MIRA INFORM REPORT
|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXPRESS PUBLICATIONS (MADURAI) LIMITED |
|
|
|
|
Formerly Known
As : |
INDIAN EXPRESS (MADURAI) LIMITED |
|
|
|
|
Registered
Office : |
No.29, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.04.1959 |
|
|
|
|
Com. Reg. No.: |
18-003776 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 180.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22121TN1959PLC003776 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBE03024A / CMBE03150A / MRIE00260B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Newspaper and Periodicals Publishers. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Siddharth Media Holdings Private Limited’.
It is an old and established company having a moderate track record. It has been incurring loss from its operation since some years. However, business is active. Payment terms are slow. The company can be considered for business dealings with great
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 – 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 |
ICRA |
|
Rating |
Term loan facilities C |
|
Rating Explanation |
Poor credit quality and limited prospects of
recovery |
|
Date |
July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Facilities A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
July 2013 |
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 / Corporate Office: |
No.29, |
|
Tel. No.: |
91-44-23457503 / 601 / 607 |
|
Fax No.: |
91-44-23457619 /516 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 26.12.2012
|
Name : |
Mr. Manoj Kumar Sonthalia |
|
Designation : |
Managing Director |
|
Address : |
43, |
|
Date of Birth/Age : |
16.09.1957 |
|
Qualification: |
B.Com |
|
Date of Appointment : |
19.03.1999 |
|
DIN No.: |
00021297 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
6 A, Dr. Rajendra Prasad Sarani, Kolkata – 700 001, West |
|
Date of Birth/Age : |
12.01.1937 |
|
Date of Appointment : |
08.01.2003 |
|
DIN No.: |
00636064 |
|
|
|
|
Name : |
Mr. Shiv Shankar Poddar |
|
Designation : |
Director |
|
Address : |
No.8, Numgambakkam, High Road, Chennai – 600 034, |
|
Date of Birth/Age : |
10.09.1949 |
|
Date of Appointment : |
08.01.2003 |
|
DIN No.: |
00058025 |
|
|
|
|
Name : |
Mr. Thayil Jacob Sony George |
|
Designation : |
Director |
|
Address : |
166 A, Rajmahal Vilas, Bangalore – 560 080, Karnataka, India |
|
Date of Birth/Age : |
07.05.1928 |
|
Date of Appointment : |
29.04.2003 |
|
DIN No.: |
00040022 |
|
|
|
|
Name : |
Mr. Sreekumar Karunakaran |
|
Designation : |
Director |
|
Address : |
No. 38/1963, Plakkat Colony, |
|
Date of Birth/Age : |
27.11.1957 |
|
Date of Appointment : |
22.04.2010 |
|
DIN No.: |
00335407 |
KEY EXECUTIVES
|
Name : |
Mr. Tenkasi Krishna Sastrigal Bhgiratharama Venkataraman |
|
Designation : |
Company Secretary |
|
Address : |
41, Sapthagiri Colony, Jaffar Khan Pet, Chennai – 600 083, |
|
Date of Birth/Age : |
15.07.1932 |
|
Date of Appointment : |
15.04.1992 |
|
PAN No.: |
AAGPV1075L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.12.2012
|
Names of Shareholders |
No. of Shares |
|
Siddharth Media Holdings Private Limited (India) |
1799994 |
|
Manoj Kumar Sonthalia |
1 |
|
Kalpana Sonthalia |
1 |
|
Siddhartha Sonthalia |
1 |
|
R K Jhunjhunwala |
1 |
|
Sathi Suresh |
1 |
|
N. Gopalan |
1 |
|
Total |
1800000 |
Equity Share Break up (Percentage of Total Equity)
As on 26.12.2012
|
Category |
Percentage |
|
Bodies corporate |
99.96 |
|
Directors or relatives of Directors |
0.02 |
|
Other top fifty shareholders |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Newspaper and Periodicals Publishers. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON (31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
Pages of standard size of (56*35 cms) |
Nos |
4945.565 |
|
Particulars |
Installed
Capacity |
|
CHENNAI |
|
|
HILLINE I (6 Y Units+1 Tower+1 Folder) |
42000 |
|
HILLINE II (3 I Units+1 Tower+1 Folder) |
42000 |
|
MITSUBISHI |
|
|
(4 Print Units+1 Folder) |
16000 |
|
MADURAI |
|
|
Orient Web Offset (6 Units (5 H units+1 colour)+ 1 Folders) |
18000 |
|
COIMBATORE |
|
|
Prima 35 – I (2 H Units+2 Tower+1 Folder) |
30000 |
|
Prima 35 – II (2 H Units+3 Tower+1 Folder) |
30000 |
|
BANGALORE |
|
|
Coreset Offset (7 Units ( 4 Y units+ 3 I units)+ 1 Folder) |
30000 |
|
Orient Web Offset (8 Units (3 colour+ 5 H units)+ 1 Folder) |
18000 |
|
MANGALORE |
|
|
Orient Web Offset (6 Units (5 H units+1 colour)+ 1 Folder) |
18000 |
|
KOCHI |
|
|
Orient Web Offset (7 Units (5 H units+2 colour)+ 1 Folder) |
20000 |
|
KOZHIKODE |
|
|
Orient Web Offset (6 Units (5 H units+1 colour)+ 1 Folder) |
18000 |
|
BHUBANESHWAR |
|
|
Orient Web Offset (5 Units (5 H units+1 colour)+ 1 Tower+1 Folder) |
18000 |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Indian Bank, Horbour Branch, No. 66, Rajaji salai, Chennai – 600 001,
Tamilnadu, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Elgi Finance Limited, Elgi House, Trichy Road, Coimbatore, Tamilnadu,
India |
|
|
|
|
Auditors : |
|
|
Name : |
Swami and Moorthy Chartered Accountants |
|
Address : |
2,B Deshmaa Green
Park, Near BSNL Tower, Subha Shree Nagar Extension Phase I, Mugalivakkam,
Porur, Chennai - 600 125, Tamilnadu, India |
|
PAN No.: |
AADPR2657P |
|
|
|
|
Holding Company : |
Siddharth Media Holdings Private Limited (CIN NO U22121TN1959PTC046416) |
|
|
|
|
Wholly Owned
Subsidiary: |
Ø Express Network
Private Limited CIN No.: U22219TN1999PTC048505 Ø Express
Publications (Chennai) Limited CIN No.: U22121TN2001PLC048000 Ø Dinamani
Publications Limited CIN No.: U22121TN1970PLC005916 Ø Express News Service
Private Limited CIN No.: U22219TN1999PTC048506 |
CAPITAL STRUCTURE
As on 26.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs. 180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000 |
Equity Shares |
Rs.100/- each |
Rs. 180.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
180.000 |
180.000 |
|
(b) Reserves & Surplus |
|
1120.884 |
1165.776 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1300.884 |
1345.776 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1325.776 |
1237.231 |
|
(b) Deferred tax liabilities (Net) |
|
105.377 |
105.377 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
99.413 |
99.415 |
|
Total Non-current
Liabilities (3) |
|
1530.566 |
1442.023 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
77.863 |
0.000 |
|
(b) Trade
payables |
|
395.363 |
574.079 |
|
(c) Other
current liabilities |
|
325.597 |
81.208 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
798.823 |
655.287 |
|
|
|
|
|
|
TOTAL |
|
3630.273 |
3443.086 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2051.950 |
2069.633 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.621 |
0.639 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
326.554 |
326.554 |
|
(c) Deferred tax assets (net) |
|
36.636 |
36.636 |
|
(d) Long-term Loan and Advances |
|
408.369 |
275.710 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
2824.130 |
2709.172 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
103.376 |
67.187 |
|
(c) Trade
receivables |
|
570.697 |
525.748 |
|
(d) Cash
and cash equivalents |
|
111.999 |
132.803 |
|
(e)
Short-term loans and advances |
|
13.236 |
8.176 |
|
(f) Other
current assets |
|
6.835 |
0.000 |
|
Total
Current Assets |
|
806.143 |
733.914 |
|
|
|
|
|
|
TOTAL |
|
3630.273 |
3443.086 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
180.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1992.084 |
|
|
4] (Accumulated Losses) |
|
|
(786.346) |
|
|
NETWORTH |
|
|
1385.738 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
651.553 |
|
|
2] Unsecured Loans |
|
|
673.091 |
|
|
TOTAL BORROWING |
|
|
1324.644 |
|
|
DEFERRED TAX LIABILITIES |
|
|
119.951 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2830.333 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2004.987 |
|
|
Capital work-in-progress |
|
|
1.084 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
326.867 |
|
|
DEFERREX TAX ASSETS |
|
|
74.985 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
117.217
|
|
|
Sundry Debtors |
|
|
489.044
|
|
|
Cash & Bank Balances |
|
|
387.822
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
182.497
|
|
Total
Current Assets |
|
|
1176.580 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
533.142
|
|
|
Other Current Liabilities |
|
|
100.207
|
|
|
Provisions |
|
|
120.821
|
|
Total
Current Liabilities |
|
|
754.170 |
|
|
Net Current Assets |
|
|
422.410 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2830.333 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1985.668 |
1860.662 |
1942.330 |
|
|
|
Other Income |
244.530 |
214.746 |
329.308 |
|
|
|
TOTAL |
2230.198 |
2075.408 |
2271.638 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
929.157 |
745.399 |
|
|
|
|
Employee benefit expense |
238.244 |
243.612 |
|
|
|
|
Other expenses |
1096.805 |
878.057 |
|
|
|
|
TOTAL |
2264.206 |
1867.068 |
1834.426 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(34.008) |
208.340 |
437.212 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
203.435 |
170.944 |
178.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(237.443) |
37.396 |
258.619 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
57.449 |
53.581 |
47.640 |
|
|
|
|
|
|
|
|
|
|
TOTAL PROFIT/(LOSS) BEFORE PRIOR PERIOD ITEMS,
EXCEPTIONAL ITEMS, EXTRAORDINARY ITEMS AND TAX |
(294.892) |
(165.185) |
210.979 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS BEFORE TAX |
250.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
(44.892) |
(16.185) |
210.979 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
67.077 |
61.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(44.892) |
(83.262) |
149.088 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(869.608) |
(786.346) |
(890.434) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve
Account |
NA |
43.300 |
45.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(869.608) |
(786.346) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advertisement Revenue |
NA |
NA |
0.016 |
|
|
TOTAL EARNINGS |
NA |
NA |
0.016 |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORTS |
667.186 |
676.313 |
335.916 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(24.94) |
(22.20) |
82.82 |
|
%20LIMITED%20-%20236411%2020-Sep-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.01)
|
(0.04) |
6.56
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.26)
|
(0.87) |
10.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.37)
|
(0.52) |
17.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
(0.01) |
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.08
|
0.92 |
1.50
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.12 |
1.56
|
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 |
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 |
Yes |
|
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 |
NOTE:
The situation of the registered office has been shifted from Express Estates,
Anna Salai, Chennai – 600 002, Tamilnadu to the present address w.e.f.
02.07.2006.
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Rupee term loan from others |
33.500 |
33.500 |
|
Working capital loans from other |
280.224 |
265.705 |
|
Public deposit |
582.862 |
609.057 |
|
Loans and advance from related parties |
92.938 |
0.000 |
|
Long term maturities of finance
lease obligations |
4.800 |
9.611 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Other loan and advances |
77.863 |
0.000 |
|
|
|
|
|
Total |
1072.187 |
917.873 |
DETAILS OF LITIGATION:
|
Case status : |
Pending |
|
Status Of : |
WRIT PETITION |
|
Case No : |
18794 |
|
Year : |
2012 |
|
Petitioner : |
The Regional Provident Fund |
|
Respondent : |
Express Publication (Madurai) |
|
Pet’s Advocate : |
Mr. K. Ramu |
|
Res’s advocate : |
S. Vijay Araghavan |
|
Category: |
Labour |
|
Case Updated on : |
September 14, 2012 |
CONTINGENT LIABILITIES NOT PROVIDED FOR: (AS ON
31.03.2012)
i) Claims against
the company not acknowledged as debts Rs.237.000 Millions
ii) In respect of
defamation suits filed against the company - Amounts not ascertainable.
INDEX CHARGES:
|
S.No.
|
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10158564
|
28/06/2010
* |
160,000,000.00
|
AMRITA
ENTERPRISES PRIVATE LIMITED |
NO.1,
27TH CROSS, AVVAI NAGAR,LAWSPET, PONDICHE |
A92323716
|
|
2 |
10023967
|
29/12/2011
* |
268,000,000.00
|
INDIAN
BANK |
HARBOUR
BRANCH, NO.66, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
B30631287
|
|
3 |
90296957
|
16/11/1995
|
200,000.00
|
ANZ
GRINDLAYS BANK |
GRINDLAYS
GARDENS, `NO - 1; HODDWOS ROAD, MADRAS, |
- |
|
4 |
90297605
|
05/02/2011
* |
540,000,000.00
|
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH (ADVANCES), N.G.N VAIDYA MARG, |
B07166093
|
|
5 |
90297602
|
05/02/2011
* |
540,000,000.00
|
STATE
BANK OF INDIA |
COMMERICAL
BRANCH (ADVANCE), N.G.N VAIDYA MARG, P |
B07548522
|
* Date of charge modification
FIXED ASSETS:
- Goodwill
- Land
- Land and Building at
- Buildings
- Publication Title Rights
- Plant and Machinery and Office Equipment
- Furniture and Fixtures
- Vehicles
- Library
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
30 |
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.