Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
THE SANDESH LIMITED |
Principal Name 1 |
Mr. Falgunbhai C. Patel |
|
Status |
Good |
Principal Name 2 |
Mr. Parthiv F. Patel |
|
|
|
Registration # |
04-00183 |
|
Street Address |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P O Bodkdev,
Ahmedabad – 380 056, Gujarat |
||
|
Established Date |
11.03.1943 |
SIC Code |
-- |
|
Telephone# |
91-79-40004000 |
Business Style 1 |
Publisher |
|
Fax # |
91-79-40054121 |
Business Style 2 |
-- |
|
Homepage |
www.sandesh.com |
Product Name 1 |
Newspaper |
|
# of employees |
500 (Approximately) |
Product Name 2 |
Journals
Periodicals |
|
Paid up capital |
Rs.
85,338,000/- |
Product Name 3 |
Inter Corporate Deposits |
|
Shareholders |
Promoter and Promoters Group -66.49% Public Shareholdings – 33.51% |
Banking |
Union Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
68 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (65) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
India |
Satyesh Prochem
LLP |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,926,890,000 |
Current Liabilities |
1,542,767,000 |
|
Inventories |
229,258,000 |
Long-term Liabilities |
193,980,000 |
|
Fixed Assets |
763,528,000 |
Other Liabilities |
60,558,000 |
|
Deferred Assets |
0 |
Total Liabilities |
1,797,305,000 |
|
Invest& other Assets |
860,529,000 |
Retained Earnings |
2,897,562,000 |
|
|
|
Net Worth |
2,982,900,000 |
|
Total Assets |
4,780,205,000 |
Total Liab. & Equity |
4,780,205,000 |
|
Total Assets (Previous Year) |
4,591,452,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
2,333,379,000 |
Net Profit |
439,044,000 |
|
Sales(Previous yr) |
2,254,158,000 |
Net Profit(Prev.yr) |
370,323,000 |
MIRA
INFORM REPORT
|
Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE SANDESH LIMITED |
|
|
|
|
Registered
Office : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P O Bodkdev,
Ahmedabad – 380 056, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.03.1943 |
|
|
|
|
Com. Reg. No.: |
04-00183 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 85.338 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121GJ1943PLC000183 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00069G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5730D |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company's shares are listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Publisher of Newspaper and Journal periodicals |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 11000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Directors are reported to be
experienced and respectable businessmen. 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P O Bodkdev, Ahmedabad
– 380 056, Gujarat |
|
Tel. No.: |
91-79-40004000/ 26765480/ 40004175/ 25624241 |
|
Fax No.: |
91-79-40054121 / 40004242/ 40004175/ 40004148 |
|
E-Mail : |
cs@sandesh.com investorsgrievance@sandesh.com |
|
Website : |
www.sandesh.com |
|
Area: |
10000 Sq. ft. (Owned) |
|
|
|
|
Works : |
·
"Satyesh Bhavan", ·
"Satyesh Bhuvan", Satyanarayan Mill
Compound, ·
"Satyesh Bhuvan", Sadar, ·
"Satyesh Bhuvan", |
|
|
|
|
Branch Office : |
Satyesh
Bhavan, Satyesh
Bhavan, Satyanarayan Mill Compound,
Fax
: 91-281-22477909. Satyesh
Bhavan, Vello Inds Compound, Ruvapuri Road, Bhavnagar-364 001. Fax :
91-278-22519941/42 Mumbai
Fax
: 91-11-23714496 Kolkata Chennai
Pune Mr.
Praveenkumar B. Tyagi |
|
|
|
|
Representative Offices : |
Flat No.
101, Sidhartha Mayuri Apartments, Plot No. 160, Punjagutta Colony, Near Shreeji
Sadan, 124, Subhash Marg, (Pardeshipura), Jaipur 7-Chha-6,
Jawahar Nagar, Jaipur. Fax:91-141-2624611 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr.
Falgunbhai C. Patel |
|
Designation : |
Chairman and Managing Director
|
|
Address: |
“Satyesh-Lila”, Ambawadi, Ellisbridge, Ahmedabad-380006, |
|
Date of Appointment: |
27.11.1974 |
|
|
|
|
Name : |
Mr.
Parthiv F. Patel |
|
Designation : |
Managing Director |
|
Address: |
“Satyesh-Lila”, Ambawadi, Ellisbridge, Ahmedabad-380006, |
|
Date of Appointment: |
14.03.2002 |
|
|
|
|
Name : |
Mr. Sudhirbhai I. Nanavati |
|
Designation : |
Director |
|
Address: |
“Archit”, |
|
Date of Appointment: |
31.01.2001 |
|
|
|
|
Name : |
Mr. Mukeshbhai M. Patel |
|
Designation : |
Director |
|
Address: |
“Prakruti”, 11, Ashwamegh Bungalows Part- 2, Off |
|
Date of Appointment: |
30.03.2005 |
|
|
|
|
Name : |
Mr. Shreyasbhai V. Pandya |
|
Designation : |
Director |
|
Address: |
7, Ashwamegh Bungalows, Part- II, 132, Ring Road, Satellite Road,
Ahmedabad-380015, Gujarat, India |
|
Date of Appointment: |
30.12.2005 |
|
|
|
|
Name : |
Mr. Ravindra Dhariwal |
|
Designation : |
Director |
|
Address: |
Asshray Farm, Opposite NV Farm, Sub P.O. SP School, Bhatti Mines, |
|
Date of Birth/ Age: |
11.09.1952 |
|
Date of Appointment: |
30.07.2007 |
|
|
|
|
Name : |
Ms. Pannaben Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Justice Jitendra N Bhatt |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dhaval Pandya |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1777400 |
20.84 |
|
|
3893615 |
45.65 |
|
|
5671015 |
66.49 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5671015 |
66.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
500 |
0.01 |
|
|
500 |
0.01 |
|
|
|
|
|
|
1917748 |
22.48 |
|
|
|
|
|
|
670250 |
7.86 |
|
|
184249 |
2.16 |
|
|
85659 |
1.00 |
|
|
44303 |
0.52 |
|
|
41356 |
0.48 |
|
|
2857906 |
33.51 |
|
Total Public shareholding (B) |
2858406 |
33.51 |
|
Total (A)+(B) |
8529421 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
8529421 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Publisher of Newspaper and Journal periodicals |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
|
Actual
Production |
|
Daily |
No. in Lacs |
|
|
3244.170 |
|
Weekly |
No. in Lacs |
|
|
7.90 |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manubhai and Company Chartered Accountants |
|
Address : |
2nd Floor,
"B" Wing, Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmedabad-380 009, |
|
|
|
|
Associates: |
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8529421 |
Equity Shares |
Rs.10/- each |
Rs. 85.294
Millions |
|
Add |
Shares forfeited |
|
Rs. 0.044
million |
|
|
Total |
|
Rs. 85.338 millions |
Notes:
(Of the above Shares,
10000 Equity Shares have been issued for consideration other than cash, 5337400
Shares have been allotted as Bonus Shares by Capitalisation of Profit -
transferred from General Reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
85.338 |
85.338 |
86.520 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2897.562 |
2498.848 |
2176.908 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2982.900 |
2584.186 |
2263.428 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
192.980 |
244.345 |
0.000 |
|
|
2] Unsecured Loans |
1.000 |
2.000 |
1.395 |
|
|
TOTAL BORROWING |
193.980 |
246.345 |
1.395 |
|
|
DEFERRED TAX LIABILITIES |
60.558 |
60.319 |
47.806 |
|
|
|
|
|
|
|
|
TOTAL |
3237.438 |
2890.850 |
2312.629 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
763.528 |
750.444 |
554.859 |
|
|
Capital work-in-progress |
12.261 |
43.913 |
12.389 |
|
|
|
|
|
|
|
|
INVESTMENT |
848.268 |
76.504 |
144.118 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
229.258
|
215.755
|
177.821
|
|
|
Sundry Debtors |
471.335
|
366.301
|
318.769
|
|
|
Cash & Bank Balances |
828.342
|
927.637
|
466.182
|
|
|
Other Current Assets |
6.293
|
6.876
|
1.856
|
|
|
Loans & Advances |
1620.920
|
1353.721
|
1522.316
|
|
Total
Current Assets |
3156.148
|
2870.290 |
2486.944 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
417.002
|
434.825
|
345.559
|
|
|
Other Current Liabilities |
842.754
|
178.940
|
340.259
|
|
|
Provisions |
283.011
|
236.536
|
199.863
|
|
Total
Current Liabilities |
1542.767
|
850.301 |
885.681 |
|
|
Net Current Assets |
1613.381
|
2019.989
|
1601.263
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3237.438 |
2890.850 |
2312.629 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
2333.379 |
2254.158 |
2886.893 |
|
|
|
Other Income |
140.294 |
71.989 |
30.463 |
|
|
|
TOTAL |
2473.673 |
2326.147 |
2917.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stock |
[63.622] |
[22.707] |
[13.339] |
|
|
|
Raw Material Consumed |
979.401 |
783.403 |
847.405 |
|
|
|
Trading Purchase |
145.144 |
400.752 |
1067.509 |
|
|
|
Operating and Other Expenses |
558.181 |
416.238 |
455.771 |
|
|
|
Salaries and Benefits to employees |
159.633 |
137.554 |
117.769 |
|
|
|
Transfer from Revaluation Reserve |
[0.546] |
[0.618] |
[0.914] |
|
|
|
TOTAL |
1778.191 |
1714.622 |
2474.201 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
695.482 |
611.525 |
443.155 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
69.822 |
54.844 |
52.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
625.660 |
556.681 |
390.779 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
186.616 |
186.358 |
112.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
439.044 |
370.323 |
278.067 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
113.392 |
123.006 |
175.291 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
350.000 |
300.000 |
|
|
|
Dividend |
34.118 |
25.588 |
25.943 |
|
|
|
Tax on Dividend |
5.666 |
4.349 |
4.409 |
|
|
BALANCE CARRIED
TO THE B/S |
112.652 |
113.392 |
123.006 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Subscription |
0.000 |
0.003 |
0.003 |
|
|
|
Service Charges |
0.465 |
2.782 |
2.898 |
|
|
|
Royalty |
0.000 |
0.232 |
0.347 |
|
|
TOTAL EARNINGS |
0.465 |
3.017 |
3.248 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
228.391 |
13.224 |
13.507 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.177 |
|
|
TOTAL IMPORTS |
228.391 |
13.224 |
13.684 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.47 |
43.27 |
32.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
17.75
|
15.92
|
9.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.81
|
24.70
|
13.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.96
|
15.41
|
12.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.22
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.45
|
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
3.37
|
2.81 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATION
There is an
increase in net advertisement revenue by 27% and net revenue of the circulation
has also increase by 4.50% compared to the previous Financial Year. The income
for the operations was Rs. 2333.379 millions compared to the income for the
operations of Rs. 2254.158 millions of the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
India, with a
population of over 1 billion and a national literacy rate of 65%, offers one of
the world’s biggest markets for the print media. In spite of the 1990’s
revolution in cable and satellite television and spurt of news channels, there
has been a prolific growth in the number and readership of newspapers in India.
Liberalization of regulations in the news and current affairs segment has given
this market further flip. The print business has witnessed steady growth with
new editions being launched and new players entering the field.
Close to 60,000
publications of various kinds in various languages (123 languages and dialects)
are currently registered with the Registrar of Newspapers of India (RNI), which
functions under the Indian government’s Ministry of Information and
Broadcasting. An estimated 1900 ‘large’ daily newspapers are published in the
country – over 40 per cent of them in Hindi, less than 10 per cent in English
and the other half in dozens of other languages and dialects.
The Company
belongs to the Regional Print Media Industry and which is a publisher of
“SANDESH” a premier Gujarati daily newspaper in Gujarat Region, incorporated on
March 11, 1943 to carry on the business of editing, printing and publishing
newspapers and periodicals. The Company started its first printing facilities
at Ahmedabad.
Late Shri
Chimanbhai S. Patel acquired the entire business from the original promoter in
the year 1958, and had put his efforts to strengthen the activities carried out
by “SANDESH”. The editorial policy of the Company has always been based on
basic journalist values of objectivity and has not been influenced by any
external forces. Presently, Shri Falgunbhai Patel, Chairman and Managing
Director is running the entire business affairs of the Company along with Shri
Parthiv Patel, Managing Director and a professional team of the Executives of
the Company.
The Company had
started its printing facilities at Baroda during 1985-86, at Surat during
1989-90, at Rajkot during 1990-91, and at Bhavnagar during 1998-99 to cater to
the semi urban and rural areas. The Company has its regional offices at Mumbai,
Delhi, Kolkata, Bangalore, Chennai and Pune, which have experienced staff and
well equipped communication facilities. Besides the Company also publishes
“STREE”, a weekly magazine and also the periodical “SANDESH PRATYAKSHA
PANCHANG” which remained popular among the public. Your Company has a strong
regional franchise, where it enjoys strong readership loyalty.
The Company has
also diversified in to out-of-home, real estate and finance businesses. An
integrated township and other landmark mega-commercial projects are underway.
Also the Company is all set to launch Bhuj Edition in the month of July 2011,
taking its total editions to six from the current five. A weekly newspaper
under the name & style ‘AGRO SANDESH’, specific to the rural community of
Gujarat covering the farming, dairy and co-operative sector shall also be
launched in July 2011.
SEGMENT-WISE OR
PRODUCT-WISE PERFOMANCE
I)
PUBLICATION : -
This is the core
business of the Company since its inception. Despite competition in the
Regional Print Media Industry, the Company was capable to maintain its business
volumes. The revenue from the publication division was Rs. 2088.155 millions
during the Financial Year as against Rs. 1700.836 millions in previous
Financial Year. Hence, there is a marginal rise in the revenue of the
Publication division of the Company. Consequently, the profitability of the
publication division also increased.
II)
FINANCE DIVISION:-
The Company has
been in the Financing business since long; however, during the year, looking to
the present market scenario the Company has not increased its financing
exposures. The segment revenue from Finance Division was Rs. 283.920 millions
during the Financial Year as against Rs. 237.474 millions in the previous year.
OUTLOOK, RISKS AND
CONCERNS
The Business
outlook for the Print Media Industry and the Company looks good. Contrary to
global trends, both readership and circulation of newspapers is growing in
India. The raw material scenario, especially with regard to newsprint prices
both in domestic and foreign markets, continues to be challenging but the impact
is generic to all players within the sector. However, the Company keeps close
watch on the development on the Newsprint front. The Company uses Imported as
well as domestic Newsprint and by judicious mix of them, tries to mitigate the
high cost impact on the operations. The newsprint price is cyclical and is
dependent on various factors.
The Company is
strengthening its market positions, reinforcing its relationships with Agents,
Advertisers and providing high quality contents to the readers. Your Company’s
website i.e. “www.sandesh.com” is a very popular website for the Gujarati
community.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80023783 |
|
Corporate
identity number of the company |
L22121GJ1943PLC000183 |
|
Name of the
company |
THE SANDESH LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sandesh Bhavan, |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Union bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental to
the composite hypothecation Deed (SD-20(s)) dated 18.10.2007 |
|
Date of
instrument Creating the charge |
18.10.2007 |
|
Amount secured by
the charge |
Rs. 600.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The borrower
shall pay interest as under against credit facilities of: 1) CC
(Hypothecation) (Stocks/ BD): BPLR less 2% (i.e. 10% at present) W/w - WCDL/ FCL: BPLR
less 2% (i.e. 10% at present) ROI for FCL will be decided at the time
availment 2) Import/
Interest, L/C (DA inland 90/ import 180 days: As applicable W/w - Letter of
Guarantee : As applicable Terms of
Repayment The credit
facilities of Rs. 600.000 Millions renewed for a period of 1 year subject to
review in January, 2008 Margin The Borrower
shall maintain margin as under against: 1) CC (HP)
(Stocks/ BD) : 25% for Stock, 30% for Book Debts W/w - WCDL/ FCL : 25%
for Stock, 30% for Book Debts 2) Imp/Interest
L/C (DA inland 90/ Import 180 days : 10% W/w - Letter of
Guarantee: 25% Extent and
Operation of the charge The extended / renewed
credit facilities of Rs. 600.000 Millions operates against stocks, book debts
and plant and machinery together with spares, tools, accessories etc. of the
company. |
|
Short particulars
of the property charged |
1) All tangible movable plant and machinery
fixtures, fittings, computers, vehicles together with spares, tools and
accessories etc. 2) The whole of moveable goods and assets
both P and F, inc. all stocks of raw materials, work-in process,
semi-finished and finished goods such as News print reels, stores and spares,
news papers etc. 3) All P and F book-debts, outstanding,
monies, receivables, claims, bills, contracts etc. Lying at Borrowers
premises or godowns at Sandesh Bhavan, Ahmedabad, |
Fixed assets:-
· Land
· Buildings
· Lifts
· Plants and Machinery
· Electric Fittings
· Motor Vehicles
· Furniture and Office Equipments
website details:-
Profile
Subject is an India-based company. It is engaged in the business of editing,
printing and publishing newspapers and periodicals. The Company’s principal
products include newspaper, journals and periodicals, and inter corporates
deposits. The Company is a publisher of SANDESH, a Gujarati daily newspaper in
Gujarat Region. The Company operates in three segments: publications, finance
and trading. It also publishes STREE, a weekly magazine and also the periodical
SANDESH PRATYAKSHA PANCHANG. The Company’s plants are located in Ahmedabad,
Baroda, Surat, Rajkot and Bhavnagar. It has offices at Mumbai, Delhi, Kolkata,
Bangalore, Chennai and Pune. For the nine months ended 31 December 2010,
subject revenues increased 11% to RS1.82B. Net income increased 6% to RS355.9M.
Revenues reflect a increase in income from Publication business segment. Net
income was partially offset by increased consumption of raw materials,
increased staff cost, higher depreciation expense and increased other
expenditure. The Company is a publisher of SANDESH, a Gujarati daily news
paper.
BOARD OF DIRECTORS
FALGUNBHAI C.
PATEL - EXECUTIVE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR
Shri. Falgunbhai C. Patel serves as Executive Chairman of the Board,
Managing Director of The Sandesh Limited. He is a Commerce Graduate and M.B.A
(U.S.A.). He has been associated with the Company for the last 29 years. He has
a experience in the field of journalism, editorial, management of Newspapers,
Journals and Magazines besides Investments, Finance, Treasury and general
administrative functions of the Company. He was appointed as a Director of the
Company in the year 1974. Then after considering his performance, he was
appointed as a Managing Director of the Company from the year 1978. He has been
handling the management and control of the organization, remarkably since 1978.
Looking at the experience, long lasting experience and exposure in the field of
Print Media of Shri Falgunbhai C. Patel, responsibilities being shouldered by
him as well as his association with the Company, he is suitable for the
position.
RAVINDRA DHARIWAL
- NON-EXECUTIVE DIRECTOR
Shri. Ravindra Dhariwal is a Non-Executive Director of The Sandesh
Limited. Mr. Dhariwal is a B. Tech {Chemical Engineering) from the Indian
Institute of Technology, Kanpur and also holds a postgraduate diploma in
management (Marketing and Finance) from the Indian Institute of Management
Kolkata. Mr. Dhariwal is also fie Executive Director BCCL. Prior to this Mr.
Dhariwal was the President, Franchise, South East Asia, PepsiCo International.
During his career Mr. Dhariwal has held various positions al Hindustan Lever
Limited. Rexona Prop. Limited, Pepsi Food Industries and PepsiCo international.
Education - B Chemical
Engineering, Indian Institute of Technology, Kanpur
SUDHIRBHAI I.
NANAVATI – NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Sudhirbhai Nanavati is a Non-Executive Independent Director of The
Sandesh Limited. Mr. Nanavati is a Senior Advocate practicing since 1971 in
Supreme Court, of India, Gujarat High Court, City Civil Court Ahmedabad, Labor
Court and Tribunals at Ahmedabad and others places i. e, Rajkot, Baroda, Surat
etc., Bombay High Court, Tribunal at Bombay and Delhi etc. practicing in Civil,
Constitutional Law, Labor Laws and Industrial Laws, Customs and Excise Laws,
conveyancing, etc. He is Honorable Secretary of Gujarat Law Society, Vice
President of Gujarat Cricket Association, Ahmedabad, Member of International
Law Association and Executive Member of Gujarat University Senate (Court), The
Gujarat Research and Medical Institute , Ahmedabad and Central Board of Cricket
Association.
SHREYASBHAI V.
PANDYA - NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Shreyasbhai V. Pandya serves as Non-Executive Independent Director
of The Sandesh Limited. He is the Managing Director of Sahitya Mudranalaya Private
Limited, one of the Printing and Data Processing House of Gujarat and first
Indian Company having Certification of BS7799-2:2002 for information Security
“Management System by CIS Certification and Information Security Services
Gmb-H. Also accredited with ISO 27001:2005 certifications. Sahitya Mudranalaya
is winner of President Awards for excellence in printing. Awarded with
certificate of excellence at the first South Asia Printing Congress amongst
SAARC countries. Also winner of several National and state level awards under
management of Shri Shreyas V. Pandya. With 37 years of experience in Printing
Industry he is awarded Guttenberg Award as Stalwart of Printing Industry by All
India Federation of Master Printers. He was former President (year 2003-04) of
Gujarat Chamber of Commerce and Industry and Vice President (West) (year 1990-
91) of all India Federation of Master Printers. He holds B.Com, Diploma in
Printing Tech. His also a director of Sahitya Mudranalaya Private Limited,
Tarang Estate Private Limited, Malhar Investment and Estate Private Limited,
Meghdhanush Enterprise Private Limited, Meghmalhar Enterprise Private Limited,
Adistar Infrastructure Private Limited, Soho Hotels Private Limited.
MUKESHBHAI M. PATEL
- NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Mukeshbhai M. Patel serves as Non-Executive Independent Director of
The Sandesh Limited. He is an Eminent International Tax Expert, visiting
professor at the Gujarat Law Society and the reputed Indian Institute of
Management (IIM), Ahmedabad and a weekly columnist on Direct Tax Laws in the
dailies. Actively served on the Managing Bodies of apex organizations such as
FICCI, ASSOCHAM, ICC and AIMA. He is also standing Counsel of The Indo-Japanese
Economic Cooperation Council and The Indo-American Chamber of Commerce. He
enjoys the honour of having been conferred with several International Awards
and Recognitions including Outstanding Speaker of the Twentieth Century, The
Friend of NRIs Award, The Indo-Japanese Friendship Award and Imperial
Medallion, The British Red Cross Salutation, the Cup of Joy and Life,
Fellowship of the World Academy of speakers, Outstanding Young Professional of
the World and ‘Honorary Life Membership of the International Tax Bar Association.
He holds B. Com, LLB. His Other Directorship are: Cadila Healthcare Limited,
Zydus Wellness Limited, Hitachi Home and Life Solutions (I) Limited, Desai
Brothers Limited, German Remedies Limited, Zydus Pharmaceuticals Limited, BA
Research India Limited.
PARTHIV F. PATEL -
MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Shri. Parthiv F. Patel serves as Managing Director, Executive Director
of The Sandesh Limited. He is a Graduate in Business Finance from U.K. He has
gained experience as a Board Member since his appointment in the year 2002.
Besides assisting the Chairman and Managing Director of the Company in the
day-to-day affairs of the Company, his portfolio includes working towards
planned diversifications, expansion for sustained development and growth. Looking
at the experience and exposure in the diversified field including the Print
Media and the responsibilities being shouldered by Shri Parthiv F. Patel, he is
suitable for the position.
FALGUNBHAI C.
PATEL - EXECUTIVE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR
Shri. Falgunbhai C. Patel serves as Executive Chairman of the Board,
Managing Director of The Sandesh Limited. He is a Commerce Graduate and M.B.A
(U.S.A.). He has been associated with the Company for the last 29 years. He has
a experience in the field of journalism, editorial, management of Newspapers,
Journals and Magazines besides Investments, Finance, Treasury and general
administrative functions of the Company. He was appointed as a Director of the
Company in the year 1974. Then after considering his performance, he was
appointed as a Managing Director of the Company from the year 1978. He has been
handling the management and control of the organization, remarkably since 1978.
Looking at the experience, long lasting experience and exposure in the field of
Print Media of Shri Falgunbhai C. Patel, responsibilities being shouldered by
him as well as his association with the Company, he is suitable for the
position.
PARTHIV F. PATEL -
MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Shri. Parthiv F. Patel serves as Managing Director, Executive Director
of The Sandesh Limited. He is a Graduate in Business Finance from U.K. He has
gained experience as a Board Member since his appointment in the year 2002.
Besides assisting the Chairman and Managing Director of the Company in the
day-to-day affairs of the Company, his portfolio includes working towards
planned diversifications, expansion for sustained development and growth.
Looking at the experience and exposure in the diversified field including the
Print Media and the responsibilities being shouldered by Shri Parthiv F. Patel,
he is suitable for the position.
NEWS
PRESS RELEASE
The Sandesh
Limited Declares Dividend; Announces Appointment Of M/s. Manubhai and Co As
Auditors
Jul 30, 2010
The Sandesh Limited. announced that the Annual General Meeting (AGM) of the
Company was held on July 30, 2010. The members resolved that pursuant to
recommendation made by the Board of Directors of the Company, a dividend at the
rate of INR3.0 per equity share payable to the equity shareholders of the
Company whose name appears on the register of members as on May 21, 2010 be and
is hereby declared out of the profits of the Company for the year ended March
31, 2010. The members also resolved that M/s. Manubhai and Company, Chartered
Accountants, Ahmedabad, be and are hereby appointed as Auditors of the Company
to hold the office from the conclusion of this Annual General Meeting until the
conclusion of next Annual General Meeting.
Annual General
Meeting
19 July 2011
India, July 19 -- The Sandesh Limited has informed the Exchange that the
Annual General Meeting of the Company is scheduled to be held on August 05,
2011. Published by HT Syndication with permission from Accord Fintech.
CORPORATE NEWS |
SANDESH GROUP TO START WORK ON RS 3,000 CR TOWNSHIP
08 June 2011
Ahmedabad,
June 8 -- Applewoods, a Rs 30000.000 millions integrated township project of
Ahmedabad-based Sandesh Group which publishes Gujarati daily Sandesh under the
flagship firm The Sandesh Limited, has got clearance from Ahmedabad Urban
Development Authority (AUDA) to begin construction work, the group said in a
statement.
The
integrated township is located near Shela area on Sardar Patel Ring Road in
Ahmedabad.
"Properties
worth 90 lakh sq ft would be built on 128 acres of land. Apart from 400
bungalows and 3,500 apartments of different sizes, a corporate park has also
been designed as part of the township. It will have 75% open spaces and tree
plantations," said Parthiv Patel, managing director, The Sandesh Limited.
The
township will utilize renewable energy, recycle water, manage solid waste and
harvest rain water, he said in the statement. There will also be sewage and
water treatment plants within the township. The developer will maintain the
township for a period of 15 years and then handover the maintenance to the
society members
Soumitra Trivedi
Icra
revise long-term rating of R-Com debt
Credit
rating agency Icra Limited said on Wednesday that it has revised the long-term
rating of some of Reliance Communications Limited (R-Com) debt instruments
downwards.
The
rating on R-Com's Rs 50000.000 millions non-convertible debenture and Rs
281160.000 millions long-term fund and non-fund based limits to LAA from LAA+.
The long term rating continues to remain under watch with negative
implications, Icra said in its statement.
"The
rating action takes into consideration the delay in proposed equity infusion
and continuing regulatory uncertainty, which in Icra's opinion may impact the
company's ability to deleverage its balance sheet," Icra said.
The
agency added that R-Com's ability to service short-term debt repayment
obligations had eased considerably with the company availing a long-term
facility of $1.93 billion from the China Development Bank.
REGISTER 7(3) OF SEBI
(SUBSTANTIAL ACQ OF SHARES AND TAKEOVERS),1997
25 April 2011
India, April 25 -- Short Description: Reg.7(3) of SEBI (Substantial Acq
of shares and Takeovers),1997. Entity making the Disclosure: The Sandesh
Limited. Name of the Target Company: The Sandesh Limited. Name of the
acquirers/sellers and PACs with them: Falgunbhai chimanbhai patel Jt. Pannaben
Falgunbhai Patel, Jt. Parthiv Falgunbhai Patel. Date of Acquisition/sale:
22-APR-2011. Mode of acquisition (e.g. open market / public issue / rights issue
/ preferential allotment / interse transfer etc.): Inter se Transfer. Mode of
sale (e.g. open market/MOU/off market, etc.): Off Market. Particulars of
acquisition/sale: Shares/Voting rights (VR) before acquisition under
consideration: Number - 515550; Type - Equity; % w.r.t. total paid up capital
of Target Company - 6.04. Shares/voting rights acquired: Number - 129200; Type
- Equity; % w.r.t. total paid up capital of Target Company - 1.51. Shares/VR
after acquisition: Number - 386350; Type - Equity; % w.r.t. total paid up
capital of Target Company - 4.53. Published by HT Syndication with permission
from Accord Fintech.
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. 44.15 |
|
|
1 |
Rs. 72.10 |
|
Euro |
1 |
Rs. 63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
no |
|
--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 |
yes |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
65 |
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.