MIRA
INFORM REPORT
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Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
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Name : |
MIDDAY INFOMEDIA LIMITED |
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Registered Office : |
Peninsula Centre, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
16.01.2008 |
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Com. Reg. No.: |
177808 |
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CIN No.: [Company
Identification No.] |
U22130MH2008PLC177808 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM33902B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Subject is engaged in the business of Printing and Publishing of any Newspapers, Journals, Magazines, Books etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 286000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Midday Multimedia Limited. It is a company
having moderate track. The company is progressing well. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Ajay |
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Designation : |
Accounts Department |
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Date : |
16.02.2011 |
LOCATIONS
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Registered Office : |
Peninsula Centre, |
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Tel. No.: |
91-22-67017171 |
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Fax No.: |
91-22-24141919 |
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E-Mail : |
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Website : |
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Advertising Office : |
2nd Floor, B-1, Sector 4, Noida-201301, |
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Tel. No.: |
91-120-6687943 / 6687069/ 6687070 |
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Branch Office : |
301, Pride Elite, |
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Tel. No.: |
91-80-66624545 |
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Fax No.: |
91-80-67016351 / 53 |
DIRECTORS
As On : 20.07.2010
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Name : |
Mr. Khalid A. H. Ansari |
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Designation : |
Director |
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Address : |
12, Summerville, |
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Date of Birth/Age : |
03.09.1937 |
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Date of Appointment : |
16.01.2008 |
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DIN No : |
00101492 |
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Name : |
Mr. Tarique K. Ansari |
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Designation : |
Director |
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Address : |
103/A, Cumballa Crest, |
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Date of Birth/Age : |
11.06.1961 |
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Date of Appointment : |
16.01.2008 |
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DIN No : |
00101820 |
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Name : |
Mr. Manajit Ghashal |
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Designation : |
Director |
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Address : |
3/37, Sector 6, RCF Colony, Vashi, Navi Mumbai – 400703, |
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Date of Birth/Age : |
02.01.1970 |
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Date of Appointment : |
01.08.2009 |
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DIN No : |
00045958 |
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Name : |
Mr. Indupuganti Jaganmohan Rao Venkat |
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Designation : |
Director |
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Address : |
10-3-56/1/401, Ranga Fort, East Marredpally, Secunderabad-500026, |
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Date of Birth/Age : |
14.10.1947 |
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Date of Appointment : |
29.10.2009 |
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DIN No : |
00089679 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2010
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Names of Shareholders |
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No. of Shares |
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Mid-day Multimedia Limited, Mumbai |
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8861494 |
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Mr. Khalid A. H. Ansari |
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1 |
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Rukya Khalid Ansari |
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1 |
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Mr. Tarique K. Ansari |
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1 |
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Mr. Manajit Ghashal |
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1 |
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Mr. Abdul Aziz Usman Khatri |
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1 |
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Ms. Vidya Raghunath Shembekar |
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1 |
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Total |
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8861500 |
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Names of Preference Shareholders |
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No. of Shares |
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Jagran Prakashan Limited, |
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10000000 |
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Total |
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10000000 |
AS ON 20.07.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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100 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Printing and Publishing of any Newspapers, Journals, Magazines, Books etc. |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management. |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountant |
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Address : |
42, Free Press House, 215, Nariman Point, Mumbai-400021, |
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Holding Company : |
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Associate Company : |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
8861500 |
Equity Shares |
Rs. 10/- each |
Rs. 88.615
millions |
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Notes : all the
above shares are held by Mid –Day Multimedia Limited- holding of the above 8811500
shares have been issued for consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
88.615 |
88.615 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(17.099) |
(110.489) |
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NETWORTH |
|
71.516 |
(21.874) |
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LOAN FUNDS |
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1] Secured Loans |
|
127.366 |
224.944 |
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2] Unsecured Loans |
|
105.746 |
126.620 |
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TOTAL BORROWING |
|
233.112 |
351.564 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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304.628 |
329.690 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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394.507 |
410.112 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
20.000 |
20.000 |
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DEFERREX TAX ASSETS |
|
6.066 |
55.259 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.526 |
52.770 |
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Sundry Debtors |
|
162.011 |
154.253 |
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Cash & Bank Balances |
|
11.314 |
33.167 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
76.826 |
82.485 |
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Total
Current Assets |
|
278.677 |
322.675 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
|
71.358 |
106.804 |
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Other Current Liabilities |
|
293.294 |
341.353 |
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Provisions |
|
29.969 |
30.196 |
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Total
Current Liabilities |
|
394.622 |
478.355 |
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Net Current Assets |
|
(115.945) |
(155.680) |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
304.628 |
329.690 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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|
SALES |
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Income |
|
948.472 |
727.478 |
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Other Income |
|
13.495 |
(2.682) |
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TOTAL (A) |
|
961.967 |
724.796 |
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Less |
EXPENSES |
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|
|
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Cost of Printing |
|
266.795 |
402.617 |
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News Expenses |
|
21.895 |
22.093 |
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|
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Employees Remuneration |
|
267.541 |
239.984 |
|
|
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Selling and Distribution Expenses |
|
78.851 |
75.763 |
|
|
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Other Operating Expenses |
|
115.449 |
98.589 |
|
|
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Loss on sale of Fixed Asset |
|
2.795 |
0.353 |
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TOTAL (B) |
|
753.326 |
839.399 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
208.641 |
(114.603) |
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Less |
FINANCIAL
EXPENSES (D) |
|
38.530 |
27.617 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
170.111 |
(142.220) |
|
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
26.547 |
20.758 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
143.564 |
(162.978) |
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|
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Less |
TAX (H) |
|
50.174 |
(52.490) |
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PROFIT AFTER TAX
(G-H) (I) |
|
93.390 |
(110.489) |
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(110.489) |
0.000 |
|
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BALANCE CARRIED
TO THE B/S |
|
(17.099) |
(110.489) |
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IMPORTS |
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|
CIF Value Of Import |
|
160.968 |
296.756 |
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TOTAL IMPORTS |
|
160.968 |
296.756 |
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|
|
|
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|
Earnings Per
Share (Rs.) |
|
10.54 |
(26.15) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
9.71 |
(15.24) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
15.13 |
(22.40) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
21.14 |
(20.68) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
2.01 |
7.45 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
8.77 |
5.80 |
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
0.71 |
0.67 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
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|
|
Sundry Creditors – MSME* |
|
0.247 |
0.379 |
|
Sundry Creditors – others |
|
71.111 |
106.425 |
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|
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Total |
|
71.358 |
106.804 |
Company
Performance :
During the year
ended March 2010, the Company had recorded surplus from operations of Rs.
168.600 millions as against deficit of Rs. 132.700 millions for the nine months
in the previous year ended March 2009. The company has made a Net Profit after
tax of Rs. 93.400 millions against net loss of Rs. 110.500 millions in the
previous year.
Fixed Assets :
·
·
Plant and Machinery
·
Factory Premises
·
Photographic Equipments
·
Air Conditioners
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Fire Fighting Systems
·
Computers
·
Capital work in progress
·
Electrical Installation
Form : 8
|
Corporate
identity number of the company |
U22130MH2008PLC177808 |
|
Name of the
company |
MIDDAY INFOMEDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Peninsula Centre,
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Others |
|
Particular of
charge holder |
Bank Of |
|
Nature of
instrument creating charge |
Composite
Hypothecation Agreement Dated August 6, 2010 |
|
Date of
instrument Creating the charge |
06/08/2010 |
|
Amount secured by
the charge |
Rs. 204.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : @BPLR i.e. 12.50%
per annum Terms of repayment : Not Applicable Margin : 25% On Inventory
And 30% On Book Debts Extent and operation of the charge: Hypothecation Of
Book Debts And Stocks To Cover The Credit Facilities Sanctioned By Bank Of Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation Of Raw
Material, Stocks Of News Print Papers, Stock In Process In News Print,
Consumable Stores, Packing Materials, Etc. |
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. 45.45 |
|
|
1 |
Rs. 72.90 |
|
Euro |
1 |
Rs. 61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.