MIRA INFORM REPORT
|
Report Date : |
25.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE SANDESH LIMITED |
|
|
|
|
Registered
Office : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P.O. Bodkdev,
Ahmedabad – 380056, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.03.1943 |
|
|
|
|
Com. Reg. No.: |
04-000183 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.85.294 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121GJ1943PLC000183 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00069G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5730D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Publisher of Newspaper and Journal Periodicals. |
|
|
|
|
No. of Employees
: |
Not Available |
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 13300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a fine track record. Financial
position of the company appears to be sound. Directors are reported to be
experienced and respectable businessmen. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA- (Long Term Bank Facilities) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 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 Office/ Plant/ Factory 1 : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P.O. Bodkdev,
Ahmedabad – 380056, Gujarat, India |
|
Tel. No.: |
91-79-40004000/ 26765480/ 40004175/ 25624241 |
|
Fax No.: |
91-79-40054121/ 40004242/ 40004175/ 40004148 |
|
E-Mail : |
cs@sandesh.com investorsgrievance@sandesh.com |
|
Website : |
www.sandesh.com |
|
Area: |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Plant/ Factory 2 : |
“Satyesh Bhavan”, Behind Jalaram Temple, Bahucharaji Road, Karelibaug, Baroda, Gujarat, India |
|
|
|
|
Plant/ Factory 3 : |
“Satyesh Bhavan”, Dakoriya Mill Compound, Near Gurudev Petrol Pump, Khatodara Gidc, Bamroli Road, Surat, Gujarat, India |
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|
|
|
Plant/ Factory 4
: |
“Sandesh Bhavan”, Opposite Sat Hanuman, Navagam, Rajkot-Ahmedabad Highway, Rajkot, Gujarat, India |
|
|
|
|
Plant/ Factory 5
: |
“Satyesh Bhavan”, Ruvapari Road, Bhavnagar, Gujarat, India |
|
|
|
|
Plant/ Factory 6 : |
Godown No. 3, Gujarat State Warehousing Corporation, Near Atmaram Circle & Bajaj Showroom, Bhuj Madhapar Road, Bhuj, Gujarat, India |
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|
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Branch Offices : |
Located at:
|
|
|
|
|
Representative Offices : |
Located at:
|
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr.
Falgunbhai Patel |
|
Designation : |
Chairman and Managing Director
|
|
Address: |
“Satyesh-Lila”, Ambawadi, Ellisbridge, Ahmedabad - 380006, Gujarat,
India |
|
|
|
|
Date of Appointment: |
27.11.1974 |
|
|
|
|
Name : |
Mr. Parthiv
Patel |
|
Designation : |
Managing Director |
|
Address: |
“Satyesh-Lila”, Ambawadi, Ellisbridge, Ahmedabad - 380006, Gujarat,
India |
|
Date of Appointment: |
14.03.2002 |
|
|
|
|
Name : |
Mr. Sudhirbhai Nanavati |
|
Designation : |
Executive Director |
|
Address: |
“Archit”, |
|
Date of Appointment: |
31.01.2001 |
|
|
|
|
Name : |
Mr. Mukesh Patel |
|
Designation : |
Executive Director |
|
Address: |
“Prakruti”, 11, Ashwamegh Bungalows Part- 2, Off |
|
Date of Birth/Age : |
22.01.1954 |
|
Date of Appointment: |
30.03.2005 |
|
DIN No.: |
0053892 |
|
Other Directorship : |
Audit Committee -
Chairmanship
Membership · Cliantha Research Limited (Formerly known as BA Research India Limited) Shareholders/Investor
Grievance Committee - Membership · Zydus Wellness Limited · Cadila Healthcare Limited ·
Hitachi Home and Life Solutions (India)
Limited |
|
|
|
|
Name : |
Mr. Shreyas Pandya |
|
Designation : |
Executive Director |
|
Address: |
7, Ashwamegh Bungalows, Part- II, 132, Ring Road, Satellite Road, Ahmedabad-380015,
Gujarat, India |
|
Date of Birth/Age : |
01.10.1952 |
|
Qualification : |
B.Com, Diploma in Printing Technology |
|
Date of Appointment: |
30.12.2005 |
|
DIN No.: |
00050244 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Ravindra Dhariwal |
|
Designation : |
Executive Director |
|
Address: |
Asshray Farm, Opposite NV Farm, Sub P.O. SP School, Bhatti Mines,
Asola Village, New Delhi - 110030, India |
|
Date of Birth/ Age: |
11.09.1952 |
|
Date of Appointment: |
30.07.2007 |
|
|
|
|
Name : |
Ms. Pannaben Patel |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Justice Jitendra N. Bhatt |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Dhaval Pandya |
|
Designation : |
Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1777400 |
23.48 |
|
|
3893615 |
51.44 |
|
|
5671015 |
74.92 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
5671015 |
74.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
500 |
0.01 |
|
|
500 |
0.01 |
|
|
|
|
|
|
1019520 |
13.47 |
|
|
|
|
|
|
571989 |
7.56 |
|
|
129526 |
1.71 |
|
|
176871 |
2.34 |
|
|
136737 |
1.81 |
|
|
40134 |
0.53 |
|
|
1897906 |
25.07 |
|
Total Public
shareholding (B) |
1898406 |
25.08 |
|
Total (A)+(B) |
7569421 |
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) |
7569421 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Publisher of Newspaper and Journal Periodicals. |
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|
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Daily |
No. in Lacs |
3244.170 |
|
Weekly |
No. in Lacs |
7.90 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Yes Bank Limited |
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|
Facilities : |
(Rs.
In Millions)
Notes: The working capital loan and Short Term Loan are secured
against charge over all movable fixed assets of the company whereas short
term loan is secured by way of extension of mortgage charge on commercial
properties of Promoter company and Negative lien on Debentures of Applewoods
Estate Private Limited held by company in respect of Short-term Loan. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manubhai and Company Chartered Accountants |
|
Address : |
2nd Floor,
"B" Wing, Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmedabad - 380009, Gujarat |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8529421 |
Equity Shares |
Rs.10/- each |
Rs.85.294 Millions |
|
|
|
|
|
Rights, preferences and
restrictions:
(i) The Company has only one class of equity shares referred to as Equity shares having a par value of ` 10/- Each holder of equity share is entitled to one vote per share.
(ii) Dividends, if any, is declared and paid in Indian Rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(iii) In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
118193 Equity Shares
were bought back in the financial year 2009-10
Details of
shareholders holding more than 5 per cent shares:
|
Sr. No. |
Name of the
Shareholder |
2011-2012 |
|
|
|
|
No. of Shares |
% of Shareholding |
|
1 |
Parthiv Falgunbhai Patel |
1189100 |
13.94 |
|
2 |
Satlon Enterprise Private Limited |
1898150 |
22.25 |
|
3 |
Satyesh Prochem LLP |
1275777 |
14.96 |
|
4 |
Bennett, Coleman And Company Limited |
1037464 |
12.16 |
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 |
85.294 |
85.338 |
85.338 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3250.027 |
2897.561 |
2498.848 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3335.321 |
2982.899 |
2584.186 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
609.899 |
192.980 |
244.345 |
|
|
2] Unsecured Loans |
206.630 |
1.000 |
2.000 |
|
|
TOTAL BORROWING |
816.529 |
193.980 |
246.345 |
|
|
DEFERRED TAX LIABILITIES |
65.599 |
60.558 |
60.319 |
|
|
|
|
|
|
|
|
TOTAL |
4217.449 |
3237.437 |
2890.850 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
782.191 |
763.529 |
750.444 |
|
|
Capital work-in-progress |
14.958 |
12.261 |
43.913 |
|
|
|
|
|
|
|
|
INVESTMENT |
1458.855 |
928.330 |
76.504 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
303.495
|
149.196 |
215.755
|
|
|
Sundry Debtors |
621.416
|
471.335 |
366.301
|
|
|
Cash & Bank Balances |
52.560
|
828.342 |
927.637
|
|
|
Other Current Assets |
134.866
|
6.293 |
6.876
|
|
|
Loans & Advances |
1774.049
|
1620.923 |
1353.721
|
|
Total
Current Assets |
2886.386
|
3076.089 |
2870.290 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
134.449
|
113.730 |
434.825
|
|
|
Other Current Liabilities |
528.180
|
1146.031 |
178.940
|
|
|
Provisions |
262.312
|
283.011 |
236.536
|
|
Total
Current Liabilities |
924.941
|
1542.772 |
850.301 |
|
|
Net Current Assets |
1961.445
|
1533.317 |
2019.989
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4217.449 |
3237.437 |
2890.850 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2554.016 |
2271.981 |
2254.158 |
|
|
|
Other Income |
189.883 |
139.241 |
71.989 |
|
|
|
TOTAL (A) |
2743.899 |
2411.222 |
2326.147 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1132.163 |
|
|
|
|
|
Purchases of stock-in-trade |
203.001 |
3.684 |
|
|
|
|
Changes in inventories of finished goods work-in-progress and stock-in-trade |
(110.035) |
16.440 |
|
|
|
|
Employee benefits expenses |
162.011 |
159.633 |
|
|
|
|
Transfer from Revaluation Reserve |
(0.043) |
(0.546) |
|
|
|
|
Exceptional items |
6.728 |
(1.051) |
|
|
|
|
Other expenses |
600.448 |
487.528 |
|
|
|
|
TOTAL (B) |
1994.273 |
1645.089 |
1714.622
(Including Financial Expanses) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
749.626 |
766.133 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
98.005 |
70.651 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
651.621 |
695.482 |
611.525 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
65.453 |
69.822 |
54.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
586.168 |
625.660 |
556.681 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
194.647 |
186.616 |
186.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
391.521 |
439.044 |
370.323 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
112.652 |
113.392 |
123.006 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
400.000 |
350.000 |
|
|
|
Proposed Dividend |
29.853 |
34.118 |
25.588 |
|
|
|
Tax on Dividend |
4.843 |
5.666 |
4.349 |
|
|
BALANCE CARRIED
TO THE B/S |
69.477 |
112.652 |
113.392 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Subscription |
0.000 |
0.000 |
0.003 |
|
|
|
Service Charges |
0.277 |
0.465 |
2.782 |
|
|
|
Royalty |
0.000 |
0.000 |
0.232 |
|
|
TOTAL EARNINGS |
0.277 |
0.465 |
3.017 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3.160 |
228.391 |
13.224 |
|
|
TOTAL IMPORTS |
3.160 |
228.391 |
13.224 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.90 |
51.47 |
43.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
772.300 |
739.700 |
793.000 |
|
Total Expenditure |
561.400 |
508.600 |
616.700 |
|
PBIDT (Excl OI) |
211.000 |
231.100 |
176.300 |
|
Other Income |
2.600 |
5.500 |
16.300 |
|
Operating Profit |
21.3.600 |
236.600 |
192.500 |
|
Interest |
19.100 |
12.300 |
9.600 |
|
Exceptional Items |
95.000 |
(0.600) |
0.000 |
|
PBDT |
289.400 |
223.700 |
183.000 |
|
Depreciation |
19.300 |
21.700 |
20.400 |
|
Profit Before Tax |
270.100 |
202.000 |
162.600 |
|
Tax |
45.800 |
62.200 |
81.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
224.400 |
139.800 |
81.000 |
|
Extraordinary Items |
+ |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
224.400 |
139.800 |
81.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.27 |
18.21 |
15.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.95 |
27.54 |
24.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.98 |
16.29 |
15.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.21 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24 |
0.07 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.12 |
1.99 |
3.38 |
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 |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
From Directors |
186.654 |
1.000 |
|
From Group Companies |
19.976 |
0.000 |
|
|
|
|
|
Total |
206.630 |
1.000 |
REVIEW OF OPERATIONS
Though the operating income has grown by 12.41%, PBT has fallen by 6.31% from Rs. 625.660 Millions in previous year to Rs. 586.168 Millions due to increased cost of news print and other input costs.
There is an increase in net advertisement revenue by 4.64% and net revenue of the circulation has also increased by 5.01% compared to the previous Financial Year. Despite of increase of 12.41% in income from operations, the Company has reported profit before taxation at Rs. 586.168 Millions compared to Rs. 625.660 Millions in the previous year, resulting net decrease of 6.31% after absorbing increased cost of the raw materials by 15.59% compared to the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
India, with a population of over 1 billion and a national literacy rate of 65%, offers one of the world’s biggest markets for the print media. In spite of the 1990’s revolution in cable and satellite television and spurt of news channels, there has been a prolific growth in the number and readership of newspapers in India. Liberalization of regulations in the news and current affairs segment has given this market further flip. The print business has witnessed steady growth with new editions being launched and new players entering the field.
More than 80,000 publications of various kinds in various languages are registered with the Registrar of Newspapers of India (RNI), which functions under the Ministry of Information and Broadcasting. With increase in advertising expenditures across media platforms, the print media is expected to grow at 9-10 per cent during 2011-15.
The Company belongs to the Regional Print Media Industry and which is a publisher of “SANDESH” a premier Gujarati daily newspaper in Gujarat Region, incorporated on March 11, 1943 to carry on the business of editing, printing and publishing newspapers and periodicals. The Company started its first printing facilities at Ahmedabad.
Late Chimanbhai S. Patel acquired the entire business from the original promoter in the year 1958, and had put his efforts to strengthen the activities carried out by “SANDESH”. The editorial policy of the Company has always been based on basic journalist values of objectivity and has not been influenced by any external forces. Presently, Falgunbhai Patel, Chairman and Managing Director is running the entire business affairs of the Company along with Parthiv Patel, Managing Director and a professional team of the Executives of the Company.
The Company had started its printing facilities at Baroda during 1985-86, at Surat during 1989-90, at Rajkot during 1990-91, and at Bhavnagar during 1998-99 to cater to the semi urban and rural areas. The Company has its regional offices at Mumbai, Delhi, Kolkata, Bangalore, Chennai and Pune, which have experienced staff and well equipped communication facilities. Besides the Company also publishes “STREE”, a weekly magazine and also the periodical “SANDESH PRATYAKSHA PANCHANG” which remained popular among the public. The Company has a strong regional franchise, where it enjoys strong readership loyalty.
The Company has also diversified in to out-of-home, real estate and finance businesses. Also the Company has successfully launched its “Bhuj” Edition in the month of July 2011, taking its total editions to six from the current five. A weekly newspaper under the name and style ‘Agro Sandesh’, specific to the rural community of Gujarat covering the farming, dairy and co-operative sector has also been successfully launched in July 2011.
SEGMENT-WISE OR PRODUCT-WISE
PERFOMANCE
I) PUBLICATION:
This is the core business of the Company since its inception. The Company had been able to maintain its business volumes despite stiff competition in the Regional Print Media Industry. The revenue from the publication division was Rs. 2243.819 Millions during the Financial Year as against Rs. 2088.155 Millions in previous Financial Year.
II) FINANCE DIVISION:
The Company has been in the Financing business and during the year, the segment revenue from Finance Division was Rs. 457.557 Millions during the Financial Year as against Rs. 382.370 Millions in the previous year.
OUTLOOK, RISKS AND
CONCERNS
The business outlook for the Print Media Industry and the Company looks good. Both readership and circulation of newspapers is growing in India. The raw material scenario, especially with regard to newsprint prices both in domestic and foreign markets, continues to be challenging but the impact is generic to all players within the sector. However, the Company keeps close watch on the development on the Newsprint front. The Company uses Imported as well as domestic Newsprint and by judicious mix of them, tries to mitigate the high cost impact on the operations. The newsprint price is cyclical and is dependent on various factors. The Company is strengthening its market positions, reinforcing its relationships with Agents, Advertisers and providing high quality contents to the readers.
DISCUSSIONS ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE AND OUTLOOK
Despite of increase of 12.41% in income from operations, the Company has reported profit before taxation at Rs. 586.168 Millions compared to Rs. 625.660 Millions in the previous year, resulting net decrease of 6.31% after absorbing increased cost of the raw materials by 15.59% compared to the previous year.
The Company has generated cash profit of Rs. 456.931 Millions as compared to Rs. 508.320 Millions in the previous year. The Company, as planned is gradually moving upwards in its core business and also as explained earlier looks for opportunities available in new sector.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against the company not acknowledged as debt |
Amount not Determined |
Amount not Determined |
|
Income-tax demand of Rs. 139.811 Millions (Previous year
Rs. 46.644 Millions) including provisional demand of Rs. 68.875 Millions
(previous year NIL) has been raised against the company for various
Assessment Years, which have not been acknowledged as debt in view of legal
opinion and various judicial pronouncements. Appeals and rectification
applications filed against the same as well as appeal effect orders for these
years are still pending. Such demands have been paid/adjusted against refunds
due except the demands aggregating to Rs. 97.017 Millions including
provisional demand of Rs. 68.875 Millions. |
||
UNAUDITED FINANCIAL
RESULTS FOR THE 3rd QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012
(Rs. In Millions)
|
Sr. |
|
Quarter Ended |
Nine Months Ended |
|
|
No. |
Particulars |
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
a) Net Sales/Income from Operations |
748.626 |
665.047 |
2035.762 |
|
|
b) Other Operating Income |
44.377 |
74.651 |
269.256 |
|
|
TOTAL INCOME FROM
OPERATIONS |
793.003 |
739.698 |
2305.018 |
|
2 |
Expenditure |
|
|
|
|
|
a) Cost of Material consumed |
303.363 |
315.013 |
913.253 |
|
|
b) Cost of Stores & Spares consumed |
44.454 |
40.352 |
123.893 |
|
|
c) Cost of Goods Sold |
0.946 |
14.718 |
99.789 |
|
|
d) Purchase of stock in trade |
0.000 |
0.000 |
0.000 |
|
|
e) Changes in inventories of finished goods, work in progress and stock in trade |
(0.804) |
0.000 |
(0.804) |
|
|
f) Employee benefits expense |
51.449 |
49.314 |
149.863 |
|
|
g) Depreciation |
20.386 |
21.696 |
61.344 |
|
|
h) Other Expenses |
217.325 |
89.200 |
400.709 |
|
|
TOTAL |
637.119 |
530.293 |
1748.047 |
|
3 |
Profit from Operations
before Other Income, finance cost & Exceptional Items (1-2) |
155.884 |
209.405 |
556.971 |
|
4 |
Other Income |
16.254 |
5.465 |
24.349 |
|
5 |
Profit before
finance cost & Exceptional Items (3+4) |
172.138 |
214.870 |
581.320 |
|
6 |
Finance costs |
9.557 |
12.261 |
40.962 |
|
7 |
Profit after
finance cost but before Exceptional Items (5-6) |
162.581 |
202.609 |
540.358 |
|
8 |
Exceptional Items |
(0.013) |
(0.594) |
94.365 |
|
9 |
Profit(+)/Loss(-) from
ordinary activities before tax (7+8) |
162.568 |
202.015 |
634.723 |
|
10 |
Tax Expense |
|
|
|
|
|
a) Income Tax |
84.000 |
67.500 |
200.000 |
|
|
b) Deferred Tax |
(2.431) |
(5.286) |
(10.427) |
|
|
TOTAL PROVISION FOR
TAXATION |
81.569 |
62.214 |
189.573 |
|
11 |
Net Profit(+) /
Loss(-) from ordinary activities after tax (9-10) |
80.999 |
139.801 |
445.150 |
|
12 |
Extraordinary Item (net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit(+) /
Loss(-) for the period (11-12) |
80.999 |
139.801 |
445.150 |
|
14 |
Paid-up Equity Share Capital (Face value of Rs.10/- each) |
85.294 |
85.294 |
85.294 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16 |
Earning Per Share - Basic and Diluted for the period (not to be annualized) and |
|
|
|
|
|
for the previous year |
9.50 |
16.39 |
52.19 |
|
17 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
2858406 |
2858406 |
2858406 |
|
|
- Percentage of Shareholding |
33.51% |
33.51% |
33.51% |
|
18 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares(as a% of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of shares(as a% of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
5671015 |
5671015 |
5671015 |
|
|
- Percentage of shares(as a% of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shares (as a% of the total share capital of the company) |
66.49% |
66.49% |
66.49% |
SEGMENT-WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenue
(Net Sales/Income From Operations) |
|
|
|
|
|
a) Media |
711.942 |
620.586 |
1911.041 |
|
|
b) Finance |
88.547 |
102.899 |
298.054 |
|
|
c) Other |
1.750 |
17.671 |
108.462 |
|
|
d) Unallocated |
7.005 |
3.413 |
106.175 |
|
|
TOTAL SEGMENT
REVENUE |
809.244 |
744.569 |
2423.732 |
|
|
Less: Inter segment Revenue |
0.000 |
0.000 |
0.000 |
|
|
NET SALES / INCOME
FROM OPERATIONS |
809.244 |
744.569 |
2423.732 |
|
|
|
|
|
|
|
2 |
Segment Results
(Profit before Interest & Tax) |
|
|
|
|
|
a) Media |
77.537 |
107.998 |
270.004 |
|
|
b) Finance |
76.418 |
88.172 |
249.599 |
|
|
c) Other |
1.608 |
2.953 |
9.477 |
|
|
TOTAL SEGMENT RESULT |
155.563 |
199.123 |
529.080 |
|
|
Less: Interest Expense |
0.000 |
0.000 |
0.000 |
|
|
Add: Other un-allocable (income) net off un-allocable Expenditure |
(7.005) |
(2.892) |
(105.643) |
|
|
TOTAL PROFIT BEFORE
TAX |
162.568 |
202.015 |
634.723 |
|
|
|
|
|
|
|
3 |
Capital Employed
(Segment Assets Less Segment Liabilities) |
|
|
|
|
|
a) Media |
1105.214 |
1270.794 |
1105.214 |
|
|
b) Finance |
1153.530 |
614.700 |
1153.530 |
|
|
c) Other |
75.522 |
75.430 |
75.522 |
|
|
d) Un-allocated |
1446.177 |
1738.531 |
1446.177 |
|
|
TOTAL CAPITAL
EMPLOYED IN SEGMENTS |
3780.443 |
3699.455 |
3780.443 |
NOTES:
i) The above unaudited Financial Results were reviewed by the Audit
Committee and thereafter approved at the Meeting of the Board of Directors held
on 12th February, 2013. The Quarterly results have been subject to
"Limited Review" by the statutory auditors.
ii) During the quarter, the Company has successfully launched Sandesh
Samachar a Gujarati News Channel.
iii) Figures for the previous periods have been re-grouped / re-arranged
wherever considered necessary.
iv) The Status of the Investors' Grievance for the quarter ended on 31st
December, 2012 is as under: Pending complaints as on 01.10.2012 - NIL., Complaints
received during the quarter - 1., Complaints resolved during the quarter - 1.,
Pending complaints as on 31.12.2012 - NIL.
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Machineries
- Electric Fittings
- Furniture
- Office Equipments
- Motor Vehicles
Intangible Assets
- Tenancy Right
AS PER WEBSITE
DETAILS
Press Releases
'SANDESH' NEWSPAPER LAUNCHES
AUGMENTED REALITY APP
National, April 24, 2013
Sandesh has become the first regional newspaper brand in India to bring digital content through its newspaper with the launch of Sandesh Smart – an augmented reality app.
Sandesh allows readers to use the augmented reality app Sandesh Smart to gain access to additional multimedia contents like videos, slideshows, social media connect, polls, interactive quizzes and much more by simply scanning the newspaper with their Smartphone.
“We are proud to be the first regional newspaper to fully integrate Sandesh Smart into our editorial workflow and bringing the print alive on reader's smart phones” said Mr. Parthiv Patel – Managing Director, Sandesh.
For the development of Sandesh Smart app, Sandesh has partnered with TELiBrahma, a leading mobile advertising solutions company specializing in augmenting real world context with digital engagements.
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.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
- |
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.