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MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXPRESS PUBLICATIONS ( |
|
|
|
|
Registered Office : |
No.29, |
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Country : |
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|
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|
Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
11.04.1959 |
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Com. Reg. No.: |
18-3776 |
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Capital Investment / Paid-up Capital : |
Rs.180.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U22121TN1959PLC003776 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBE03024A / CMBE03150A / MRIE00260B |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Newspaper and Magazine Publishers. |
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|
No. of Employees : |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5500000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of Goenka Group who are considered to be media giant
having vast circulation of their daily newspapers Indian Express. Financial
position of the company can be regarded as moderate having some accumulated
losses being recorded by the company. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
No.29, |
|
Tel. No.: |
91-44-23457503 |
|
Fax No.: |
91-44-23457619 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Manoj Kumar Sonthalia |
|
Designation : |
Chairman and Managing Director |
|
Address : |
43, |
|
Date of Birth/Age : |
16.09.1957 |
|
Date of Appointment : |
29.10.1982 |
|
DIN No. : |
00021297 |
|
|
|
|
Name : |
Ms. Radhadevi Sonthalia |
|
Designation : |
Director |
|
Address : |
43, |
|
Date of Birth/Age : |
06.10.1934 |
|
Date of Appointment : |
18.03.1995 |
|
DIN No. : |
00021375 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
6 A, Dr. Rajendra Prasad Sarani, Kolkata – 700 001, West |
|
Date of Birth/Age : |
12.01.1937 |
|
Date of Appointment : |
08.01.2003 |
|
DIN No. : |
00636064 |
|
|
|
|
Name : |
Mr. Shiv Shankar Poddar |
|
Designation : |
Director |
|
Address : |
No.8, Numgambakkam, High Road, Chennai – 600 034, |
|
Date of Birth/Age : |
10.09.1949 |
|
Date of Appointment : |
08.01.2003 |
|
DIN No. : |
00058025 |
|
|
|
|
Name : |
Mr. T.J.S. George |
|
Designation : |
Director |
|
Address : |
166A, Rajmahal Vilas, |
|
Date of Birth/Age : |
08.05.1928 |
|
Date of Appointment : |
29.04.2003 |
|
DIN No. : |
00040022 |
|
|
|
|
Name : |
Mr. Sreekumar Karunakaran |
|
Designation : |
Director |
|
Address : |
No. 38/1963, Plakkat Colony, |
|
Date of Birth/Age : |
27.11.1957 |
|
Date of Appointment : |
22.04.2010 |
|
DIN No. : |
00335407 |
KEY EXECUTIVES
|
Name : |
Mr. T.K.B. Venkataraman |
|
Designation : |
Company Secretary |
|
Address : |
41, Sapthagiri Colony, Jaffar Khan Pet, Chennai – 600 083, |
|
Date of Birth/Age : |
15.07.1932 |
|
Date of Appointment : |
15.04.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Siddharth Media Holdings ( |
|
1799994 |
|
Manoj Kumar Sonthalia |
|
1 |
|
Kalpana Sonthalia |
|
1 |
|
Siddhartha Sonthalia |
|
1 |
|
S.V. Gopalkrishnan |
|
1 |
|
Sathi Suresh |
|
1 |
|
N. Gopalan |
|
1 |
|
Total |
|
1800000 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Newspaper and Magazine Publishers. |
|
|
|
|
Newspapers : |
|
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Cholamandalam DBS
Finance Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Swami and Moorthy Chartered Accountants |
|
Address : |
Ram Nivas No. 47, |
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|
|
|
Holding Company : |
Siddharth Media Holdings Private Limited CIN No.: U22121TN1959PTC046416 |
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|
|
|
Associates/Subsidiaries : |
Express Network Private Limited CIN No.: U22219TN1999PTC048505 Express Publications (Chennai) Limited CIN No.: U22121TN2001PLC048000 Dinamani Publications Limited CIN No.: U22121TN1970PLC005916 Kannada Prabha Publications Limited CIN No.: U22300KA2005PLC035885 Express News Service Private Limited CIN No.: U22219TN1999PTC048506 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs.180.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs.180.000 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 |
180.000 |
180.000 |
160.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1992.084 |
1947.084 |
1470.000 |
|
|
4] (Accumulated Losses) |
(786.346) |
(890.434) |
(939.033) |
|
|
NETWORTH |
1385.738 |
1236.650 |
690.967 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
651.553 |
659.907 |
618.467 |
|
|
2] Unsecured Loans |
704.607 |
559.147 |
644.844 |
|
|
TOTAL BORROWING |
1356.160 |
1219.054 |
1263.311 |
|
|
DEFERRED TAX LIABILITIES |
119.951 |
111.955 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2861.849 |
2567.659 |
1954.278 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2004.987 |
2043.795 |
1569.431 |
|
|
Capital work-in-progress |
1.084 |
1.085 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
326.867 |
327.997 |
326.997 |
|
|
DEFERREX TAX ASSETS |
74.985 |
105.711 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
117.217
|
39.754 |
46.427
|
|
|
Sundry Debtors |
489.044
|
427.092 |
418.677
|
|
|
Cash & Bank Balances |
387.822
|
144.633 |
139.747
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
182.497
|
233.517 |
136.118
|
|
Total
Current Assets |
1176.580
|
844.996 |
740.969 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
557.349 |
492.334
|
|
|
Other Current Liabilities |
601.833
|
86.706 |
65.055
|
|
|
Provisions |
120.821
|
129.588 |
125.730
|
|
Total
Current Liabilities |
722.654
|
773.643 |
683.119
|
|
|
Net Current Assets |
453.926
|
71.353 |
57.850
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
17.718 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2861.849 |
2567.659 |
1954.278 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1942.331 |
2059.022 |
1806.757 |
|
|
|
Other Income |
329.308 |
92.117 |
83.700 |
|
|
|
TOTAL (A) |
2271.639 |
2151.139 |
1890.457 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw materials |
798.659 |
949.280 |
725.063 |
|
|
|
Payments to and Provisions for employees |
233.051 |
232.397 |
252.818 |
|
|
|
Other Expenditure |
802.717 |
723.426 |
593.448 |
|
|
|
Prior Period Expenses |
5.420 |
0.066 |
0.891 |
|
|
|
TOTAL (B) |
1839.847 |
1905.169 |
1572.220 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
431.792 |
245.970 |
318.237 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.593 |
171.549 |
225.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
253.199 |
74.421 |
92.994 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.640 |
33.623 |
80.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
205.559 |
40.798 |
12.348 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.031 |
3.674 |
3.692 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
205.528 |
37.124 |
8.656 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(890.434) |
(939.033) |
(947.689) |
|
|
|
|
|
|
|
|
|
Add |
Foreign Currency
Monetary Item Translation Difference A/c |
(17.718) |
17.718 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Deferred Tax
Liability (Net) |
(38.722) |
(6.243) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve
Account |
45.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(786.346) |
(890.434) |
(939.033) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertisement Revenue |
0.016 |
0.000 |
0.123 |
|
|
TOTAL EARNINGS |
0.016 |
0.000 |
0.123 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Spare parts |
335.916 |
277.376 |
222.108 |
|
|
TOTAL IMPORTS |
335.916 |
277.376 |
222.108 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
114.18 |
-- |
5.41 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.05
|
1.72 |
0.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.58
|
1.98 |
0.68
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.46
|
1.41 |
0.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.03 |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.61 |
2.82
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.09 |
1.08
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The company has made a profit of Rs.210.978 Millions before tax. The
profit includes Rs.259.870 Millions received on account of divestment of 26%
Equity shares held on Kannada Prabha Publications Limited. Without considering
the amount received on divestment. The company has made an operating loss of
Rs.48.891 Millions. The loss is mainly attributable to drop in advertisement
revenue. The growth trend in respect of revenue for the current year is
encouraging and is expected to be maintained.
Note:
The situation of the registered office has been shifted from Express
Estates, Anna Salai, Chennai – 600 002, Tamilnadu to the present address w.e.f.
02.07.2006.
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10023967 |
|
Corporate
identity number of the company |
U22121TN1959PLC003776 |
|
Name of the
company |
EXPRESS PUBLICATIONS ( |
|
Address of the
registered office or of the principal place of business in |
No.29, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Indian Bank, Harbour Branch, No.66, Rajaji Salai, Chennai – 600 001, E-Mail: harbour@indianbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Medium Term Loan
Agreement dated 21.4.2011 for a sum of Rs. 37.500 Millions Document creating
extension of equitable mortgage to the fresh Short Term Loan of Rs. 37.500
Millions |
|
Date of
instrument Creating the charge |
21.04.2011 |
|
Amount secured by
the charge |
Rs.237.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 15% for the fresh
Short Term Loan of Rs. 37.500 Millions Terms of
Repayment : Fresh Short Term
Loan to be repaid in 3 months Margin : 25% Extent and
Operation of the charge : No:
36,"EXPRESS HOUSE" of |
|
Short particulars
of the property charged |
Property located under
survey No:338/2 and 5 and 339/1 and 2, within the Ernakulam Village,
Kanayayanur Taluk, Ernakulam District with building No:36, Express house of
Kochi Corporation, Kaloor, Kochi. |
|
Date of latest
modification prior to the present modification |
29.11.2010 |
|
Particulars of
the present modification |
Indian Bank,
Harbour Branch has sanctioned a Fresh Short Term Loan of Rs. 37.500 Millions
in addition to the existing Mortgage I and II loans of Rs. 140.000 Millions
and Term Loan of Rs.60.000 Millions totalling to Rs.237.500 Millions. |
FIXED ASSETS:
- Goodwill
- Land
- Land and Building at
- Buildings
- Publication Title Rights
- Plant and Machinery and Office Equipment
- Furniture and Fixtures
- Vehicles
- Library
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 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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.