MIRA
INFORM REPORT
|
Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
WRITERS AND PUBLISHERS PRIVATE LIMITED (w.e.f. 06.03.2009) |
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Formerly Known
As : |
WRITERS AND PUBLISHERS LIMITED |
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Registered
Office : |
Plot No. 280, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
13.01.1981 |
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Com. Reg. No.: |
04-47207 |
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Capital
Investment / Paid-up Capital : |
Rs. 683.655 Millions |
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CIN No.: [Company Identification
No.] |
U22210GJ1981PTC047207 |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
AHMW00114C |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Printing and publishing
of News papers |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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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 a well established and reputed company having satisfactory
track. Trade relations are 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 PARTED BY
|
Name : |
Mr. Sushil Gaikwad |
|
Designation : |
Chief Manager |
|
Contact No.: |
91-755-3913290 |
|
Date : |
17.05.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 280, |
|
Tel. No.: |
91-79-39888850/ 25201000 |
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Mobile No.: |
91-9425378951 (Mr. Sushil Gaikwad) |
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Fax No.: |
91-79-39814001 |
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E-Mail : |
csbpl2008@yahoo.co.in g_sushil@bhaskar.net.com |
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Website : |
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|
Area : |
2 Acres |
|
Location : |
Owned |
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|
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Corporate Office : |
6, Dwarka Sadan, Press Complex, MP Nagar, |
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Tel No.: |
91-755-3913290 / 2766247 |
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Fax No.: |
91-755-4270469 |
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Location : |
Owned |
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|
|
|
Branches : |
Located at: ·
·
· Bhuj ·
|
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Ramesh Chandra Agarwal |
|
Designation : |
Director |
|
Address : |
E-1/79 Arera Colony, |
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Date of Birth/Age : |
15.06.1944 |
|
Date of Appointment : |
13.01.1981 |
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|
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|
Name : |
Mr. Sudhir Agarwal |
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Designation : |
Director |
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Address : |
E-1/79 Arera Colony, |
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Date of Birth/Age : |
20.07.1967 |
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Date of Appointment : |
30.03.2009 |
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|
Name : |
Mr. Girish Agarwal |
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Designation : |
Director |
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Address : |
E-1/79 Arera Colony, |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
01.12.2007 |
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|
Name : |
Mr. pawan Agarwal |
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Designation : |
Director |
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Address : |
E-1/79 Arera Colony, |
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Date of Birth/Age : |
31.07.1974 |
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Date of Appointment : |
25.09.2000 |
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Name : |
Ms. Jyoti Agarwal |
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Designation : |
Director |
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Address : |
E-1/79 Arera Colony, |
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Date of Birth/Age : |
01.04.1971 |
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Date of Appointment : |
08.03.2005 |
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Name : |
Ms. Namita Aarwal |
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Designation : |
Director |
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Address : |
E-1/79 Arera Colony, |
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Date of Birth/Age : |
10.12.2005 |
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Date of Appointment : |
01.12.2002 |
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|
|
|
Name : |
Mr. Niten Malhan |
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Designation : |
Director |
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Address : |
Flat No. 112/122 A Wing, |
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Date of Birth/Age : |
02.08.1971 |
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Date of Appointment : |
06.12.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Sushil Gaikwad |
|
Designation : |
Chief Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Ramesh Chandra Agarwal |
-- |
205178 |
|
Bhaskar Industries Limited, |
-- |
14000 |
|
Kasturi Devi Agarwal |
-- |
42698 |
|
Sudhir Agarwal |
-- |
210914 |
|
Jyoti Agarwal |
-- |
178972 |
|
Girish Agarwal |
-- |
210644 |
|
R. C. Agarwal HUF |
-- |
10402 |
|
Bhaskar Infrastructure Limited, |
-- |
189090 |
|
Chambal Tradings Private Limited, |
-- |
106600 |
|
Namita Agarwal |
-- |
82800 |
|
Pawan Agarwal |
-- |
202852 |
|
Nitika Agarwal |
-- |
44000 |
|
Dev Fiscal Services Private Limited, |
-- |
21000 |
|
Bhaskar Multinet Limited, |
-- |
87400 |
|
Girish Agarwal HUF |
-- |
210000 |
|
Sudhir Agarwal HUF |
-- |
200000 |
|
Pawan Agarwal HUF |
-- |
120000 |
|
Bhaskar Exxoils Private
Limited, |
-- |
750000 |
|
Sharda Solvent Limited, |
-- |
1125000 |
|
Bhaskar Foods Private
Limited, |
-- |
525000 |
|
Ramesh Chandra. Agarwal |
140000 |
-- |
|
Kasturi Devi Agarwal |
105000 |
-- |
|
Bhaskar Infrastructure Limited, |
670000 |
-- |
|
Namita Agarwal |
45000 |
-- |
|
Chambal Tradings Private Limited, |
141000 |
-- |
|
Pawan Agarwal |
9000 |
-- |
|
|
670000 |
-- |
|
Dev Fiscal Services Private Limited, |
201000 |
-- |
|
|
303000 |
-- |
|
Bhaskar Multinet Limited, |
16000 |
-- |
|
|
|
|
|
Total |
2300000 |
4536550 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
62.12 |
|
Directors
or relatives of directors |
|
37.88 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Printing and publishing
of News papers |
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|
|
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Brand Names : |
“Dainik Bhaskar“ |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
·
State bank
of ·
State Bank of ·
Allahabad Bank, Area Colony, ·
Canara Bank, Area Colony, · UCO Bank ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Krishna Gupta and Company Chartered Accountant |
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Address : |
105, Parikalp Singhal Tower, 1st Floor, Above UCO Bank, Old
High Court Road, Gwalior-474009, Madhya Pradesh, India |
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Tel. No.: |
91-751-2628374/ 4086435/ 2328374 |
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Mobile No.: |
91-751-2328374/ 2628374 |
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Fax No.: |
91-9827075044 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
2500000 |
Preferences Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4536550 |
Equity Shares |
Rs.100/- each |
Rs.453.655
Millions |
|
2300000 |
Preferences Shares |
Rs.100/- each |
Rs.230.000
Millions |
|
|
Total |
|
Rs.683.655 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
683.655 |
336.827 |
336.827 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1856.983 |
1891.241 |
1855.965 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2540.638 |
2228.068 |
2192.792 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
138.724 |
151.235 |
129.999 |
|
|
2] Unsecured Loans |
6180.320 |
4570.434 |
3514.148 |
|
|
TOTAL BORROWING |
6319.044 |
4721.669 |
3644.147 |
|
|
DEFERRED TAX LIABILITIES |
89.845 |
87.821 |
75.436 |
|
|
|
|
|
|
|
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TOTAL |
8949.527 |
7037.558 |
5912.375 |
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|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
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|
FIXED ASSETS [Net Block] |
1258.143 |
982.671 |
865.759 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3420.848 |
2475.608 |
512.802 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.988
|
8.085 |
3.599 |
|
|
Sundry Debtors |
242.516
|
626.819 |
73.902 |
|
|
Cash & Bank Balances |
666.761
|
607.319 |
992.271 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6411.700
|
5033.630 |
3555.185 |
|
Total
Current Assets |
7334.965
|
6275.853 |
4624.957 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2887.380
|
2538.200 |
23.738 |
|
|
Other Current Liabilities |
158.763
|
149.400 |
46.372 |
|
|
Provisions |
22.650
|
14.589 |
21.033 |
|
Total
Current Liabilities |
3068.793
|
2702.189 |
91.143 |
|
|
Net Current Assets |
4266.172
|
3573.664 |
4533.814 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.364 |
5.615 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8949.527 |
7037.558 |
5912.375 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6129.961 |
2130.761 |
0.000 |
|
|
|
Printing Job Charges |
319.996 |
236.022 |
252.699 |
|
|
|
Contract Earning |
41.000 |
0.000 |
0.000 |
|
|
|
Other Income |
251.462 |
97.522 |
108.648 |
|
|
|
TOTAL (A) |
6742.419 |
2464.305 |
361.347 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase for Trading |
6129.520 |
2128.457 |
0.000 |
|
|
|
Labour Charges to Contracts |
21.328 |
0.000 |
0.000 |
|
|
|
Stores Consumed |
126.372 |
83.924 |
74.082 |
|
|
|
Manufacturing Expenses |
89.963 |
64.505 |
69.677 |
|
|
|
Payments to and Provision for Employees |
48.065 |
32.307 |
26.294 |
|
|
|
Selling, Administrative and Other Expenses |
112.450 |
50.830 |
73.349 |
|
|
|
Transfer From Revaluation Reserves |
(6.995) |
(6.995) |
(6.995) |
|
|
|
TOTAL (B) |
6520.703 |
2353.028 |
236.407 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
221.716 |
111.277 |
124.940 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.200 |
2.997 |
42.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
153.516 |
108.280 |
82.445 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.447 |
38.324 |
36.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
104.069 |
69.956 |
45.629 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.504 |
27.685 |
33.868 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
79.565 |
42.271 |
11.761 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.588 |
0.317 |
0.556 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
80.000 |
42.000 |
12.000 |
|
|
BALANCE CARRIED
TO THE B/S |
0.153 |
0.588 |
0.317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
74.48 |
39.57 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
10000.000 |
Expected Sales (2011-12) : Rs.15000.000 Millions
The above information has been parted by Mr. Sushil Gaikwad.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.18
|
1.72 |
3.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.70
|
3.28 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.21
|
0.96 |
0.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
4.10
|
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.70
|
3.33 |
1.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
2.32 |
50.74 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
2887.380
|
2538.200 |
23.738 |
Performances:
The company outperformed with an increase in its income by Rs.4278.100
millions in financial year 2009-10.
Bankers Charges Report
as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U22210GJ1981PTC047207 |
|
Name of the
company |
WRITERS AND
PUBLISHERS Private LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 280, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1. Memorandum of
deposit for creation of fresh and further charge by way of creation of
mortgage by Deposit of Title Deed. 2. Sanction
letters of ICICI Bank Limited for
sanction of Loans of Rs. 750.000 Millions, Rs. 650.000 Millions , Rs. 600.000
Millions to Bhaskar Exxoils
Private Limited , Bhaskar Foods
Private Limited and Sharda Solvent Limited respectively. 3. Security
Trustee Agreement. |
|
Date of
instrument Creating the charge |
07.09.2010 |
|
Amount secured by
the charge |
Rs.2000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.25 % p.a.
payable monthly. Terms of
Repayment As per sanction letters
of ICICI Bank Limited for sanction of
loans to Bhaskar Exxoils Private
Limited , Bhaskar Foods Private
Limited and Sharda Solvent
Limited Margin 25% Extent and
Operation of the charge First charge by
way of equitable mortgage on the properties of WPPL as per schedule -1 of
Mortgage Deed attached in favour of ICICI Bank Limited for Loans of Rs.
750.000 Millions, Rs. 650.000 Millions, Rs. 600.000 Millions to Bhaskar
Exxoils Private Limited, Bhaskar Foods Private Limited and Sharda Solvent Limited
respectively. The charge has been created in favour of ICICI Bank Limited by
SBI, Shahpura Branch, |
|
Short particulars
of the property charged |
First charge by
way of equitable mortgage on the properties of WPPL. |
Fixed Assets:-
·
Goodwill
· Land (Freehold and Leasehold)
· Computers
· Vehicles
· Plant and Machinery
· Furniture and Fixtures
· Cable Wire
· Fans and Coolers
· Electric Fitting
· Office Equipment
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
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 |
YES |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
50 |
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.