|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DILIGENT MEDIA CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
11th Floor, Tower-3, Indiabulls Finance Centre,
Senapati Bapat Marg, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.02.2005 |
|
|
|
|
Com. Reg. No.: |
11-151377 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 891.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22120MH2005PLC151377 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD12345E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD1338F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Printing and Publication of newspapers. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 13700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of MEDIAVEST INDIA PRIVATE LIMITED, INDIA. It
is an established company having moderate trck record. There appears accumulated losses recorde by the company during the
financial year 2013. Profitability of the company seems to be under pressure. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of strong holding, the company can be considered for business
dealing 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long tem bank facilities : “BB” |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
28.05.2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Tel. No.: 91-22-39888888)
LOCATIONS
|
Registered Office : |
11th Floor, Tower-3, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-43888888 |
|
Fax No.: |
91-22-43888000 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at: · Churchgate · Borivali · Andheri · Fort · Pune · Bangalore |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Amit Subhash Goenka |
|
Designation : |
Director |
|
Address : |
Jolly Maker, Bungalow No.1, Jolly Maker Apartments, Cuffe Parade Mumbai Maharashtra India |
|
Date of Birth/Age : |
24.08.1976 |
|
Date of Appointment : |
18.09.2009 |
|
PAN No.: |
MBA |
|
DIN No. : |
00017707 |
|
|
|
|
Name : |
Mr. Mukund V. Galgali |
|
Designation : |
Director |
|
Address : |
204, 2nd floor, Dosti Florentine India Hume Pipe Compound, Wadala (East), Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
30.09.2013 |
|
Qualification : |
C.A. & C.S. |
|
Date of Appointment : |
19.02.2013 |
|
DIN No. : |
01998552 |
|
|
|
|
Name : |
Mr. Himanshu Pradeep Mody |
|
Designation : |
Director |
|
Address : |
1201 – B, Gardenia Building, Vasant Valley, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1977 |
|
Qualification : |
M.sc.Finance |
|
Date of Appointment : |
16.02.2009 |
|
DIN No. : |
00686830 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Chandratan Rathi |
|
Designation : |
Manager |
|
Address : |
Flat 302, B Wing, Gauravgeet, B P Road, Dahanukarwadi, Kandivali
(East), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1974 |
|
Date of Appointment : |
01.04.2012 |
|
PAN No.: |
AAFPR3638A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mediavest India Private Limited, |
|
89095312 |
|
Bhaskar Infrastructure Limited, |
|
100 |
|
R. C. Agarwal (HUF) |
|
100 |
|
Mediavest India Private Limited, |
|
10 |
|
Mediavest India Private Limited, |
|
10 |
|
Mediavest India Private Limited, |
|
5 |
|
Mediavest India Private Limited, |
|
5 |
|
Total |
|
89095542 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Printing and Publication of newspapers. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
31.03.2011 |
|
|
|
|
|
Actual Production |
Pages [in ‘000] |
5271531 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Corporation Bank · Jammu and Kashmir Bank · Bank of India · Axis Bank Limited · Yes Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S Sharma and Company Chartered Accountants |
|
Address : |
303, 3rd floor, Guruprabha Apt. 507-508, TPS IV, Sunder Nagar, S B Road, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABPS8241E |
|
|
|
|
Holding Company: |
Mediavest Private Limited (Extent of Holding 55.37%) CIN No.: U92132MH2001PTC130426 |
|
|
|
|
Ultimate Holding
Company: |
· Essel Corporate Resources Private Limited · Prime Publishing Private Limited · Sprit Textiles Private Limited · 25 FPS Media Private Limited |
|
|
|
|
Fellow Subsidiaries
(w.e.f. 26 December, 2011): |
· Siti Vision Digital Media Private Limited · Siti Jind Digital Media Communications Private Limited · Siti Bhatia Network Entertainment Private Limited · Wire and Wireless Tsai Satellite Limited · Siticable Broadband South Limited · Central Bombay Cable Network Limited · Master Channel Community Network Private Limited · India Cablenet Company Limited · Wire and Wireless (India) Limited |
|
|
|
|
Fellow Subsidiary
(w.e.f. 1 March, 2012): |
· Zee News Limited · Zee Akash News Private Limited |
|
|
|
|
Fellow
Subsidiaries: |
· Direct Media Distribution Ventures Private Limited (w.e.f. 14 November 2011) · Siti Jai Maa Durga Communications Private Limited (w.e.f. 2 January, 2012) · Zee Media Corporation Limited CIN No.: L92100MH1999PLC121506 · Wire and Wireless Broadband Infrastructure Private Limited CIN No.: U72900WB2011PTC165543 |
|
|
|
|
Other Related
Parties with whom transactions are entered during the year: |
· Dainik Bhaskar Corporation Limited (Up to 9 October 2012) · I Media Corporation Limited (Up to 9 October 2012) CIN No.: U64202MP2006PLC018676 · Writers and Publishers Private Limited (Up to 9 October 2012) · Cyquator Media Services Private Limited CIN No.: U72900MH2006PTC164508 · Dish TV India Limited CIN No.: L51909DL1988PLC101836 · E-City Property Management and Services Private Limited CIN No.: U52190MH2005PTC155492 · ETC Networks Limited CIN No.: L72900MH1999PLC151355 · ITX Trade Exchange Limited · Media Research Users Council · Pan India Infravest Private Limited · Pri- Media services Private Limited CIN No.: U22222MH2012PTC232006 · SITI Cable Network Limited CIN No.: L64200MH2006PLC160733 · Taj Television India Private Limited CIN No.: U92190MH2002PTC135002 · Wire and Wireless (India) Limited · Zee Entertainment Enterprises Limited CIN No.: L92132MH1982PLC028767 · Zee Learn Limited CIN No.: L80301MH2010PLC198405 · Zee News Limited · Sprit Sports Private Limited · Asia Today Limited · Zee Turner Limited · Ecool Gaming Solutions Private Limited CIN No.: U92412MH2001PTC133254 · Bombay Mobile Softwares Private Limited CIN No.: U64200MH2007PTC177124 · Jayneer Capital Private Limited CIN No.: U61190MH1986PTC039204 · Bhaskar Multinet Limited CIN No.: CIN No.: U92132MP1999PLC013585 · Asia Aahar Limited CIN No.: U15497DL1987PLC027045 · Media Research Users Council CIN No.: U99999MH1994NPL076530 · Pan India Paryatan Private Limited CIN No.: U45207MH2007PTC173440 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 1535.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89,095,542 |
Equity Shares |
Rs.10/- each |
Rs. 891.000 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 |
891.000 |
891.000 |
860.000 |
|
(b) Reserves & Surplus |
(271.800) |
400.400 |
1498.700 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
2805.400 |
1230.500 |
620.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3424.600 |
2521.900 |
2978.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1050.300 |
2286.400 |
2707.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
18.500 |
29.000 |
34.300 |
|
(d) long-term provisions |
12.100 |
15.500 |
19.300 |
|
Total Non-current Liabilities (3) |
1080.900 |
2330.900 |
2761.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1924.800 |
668.700 |
309.800 |
|
(b) Trade payables |
365.100 |
440.400 |
313.100 |
|
(c) Other current
liabilities |
1389.500 |
1084.200 |
863.200 |
|
(d) Short-term provisions |
2.300 |
2.700 |
3.400 |
|
Total Current Liabilities (4) |
3681.700 |
2196.000 |
1489.500 |
|
|
|
|
|
|
TOTAL |
8187.200 |
7048.800 |
7229.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
83.700 |
3171.200 |
3281.800 |
|
(ii) Intangible Assets |
647.000 |
39.700 |
63.000 |
|
(iii) Capital
work-in-progress |
1.200 |
3.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18.100 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
3285.600 |
3136.500 |
2563.700 |
|
(d) Long-term Loan and Advances |
62.100 |
54.100 |
57.500 |
|
(e) Other Non-current assets |
48.500 |
45.000 |
27.900 |
|
Total Non-Current Assets |
4146.200 |
6449.500 |
5993.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
55.000 |
202.600 |
233.500 |
|
(c) Trade receivables |
309.600 |
326.300 |
352.400 |
|
(d) Cash and cash
equivalents |
17.300 |
13.900 |
591.100 |
|
(e) Short-term loans and
advances |
98.500 |
54.900 |
55.000 |
|
(f) Other current assets |
3560.600 |
1.600 |
3.400 |
|
Total Current Assets |
4041.000 |
599.300 |
1235.400 |
|
|
|
|
|
|
TOTAL |
8187.200 |
7048.800 |
7229.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1582.000 |
1538.100 |
1717.700 |
|
|
|
Other Income |
17.800 |
12.400 |
21.900 |
|
|
|
TOTAL (A) |
1599.800 |
1550.500 |
1739.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1112.600 |
1108.300 |
732.200 |
|
|
|
Employee benefit expense |
457.700 |
452.300 |
460.700 |
|
|
|
Other expenses |
1168.800 |
1129.500 |
1019.300 |
|
|
|
TOTAL (B) |
2739.100 |
2690.100 |
2212.200 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(1139.300) |
(1139.600) |
(472.600) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
473.200 |
554.900 |
523.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1612.500) |
(1694.500) |
(996.500) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
203.900 |
144.400 |
137.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(1816.400) |
(1838.900) |
(1134.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(149.000) |
(572.800) |
(232.400) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1667.400) |
(1266.100) |
(901.600) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6852.300) |
(5586.200) |
(4684.600) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(8519.700) |
(6852.300) |
(5586.200) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Syndication Revenue |
3.000 |
2.900 |
3.200 |
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Newsprint |
899.700 |
952.200 |
683.600 |
|
|
|
Stores and spares |
0.000 |
0.500 |
12.500 |
|
|
TOTAL IMPORTS |
899.700 |
952.700 |
696.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(18.71) |
(14.25) |
(12.46) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(106.90)
|
(81.66) |
(51.83) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(114.82)
|
(119.56) |
(66.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(37.20)
|
(47.04) |
(11.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.53)
|
(0.73) |
(0.38) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.87
|
1.17 |
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
0.27 |
0.83 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
|
Term Loans |
|
|
|
|
From Banks |
922.400 |
530.100 |
379.400 |
|
From Financial Institutions |
0.000 |
194.000 |
121.000 |
|
Vehicle Loans |
0.000 |
0.900 |
0.000 |
|
Total |
922.400
|
725.000 |
500.400 |
|
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 |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No:
SL/437/2010 Filing Date:
03/02/2010 Reg. No.:
S/620/2010 Reg. Date: 04/03/2010 |
|
Petitioner: GOLDEN TOBACCO LIMITED AND ANR-
Respondent: DILIGENT CORPORATION LIMITED Petn. Adv : PARAS KUHAD AND ASSOCIATES (0) Resp.Adv.:
THAKORE JARIWALA ASS [1 TO 4] District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: LONG CAUSE SUITS Last Date: 20/10/2011
Stage: FOR DIRECTION Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Act: Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10073319 |
29/09/2006 |
1,785,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
A06123665 |
CORPORATE
INFORMATION
the Company incorporated in the State of Maharashtra on 17th February 2005 is in the business of Printing and Publication of newspapers. Mediavest India Private Limited, the holding company, holds 55.37% of the equity share capital of the company.
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposit |
1924.800 |
0.000 |
|
Total |
1924.800 |
0.000 |
BUSINESS OVERVIEW
The Company is primarily engaged in publishing of DNA newspaper, an English daily newspaper circulated in major cities in India. This is the core business activity of the Company and it has established its brand in newspaper publishing. The Company is also engaged in following ancillary business activities namely printing, third party job work and media business.
PUBLISHING VERTICAL:
This division is engaged in publishing, circulating and marketing the DNA newspaper. It provides readers with various news, views and analysis with a diverse range of products and sections through various supplements like DNA After Hrs, DNA Property, among others. It also operates DNA Syndication, a content licensing portal of Diligent Media Corporation Limited. According to the Brand Trust Report 2013, DNA newspaper was ranked as India’s 2nd most informative newspaper and India’s 3rd most trusted newspaper brand. The revenue of the publishing vertical for the current year is Rs.1456.900 Millions as compared to previous year Rs 1418.100 Millions.
PRINTING VERTICAL:
It undertakes printing of the DNA newspaper through printing press in Mumbai, Pune and Bengaluru. The division prints 180 million copies of DNA newspaper every year. It also does toll printing for other reputed publications houses. The division also does various printing work like annual report, text books, etc. on outsourcing basis for external parties. The revenue of the printing vertical for the current year is Rs. 81.800 Millions as compared to previous year Rs 124.400 Millions.
MEDIA VERTICAL:
It comprises of event management business of the company which undertakes multiple events and activations for round the year engagement with readers
ANNUAL TENTPOLE
PROPERTIES
o DNA ICan Women’s Half Marathon India’s first and only women’s half marathon, provides participants to run for a cause. The 2013 edition witnessed a growth of over 45% in registrations.
o DNA Eco Ganesha A large scale activation covering multiple malls to promote the concept of an eco friendly celebrations followed by Society Awards to facilitate citizens who have done a commendable job
o DNA Eduscope An annual education seminar to provide students with a plethora of options basis their interest and aptitude
o DNA Wheelocity A state of the art auto exhibition providing the car buyer with the entire gamut of models across price points, all under one roof
o DNA Redevelopment Property Expo A first of its kind initiative which provides a common meeting point between home owners and builders. The response is overwhelming and continues to grow from strength to strength
The revenue of the media vertical for the current year is Rs. 43.200 Millions as compared to previous year Rs 3.500 cr.
COMPANY’S PERFORMANCE
This year the Company is completing eighth year of its operations. As per the latest IRS (Q 4 2012) the newspaper has retained its 6th position as most read English Broadsheet Daily across India and continues to be India’s fastest growing English daily According to the Brand Trust Report 2013, DNA newspaper ranks 2nd in the English Newspaper category in India .
DNA recorded the highest total readership of 15.06 lakhs in Mumbai and a total readership of almost 19 lakhs across all editions. The newspaper continues to strengthen the content architecture with the introduction of daily special interest pages, added focus on hyper local connect and many 'industry first' initiatives like a daily page of user generated content, A shadow editorial board comprising college students, etc.
The company has maintained the circulation in Mumbai up to 6 lakh copies during the year. While this increase in print order has resulted in increased costs and therefore higher losses during the year, the Management sees a significant long term advantage in terms of revenues and profits as well as its competitive position in the market. With the expected improvement in IRS figures in the coming period, the Management is confident of a sharp increase in advertisement volumes as well as advertisement rates, leading to higher revenues.
During the year under the scheme of amalgamation Dakshin Media Gaming Solutions Private Limited (DMGSPL) amalgamated with the Company. The Scheme is effective from 1st April 2012 and was approved by the Honble High Court of Judicature at Bombay, vide its Order dated March 22, 2013.
The amalgamation has been accounted for under the 'purchase' method as prescribed by Accounting Standard AS 14 - Accounting for Amalgamations and as specified under provisions of the Scheme. Accordingly, the Scheme has been given effect to in these accounts and all assets and liabilities of the Transferor Company (DMGSPL) stands transferred to and vested in the Transferee Company with effect from the Appointed Date. In accordance with the Scheme of Amalgamation, the assets including Ten Sports Channel’s Management Rights and liabilities of Dakshin Media Gaming Solutions Private Limited have been taken over and recorded at their fair values as on April 1, 2012, as per independent valuer’s certificate.
On 1st March 2013, the Company entered into a Business Transfer Agreement for slump sale of its Printing Division to Pri - Media Services Private Limited. In this arrangement, all assets and liabilities pertaining to Printing Division of all three locations Mahape, Pune and Bengaluru are transferred to Pri-Media Services Private Limited for a lump sum consideration of Rs. 356.06 Crore under the said slump sale arrangement.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
v
Intangible
Assets
· Computer Software
·
Know-How
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
29 |
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.