MIRA
INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Name : |
AAJ KA ANAND PAPERS LIMITED |
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Registered
Office : |
365/ 6, Shivaji Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.12.1993 |
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Com. Reg. No.: |
11-034813 |
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Capital
Investment / Paid-up Capital : |
Rs.80.000 Millions |
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CIN No.: [Company Identification
No.] |
U22110MH1993PLC034813 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Publisher and Distributor of Newspaper and Magazine. |
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No. of Employees
: |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1264888 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
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Name : |
Mr. Anand Agarwal |
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Designation : |
Director |
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Date : |
17.06.2011 |
LOCATIONS
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Registered Office : |
365/ 6, Shivaji Nagar, |
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Tel. No.: |
91-20-25534888/ 25538835 |
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Mobile No.: |
91-9822024795 (Mr. Anand S. Agarwal) |
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Fax No.: |
91-20-25533224 |
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E-Mail : |
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Website : |
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Area : |
40000 sq mtr |
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Location : |
Owned |
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Branch Office 1 : |
4, |
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Tel. No.: |
91-22-22624248 |
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Mobile No.: |
91-9821067971 (Mr. Ajit Joshi) |
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Fax No.: |
91-22-22624248 |
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Branch Office : |
C-1/133,
Janakpuri, |
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Tel. No.: |
91-11-41574133/ 41574144 |
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Fax No.: |
91-11-25527555 |
DIRECTORS
AS ON 30.06.2010
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Name : |
Mr. Shyam G. Agarwal |
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Designation : |
Director |
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Address : |
365, Shivaji Nagar, |
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Date of Birth/Age : |
10.10.1945 |
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Date of Appointment : |
14.12.1993 |
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Name : |
Mr. Anand Shyam Agarwal |
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Designation : |
Director |
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Address : |
365, Shivaji Nagar, |
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Date of Birth/Age : |
11.12.1971 |
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Date of Appointment : |
14.12.1993 |
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Name : |
Mr. Navin Shyam Agarwal |
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Designation : |
Director |
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Address : |
365, Shivaji Nagar, |
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Date of Birth/Age : |
22.10.1979 |
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Date of Appointment : |
15.10.1997 |
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Name : |
Mrs. Ritu A. Agarwal |
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Designation : |
Director |
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Address : |
365, Shivaji Nagar, |
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Date of Birth/Age : |
16.11.1975 |
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Date of Appointment : |
15.10.1997 |
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Name : |
Mrs. Vidya S. Agarwal |
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Designation : |
Director |
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Address : |
365, Shivaji Nagar, |
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Date of Birth/Age : |
29.05.1952 |
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Date of Appointment : |
15.10.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
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Names of Shareholders |
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No. of Shares |
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Shyam G. Agarwal |
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200945 |
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Anand Shyam Agarwal |
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172855 |
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Navin Shyam Agarwal |
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138275 |
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Ritu A. Agarwal |
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119550 |
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Vidya Shaym Agarwal |
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141375 |
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Rakesh Gupta |
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1000 |
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Kiran Rakesh Gupta |
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1000 |
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TOTAL
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775000 |
AS ON 30.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Publisher and Distributor of Newspaper and Magazine. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s and Local Customers |
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No. of Employees : |
More than 500 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayant V. Kolapkar and Company Chartered Accountants |
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Address : |
Ram-Seeta, 91/2, Parvati, Near Bank of Maharashtra, Pune – 411 009, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
775000 |
Equity Shares |
Rs.100/- each |
Rs.77.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
775000 |
Equity Shares |
Rs.100/- each |
Rs.77.500 millions |
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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 |
77.500 |
52.500 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
238.722 |
145.841 |
117.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
316.222 |
198.341 |
147.910 |
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LOAN FUNDS |
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1] Secured Loans |
425.250 |
300.879 |
202.105 |
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2] Unsecured Loans |
45.362 |
89.525 |
55.323 |
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TOTAL BORROWING |
470.612 |
390.404 |
257.428 |
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DEFERRED TAX LIABILITIES |
2.957 |
2.789 |
4.049 |
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TOTAL |
789.791 |
591.534 |
409.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
200.809 |
111.808 |
117.226 |
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Capital work-in-progress |
38.768 |
111.542 |
42.260 |
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INVESTMENT |
0.000 |
0.750 |
0.750 |
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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 |
105.672
|
86.223
|
44.077 |
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Sundry Debtors |
471.970
|
323.269
|
217.497 |
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Cash & Bank Balances |
0.717
|
3.445
|
1.611 |
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Other Current Assets |
0.00
|
0.000
|
0.000 |
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Loans & Advances |
5.389
|
10.290
|
11.359 |
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Total
Current Assets |
583.748
|
423.227
|
274.544 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.685
|
27.196
|
10.116 |
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Other Current Liabilities |
3.565
|
0.219
|
0.664 |
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Provisions |
19.682
|
28.590
|
14.698 |
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Total
Current Liabilities |
33.932
|
56.005
|
25.478 |
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Net Current Assets |
549.816
|
367.222
|
249.066 |
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MISCELLANEOUS EXPENSES |
0.398 |
0.212 |
0.085 |
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TOTAL |
789.791 |
591.534 |
409.387 |
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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 |
910.650 |
653.609 |
417.069 |
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TOTAL (A) |
910.650 |
653.609 |
417.069 |
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Less |
EXPENSES |
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Raw Material and Components Consumed |
734.593 |
540.311 |
331.957 |
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Manufacturing Expenses |
3.291 |
2.952 |
5.670 |
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Administrative and Selling Overheads |
49.727 |
29.443 |
28.546 |
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Preliminary Expenses W/off |
0.054 |
0.030 |
0.014 |
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TOTAL (B) |
787.665 |
572.736 |
366.187 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
122.985 |
80.873 |
50.882 |
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Less |
INTEREST AND
FINANCIAL EXPENSES (D) |
45.081 |
31.861 |
24.790 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
77.904 |
49.012 |
26.092 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.285 |
5.776 |
5.772 |
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PROFIT BEFORE
TAX (E-F) (G) |
71.619 |
43.236 |
20.320 |
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Less |
TAX (H) |
24.669 |
15.305 |
7.141 |
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PROFIT AFTER TAX
(G-H) (I) |
46.950 |
27.931 |
13.179 |
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Less |
APPROPRIATIONS |
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Dividend |
7.750 |
-- |
-- |
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Tax on Dividend |
1.320 |
-- |
-- |
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Short Provision of Income Tax |
-- |
-- |
(0.234) |
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Excess Provision of Vat Written Back |
-- |
-- |
0.002 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61.889 |
33.957 |
21.010 |
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BALANCE CARRIED
TO THE B/S |
99.769 |
61.888 |
33.957
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Earnings Per
Share (Rs.) |
73.50 |
90.50 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
5.16
|
4.27
|
2.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.86
|
6.61
|
4.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.13
|
8.08
|
5.19 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.22
|
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
2.25
|
1.91 |
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Current Ratio (Current Asset/Current Liability) |
|
17.20
|
7.56
|
10.78 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors
for Goods |
5.409 |
26.098 |
6.275 |
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Sundry Creditors
for Others |
5.276 |
1.098 |
0.000 |
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Sundry Creditors
for Expenses |
NA |
NA |
3.841 |
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OPERATIONS:
During the financial year,
the company has achieved record sales of Rs. 910.600 Millions as compared to
the previous year's turnover of Rs. 656.600 Millions representing a substantial
growth of around 40% than the previous year's turnover indicating sustained
growth. During the year Company has successfully completed the construction of
projected Hotel viz "The Citiotel" and commenced its operations from
January, 2010.
FUTURE OUTLOOK
The current challenging
Global Economic environment has led to moderate expectations for the print media
Industry for 2009-10 but the projections for the coming years are still strong.
The Print Media Industry being the second largest segment of media and
entertainment industry is expected to grow $5.32 billion in 2013 from 3.45
billion in 2008. While subscription revenue of Print Media industry is expected
to increase to $1.84 billion in 2013 from 1.28 billion in 2008 the advertising
revenue of the segment is projected to move up to 3.48 billion from 2.16
billion during this period.
There are number of reasons
to be optimistic about India's Print Media industry including the factors that
contribute to the high growth of Indian economy. Despite high growth achieved
during the recent years, there is a low penetration compared to international
average. The advertising spend to GDP Ratio is also very low compared with
developed countries. On the other hand, the growing middle class, young
population, thrust to education by government and increasing discretionary
spending are the factors that not only help the overall economy to grow at a
healthy pace but also conducive Environment for the media and entertainment
industry in general and Print Media industry in particular.
The company has seized the
above challenges and opportunities for growth. To achieve this, the company has
planned to go for its proposed mega expansion at Hlnjewadi, Pune. The company
is going for a state of art printing facilities equipped with latest printing
machinery, warehousing facilities and corporate office in Hinjewadi. This will
enable to publish 24 pages newspapers each, with all pages in colour and at a
very high speed.
This infrastructure will be
a strong base for all future expansions and which will also allow company to
start an English daily, e-paper an m-paper and all the other digital platforms.
FORM 8:
|
Corporate identity number of the company |
U22110MH1993PLC034813 |
|
Name of the company |
AAJ KA ANAND PAPERS LIMITED |
|
Address of the registered office or of the
principal place of business in |
365 Shivaji Nagar Aaj Ka Anand Building
Puna, Pune – 411005, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others |
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Particular of charge holder |
State Bank of India Industrial Finance
Branch |
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Nature of instrument creating charge |
Agreement of Hypothecation of Goods and
Assets, Letter regarding the grant of individual limit within overall
limit(FormC.5),Agreement of Loan for overall limit(FormC.1),Deed of Guarantee
for Overall Limit(FormC.4) all these documents executed to create a single
charge against plant and machineries and other fixed assets to cover the
credit facilities extended by the Bank to the Borrower Company. |
|
Date of instrument Creating the charge |
11/05/2011 |
|
Amount secured by the charge |
Rs.120.000 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 5.50% above Base Rate. Present effective
rate:13.75% pa Terms of Repayment Repayment is to be carried out in 54
monthly installments. April 2012 to March 2013: 12 monthly installments of
Rs.1.000 Millions .each, April 13 to March 14: 12 monthly installments of
Rs.1.500 Millions. each. April 2014 to March 2015: 12 monthly installments of
Rs.2.500 Millions r.each.April15 to March16: 12 monthly installments of
Rs.3.500 Millions. each. April16 to Sept.16:5monthly installment of Rs.3.500
Millions. 1 Monthly installment of Rs.0.500 Million making total repayment of
Rs.120.000 Millions. Margin 30.83% Extent and Operation of the charge SBI IFB Pune will have first and exclusive
charge over the Plant and Machinery and other fixed assets which is being
installed at S.No.236and237 at VillageHingewadi Pune. The Company has
extended the EM of Personal Properties of the Directors as collateral
security to cover the limit. S/s. Shyam G Agarwal, Anand S. Agarwal,Navin S.
Agarwal and Sushri Vidya S. Agarwal and Ritu A Agarwal extended Personal
Guarantee towards repayment of entire term loan .The Charge will be
incontinuous mode till the repayment Others To avail the loan, the Company, by virtue
of the Board Resolution passed on 17/03/2011, has given assent to all the
Terms and Conditions, Covenants, as provided in Bank's Sanction Letter and
executed the related loan document(s)/ Agreement(s) through the Director(s),who have received and singed the documents in physical form
for and on behalf of the Company and who have been authorized to file eform-8
for Creation of the charge against the assets of the Company. |
|
Short particulars of the property charged |
All the Plant and Machinery and fixed
assets that would be located and fixed at S.No.236 and 237 at Village
HIngewadi –Pune Collateral Security:Land
belonging to Promoters located at S.No.364+365 Final Plot No.713+714/8 and 9
Shivajinagar Pune. |
|
Corporate
identity number of the company |
U22110MH1993PLC034813 |
|
Name of the
company |
AAJ KA ANAND PAPERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
365/ 6, Shivaji Nagar, E-Mail: aajkaanand@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10077977 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers, Wakdewadi,
Mumbai Pune Highway, Pune – 411 003, Maharashtra, India E-Mail: dinesh.arora@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Further
Charge |
|
Date of
instrument Creating the charge |
07/04/2010 |
|
Amount secured by
the charge |
Rs.472.400
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
For SBI: 2.50%
above SBAR, i.e. 14.25%. For Barclays Bank: 13% or as may be stipulated, For
Axis Bank BPLR-1.25%, i.e. 13.50%. Penal Interest on default as per RBI
Instructions. Terms of
Repayment: DCC: On Demand,
Tenor would be 12 Months. Margin: For SBI: RM 25%, Book
Debts: 30%, Cover period 180 days, For Barclays Bank and Axis Bank as per
sanction letter individually issue to respective bank duly acknowledge by
respective company. Extent and
Operation of the charge: Under Consortium
of Bank Finance, all the three banks namely SBI, Axis Bank and Barclays Bank
will have pari passu charge over all the present and future current assets
and will have Second charge of Term Loan of Rs.50.000 millions sanctioned by
Axis Bank, as per the deed of further charge.
|
|
Short particulars
of the property charged |
All piece and
parcel of land bearing CTS 364 + 365/6, Final Plot 713 + 714/6 adm 980 sq
mtrs. together with building thereon and additional made thereto, situated at
Bhamburda Shivaji Nagar, Pune All piece and
parcel of land bearing CTS 364 + 365/7, Final Plot 713 + 714/7 adm 833.04 sq
mtrs. together with building thereon and additional made thereto, situated at
Bhamburda Shivaji Nagar, Pune Together with
Plant and Machinery fixed assets therein and all apputenances annexed
thereto. |
|
Date of latest
modification prior to the present modification |
19/11/2009 |
|
Particulars of
the present modification |
Facilities now
secured under Revised Enhanced Aggregate Limit is Rs.472.400 millions. Immovable
property viz all piece and parcel of land bearing CTS 364 + 365/6, Final Plot 713 + 714/6 and
CTS 364 + 365/7, Final Plot 713 +
714/7 together with building thereon and additional made thereto, and Plant
and Machinery, fixed assets therein and all apputenances annexed thereto,
shall be extended as Second Charge for all purposed and intents to secure
Rs.50.000 millions availed from Axis Bank. |
TRADE REFERENCES:
- Tushar Shipping
Agency, Pune
- Hitendra
Advertising and Marketing Private Limited, Pune
FIXED ASSETS:
- Land
- Building
- Computers
- Furniture and Fixtures
- Vehicles
- Plant and Machinery
- Office Equipments
- Air Conditioner
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.44.93 |
|
|
1 |
Rs.72.42 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.