MIRA INFORM REPORT
|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
HT MEDIA LIMITED |
|
|
|
|
Registered
Office : |
18-20, Kasturba Gandhi Marg, Hindustan Times House, New Delhi – 110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.12.2002 |
|
|
|
|
Com. Reg. No.: |
55-117874 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.470.042 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121DL2002PLC117874 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03846D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of providing
entertainment, radio broadcast and all other related activities through its
Radio Stations. |
|
|
|
|
No. of Employees
: |
2822 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 52406000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is subsidiary of ‘The Hindustan Times Limited’. It is a well established
and reputed company having good track record. Financial position of the company appears to be sound and healthy. It
is the second – largest English Newspaper in India. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non convertible debentures AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
October 08, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term debt A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
October 08, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate Office : |
18-20 Kasturba Gandhi Marg, Hindustan Times House, |
|
Tel. No.: |
91-11-66561608 |
|
Fax No.: |
91-11-66561445 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
7th Floor, BPTP Park, Centra Building, Opp. 32nd Milestone,
Sector – 30, Gurgaon – 122001, Haryana,
India |
|
|
|
|
Customer Services : |
Located At :
|
|
Tel No. |
91-22-67764242 |
|
Email : |
|
|
|
|
|
Customer Services : |
Located At :
|
|
Tel No. |
91-11-60004242 |
|
Email : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Smt. Shobhana Bhartia |
|
Designation : |
Chairperson and Editorial Director |
|
|
|
|
Board of Directors : |
|
|
|
|
|
Name : |
Shri Priyavrat Bhartia |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Shri Shamit Bhartia |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Shri Rajiv Verma |
|
Designation : |
Whole-time Director and CEO |
|
|
|
|
Name : |
Shri Piyush Gupta |
|
Designation : |
Chief Financial Officer |
KEY EXECUTIVES
|
Name : |
Shri Dinesh Mittal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19 |
0.00 |
|
|
161754490 |
68.98 |
|
|
161754509 |
68.98 |
|
|
|
|
|
|
22581 |
0.01 |
|
|
22581 |
0.01 |
|
Total shareholding of Promoter and Promoter Group (A) |
161777090 |
68.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13137662 |
5.60 |
|
|
107949 |
0.05 |
|
|
35655301 |
15.20 |
|
|
48900912 |
20.85 |
|
|
|
|
|
|
18454144 |
7.87 |
|
|
|
|
|
|
2017897 |
0.86 |
|
|
3037737 |
1.30 |
|
|
314971 |
0.13 |
|
|
262136 |
0.11 |
|
|
80 |
0.00 |
|
|
52755 |
0.02 |
|
|
23824749 |
10.16 |
|
Total Public shareholding (B) |
72725661 |
31.01 |
|
Total (A)+(B) |
234502751 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
234502751 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of providing
entertainment, radio broadcast and all other related activities through its
Radio Stations. |
GENERAL INFORMATION
|
No. of Employees : |
2822 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø State Bank of India, New Delhi, India Ø HDFC Bank Ø Punjab National Bank Ø Standard Chartered Bank Ø ABN Amro Bank Ø Deutsche Bank Ø Kotak Mahindra Bank Limited Ø Central Bank of India Ø Royal Bank of Scotland Ø Citi Bank Ø Deutsche Bank |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE : Long Term
Borrowing
Short Term Borrowing
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Holding Company : |
The Hindustan Times Limited |
|
|
|
|
Subsidiaries : |
Ø
Hindustan Media
Ventures Limited Ø
HT Music and
Entertainment Company Limited Ø
Firefly e- Ventures
Limited Ø
HT Digital Media
Holdings Limited Ø
HT Burda Media
Limited Ø
HT Mobile Solutions
Limited Ø
HT Overseas Pte. Limited Ø
HT Education
Limited Ø
HT Learning Centers
Limited Ø
HT Global Education Ø
ED World Private
Limited (Formerly Peacock Education Services Private Limited) Ø
Ivy Talent India
Private Limited (w.e.f. 9.11.2012) |
|
|
|
|
Fellow Subsidiaries : |
Ø
HT Interactive Media Properties Limited Ø
Go4i.com
(Mauritius) Limited Ø
Go4i.com (India)
Private Limited Ø
HT Films Limited Ø White Tide Amusement Limited |
|
|
|
|
Group companies where common control exists : |
Ø
Paxton Treactive Private Limited Ø Duke Commerce Limited |
|
|
|
|
Joint Venture : |
Ø India Education
Services Private Limited |
|
|
|
|
Associate : |
Ø MyParichay
Services Private Limited |
|
|
|
|
Enterprises owned or significantly influenced by Key : |
Ø
Jubilant Food Works
Limited Ø
Goldmerry Investment and Trading Company Limited Ø
Earthstone Holding Private Limited Ø
Earthstone Holding (one) Private Limited Ø
Earthstone Holding (two) Private Limited Ø
Earthstone Holding (three) Private Limited Ø
Earthstone Holding Overseas Private Limited Ø
Shine Foundation Ø
Priyavrat Traders Ø
Billigiri Rangan
Coffee Estate Ø
Kumaon Orchards Ø
Shobhana Print
Media LLP Ø
Shobhana
Communications LLP Ø PSB Trustee
Company Private Limited Ø SB Trustee
Company Private Limited Ø Shobhana Trustee
Company Private Limited Ø SSB Trustee
Company Private limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
362500000 |
Equity Shares |
Rs. 2/- each |
Rs.725.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235021000 |
Equity Shares |
Rs. 2/- each |
Rs.470.042 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
470.042 |
470.042 |
470.042 |
|
(b) Reserves & Surplus |
12631.479 |
12631.829 |
11219.598 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13101.521 |
13101.871 |
11689.640 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
911.118 |
712.089 |
1027.251 |
|
(b) Deferred tax liabilities (Net) |
291.059 |
410.186 |
447.755 |
|
(c) Trade
payables |
4.903 |
13.215 |
21.093 |
|
(d) Other long term
liabilities |
196.624 |
18.300 |
22.464 |
|
(e)long-term
provisions |
10.719 |
7.587 |
5.730 |
|
Total Non-current
Liabilities (3) |
1414.423 |
1161.377 |
1524.293 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2383.804 |
1963.338 |
1621.741 |
|
(b) Trade payables |
2505.286 |
2337.186 |
1957.806 |
|
(c) Other current
liabilities |
2542.510 |
2275.744 |
2444.114 |
|
(d) Short-term
provisions |
204.686 |
171.540 |
402.244 |
|
Total Current
Liabilities (4) |
7636.286 |
6747.808 |
6425.905 |
|
|
|
|
|
|
TOTAL |
22152.230 |
21011.056 |
19639.838 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4039.353 |
4338.008 |
4608.397 |
|
(ii) Intangible Assets |
445.292 |
515.634 |
644.268 |
|
(iii) Capital
work-in-progress |
1086.432 |
87.800 |
81.862 |
|
(iv)
Intangible assets under development |
7.546 |
22.617 |
7.181 |
|
(b) Non-current Investments |
3493.352 |
6783.449 |
4080.972 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
773.925 |
575.590 |
525.358 |
|
(e) Other
Non-current assets |
162.375 |
197.223 |
52.451 |
|
Total Non-Current
Assets |
10008.275 |
12520.321 |
10000.489 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5234.700 |
2509.361 |
4000.901 |
|
(b) Inventories |
1046.429 |
1212.802 |
1012.692 |
|
(c) Trade receivables |
1946.109 |
1943.568 |
1785.629 |
|
(d) Cash and cash
equivalents |
968.250 |
804.582 |
592.797 |
|
(e) Short-term loans
and advances |
2306.725 |
1817.283 |
1966.481 |
|
(f) Other current
assets |
641.742 |
203.139 |
280.849 |
|
Total Current Assets |
12143.955 |
8490.735 |
9639.349 |
|
|
|
|
|
|
TOTAL |
22152.230 |
21011.056 |
19639.838 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13450.908 |
13191.397 |
12213.916 |
|
|
|
Other Income |
781.004 |
682.284 |
316.084 |
|
|
|
TOTAL |
14231.912 |
13873.681 |
12530.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
4110.244 |
4013.026 |
3554.605 |
|
|
|
Decrease/ (Increase) in Inventories |
(5.261) |
0.128 |
(0.295) |
|
|
|
Employee benefit expense |
2891.485 |
2472.232 |
2095.337 |
|
|
|
Other expenses |
4583.554 |
4319.195 |
3629.993 |
|
|
|
Exceptional items |
1594.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
13174.022 |
10804.581 |
9279.640 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1057.890 |
3069.100 |
3250.360 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
335.766 |
285.816 |
196.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
722.124 |
2783.284 |
3053.695 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
575.816 |
602.950 |
562.883 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
146.308 |
2180.334 |
2490.812 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(95.189) |
582.094 |
714.906 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
241.497 |
1598.240 |
1775.906 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7199.546 |
5830.506 |
4286.933 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
18.200 |
120.000 |
134.000 |
|
|
|
Proposed Dividend (on equity shares) |
94.000 |
94.000 |
84.608 |
|
|
|
Tax on Proposed Dividend |
5.000 |
15.200 |
13.725 |
|
|
BALANCE CARRIED
TO THE B/S |
7323.843 |
7199.546 |
5830.506 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertisement and Related Services |
465.952 |
152.619 |
188.051 |
|
|
TOTAL EARNINGS |
465.952 |
152.619 |
188.051 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2714.510 |
2830.586 |
2585.990 |
|
|
|
Stores & Spares |
34.108 |
24.066 |
41.669 |
|
|
|
Capital Goods / Services |
768.361 |
27.414 |
10.121 |
|
|
TOTAL IMPORTS |
3516.979 |
2882.066 |
2637.780 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.03 |
6.80 |
7.56 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2013 |
|
Audited / UnAudited |
UnAudited |
|
Net Sales |
3471.300 |
|
Total Expenditure |
3002.800 |
|
PBIDT (Excl OI) |
468.500 |
|
Other Income |
212.500 |
|
Operating Profit |
681.000 |
|
Interest |
114.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
567.000 |
|
Depreciation |
135.000 |
|
Profit Before Tax |
432.000 |
|
Tax |
108.900 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
323.100 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
323.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.70
|
11.52 |
14.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.09
|
16.53 |
20.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.83
|
15.44 |
16.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.17 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.25
|
0.20 |
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.26 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No.
of employees |
Yes |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
Profile
|
Client Industry |
Media |
|
Client's
discipline |
-- |
General
|
The growth of
the client's industry is best described as: |
Growing |
|
Brief
description of the services and/or goods the client provides to the
marketplace: |
-- |
|
What is the
legal structure of the client? |
Subsidiary of a
parent co |
|
What type of company
is the client? |
public |
Credit Rating
|
Client's debt
tracked by a credit rating agency? |
Yes |
|
Name of credit
rating agency: |
Crisil |
|
Credit rating
class provided by credit rating agency: |
Investment Grade |
|
Client credit
rating: |
AA+ / A1+ |
|
Report on credit
worthiness of client purchased from: |
Not obtained |
Client Financials
|
Does the client
have a credit facility? |
Yes |
|
Do you have
financial information on this client? |
Yes |
|
Credit facility
type: |
Secured/Unsecured |
|
Amount of credit
facility: |
Secured :Rs. 1861.121 Millions Unsecured :Rs. 1433.801 Millions |
|
Currency of
financial statements/data: |
INR Millions |
|
Annualized
revenues: |
Rs.13450.908
Millions |
|
Annualized COGS: |
Rs.4110.244 Millions |
|
Annualized
EBITDA: |
Rs. 1057.890
Millions |
|
Annualized net
income: |
Rs.241.497
Millions |
|
Cash balance: |
Rs.2.838
Millions |
|
Marketable
Securities balance: |
-- |
|
Accounts
Receivable balance: |
Rs.1946.109
Millions |
|
Current Assets balance: |
Rs.12143.955
Millions |
|
Total assets
balance: |
Rs.22152.230
Millions |
|
Current
Liabilities balance: |
Rs.7636.286
Millions |
|
Long-Term Debt
balance: |
Rs.911.118
Millions |
|
Equity balance: |
Rs.13101.521
Millions |
|
Net cash provided
by operating activities: |
Rs. 1671.944 Millions |
|
Date of client's
financial data populated: |
31.03.2013 |
|
Financial
information provided above audited? |
Yes |
UNSECURED LOAN:
|
|
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowing |
|
|
|
Buyer's credit from HDFC Bank |
138.466 |
0.000 |
|
Buyer's credit from Royal Bank of Scotland |
65.583 |
0.000 |
|
Buyer's credit from Citi Bank |
1026.059 |
749.263 |
|
Buyer's credit from Deutsche Bank |
203.693 |
414.447 |
|
|
|
|
|
Total |
1433.801 |
1163.710 |
CORPORATE INFORMATION
HT Media Limited (the Company) is a public company registered in India and incorporated under the provisions of the Companies Act, 1956. It's share are listed on the National stock exchange and Bombay stock exchange. The Company publishes 'Hindustan Times', an English daily, and 'Mint', a Business paper daily except on Sunday' and undertakes commercial printing jobs. The Company is also engaged into the business of providing entertainment, radio broadcast and all other related activities through its Radio Stations operating under brand name 'Fever 104' in cities of Delhi, Mumbai, Kolkata and Bangalore. The digital business of the Company comprises of 'shine.com' (job portal merged with the Company w.e.f., April 1, 2012 as detailed in note 34 below), 'hindustantimes.com' (News Website) and 'livemint.com' (business news website).
The Company derives revenue primarily from the sale of the
above mentioned publications, advertisements published therein, by undertaking
printing jobs and airtime advertisements aired at the aforesaid radio stations.
Internet business also contributes to the Company's revenue by way of display
of advertisements on these websites
OVERVIEW OF ECONOMY
Global Economy
The global economy
went through yet another year of challenges in 2012. As per the International
Monetary Fund (IMF) World Economic Outlook, April 2013, world economic growth
hit a low of 3.2 percent in 2012, plummeting from 4.0 percent in 2011. Euro
Zone crisis remained a matter of major concern, with most of the economies in
the region trapped in a vicious cycle of high unemployment, financial sector
fragility, heightened sovereign risks, fiscal austerity and low growth.
Continued economic
slowdown in the United States, Europe and Japan had an impact on emerging
economies due to a weak demand for their exports. As a consequence, the real
GDP growth in emerging and developing economies slowed to 5.1 percent for the
year. IMF forecasts growth in emerging market and developing economies to reach
5.3 percent in 2013, and 5.7 percent in 2014. Growth in the US is forecast to
be 1.9 percent in 2013 and 3.0 percent in 2014. In contrast, growth in the Euro
area is forecast to be negative 0.3 percent in 2013 and 1.1 percent in 2014.
Indian Economy
In the wake of the
worsening global economic situation, the Indian economy continued to experience
a slowdown in its activity during the year gone by, growing at 5.0 percent in
FY 13 as compared to 6.2 percent in FY 12. Depreciating rupee, higher fiscal
deficit and worsening current account deficit continued to be the major
concerns for the Government. The Reserve
Bank of India’s (RBI) tight monetary policy to contain inflation adversely
affected the overall investment climate as also the supply side in the country.
On the demand side, consumer sentiment continued to be weak, impacting India’s
consumer-led growth story. However, the outlook for the Indian economy continues
to be promising in the medium to long term. According to economists, with
inflation already showing signs of cooling off, the central bank could announce
rate cuts in FY 14.
The World Bank has
projected 6.1 percent growth for the Indian economy in FY 14, stating that the
Indian economy would slowly recover to high long-term growth as the economy
comes back on track due to strong domestic demand, vibrant savings and
investments. Growth is further expected to increase to 6.7% in 2014-2015, as
per the World Bank.
MEDIA AND ENTERTAINMENT INDUSTRY
Sustaining
momentum
The CY 2012
continued to be a tough period for the Indian Media and Entertainment Industry.
As per FICCI KPMG Indian Media and Entertainment Industry Report 2013,
advertising revenues touched Rs.327 Billion during CY 2012, growing at a slower
rate of 9 percent.
In comparison, the
growth rate was 13 percent in CY 2011 and 17 percent in CY 2010. Overall, the
industry grew to Rs.821 Billion in CY 2012 as against Rs.728 Billion in CY
2011, registering a growth of 12.6 percent.
However, medium
term growth outlook continues to be promising for the industry, backed by an
overall healthy economic environment. Consequently, advertising revenues are expected
to grow at a CAGR of 14 percent to reach Rs.630 Billion by 2017. The M and E
sector is projected to grow at CAGR of 15.2 percent to reach Rs.1661 Billion by
CY 2017, with overall revenue expected to grow at a CAGR of 15.2 percent during
the same period.
Print Media
Print media
continues to grow in India unlike in most other countries, dominating the
Indian media landscape with a 46 percent share in the total advertising revenue
in CY 2012. However, the sector’s advertising revenues grew at a slower rate of
7.6 percent in CY 2012, reaching Rs.150 Billion, as compared to a growth rate
of nearly 11 percent in CY 2011. With more than 82,000 registered newspapers
and Rs.224 Billion in total revenues, newspapers form a dominant 94 percent
share of the entire print Industry, with the balance 6 percent coming from
magazines. The Indian print industry continues to be an exciting long-term
story. There are distinct opportunities in the form of next phase growth
engines, viz. growth in Tier II, Tier III cities, growing literacy, growth in
Hindi and regional languages, to mention a few. Consequently, the industry is
expected to grow at a CAGR of 9 percent over the next five years.
Digital Media
The Indian digital
advertising segment has been gradually increasing its share in the advertising
pie of the Indian MandE industry. Its share in the overall advertisement spends
for the industry increased from 5.1 percent in CY 2011 to 6.6 percent in CY
2012. The segment’s advertising revenues grew to Rs.21.7 Billion in CY 2012 as
against Rs.15.4 Billion in CY 2011, registering an impressive growth of 40.9
percent. This growth is likely to continue, with revenue estimated to reach
Rs.87.2 Billion in CY 2017, growing at a CAGR of 32.1 percent. This growth is
expected to be backed primarily by higher internet penetration, leading to a
shift in consumers’ media consumption habits in favour of digital media. As per
current estimates, internet penetration in India continues to be much lower as
compared with developed nations like the US and France, as well as some Asian
countries like Hong Kong.
Radio
Radio in India is
set for its next phase of expansion with the roll-out of new licenses in 294
cities across the country, as announced by the Finance Minister in his Union
Budget speech of 2013-14.
The industry had a
muted growth of 10.4 percent in CY 2012, reaching revenues of Rs.12.7 Billion
as against Rs.11.5 Billion in CY 2011. The growth was mainly driven by volume
improvements as prices largely stayed stagnant. There were some profitability
improvements in the industry on account of increasing cost discipline and
reduction in royalty costs due to approval of Copyright Amendment Bill, in May
2012.
The industry is
forecast to grow at a CAGR of 10 percent till the Phase III stations start
operations (expected in CY 2014). Post Phase III, the industry is likely to
grow at a CAGR of 21 percent. Consequently, Radio’s share in total
advertisement spends is expected to increase to 4.3 percent in CY 2017 from the
present 3.9 percent, according to the FICCI-KPMG report.
REVIEW OF
OPERATIONS
Backed by
strategic and operational initiatives, HT Media, one of India’s foremost media
companies, performed well across its segments – Print, Radio, Digital,
Education and Mobile – during the year.
In the Print business, its newspapers – Hindustan Times, Hindustan and
Mint - continued to grow and expand. The newspapers retained their committed
readership and also added more readers to their respective portfolios. This was
endorsed by the growth in their circulation revenues; Hindustan Times reported
a 13 percent increase, mainly on account of increase in cover price across
geographies.
The Company’s
Radio business also progressed well and its FM Radio Stations, Fever 104,
posted healthy growth in profitability.
The Online
business, operated through the Company’s subsidiary Firefly e-Ventures Limited,
also showed positive results during the year .
FUTURE OUTLOOK
The outlook for the
coming year looks promising on the back of growth in existing and new
businesses. While their brand strength shall remain the key to their future
growth, the Company shall also continue to look for pioneering innovations
across its businesses. HT Mumbai, Hindustan in U.P., Radio, Education and
Digital businesses are expected to continue their growth trajectory, along with
a strong focus on cost optimization to improve profitability. The Company’s
strong financial position further enables it to explore growth opportunities
within and outside the media space.
JOINT VENTURE COMPANY
India Education Services Private Limited (IESPL)
IESPL is a 50:50 joint venture between the Company and a major US-based 'for profit' education company which aims to set up, operate and maintain state private universities and other educational institutions in one or more states in India. During the year, IESPL commenced the execution work on setting up of two higher education learning centers in Delhi NCR.
SUBSIDIARY COMPANIES
During the year the Company incorporated a new subsidiary namely, Ivy Talent India Private Limited (Ivy Talent) on November 9, 2012 to undertake internet based/on-line businesses such as search engine, jobs, property, classifieds etc. and providing services through internet/on-line medium. Ivy Talent has executed share subscription and shareholders Agreement and other related agreements with My Parichay Services India Private Limited (MyParichay) and its promoters, to acquire upto 40 percent equity stake in My Parichay over the next 3 years.
During the year, the Company accorded 'in-principle' approval to sale of its 51 percent equity shareholding in HT Burda Media Limited, to Burda Druck GmbH, Germany, (i.e., the Joint venture Partner) or its nominees. The sale of stake will be value accretive to the company, as the margins in the printing business are far lower when compared with the print media business.
During the year , two existing subsidiaries namely, hi learning centers limited (HT Learning) and hi mobile solutions limited (HT Mobile) became wholly-owned subsidiaries of the Company, as a result of acquisition of stake of the JV partner(s) in these entities.
As at March 31, 2013, the Company had the following subsidiary companies:
Ø Hindustan Media Ventures Limited [HMVL]
Ø HT Music and Entertainment Company Limited [HT Music]
Ø HT Burda Media Limited [HT Burda]
Ø HT Digital Media Holdings Limited [HT Digital]
Ø Firefly e-Ventures Limited [Firefly] (subsidiary u/s 4(1)(c) of the Companies Act, 1956, being subsidiary of Hi Digital)
Ø HT Mobile Solutions Limited [HT Mobile] (subsidiary u/s 4(1)(c) of the Companies Act, 1956, being subsidiary of Hi Digital)
Ø HT Overseas Pte. Ltd. (incorporated in Republic of Singapore) [HT Overseas] (subsidiary u/s 4(1)(c) of the Companies Act, 1956, being wholly owned overseas subsidiary of HT Digital)
Ø HT Global Education [HT Global] (Section 25 company)
Ø HT Education Limited [HT Education]
Ø HT Learning Centers Limited [HT Learning] (subsidiary u/s 4(1)(c) of the companies Act, 1956, being subsidiary of Hi Education)
Ø Ed World Private Limited [Ed World]
Ø Ivy Talent India Private Limited [Ivy Talent]
In terms of the general exemption granted by the Ministry of Corporate Affairs vide General Circular 2/2011 dated February 8, 2011 and in compliance of the conditions therein, the reports and annual accounts of subsidiary companies for the financial year ended on March 31, 2013, have not been attached to the Company's Annual Report.
The annual accounts of the subsidiary companies and the related detailed information are available to shareholders of both the holding and subsidiary companies. the annual accounts of the subsidiary companies are kept open for inspection by shareholder(s) at the Registered Office of the company and of the concerned subsidiary company. Any shareholder, who wishes to obtain a copy of the said documents of any of the subsidiary companies, may send a request in writing to the Company Secretary at the Registered Office of the company so that the needful can be done.
PRESS RELEASE:
SOCIAL MEDIA AGENCY WEBITUDE, ACQUIRED BY HT MEDIA LIMITED
HT's Mobile Division to focus on fast-evolving spaces of Mobile and Social Media Date: 10 July, 2013
HT
Mobile Solutions, the mobile solutions organization from HT Media Limited. Has
announced its acquisition of Webitude -
a premier social media organization based in Gurgaon. With this acquisition,
the company announced its intention to offer strong digital solutions that
leverage the combined power of mobile and social media, under an umbrella brand
Digital Quotient that will
operate with the mantra 'Go Mobile, Get
Social.'
As per Vinish Kathuria, COO, HT Mobile Solutions, 'The
Indian digital marketing landscape can be summarized by 3 megatrends -
explosive growth in mobile usage, social media and videos consumption. As
Digital Quotient, we're going to be able to offer our clients a rich array of
solutions across mobile and social media, and leverage the power of multimedia
to help establish a strong, meaningful connect with consumers.'
As per latest estimates for India, there are over 850 million mobile phones, with usage
of internet on mobile phones already much higher than that of desktops. Social
media is a hugely popular online activity in the country, with Facebook
expecting to end the year at over 90
million users and Youtube recently claiming 50 million users in India. Globally, social media usage on mobile is growing day by day with a recent
report stating that over 70% of Facebook's 1 billion+ worldwide users access
the service on Mobile.
HT Mobile has seen good results in the
mobile solutions space over the last few years and will retain its Mobile-first
approach. The company plans to combine its technical and business knowledge of
the Mobile, Social and Multimedia ecosystem and offer powerful marketing
solutions which are personalized as well as sharable.
Santosh
Kumar, Co-founder, Webitude said 'We are looking forward to
leveraging the scale and the mobile acumen of the HT group to take our
offerings to the next level. While we will retain our identity as Webitude and
continue to operate our agency business, we will now also operate as part of
the larger group Digital Quotient - where social and mobile will together drive
exponentially higher value.'
Girish Mahajan, Co-founder, Webitude said
'Add to the existing social media capabilities at Webitude, the mobile
expertise of HTMobile, and the result is value for clients that very few in
this business provide. For our existing team, who have made Webitude the
recognizable name it is, this opens a whole new world of possibilities. It also
means growth on a personal level, just as the business grows.'
Kathuria added 'As a media house, the HT group is
also now well-positioned to offer advertisers not only the large reach of media
like print and radio, but also the engagement possibilities of mobile and
social media.'
About Webitude:
Webitude is a four year old digital marketing agency with major focus on
Social Media, and has delivered successful digital solutions to more than 50
brands such as Cleartrip , Intuit, Digivive, Slice, Karbonn Mobile, Himalayan
and more.
About HT Media Limited
HT Media Limited is one of India's foremost media companies, and home to
three leading newspapers in the country in the English, Hindi and Business news
segments - 'Hindustan Times' (English daily), 'Hindustan' (Hindi daily, through
a subsidiary) and 'Mint' (business daily). 'Hindustan Times' was started in
1924 and has a more than an 89-year history as one of India's leading
newspapers. The Company also has four FM radio stations - "Fever 104
FM" in Delhi, Mumbai, Bengaluru and Kolkata. The Company has also made a
foray into the Internet space through its subsidiary Firefly e-Ventures Limited
and has launched successful portals www.Shine.com, www.HTCampus.com,
www.Desimartini.com. These are in addition to the existing websites
livemint.com, livehindustan.com and hindustantimes.com.
MOST COMPETITIVE STATES 2013
A Mint and Institute of Competitiveness Initiative 26 June, 2013
State competitiveness is one of the most definitive indices for tracking
the development of individual states. Not only does it capture state challenges
and objectives, but it also brings forth relative strengths.
Mint,
in association with the Institute for Competitiveness has ranked states on
macroeconomic parameters such as financial performance, business incentives
innovation, income distribution and administrative policies using the
international Michael Porter model in order to identify their prosperity levels
and their contribution in the country's growth.
The
event recognizes leading states of India and brings together state heads on a
common platform to share opinions and define the roadmap for the progress of
the states.
Hon'ble Shri M Hamid Ansari, Vice President of India, who was the Chief
Guest at the event, said, "Moreover, the socio-economic indicators vary
significantly from state to state and from region to region within the same
state. This sub-national diversity can be explained to a degree by various
natural, historical and contemporary factors. Otherwise, economic and social
inequality at sub-national scale will become a potent threat to our political
union and could also disrupt societal harmony in our Republic. It is in this
context, that the contents of the India State Competitiveness Report 2013 become
relevant and important."
With
many State Heads in attendance, The Most Competitive States 2013 recognized the
top states in the following categories:
·
City States
·
Innovation Driven Economies
·
Transition Economies
·
Investment Driven Economies
·
Changeover Economies
·
Factor Driven Economies
While receiving the award for the best City State, Hon'ble Chief
Minister Shri Sheila Dikshit said, "Our philosophy has been when you see
things happening and when you feel things happening, that is the success of any
government. I want to say humbly that we managed to achieve that to some extent
because our social sector expenditure is best in the whole country. We spend
75% of our budget on the social sector."
Talking about
Madhya Pradhesh as the best Changeover Economy, Hon'ble Chief Minister of
Madhya Pradesh, Shri Shivraj Singh Chauhan said, "I come from the state
which was once called BIMARU. I am happy to tell you that for seven successive
years, Madhya Pradesh is growing at double digits rate. In every sector such as
in infrastructure, power, agriculture and attracting investment to the state,
we have taken many initiatives. We have also focused on skill development
because we want to make our human resources our strength not our
weakness."
This was the second addition of the Most Competitive States by Mint, in
association with the Institute for Competitiveness.
Below is the list
of winning states under each category:
City States
- Delhi
- Goa
Innovation Driven
Economies
- Maharashtra
- Gujarat
- Haryana
Transition
Economies
- Tamil Nadu
- Punjab
Investment Driven
Economies
- Andhra Pradesh
- Karnataka
Changeover
Economies
- Rajasthan
- Madhya Pradesh
Factor Driven
Economies
- Uttar Pradesh
- Bihar
About HT Media Limited
HT Media Limited is one of India's foremost media companies, and home to
three leading newspapers in the country in the English, Hindi and Business news
segments - 'Hindustan Times' (English daily), 'Hindustan' (Hindi daily, through
a subsidiary) and 'Mint' (business daily). 'Hindustan Times' was started in
1924 and has a more than a nearly-90 year history as one of India's leading
newspapers. The Company also has four FM radio stations - "Fever 104
FM" in Delhi, Mumbai, Bengaluru and Kolkata. The Company has also made a
foray into the Internet space through its subsidiary Firefly e-Ventures Limited
and has launched successful portals www.Shine.com, www.HTCampus.com,
www.Desimartini.com. These are in addition to the existing news websites
livemint.com, livehindustan.com and hindustantimes.com.
ABHISHEK
BACHCHAN JOINS HT READERS' INITIATIVE "YOU READ, THEY LEARN"
Junior B joins KKR captain
Gautam Gambhir as one of the faces of the HT education initiative 5th August, 2013
Hindustan
Times has signed up Abhishek Bachchan as the face of its 'You Read, They Learn'
(YRTL) initiative. The project has helped send 10,812 children to school over
the last one year. Under YRTL, every day readers in Delhi-NCR contribute a part
of the cover price to help educate underprivileged children. Abhishek joins
cricketer Gautam Gambhir, who joined the initiative last year.
"I
am extremely proud to be associated with the Hindustan Times' 'You Read, They
Learn' initiative. I've been blessed and fortunate. And I look forward to encourage
people across the country to help equip these children who are fighting a
battle every day of their lives, with the most powerful tool of education. Let
us give them the future they deserve," said Bachchan.
The
'You Read, They Learn' initiative has won several honours, including the 'Best
in Show' award (among over 500 entries from about 30 countries) at the
prestigious International News Media Association (INMA) Awards in New York
earlier this year. This is in addition to an Effie Bronze, a Bronze Lion at
Cannes and a mention in the Limca Book of.
Shantanu Bhanja, Business Head & VP-Marketing, HT Media Ltd, said,
"The 'You Read, They Learn' initiative is in its second year now, and has
already changed over 10,000 lives in the first year, and we are committed to
adding to this number. We have involved our readers at various steps of this
project and many of them have written to us, telling us how they feel proud to
have contributed to this process of change. With Abhishek coming on board, we
hope to inspire many more citizens and add further momentum to this
initiative."
About HT Media Limited
HT Media Limited is one of India's foremost media companies, and home to
three leading newspapers in the country in the English, Hindi and Business news
segments - 'Hindustan Times' (English daily), 'Hindustan' (Hindi daily, through
a subsidiary) and 'Mint' (business daily). 'Hindustan Times' was started in
1924 and has a more than a nearly-90 year history as one of India's leading
newspapers. The Company also has four FM radio stations - "Fever 104
FM" in Delhi, Mumbai, Bengaluru and Kolkata. The Company has also made a
foray into the Internet space through its subsidiary Firefly e-Ventures Limited
and has launched successful portals www.Shine.com, www.HTCampus.com,
www.Desimartini.com. These are in addition to the existing news websites
livemint.com, livehindustan.com and hindustantimes.com. For more information
about HT Media Limited, visit the Company's website at www.htmedia.in.
FIXED
ASSETS
Tangible
Assets
·
·
Building
·
Improvement to Leasehold Premises
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
·
Office Equipments
Intangible
Assets
·
Website Development
·
Software Licenses
·
License Fees
·
Software for Radio Business
·
Music contents
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.67.41 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.