ratnakar Bank Limited ·
Rajaram Bapu Bank ·
Shree Warana Sahakari Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.D. Diwan and Company Chartered Accountants |
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Address : |
3/4, Tradfe Centre, 334 E Ward, Station Road, Kolhapur-416001,
Maharashtra, India |
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Pan No.: |
AAFFP3276N |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7800000 |
Equity Shares |
Rs.10/- each |
Rs.78.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
78.000 |
60.000 |
60.000 |
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2] Share Application Money |
23.000 |
30.000 |
30.000 |
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3] Reserves & Surplus |
882.708 |
848.873 |
822.181 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
983.708 |
938.873 |
912.181 |
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LOAN FUNDS |
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1] Secured Loans |
366.327 |
271.652 |
218.363 |
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2] Unsecured Loans |
205.066 |
152.048 |
145.455 |
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TOTAL BORROWING |
571.393 |
423.700 |
363.818 |
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DEFERRED TAX LIABILITIES |
5.724 |
2.384 |
1.905 |
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TOTAL |
1560.825 |
1364.957 |
1277.904 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1143.740 |
1079.723 |
1031.124 |
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Capital work-in-progress |
19.938 |
16.315 |
21.169 |
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INVESTMENT |
0.966 |
0.966 |
0.941 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.643
|
34.615 |
32.038 |
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Sundry Debtors |
298.148
|
217.797 |
168.661 |
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Cash & Bank Balances |
168.214
|
129.307 |
132.989 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.553
|
22.985 |
21.524 |
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Total
Current Assets |
513.558
|
404.704 |
355.212 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
99.043
|
116.696 |
118.418 |
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Provisions |
18.334
|
20.055 |
12.292 |
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Total
Current Liabilities |
117.377
|
136.751 |
130.710 |
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Net Current Assets |
396.181
|
267.953 |
224.502 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.168 |
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TOTAL |
1560.825 |
1364.957 |
1277.904 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TOTAL REVENUE |
1031.275 |
843.561 |
654.440 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
118.938 |
90.595 |
70.010 |
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Less |
FINANCIAL
EXPENSES |
42.677 |
33.443 |
20.606 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
76.261 |
57.152 |
49.404 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
26.837 |
19.991 |
13.165 |
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PROFIT BEFORE
TAX |
49.424 |
37.161 |
36.239 |
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Less |
TAX |
15.589 |
10.469 |
9.661 |
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PROFIT AFTER TAX
|
33.835 |
26.692 |
26.578 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
33.835 |
26.692 |
26.578 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
81.549 |
NA |
NA |
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TOTAL EARNINGS |
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Earnings Per
Share (Rs.) |
4.34 |
4.45 |
4.43 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
1300.000 |
Expected Sales (2011-12) : Rs.1700.000 Millions.
The above information has been parted by Mr. Shivaji.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
2.50 |
2.61 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.60 |
0.54 |
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Current Ratio (Current Asset/Current Liability) |
|
4.37
|
2.95 |
2.72 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS: NOT AVAILABLE
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last two years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
FINANCIAL REVIEW:
THE COMPANY REPORTED A VERY GOOD PERFORMANCE DURING
THE YEAR:
1.
Total Revenue has increased by 22% from Rs. 843.561
Millions to Rs. 1031.275 Millions.
2.
PBIDT increased 31% from Rs. 90.595 Millions to Rs.
118.938 Millions.
3.
Net profit increased 27% from Rs. 26.692 Millions
to Rs. 33.835 Millions.
MANAGEMENT
DISCUSSION AND ANALYSIS
Company had
another impact-full and significant financial year with substantial value
creation for all its stakeholders. The fiscal year 2009-2010 has bettered the performance
across all spectrums viz. Circulation, Advertisement, Expansion and has
occupied the position of No. 1 vernacular paper of Western Maharashtra as
regards Circulation, in this financial year 2009-10 the financial indicators
and ratios are better in comparison to the previous fiscal year.
Subject has
captured a significant share by the means by print media and digital media (FM
Radio for Kolhapur) in the mind space and market share in Western Maharashtra,
North Karnataka and Goa. Their growing circulation of more than 7 lakhs copies
per day in all of the three fastest growing advertising markets of the State is
evidence of their right content mix, relevance to market requirements and
mirroring readers concerns and aspirations.
Apart from its
unprecedented success in the vibrant new Pune, Subject is the indomitable
leader in cash rich belt of Western Maharashtra and Kokan with a Circulation of
7,00,000 copies everyday.
After getting a
very good momentum in Pune Region by having Circulation of more than 2,50,000
copies they have completed their Western Maharashtra leadership strategy. They
have launched on 7th May 2009 in Financial Capital of Country i.e. Mumbai and
they are getting very good response of Circulation above 1,40,000 copies per
day. By launching in Mumbai they have given a tribute to their Founder Editor
Late Mr. G G Jadhav in his Birth Centenary year.
After successful
launching in Mumbai they are in the' process of launching in Aurangabad Region
in next financial year and this will be the step forward to PAN Maharashtra
presence in coming years.
Numerous
advertisers are cashing in on subject infallible leadership in this vital
domain. They are combining the lowest cost per thousand readers with the
highest response. Subject has created a new benchmark in performance standards.
This changes the media equation in Pune.
On 21"
September 2009, the Company has launched its second FM Radio Channel by the
name of 'Aapla FM' in Sangli. It is also getting very good response from the
listeners and advertisers.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U22121PN2004PTC019095 |
|
Name of the company |
PUDHARI PUBLICATIONS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Pudhari Bhavan, 2318-C Ward, Bhausinghji Road, Kolhapur-416002,
Maharashtra, India |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
The Saraswat Co-Operative Bank Limited, CS No. 1716, E Ward,
Rajarampuri, 7th Lane, Kolhapur-416008, Maharashtra, India |
|
Email |
|
|
Nature of description of the instrument creating
or modifying the charge |
Recording Letter Evidencing The Deposit of
Title Deeds |
|
Date of instrument Creating the charge |
26.07.2011 |
|
Amount secured by the charge |
Rs.15.000 Millions |
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest At PLR (Presently 14.25%) Terms of Repayment Period: 84 Months (Moratorium Period- 24
Months) Installment : Rs. 2,50,000/- (Interest to
be served separately) Margin 25% Extent and Operation of the charge Charge to secure Financial Facility of Rs.
15.000 Millions by way of Equitable Mortgage of Immovable Property being Land
and Building situated at Plot No. C-5/10 Shendra Five Star MIDC at village
Kumbhephal, Aurangabad. Others Guarantors : 1) Mr. Pratapsinh G. Jadhav 2) Mr. Yogesh P. Jadhav 3) Mrs. Geetadevi P. Jadhav |
|
Short particulars of the property charged |
Equitable mortgage of Land and Building
situated at Plot No. C-5/10 Shendra Five Star MIDC at village Kumbhephal, Dis.
Aurangabad ad. about 21000 sq. mt. in the Building bounded as: On or towards East: MIDC 66.0 Mtr. wide
Road, On or towards West: Plot No. C-5/1, On or towards South: MIDC 40.0 Mtr. wide
Road, On or towards North: Plot No. C- 5/2. |
FIXED ASSETS:
- Goodwill
- Lands and
Plots
- Office
Premises
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Vehicles
Premises
TRADE REFERENCES:
·
Indo Afrique Papers Mills
·
DIC India Limited
·
Shreerang Mercantile India Private Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.51.45 |
|
|
1 |
Rs.80.38 |
|
Euro |
1 |
Rs.69.12 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.