MIRA INFORM REPORT
|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE STATESMAN LIMITED |
|
|
|
|
Registered
Office : |
4, Chowringhee Squareculcitta, Culcutta - 700 001, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.01.1922 |
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Com. Reg. No.: |
21-004409 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.933 Millions |
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CIN No.: [Company Identification
No.] |
U22121WB1922PLC004409 |
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|
Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Subject is Company engaged in the business of printing and publishing
predominantly domestic of newspaper and allied jobs. |
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No. of Employee
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (38) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2190000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is one of It has incurred loss from its operations during 2012 from its
operations. However net worth is normal. Trade relations are reported as fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution. |
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 Office : |
4 Chowringhee Squarecalcutta, Culcutta – 700 001, West |
|
Tel. No.: |
91-33-22127070-6 91-22-22127990-2 |
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Fax No.: |
91-33-22126181 91-33-22120054 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ravindra Kumar |
|
Designation : |
Managing Director |
|
Address : |
1-B/28, N.E.A., |
|
Date of Birth/Age : |
24.07.1960 |
|
Date of Appointment : |
01.01.2003 |
|
PAN No.: |
AEMPK0875K |
|
DIN No.: |
00149093 |
|
|
|
|
Name : |
Mr. Kantanand Sinha |
|
Designation : |
Director |
|
Address : |
Champanagar Deorhi, Basaili – 854 201, Purnea |
|
Date of Birth/Age : |
07.09.1947 |
|
Date of Appointment : |
22.12.2013 |
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DIN No.: |
00123811 |
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|
|
|
Name : |
Mr. Mohan Naresh |
|
Designation : |
Director |
|
Address : |
C 2, 102, Janekpuri, |
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Date of Birth/Age : |
01.01.1942 |
|
Date of Appointment : |
16.04.2006 |
|
Voter ID No.: |
DL/02/012/084346 |
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DIN No.: |
00459854 |
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|
|
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Name : |
Rajendra Prasad Gupta |
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Designation : |
Director |
|
Address : |
1-B/28, |
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Date of Birth/Age : |
02.04.1955 |
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Date of Appointment : |
07.11.2006 |
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PAN No.: |
AAHPS5652K |
|
DIN No.: |
00036046 |
MAJOR SHAREHOLDERS
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
|
Andrew Yuke And Company Limited |
9966 |
|
Sudhiranjan Charity Trust |
7132 |
|
Swapanpurti Charity Trust |
7263 |
|
Gitanjali Charity Trust |
6823 |
|
Sir Biren Mookerjee Charity Trust |
10135 |
|
Jay Prakash Narayan Charity Trust |
3027 |
|
Vidhyasagar Charity Trust |
3171 |
|
Minoo Masani Charity Trust |
3269 |
|
Vivekanad Charity Trust |
2654 |
|
S.C. Bhattacharya and A, Bhattacharya |
2000 |
|
Sreemati Vijayalaxmi Trust |
9008 |
|
Nanai Palakhivala Charity Trust |
2332 |
|
Soli Sarabjee Charity Trust |
2251 |
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Aparajita Chrity Trust |
1885 |
|
Nivedita Charity Trust |
1470 |
|
Robert Knight Charity Trust |
1261 |
|
J.P. Patel Charity Trust |
1279 |
|
P.T. Dastoor and R.P. Dastoor |
920 |
|
Lady Ramu Mookharjee Charity Trust |
804 |
|
S.J. Sarabjee |
600 |
|
Ravindra Kumar and Antara Kumar |
365 |
|
Mr. A.J. Rana |
300 |
|
M. Sahay and S. Sahay |
275 |
|
Shivaji Samaddar and P. Samaddar |
265 |
|
Bhupinder Singh Majra and S. Kumar |
220 |
|
U.D. Choksey and K.U. Choksey |
200 |
|
Arindam Ghose Dastidar |
200 |
|
Mr. Ravindra Kumar |
157 |
|
Mr. J.R. Gagrat |
100 |
|
Class A Equity
Shares |
|
|
Straits Holdings Private Limited |
13000 |
|
Butterworth Holdings Private Limited |
7000 |
|
Total Shares |
99332 |
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2012
|
Category |
Percentage |
|
Bodies corporate |
30.17 |
|
Directors or relatives of Directors |
0.53 |
|
Other top fifty shareholders |
69.30 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Company engaged in the business of printing and publishing
predominantly domestic of newspaper and allied jobs. |
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|
|
|
Product : |
Newspaper, Books, Magazines |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
|
Publications |
|
|
|
|
Newspapers and periodicals |
Pages |
NA |
1,26,63,92,895 |
|
Commercial
Printing |
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|
|
Magazines and periodicals( excluding publications of the company included
under Newspaper and Periodicals above ) |
Copies |
NA |
2,43,22,416 |
|
Newspapers |
Copies |
NA |
1,69,200 |
GENERAL INFORMATION
|
No. of Employee : |
Not Available |
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Bankers : |
N.S. Road Branch, 8,
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Facilities : |
Note :- i)
Primary Security by assignment of rent receivables
from a certain lessee and collateral security by way of first charge on
building of Statesman House, at 4 Chawuinghee Square, Kolkata – 700 001, and
future charge by equitable mortgage/hypothecation of land and building, plant
and machinery and ll the fixed assets, both present and future, at the
leasehold plot no. 3A, Mancheswar Industrial Estate, Sector A, Zone B,
Bhuwaneshwar – 751 010, measuring 0.333 acres. ii)
Secured by assignment of lease/hire charges
receivable from a leasee. Equitable mortgage by deposit of title deeds
of property at 6, Manshigunge Road,
Khidderpore, measuring about 25 cottahs, standing in the name of the company
and also secured by exclusive first
charge/mortgage of company’s property at Statesman House, A wing 9th
floor, 148 barakhamba Road, New Delhi 110 001 and also by assignment by way
of first charge of rent/hire charges payable by tenant of the said property. iii)
Secured by way of hypothecation of vehicles. iv)
Balance of the loan from ICICC Bank, HDFC Bank
and Federal Bank as on 31.03.2012 representing Car Loans, will be repaid
within the year 2012-13, and the same is being classified as Current
Maturities of Long Term Borrowing inter current liabilities, |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ford Rhodes Parks and Company Chartered Accountant |
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Address : |
15, |
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PAN No.: |
AAAFF1843L |
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Associates : |
Chowringhee Prakhashan Private Limited |
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Subsidiaries : |
Nachikata Publications Limited CIN No. U22130MH1969PLC14198 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99332 |
Equity Shares |
Rs. 100/- each |
Rs. 9.933 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.933 |
9.933 |
9.933 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
536.581 |
545.266 |
552.386 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
546.514 |
555.199 |
562.319 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
454.933 |
489.269 |
559.187 |
|
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2] Unsecured Loans |
1.160 |
0.886 |
0.000 |
|
|
TOTAL BORROWING |
456.093 |
490.155 |
559.187 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
|
TOTAL |
1002.607 |
1045.354 |
1121.506 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
535.992 |
486.903 |
451.442 |
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Capital work-in-progress |
0.000 |
0.000 |
5.128 |
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|
|
|
|
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INVESTMENT |
2.292 |
2.292 |
2.292 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.069
|
13.431 |
23.131 |
|
|
Sundry Debtors |
548.279 |
588.077 |
609.253 |
|
|
Cash & Bank Balances |
37.193
|
32.567 |
60.846 |
|
|
Other Current Assets |
0.527
|
0.038 |
0.144 |
|
|
Loans & Advances |
373.204
|
338.257 |
355.937 |
|
Total
Current Assets |
971.271
|
972.370 |
1049.311 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.122
|
54.200 |
|
|
|
Other Current Liabilities |
388.494
|
307.949 |
348.430 |
|
|
Provisions |
56.332
|
54.062 |
53.933 |
|
Total
Current Liabilities |
506.948
|
416.211 |
402.363 |
|
|
Net Current Assets |
464.323
|
556.159 |
646.948 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
15.696 |
|
|
|
|
|
|
|
|
TOTAL |
1002.607 |
1045.354 |
1121.506 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
351.480 |
374.671 |
346.929 |
|
|
|
Other Income |
118.358 |
120.960 |
106.250 |
|
|
|
TOTAL (A) |
469.838 |
495.631 |
453.179 |
|
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|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
161.560 |
156.839 |
|
|
|
|
Employee benefit expenses |
124.115 |
125.097 |
|
|
|
|
Managerial Remuneration |
0.065 |
0.065 |
|
|
|
|
Payment to auditors |
0.336 |
0.301 |
|
|
|
|
Insurance Expenses |
0.194 |
0.085 |
|
|
|
|
Power and fuel |
8.246 |
7.663 |
|
|
|
|
Other expenses |
120.428 |
133.169 |
|
|
|
|
TOTAL (B) |
414.944 |
423.219 |
435.997 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.894 |
71.412 |
17.182 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.952 |
58.965 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(5.058) |
13.447 |
17.182 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.463 |
11.806 |
12.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
(16.521) |
1.641 |
4.399 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.900 |
0.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
(16.521) |
0.741 |
3.599 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.673 |
16.414 |
20.014 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.152) |
15.673 |
16.414 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.221 |
1.403 |
0.00 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(166.32) |
7.46 |
36.24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.52)
|
0.15 |
0.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.52)
|
0.33 |
0.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.10)
|
0.11 |
0.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.003 |
0.008 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.83
|
0.88 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.34 |
2.61 |
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REPORT OF THE
DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2012
The downturn in the economy had as effect on the company’s operations.
During the year net advertisement revenue decreased by Rs. 15.548 Millions in
comparison to the previous year. Net income by way of sale of publications
showed a decreased of Rs. 9.836 Millions over the previous year. Commercial
printing revenues increased by Rs. 2.129 Millions during the year.
Construction of the company’s project in New Town, Rajahat and Kolkata
is proceeding as per schedule and the structure is nearly complete.
FIXED ASSTES:
- Land Freehold
- Land Leasehold
- Building
- Plant and Machinery
- Motor Vehicles
- Machinery Spares
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 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. 53.735 |
|
|
1 |
Rs. 83.542 |
|
Euro |
1 |
Rs. 70.715 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
38 |
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.