MIRA
INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BUSINESS INDIA PUBLICATIONS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.05.1988 |
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Com. Reg. No.: |
11-047259 |
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Capital
Investment / Paid-up Capital : |
Rs.264.245 Millions |
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CIN No.: [Company Identification
No.] |
U22100MH1988PLC047259 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB07718E / MUMB14440G |
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PAN No.: [Permanent Account No.] |
AAACB4739Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged in printing and publication of magazines,
organizing trade fairs and exhibitions. |
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No. of Employees
: |
300 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [48] |
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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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USD 4610000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Subject is a
well 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 PARTED BY [General Details]
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Name : |
Mr. Ajit |
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Designation : |
Account Manager |
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Contact No.: |
91-22-40947100 |
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Date : |
08.02.2012 |
LOCATIONS
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Registered Office / Editorial
office. Mumbai : |
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Tel. No.: |
91-22-40947100 / 22610033 |
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Fax No.: |
91-22-22883940 / 22676855 |
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E-Mail : |
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Website : |
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Editorial
Office Mumbai : |
Nirmal, 14th Floor, Nariman
Point, Mumbai – 400021, |
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Tel. No.: |
91-22-2288 3938 / 42 / 43 / 45 / 49 |
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Fax No.: |
91-22-22883940 |
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Email : |
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Marketing,
Advertising, Adminstrative office. Mumbai |
Gyan Bhavan, Ground Floor, 8, |
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Circulation
and Subscription. Mumbai |
Gyan Bhavan, Ground Floor, 8, |
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Branches : |
Located at :
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DIRECTORS
As on 30.09.2011
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Name : |
Mr. Ashok Hotchand Advani |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
14.09.1945 |
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Date of Appointment : |
04.05.1988 |
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DIN : |
00191244 |
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Other Directorship : |
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Name : |
Mr. Hiroo Hotchand Advani |
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Designation : |
Director |
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Address : |
Chelaram House, 5th Floor, |
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Date of Birth/Age : |
25.03.1947 |
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Date of Appointment : |
04.05.1988 |
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DIN : |
00845778 |
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Other Directorship : |
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Name : |
Mr. Pheroza Jimmy Bilimoria |
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Designation : |
Managing Director |
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Address : |
5, Battery House, 74, |
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Date of Birth/Age : |
17.04.1951 |
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Date of Appointment : |
10.01.2000 |
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DIN : |
00191386 |
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Other Directorship : |
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KEY EXECUTIVES
|
Name : |
Mr. Ajit |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Ashok Hotchand Advani |
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1409700 |
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Hiroo Hotchand Advani |
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3600001 |
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Ashok H. Advani J/W Hiroo H.Advani |
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2400004 |
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Sirius Capital Services Limited, |
|
30000 |
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Reji Abraham |
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100000 |
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Mount Everest Trading and Investments Limited, |
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10000 |
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Tarun Jain |
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150000 |
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Loil Overseas Foods Limited, |
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250000 |
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Amit Goela |
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45455 |
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Rajesh V.Jani |
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40000 |
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Sara Advisory Services Private Limited, |
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50000 |
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Kavita K.Puri |
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100000 |
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Trimbak Leasing and Finance Private Limited, |
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30000 |
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IFSL Limited, |
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500000 |
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Theseus Global Research Limited, |
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200000 |
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Systematik Finvest Private Limited, |
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200000 |
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Cheay Investments Private Limited, |
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50000 |
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Zya Ventures Limited, |
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200000 |
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Tanvin Tradefin Private Limited, |
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55500 |
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Shrenuj Investments and Finance Private Limited, |
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60000 |
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Artheon Emerging Technologies Private Limited, |
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50000 |
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Value Line Advisors Private Limited, |
|
94100 |
As on 30.09.2011
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Equity Share
Break Up Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
9.46 |
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Bodies corporate |
22.62 |
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Directors or relatives of Directors |
55.54 |
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Other top fifty shareholders |
10.00 |
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Others |
2.21 |
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Nationalized or other banks |
0.17 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in printing and publication of magazines,
organizing trade fairs and exhibitions. |
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Products : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit [60 / 90 Days] |
PRODUCTION STATUS [As on 31.03.2010]
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Particulars |
Unit |
Actual
Production |
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Business |
Nos. |
2177500 |
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Inside Outside |
Nos. |
481000 |
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Auto |
Nos. |
297500 |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
300 [Approximately] |
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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 : |
Narkar and Associates Chartered Accountants |
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Address : |
216, T. V. Industries Estate, Off |
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Tel. No. : |
91-22-24974899 / 66661336 |
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Fax No. : |
91-22-24932290 |
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Email : |
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PAN : |
AAAPN4055A |
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Associates/Subsidiaries : |
Business India.Com Limited CIN : U72900MH2000PLC124677 Business India Exhibitions Private Limited CIN : U74999MH2007PTC171047 Speciality Magazines Private Limited CIN : U22110KA1991PTC012016 |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
32,000,000 |
Equity Shares |
Rs.10/- each |
Rs.320.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
26,424,502 |
Equity Shares |
Rs.10/- each |
Rs.264.245 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
264.245 |
264.245 |
264.245 |
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2] Share Application Money |
101.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
788.792 |
742.521 |
736.321 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1154.537 |
1006.766 |
1000.566 |
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LOAN FUNDS |
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1] Secured Loans |
500.549 |
607.336 |
613.416 |
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2] Unsecured Loans |
611.256 |
604.173 |
600.538 |
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TOTAL BORROWING |
1111.805 |
1211.509 |
1213.954 |
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DEFERRED TAX LIABILITIES |
0.937 |
1.030 |
0.143 |
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TOTAL |
2267.279 |
2219.305 |
2214.663 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.195 |
6.904 |
7.300 |
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Capital work-in-progress |
310.120 |
310.120 |
310.120 |
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INVESTMENT |
13.600 |
13.600 |
13.600 |
|
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DEFERREX TAX ASSETS |
0.795 |
0.794 |
1.520 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.621
|
14.364 |
9.759 |
|
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Sundry Debtors |
81.185
|
96.795 |
108.252 |
|
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Cash & Bank Balances |
9.272
|
4.366 |
5.883 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
2017.553
|
1989.081 |
1945.116 |
|
Total
Current Assets |
2120.631
|
2104.606 |
2069.010 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
69.253 |
94.140 |
57.210 |
|
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Other Current Liabilities |
30.848
|
37.071 |
40.243 |
|
|
Provisions |
83.961
|
85.508 |
89.434 |
|
Total
Current Liabilities |
184.062
|
216.719 |
186.887 |
|
|
Net Current Assets |
1936.569
|
1887.887 |
1882.123 |
|
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|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2267.279 |
2219.305 |
2214.663 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
|
19.016 |
15.312 |
19.321 |
|
|
|
Subscriptions |
18.021 |
19.486 |
23.652 |
|
|
|
Income from Advertisement |
218.567 |
233.386 |
249.346 |
|
|
|
Income from Exhibition |
0.000 |
0.000 |
128.128 |
|
|
|
Other Income |
0.970 |
1.411 |
4.453 |
|
|
|
TOTAL (A) |
256.574 |
269.595 |
424.900 |
|
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|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of paper |
45.521 |
66.261 |
56.621 |
|
|
|
Cost of printing of magazines |
29.178 |
34.854 |
34.708 |
|
|
|
Preprinting Expenses |
6.235 |
7.309 |
7.300 |
|
|
|
Personnel Expenses |
59.644 |
67.718 |
56.259 |
|
|
|
Administrative Expenses |
87.978 |
80.523 |
80.076 |
|
|
|
Exhibition Expenses |
0.000 |
0.000 |
116.184 |
|
|
|
Cost of books sold |
0.048 |
0.029 |
0.106 |
|
|
|
TOTAL (B) |
228.604 |
256.694 |
351.254 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.970 |
12.901 |
73.646 |
|
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|
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
1.481 |
1.819 |
22.927 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.489 |
11.082 |
50.719 |
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.933 |
0.990 |
0.834 |
|
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|
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
25.556 |
10.092 |
49.885 |
|
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|
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|
|
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Less |
TAX (H) |
7.344 |
3.872 |
6.624 |
|
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
18.212 |
6.220 |
43.261 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertisement |
4.230 |
2.086 |
2.624 |
|
|
|
Subscription |
0.416 |
0.206 |
0.474 |
|
|
TOTAL EARNINGS |
4.646 |
2.292 |
3.098 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
0.69 |
0.23 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.10
|
2.31 |
10.18 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
134.39
|
65.91 |
258.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.20
|
0.48 |
2.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
1.42 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.52
|
9.71 |
11.07 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
No |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
No |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
- |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
Sundry Creditors
Details :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
69.253 |
94.140 |
57.210 |
OPERATIONS : The total income of the Company during the year is Rs.256.573 millions against Rs.269.595 millions in the previous year and the net profit for the year is Rs.18.212 millions as against Rs.6.220 millions.
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80040732 |
|
Corporate
identity number of the company |
U22100MH1988PLC047259 |
|
Name of the
company |
BUSINESS INDIA PUBLICATIONS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
17-19 Dalal Street, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Kotak Mahindra Bank, 36-38A NarimanBhavan, 227, Nariman Point, Mumbai
- 400021, Email : bandish.dixit@kotak.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Assignment. |
|
Date of
instrument Creating the charge |
28.09.2007 |
|
Amount secured by
the charge |
Rs.75.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per Agreement. Terms of
Repayment - As per Agreement. Margin - As per
Agreement. Extent and
Operation of the charge - As per Deed of Assignment. |
|
Short particulars
of the property charged |
All the movable
properties of BIPL including plant and machinery, machinery spares, tools and
accessories and other movables, both present and future. Stock of raw materials,
semi finished goods, consumable stores book debts and receivables, such other
movables and all receivables. More particularly described in Deed of
Assignment. |
|
Particulars of
the present modification |
By this Deed of
Assignment, Housing Development Finance Corporation (Assignor) has assigned
whole of the charged properties in favour of Kotak Mahindra Bank Limited (Assignee). |
FIXED ASSETS :
§
Furniture and Fixtures
§
Computer
§
Office Equipments
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.49.06 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.65.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.