MIRA
INFORM REPORT
|
Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEXT MEDIAWORKS LIMITED (w.e.f. 26.04.2011) |
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Formerly Known
As : |
MID-DAY MULTIMEDIA LIMITED (w.e.f. 07.07.2000) MID DAY PUBLICATIONS LIMITED (w.e.f. 01.07.1989) MID DAY PUBLICATIONS PRIVATE LIMITED |
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Registered
Office : |
Peninsula Centre, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.03.1981 |
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Com. Reg. No.: |
11-024052 |
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Capital
Investment / Paid-up Capital : |
Rs. 582.988 Millions |
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CIN No.: [Company Identification
No.] |
L22100MH1981PLC024052 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21020G |
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PAN No.: [Permanent Account No.] |
AAACM7512L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engagedthe business of broadcasters, marketers
of television programs, television films and television software, to carry on the business of a Advertising
agents, to provide on-line and/or interactive information, online music and
news for business and general use, to deal in internet commerce and all
internet related activity, the main business being that of printing and
publishing. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5960000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track record. There appears losses recorded by the company from its operational
activities during the financial year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. 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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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.: 91-22-24197171)
LOCATIONS
|
Registered Office : |
Peninsula Centre, Dr. S S Rao Road, Opposite Mahatma Gandhi Hospital,
Parel, Mumbai - 400012, Maharashtra, India |
|
Tel. No.: |
91-22-67527038/ 67015700/ 10/ 67017171 |
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Fax No.: |
91-22-67015701/ 24150009 |
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E-Mail : |
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Website : |
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Press: |
Plot No. R-847/3, T.T.C. Industrial Area, Rabale, Navi Mumbai, |
DIRECTORS
As on 31.03.2013
|
Name : |
Tarique Ansari |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. Narayan Varma |
|
Designation : |
Director |
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|
Name : |
Adille Sumariwalla |
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Designation : |
Director |
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Name : |
I. Venkat |
|
Designation : |
Director |
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Date of Birth/Age : |
14.10.1947 |
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Qualification : |
Graduate in Science |
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Date of Appointment : |
29.10.2009 |
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|
Name : |
Mr. Dilip Cherian |
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Designation : |
Director |
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Date of Birth/Age : |
10.04.1956 |
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Qualification : |
M.A. (Economics) |
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Date of Appointment : |
28.01.2010 |
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|
Name : |
Ms. Monisha Shah |
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Designation : |
Director |
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Date of Birth/Age : |
11.09.1969 |
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Qualification : |
MBA from London Business School and Master’s degree in Science from University of London |
|
Date of Appointment : |
05.05.2011 |
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|
Name : |
Rajbir Singh Bhandal |
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Designation : |
Director |
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Date of Birth/Age : |
19.12.1970 |
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Qualification : |
Masters in Engineering, Economics and Management from The University of Oxford and is a qualified Management Accountant |
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Date of Appointment : |
28.07.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Ismail Dabhoya |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
21687247 |
36.86 |
|
|
11309428 |
19.22 |
|
|
32996675 |
56.08 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
32996675 |
56.08 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
35000 |
0.06 |
|
|
1822664 |
3.10 |
|
|
1857664 |
3.16 |
|
|
|
|
|
|
7771035 |
13.21 |
|
|
|
|
|
|
8313675 |
14.13 |
|
|
7119170 |
12.10 |
|
|
777057 |
1.32 |
|
|
122424 |
0.21 |
|
|
1000 |
0.00 |
|
|
653633 |
1.11 |
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|
23980937 |
40.76 |
|
Total Public shareholding (B) |
25838601 |
43.92 |
|
Total (A)+(B) |
58835276 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
58835276 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
|
|
Khalid Ansari |
43,38,055 |
7.37 |
|
Tariq Ansari |
43,37,298 |
7.37 |
|
Rukya Khalid Ansari |
43,37,298 |
7.37 |
|
Sharique Ansari |
43,37,298 |
7.37 |
|
Tehzeeb Ansari |
43,37,298 |
7.37 |
|
Ferari Investments and Trading Company Private Limited |
58,39,226 |
9.92 |
|
Meridian Holding and Leasing Company Private Limited |
44,47,679 |
7.56 |
|
Inquilab Offset Printers Limited |
10,22,523 |
1.74 |
|
Total |
3,29,96,675 |
56.08 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
Bennett Coleman and Company Limited |
3649391 |
6.20 |
|
|
ACACIA Partners LP |
907065 |
1.54 |
|
|
Prabhudas Lilladhar Financial Services Private Limited |
641750 |
1.09 |
|
|
Rajesh H Baheti HUF |
1970000 |
3.35 |
|
|
Total |
7168206 |
12.18 |
|
Shareholding of securities
(including shares, warrants, convertible securities) of persons (together with
PAC) belonging to the category “Public” and holding more than 5% of the total
number of shares of the company
|
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
Bennett Coleman and Company Limited |
3649391 |
6.20 |
|
|
Total |
3649391 |
6.20 |
|
Details of Locked-in
Shares
|
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % |
|
Ferari Investments and Trading Company Private Limited |
30,00,000 |
5.10 |
|
Meridian Holding and Leasing Company Private Limited |
30,00,000 |
5.10 |
|
Total |
60,00,000 |
10.20 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engagedthe business of broadcasters, marketers
of television programs, television films and television software, to carry on the business of a Advertising
agents, to provide on-line and/or interactive information, online music and
news for business and general use, to deal in internet commerce and all
internet related activity, the main business being that of printing and
publishing. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by management |
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Bankers : |
Bank of Baroda, Tardeo Branch, Mumbai – 400034, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
Free Press House, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Solicitors and
Legal Advisors: |
Economic Laws Practice |
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Subsidiary
Companies : |
· Next Radio Limited (Formerly known as Radio One Limited) One Audio Limited Digital One Private Limited Next Outdoor Limited |
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Under control of
Management : |
· Next Publishing Services Private Limited Mid-Day Exports Private Limited Inquilab Offset Printers Limited Ferari Investments and Trading Company Private Limited Meridian Holding and Leasing Company Private Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58,298,776 |
Equity Shares |
Rs.10/- each |
Rs. 582.988 Millions |
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Reconciliation of the Equity shares
outstanding at the beginning and at the end of the year
|
Particulars |
As at 31st Mar, 2013 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Shares outstanding at the beginning of the year |
52,298,776 |
522.988 |
|
Add: Shares issued during the year |
6,000,000 |
60.000 |
|
Less: Shares bought back during the year |
- |
-- |
|
Shares outstanding at the end of year |
58,298,776 |
582.988 |
Terms / rights
attached to equity shares
The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of Shareholders holding more
than 5% shares in the company
|
Equity Shares |
As at 31st Mar, 2013 |
|
|
Number of Shares |
% of Holding |
|
|
Khalid Ansari |
4,338,055 |
7.37% |
|
Tarique Ansari |
4,337,298 |
7.37% |
|
Rukya Ansari |
4,337,298 |
7.37% |
|
Sharique Ansari |
4,337,298 |
7.37% |
|
Tehzeb Ansari |
4,337,298 |
7.37% |
|
Bennett, Coleman and Company Limited |
3,649,391 |
6.20% |
|
Ferari Investments and Trading Company Private Limited |
5,839,226 |
9.92% |
|
Meridian Holding and Leasing Company Private Limited |
4,447,679 |
7.56% |
|
Total |
35,623,543 |
61% |
There are no equity shares issued as bonus shares,for consideration other than cash during the period five years immediately preceding the reporting date.
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 |
582.988 |
522.988 |
522.988 |
|
(b) Reserves & Surplus |
905.928 |
915.653 |
936.200 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1488.916 |
1438.641 |
1459.188 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
68.500 |
129.000 |
132.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.397 |
0.840 |
0.902 |
|
Total Non-current Liabilities (3) |
69.897 |
129.840 |
132.902 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
30.000 |
27.500 |
0.000 |
|
(b) Trade payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
11.534 |
22.302 |
4.611 |
|
(d) Short-term provisions |
0.586 |
0.684 |
0.031 |
|
Total Current Liabilities (4) |
42.120 |
50.486 |
4.642 |
|
|
|
|
|
|
TOTAL |
1600.933 |
1618.967 |
1596.732 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2.519 |
3.391 |
3.466 |
|
(ii) Intangible Assets |
0.000 |
1.769 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.989 |
0.000 |
|
(b) Non-current Investments |
1560.286 |
1382.491 |
1382.491 |
|
(c) Deferred tax assets (net) |
11.130 |
8.083 |
0.310 |
|
(d) Long-term Loan and Advances |
0.000 |
132.533 |
132.517 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.075 |
|
Total Non-Current Assets |
1573.935 |
1529.256 |
1518.859 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.013 |
0.000 |
|
(d) Cash and cash
equivalents |
0.454 |
1.192 |
0.445 |
|
(e) Short-term loans and advances |
5.662 |
21.391 |
5.813 |
|
(f) Other current assets |
20.882 |
67.115 |
71.615 |
|
Total Current Assets |
26.998 |
89.711 |
77.873 |
|
|
|
|
|
|
TOTAL |
1600.933 |
1618.967 |
1596.732 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from sale of smart phone applications |
0.008 |
0.138 |
0.000 |
|
|
|
Other Income |
15.111 |
18.137 |
25.690 |
|
|
|
TOTAL |
15.119 |
18.275 |
25.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Benefit Expenses |
10.816 |
10.446 |
1.721 |
|
|
|
Operating expenses |
3.471 |
4.925 |
0.000 |
|
|
|
General and Administration Expenses |
15.314 |
13.134 |
5.759 |
|
|
|
TOTAL |
29.601 |
28.505 |
7.480 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
(14.482) |
(10.230) |
18.210 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.732 |
17.792 |
1.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(26.214) |
(28.022) |
16.411 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.730 |
0.297 |
0.074 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
16.171 |
0.000 |
(175.334) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(12.773) |
(28.319) |
(158.997) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(3.047) |
(7.772) |
5.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(9.726) |
(20.547) |
(164.449) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
76.344 |
96.891 |
261.340 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
66.618 |
76.344 |
96.891 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.138 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.19) |
(0.39) |
(3.14) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(64.33)
|
(112.43) |
(640.13) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(159662.50)
|
(20521.01) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.54)
|
(12.45) |
(74.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.02) |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07
|
0.11 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64
|
1.78 |
16.78 |
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) |
|
|
|
|
|
|
Current maturities of long term debts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10367117 |
12/07/2012 |
57,200,000.00 |
BANK OF BARODA |
TARDEO BRANCH, EVEREST BUILDING, 156-D, J. DADAJEE ROAD, TARDEO, MUMBAI - 400034, MAHARASHTRA, INDIA |
B44362861 |
|
2 |
90186962 |
30/11/2002 |
3,461,579.00 |
KOTAK MAHINDRA FINACE LIMITED |
36-38 A ; NARIMAN BHAWAN, 227; NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
3 |
90188881 |
13/09/2002 |
10,000,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
4 |
90186942 |
23/08/2002 |
129,000,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
5 |
90188848 |
23/07/2001 |
20,175,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
6 |
90188743 |
14/09/1998 |
15,000,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
7 |
90188697 |
07/08/1997 |
24,000,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
8 |
90188668 |
19/10/1996 |
10,500,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
9 |
90188517 |
17/08/1995 * |
5,500,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
10 |
90185804 |
30/03/1992 |
144,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
11 |
90188446 |
23/08/2002 * |
5,600,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
12 |
90185795 |
28/02/1992 |
750,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
13 |
90188419 |
30/03/1991 |
600,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
14 |
90185379 |
10/07/1991 * |
333,702.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
15 |
90185068 |
30/04/1986 |
650,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
16 |
90185019 |
18/11/1995 * |
2,700,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
17 |
90184846 |
18/11/1985 * |
500,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
18 |
90189027 |
08/02/1984 |
1,500,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
19 |
90184820 |
18/11/1985 * |
1,140,000.00 |
BANK OF BARODA |
TRADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA |
- |
|
20 |
90184688 |
03/05/1982 |
1,400,000.00 |
BOMBAY MERCANTILE CO-OPERATIVE BANK LIMITED |
MERCANTILE
CO-OPERATIVE BANK BUILDING, 78;MAHOME |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Inter Corporate
Loans - From Related parties |
68.500 |
129.000 |
|
Total |
68.500 |
129.000 |
|
Note: a Unsecured loans from related parties are payable at end of tenure of loan i.e. 36 months. b Current maturities of long term borrowings have been reported as other current liabilities. |
||
CORPORATE INFORMATION
The company is a public company domiciled in India and incorporated under the rovisions of Companies Act, 1956.
The Company was incorporated for several multimedia activities; including but not limited to; the business as broadcasters, marketers of television programs, television films and television software, to carry on the business of a Advertising agents, to provide on-line and/or interactive information, online music and news for business and general use, to deal in internet commerce and all internet related activity, the main business being that of printing and publishing.
Pursuant to the Scheme of Arrangement with Jagran Prakashan Limited ("JPL") the entire print and publishing business of the Company, along with all the related licences, trade marks, logos etc transferred in the name of JPL and accordingly the name "MiD DAY" and its Logo were transferred to JPL in order to avoid any disruption in the use of the name "MiD DAY" and its Logo. The Company’s name was thus changed to "Next Mediaworks Ltd".
MANAGEMENT DISCUSSION
AND ANALYSIS
GENERAL BUSINESS
ENVIRONMENT
The Indian economic growth slowed down to 5% in 2012-13 from 6.2% in 2011-12. The economic growth in January-March quarter of 2012-13 was significantly lower than 5.1% achieved in January-March quarter of 2011-12. While this sharp slowdown in growth attracted calls from various business and industry leaders for attention to revive growth and boost investor sentiment, the outlook for 2013-14 remains cautious and grim.
The Reserve Bank's baseline projection of GDP growth for 2013-14 is 5.7%. The bank's current assessment is that activity will remain subdued during the first half of 2013-14 with a modest pick-up in the second half, subject to appropriate conditions ensuing. RBI’s GDP growth projection is lower than the World Bank's growth projection, which predicted Indian economy to grow by 6.1% in 2013-14 on account of robust domestic demand, strong savings and investment rate. Ratings agency CRISIL has projected GDP growth for India to 6% citing weak consumption demand, stubborn lending rates and the impact of policy delays on growth with recovery being fragile.
The current macro economic situation will have a direct impact on the growth of the advertising industry. According to the economic survey 2011-12, India’s GDP during 2012-13 was expected to be around 7.6% which was later revised downwards by the Reserve Bank of India to 5.7% in view of global economic concerns and muted domestic demand. Accordingly, it was estimated that the Indian advertising industry shall see a slower growth of 7.5%. However, due to global turmoil, high inflation and high interest rates resulted in huge contraction in demand and thus a slowing growth rate. This also impacted the growth of the advertising industry. Indian advertising industry grew by just 5.2% against an expected growth of 7.5%. The radio industry witnessed a modest growth of 4% in 2012.
RADIO BUSINESS
The FM radio business, over the years, has become only about addressing mass audiences. Those with deep pockets and large networks are currently dominating by making airtime sales on radio just another commodity. Inspite of the weak domestic economy throughout 2012-13, they have been able to reap excellent results by generating higher advertising revenues at lower costs for most of their stations by following a locally differentiated strategy and attracting exclusive advertisers at premium rates. They implemented strategic changes in their programming such as turning Delhi and Mumbai stations to international music stations, which resulted in positive results in the financial year 2012-13. Their following initiatives allowed us to ensure operations generate cash:
• Differentiated Radio product at local level.
• Significant drive to improve ON AIR value with improved rates in Prime time and ON AIR revenue spike properties.
• Aggressive cost control.
The strategy for getting to profitability with their current stations and their approach of ‘locally differentiated stations with high associative value’, allows us to concentrate on staying with their original strategy of a ‘metro network’, and not try to compete with larger players in building a nationwide network.
COMPANY PERFORMANCE
The Loss Before Taxes for the FY 2012-13 has reduced to Rs. 12.773 Millions as compared to Rs. 28.319 Millions in the FY 2011-12. The Company made a net loss after tax of Rs. 9.726 Millions in FY 2012-13 as compared to Rs. 20.547 Millions in FY 2011-12.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
(Rs. Millions)
a. In respect of guarantees issued by Company’s bankers to MSRDC and other authorities for Rs. 0.300 Million (Previous Year Rs. 0.300 Million)
b In respect of guarantees issued by the Company’s bankers for company’s subsidiary to government and other parties Rs. 33.270 Millions (Previous Year Rs. 33.270 Millions).
c Corporate guarantee issued to banks for Company’s Subsidiary for term loan of Rs. 115.000 Millions and Cash Credit limit of Rs. 74.000 Millions.
d In respect of Income Tax demand under dispute (net of advances) Rs. 179.358 Millions (Previous Year Rs. 18.311 Millions)
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2013
(Rs. In Millions)
|
|
Particulars |
Quarter Ended on |
Period Ended on |
||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
|
1 |
Incomr from
Operations |
|
|
|
|
|
|
a. Net Incoem from Sales/ Services (Net Exice duty) |
-- |
-- |
-- |
|
|
|
b. Other Operating Income |
-- |
-- |
-- |
|
|
|
Total Income from Operations (Net) |
-- |
-- |
-- |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) Cost of Materials Consumed |
-- |
-- |
-- |
|
|
|
b) Purchase of Stock-in-Trade |
-- |
-- |
-- |
|
|
|
c) Changes in Inventories of Finished Goods & Stock in trade |
-- |
-- |
-- |
|
|
|
d) Employee Benefits Expenses |
2.700 |
3.200 |
5.900 |
|
|
|
e) Depreciation and amortisation Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
f) Advertisement and Marketing cost |
0.000 |
0.100 |
0.100 |
|
|
|
g) Legal and Professional fees |
2.100 |
2.200 |
4.300 |
|
|
|
h) Royalty Costs and Licese fees |
0.000 |
0.000 |
0.000 |
|
|
|
i) Repairs and Maintenance |
0.000 |
0.200 |
0.200 |
|
|
|
j) Other Expenditure |
1.700 |
0.900 |
2.600 |
|
|
|
Total Expenses |
6.500 |
6.600 |
13.100 |
|
|
3 |
Profit / (Loss) from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
(6.500) |
(6.600) |
(13.100) |
|
|
4 |
Other Income |
0.000 |
0.000 |
0.000 |
|
|
5 |
Profit / (Loss) from ordinary activities Before Finance Costs & Exceptional Items (3+4) |
(6.500) |
(6.600) |
(13.100) |
|
|
6 |
Finance Costs |
2.000 |
1.500 |
3.500 |
|
|
7 |
Profit / (Loss) from ordinary activities after Finance Costs but before Exceptional Items (5-6) |
(8.500) |
(8.100) |
(16.600) |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit / (Loss) from ordinary activites before Tax (7-8) |
(8.500) |
(8.100) |
(16.600) |
|
|
10 |
Tax Expense – Current Tax |
-- |
-- |
-- |
|
|
|
- Deferred Tax |
1.100 |
(2.200) |
(1.200) |
|
|
|
- Deferred Tax on carried forward loss reversed |
-- |
-- |
-- |
|
|
11 |
Net Profit / (Loss) from ordinary activites after Tax (9-10) |
(9.600) |
(5.900) |
(15.400) |
|
|
12 |
Extra ordinary item (net of tax) |
-- |
-- |
-- |
|
|
13 |
Net Profit / (Loss) for the period (11-12) |
(9.600) |
(5.900) |
(15.400) |
|
|
14 |
Paid up Equity Share Capital (Face Value of Rs.10/- Each) |
583.000 |
583.000 |
583.000 |
|
|
15 |
Reserves excluding Revaluation Reserves (as per last audited balance sheet) |
-- |
-- |
-- |
|
|
16 |
Earnings per share (EPS) (actual / not annualized) |
|
|
|
|
|
|
(a) EPS for the period before extra ordinary item in Rs. – Basic |
(0.16) |
(0.10) |
(0.26) |
|
|
|
- Diluted |
(0.16) |
(0.10) |
(0.26) |
|
|
|
(b) EPS for the period after extra ordinary item in Rs. – Basic |
(0.16) |
(0.10) |
(0.26) |
|
|
|
- Diluted |
(0.16) |
(0.10) |
(0.26) |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
25838601 |
25838601 |
25838601 |
|
|
b. |
Percentage of shareholding |
43.92 |
43.92 |
43.92 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
|
|
Percentage of shares |
Nil |
Nil |
Nil |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
32996675 |
32996675 |
26996675 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
56.08 |
56.08 |
56.08 |
|
Particulars |
3 Months ended 30.09.2013 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
FIXED ASSETS
v
Tangible
Assets:
Office
Premises
Office
Equipments
v
Intangible Assets:
Softwares
PRESS RELEASE
Q2-2014 RADIO ONE PBIT UP 110 PER CENT
Next Radio Limited and BBC worldwide jointly owned Radio One, has reported that the revenue for H1 grew 20.63 per cent from Rs 2323.700 Millions to 280.700 Millions as compared to the same period last year. Meanwhile, in Q2 FY2013-14, it grew by 12.58 per cent to Rs 125.600 Millions, against Rs141.400 Millions as compared to the same period last year. In Q2, PBIT grew 110 per cent from Rs 9.400 Millions to Rs 19.700 Millions in the same period, a jump of 110 per cent. Meanwhile, PBIT for H1 grew exponentially to Rs 31.700 Millions from 7.200 Millions in the corresponding period last year. In H1, EBIDTA profit grew 37 per cent from Rs 67.800 Millions to Rs 93.000 Millions as compared to the same period last year. However, in Q1 EBIDTA grew 27 per cent from Rs 39.700 to Rs 50.400 Millions. Next Radio MD and CEO Vineet Singh Hukmani said, “It feels wonderful to be part of a team that has met huge challenges and come out on top. Despite a slowdown in the economy, we continue to outgrow the market on profit margins due to our consistent differentiation strategy aMillionsoss all our seven markets. We have doubled the cash generated by the business this H1 as compared to last year and with our debt retirement being on track, this opens doors for us to continue investing into our largest assets, our people, our product and future digital engagement strategies.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
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 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.