MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
Note - SIEGER SOLUTIONS
LIMITED MERGED WITH DECCAN CHRONICLE HOLDINGS LIMITED
IDENTIFICATION DETAILS
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Name : |
DECCAN CHRONICLE HOLDINGS LIMITED SIEGER SOLUTIONS LIMITED MERGED WITH DECCAN CHRONICLE HOLDINGS LIMITED |
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Registered Office : |
No. 36, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.12.2002 |
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Com. Reg. No.: |
01-40110 |
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CIN No.: [Company
Identification No.] |
L22122AP2002PLC040110 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDD00862B |
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Legal Form : |
A Public Limited liability company. The company’s shares are listed on
stock exchange. |
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Line of Business : |
Subject is engaged in Printing and Publishing Newspaper and
Periodicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 50320596 |
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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. Directors are reported
to be experienced and respectable businessmen. Fundamentals are strong and
healthy. 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.
ECGC Country Risk Classification List – April 1, 2010
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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 DENIED BY
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Name : |
Mr. Subramaniam |
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Designation : |
General Manager Finance |
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Contact No.: |
91-40-27803930 |
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Date : |
14.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
No. 36, |
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Tel. No.: |
91-40-27803930 ( 5 Lines) / 27805392/ 27805393/ 27805397 |
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Fax No.: |
91-40-27805256/ 27803870 |
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E-Mail : |
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Factory 2 : |
Industrial Estate, District |
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Factory 3 : |
Dowleswaram, District |
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Factory 4 : |
MVP Colony, District |
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Factory 5 : |
Tapovanam Colony, Distrtict Ananthapur, |
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Factory 6 : |
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Factory 7 : |
Vavilapally Colony, District Karimnagar, |
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Factory 8 : |
Kompally, District Ranga Reddy, |
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Factory 9 : |
Kondapur, District, Ranga Reddy, |
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Factory 10: |
Industrial Estate, Guindy, Chennai, |
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Factory 11 : |
Bommasandra, Industrial Area, Bengaluru, |
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Publishing Centers : |
Located at: ·
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·
·
·
Anantapur ·
Karimnagar ·
Nellor ·
Chennai, Tamilnadu |
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Representative Offices : |
Located at: ·
Pune ·
Asian Age, ·
Mumbai ·
·
Kolkata ·
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Branches : |
Located at: ·
Ahmedabad ·
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Mumbai ·
·
Kolkata |
DIRECTORS
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Name : |
Mr. T Vinayak Ravi Reddy |
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Designation : |
Vice Chairman cum Managing Director |
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Date of Birth/Age : |
14.09.1961 |
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Qualification : |
MBA |
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Date of Appointment : |
16.12.2002 |
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Other Directorship: |
·
Asian Age Holdings Limited ·
Deccan Chronicle Bangalore Limited ·
Sieger Solutions Limited |
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Other Membership: |
·
Sieiger Solutions Limited – Audit Committee-
Member |
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Name : |
Mr. G Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
22.01.1959 |
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Qualification : |
FCA |
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Date of Appointment : |
27.04.2006 |
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Other Directorship: |
·
Odyssey India Limited |
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Other Membership: |
·
Odyseey India Limited – Audit Committee - Member |
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Name : |
Mr. T Vekattram Reddy |
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Designation : |
Chairman cum Managing Director |
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Name : |
Mr. P K Iyer |
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Designation : |
Managing Director |
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Name : |
Mr. M Sukumar Reddy |
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Designation : |
Director |
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Name : |
Mr. N Krishnan |
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Designation : |
Executive Director |
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Name : |
Mr. Krishnan Premnaryen |
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Designation : |
Director |
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Name : |
Mr. V Suresh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. V Shankar |
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Designation : |
Company Secretary cum Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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154282250 |
63.37 |
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154282250 |
63.37 |
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Total shareholding of Promoter and Promoter Group (A) |
154282250 |
63.37 |
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(B) Public Shareholding |
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15304175 |
6.29 |
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13984552 |
5.74 |
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28573437 |
11.74 |
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57862164 |
23.77 |
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15857259 |
6.51 |
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7526547 |
3.09 |
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2686681 |
1.10 |
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5257318 |
2.16 |
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403590 |
0.17 |
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7000 |
- |
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958504 |
0.39 |
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3888224 |
1.60 |
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31327805 |
12.87 |
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Total Public shareholding (B) |
89189969 |
36.63 |
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Total (A)+(B) |
243472219 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
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Total (A)+(B)+(C) |
243472219 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Subject is engaged in Printing and Publishing Newspaper and
Periodicals. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
Not Available |
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Facilities : |
Notes: 1. Debentures are redeemable Non-convertible Dentures with interest rates ranging from 8% to 12% with early dateof redemption in the year 2012. 2. Debentures and term loan from banks and financial
institutions are fully secured by hypothecation of movable property of the
company. |
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Banking
Relations : |
--- |
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Auditors : |
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Name 1 : |
C B Mouli and Associates Chartered Accountant |
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Address : |
125, M |
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Name 2 : |
BSR and Company Chartered Accountant |
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Address : |
Reliance Humsafar, IV Floor, Road No. 11, Banjara Hills, Hyderabad-500034,
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Associates : |
·
Deccan Chronicle ( ·
Deccan Chronicle Marketeers Private Limited ·
·
Andhra Bhoomi Publication (W)l Private lLimited ·
India Travel Bureau Private Limited ·
Nandi Publishers Private Limited ·
Sri. T.C. Reddy HUF (Associate Concern) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35,00,00,000 |
Equity Shares |
Rs. 2/- each |
Rs. 700.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24,22,22,784 |
Equity Shares |
Rs. 2/- each |
Rs. 484.446
Millions |
Notes:
1) Issued, subscribed and paid-up capital includes
a) 2,17,50,250 Equity Shares issued in earlier years for consideration other than cash as fully paid pursuant to takeover of partnership firm Deccan Chronicle and upon amalgamation of Deccan Chronicle Private Limited and Nandi Publishers Private Limited with the company.
b) 13,82,60,500 fully paid Equity Shares were issued as Bonus shares in the earlier years.
2) 26,54,761 Equity Shares were bought back by the company
during the year and cancelled.
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 |
484.446 |
489.755 |
489.755 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12095.703 |
11008.881 |
10181.160 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12580.149 |
11498.636 |
10670.915 |
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LOAN FUNDS |
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1] Secured Loans |
3288.656 |
3544.953 |
6594.141 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
3288.656 |
3544.953 |
6594.141 |
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DEFERRED TAX LIABILITIES |
796.913 |
697.110 |
134.591 |
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Foreign Currency Convertible Bonds |
134.591 |
134.591 |
568.378 |
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TOTAL |
16800.309 |
15875.290 |
17968.025 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7700.471 |
7375.198 |
5876.989 |
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Capital work-in-progress |
376.834 |
856.039 |
578.897 |
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INVESTMENT |
2106.189 |
2409.215 |
1909.215 |
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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 |
620.371
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1299.071 |
301.470 |
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Sundry Debtors |
1955.484
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1942.468 |
2446.911 |
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Cash & Bank Balances |
5916.438
|
3596.784 |
7946.895 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1855.113
|
984.940 |
1923.176 |
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Total
Current Assets |
10347.406
|
7823.263 |
12618.452 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
261.199
|
348.944 |
314.157 |
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Other Current Liabilities |
3301.701
|
2112.034 |
1574.489 |
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Provisions |
167.691
|
127.447 |
1126.882 |
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Total
Current Liabilities |
3730.591
|
2588.425 |
3015.528 |
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Net Current Assets |
6616.815
|
5234.838 |
9602.924 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16800.309 |
15875.290 |
17968.025 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
9219.454 |
8576.152 |
8202.515 |
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TOTAL (A) |
9219.454 |
8576.152 |
8202.515 |
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Less |
EXPENSES |
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Printing & Other Operative Expenses |
3175.825 |
4427.400 |
2342.896 |
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Payments & benefits to employees |
654.690 |
493.905 |
261.427 |
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Sales & administrative expenses |
578.727 |
545.593 |
343.264 |
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TOTAL (B) |
4409.242 |
5466.898 |
2947.587 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4810.212 |
3109.254 |
5254.928 |
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Less |
FINANCIAL
EXPENSES (D) |
451.253 |
709.311 |
767.889 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4358.959 |
2399.943 |
4487.039 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
422.485 |
320.613 |
296.518 |
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PROFIT BEFORE
TAX (E-F) (G) |
3936.474 |
2079.330 |
4190.521 |
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Less |
TAX (I) |
1327.293 |
678.621 |
1471.106 |
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PROFIT AFTER TAX
(G-I) (J) |
2609.181 |
1400.709 |
2719.415 |
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Earnings Per
Share (Rs.) |
10.73 |
5.72 |
11.17 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 (unaudited) |
30.09.2010 (unaudited) |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
2318.300 |
2366.600 |
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Total Expenditure |
|
1119.400 |
1187.400 |
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PBIDT (Excl
OI) |
|
1198.900 |
1179.200 |
|
Other Income |
|
89.900 |
93.200 |
|
Operating
Profit |
|
1288.800 |
1272.400 |
|
Interest |
|
117.700 |
133.200 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
1171.100 |
1139.200 |
|
Depreciation |
|
108.800 |
110.600 |
|
Profit
Before Tax |
|
1062.300 |
1028.600 |
|
Tax |
|
150.000 |
202.500 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Reported PAT |
|
912.300 |
826.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
912.300 |
826.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
28.30
|
16.33
|
33.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
42.69
|
24.25
|
51.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.81
|
13.68
|
22.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.18
|
0.39 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.53
|
0.90 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
3.02
|
4.18 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
|
Particulars |
31.03.2010 (Rs.
In Millions) |
31.03.2009 (Rs.
In Millions) |
31.03.2008 (Rs.
In Millions) |
|
Sundry Creditors-Others |
261.199 |
348.944 |
314.157 |
HISTORY:
Subject was incorporated in the year 2002. The Company is actively
engaged in publishing of the news paper namely Deccan Chronicle (DC). DC is an
English language newspaper simultaneously published in the states of Andhra
Pradesh (AP) and Tamil Nadu in
Management discussion and analysis
The year 2009-10 saw
a significant improvement in profit after tax of Rs.2609.200 millions against Rs.1400.700
millions in the previous year, an increase of 86%, primarily on account of
growth in revenues and reduction in newsprint cost.
Operations Review
• Income from
Operations has increased by 9.5% from Rs.8149.400 millions to Rs.8925.000
millions.
• Advertisement
revenue increased by 10% from Rs.7591.100 millions to Rs.8343.400 millions.
• Circulation
revenue increased by 4% from Rs.558.300 millions to Rs.581.600 millions.
The advertisement
revenue increased mainly on account of better rate realisation, and also during
the year the company increased its advertisement tariff across all its editions
by 20%. The advertisement as a percentage of total revenue is 93%. Deccan
Chronicle, the flagship newspaper of the company continues to be the leading newspaper
of
The breakup of average
daily circulation (in Millions) is as under:
|
|
July-Dec 2009 |
July-Dec 2008 |
|
|
0.572 |
0.526 |
|
Rest of Andhra Pradesh |
0.251 |
0.259 |
|
Chennai |
0.311 |
0.306 |
|
Bengaluru |
0.245 |
0.243 |
Industry Overview
The year showed improvement in the Indian Economy. The
domestic growth is likely to lead to a further increase in advertisement spends
by the corporates, and the print media segment is likely to be a major gainer.
The economic growth will further lead to increasing standards of living and
literacy level which will fuel circulation growth. Thus the print media as a
sector is considered to have a robust future within
Outlook
The future of the industry and the company is expected to be good backed by a growing economy, higher income levels and literacy.
Financial Review
The company has been able to post a satisfactory performance during the year. The total revenues registered an increase of 7.5% from Rs.8576.152 millions to 9219.454 millions with profit after tax increasing by 86% from Rs.1400.709 millions to Rs.2609.181millions.
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Aircraft
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Intangible Assets
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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.