1. Summary Information

Country

India

Company Name

DILIGENT MEDIA CORPORATION LIMITED

Principal Name 1

Mr. Amit Subhash Goenka

Status

Moderate

Principal Name 2

Mr. Mukund V. Galgali

Registration #

11-151377

Street Address

11th Floor, Tower - 3, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra

Established Date

17.02.2005

SIC Code

--

Telephone#

91-22-43888888

Business Style 1

Published

Fax #

91-22-43888000

Business Style 2

Printing

Homepage

www.dnaindia.com

Product Name 1

Newspaper

# of employees

Not Available

Product Name 2

--

Paid up capital

Rs. 891,000,000/-

Product Name 3

--

Shareholders

Bodies corporate – 100%

Banking

Bank of India

Public Limited Corp.

No

Business Period

9 years

IPO

No

International Ins.

-

Public Enterprise

No

Rating

B (29)

Related Company

Relation

Country

Company Name

CEO

--

--

--

--

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2013

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

4,096,600,000

Current Liabilities

1,773,100,000

Inventories

55,000,000

Long-term Liabilities

2,975,100,000

Fixed Assets

730,700,000

Other Liabilities

14,400,000

Deferred Assets

3,285,600,000

Total Liabilities

4,762,600,000

Invest& other Assets

19,300,000

Retained Earnings

(271,800,000)

 

 

Net Worth

3,424,600,000

Total Assets

8,187,200,000

Total Liab. & Equity

8,187,200,000

 Total Assets

(Previous Year)

7,048,800,000

 

 

P/L Statement as of

31.03.2013

(Unit: Indian Rs.)

Sales

1,582,000,000

Net Profit / (Loss)

(1,667,400,000)

Sales(Previous yr)

1,538,100,000

Net Profit(Prev.yr)

(1,266,100,000)

 

MIRA INFORM REPORT

 

 

Report Date :

05.06.2014

 

IDENTIFICATION DETAILS

 

Name :

DILIGENT MEDIA CORPORATION LIMITED

 

 

Registered Office :

11th Floor, Tower - 3, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra

 

 

Country :

India

 

 

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

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having moderate trck record.

 

The rating reflect company’s moderate financial risk profile marked by accumulated loss that company has incurred during 2013 and below average financial performance of the company.

 

However, trade relations are fair. Business is active. Payment terms are slow.

 

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.

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

 

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

 

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

 

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

 

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

 

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

 

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

 

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

 

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

 

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

 

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long tem bank facilities : “BB” (Withdrawn)

Rating Explanation

Inadequate credit quality and high credit risk.

Date

28.05.2013

 

Reason for withdrawn: Due to extibguishment of said facilities and there is no amount outsideing under the facility as on date.  

 

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 :

jaink@dnaindia.net

r_gurav@dnaindia.net

jitendra_k@dnaindia.net

g_nupur@dnaindia.net 

advertising@dnaindia.net 

subscriptions@dnaindia.net 

n_manju@dnaindia.net

deepak.rathi@dnainda.net

vinay@dnaindis.net

modyh@zeenetwork.com

amit@esselgroup.com

Website :

www.dnaindia.com                                    

 

 

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, India 

 

89095312

Bhaskar Infrastructure Limited, India 

 

100

R. C. Agarwal (HUF)

 

100

Mediavest India Private Limited, India Joint with Punit Goenka

 

10

Mediavest India Private Limited, India Joint with Himanshu Mody

 

10

Mediavest India Private Limited, India Joint with Ashok Sanghavi

 

5

Mediavest India Private Limited, India Joint with Dinesh Shyam Kanodia

 

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 :

Item Code No. (ITC Code)

Product Description

49021010

Advertisement Material

 

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 :

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Term Loans

 

 

From Banks

1050.300

1798.500

From Financial Institutions

0.000

485.000

Vehicle Loans

0.000

2.900

SHORT TERM BORROWINGS

 

 

Cash Credit/Working Capital from Banks

0.000

668.700

Total

1050.300

2955.100

 

NOTE

 

LONG TERM BORROWINGS

 

SBI Term Loan - Principle Outstanding - Rs. 226.000 Millions

 

1. First charge on Land and Building, Plant and Machinery owned by the company situated at Plot No. 296 and 297 (8094 sq. mt.) Jigani Link Road, KIADB, Jigani Village, Anekal Hobli, Karnataka. Extension of charge on current assets of the Company.

 

2. Corporate Guarantee of Tapaswi Mercantile Private Limited, Jay Properties Private Limited, Continental Drug Comapny Private Limited , Edison Continental Laboratories Private Limited and Mediavest India Private Limited

 

Corporation Bank Term Loan 1 - Principle Outstanding - Rs. 79.900 Millions

 

1. Equitable Mortgage by way of first Charge on Pari Passu basis on Land and Building and Plant and Machinery situated at Plot No. EL-201 measuring 10961 sq. mts., EL -201 (part) measuring 6604 sq. mts., EL - 201 / part 1 admeasuring 7435 sq. mts, and EL -202 admeasuring 5820 sq. mts situated at TTC Industrial Area, village Mahape, Maharashtra

 

2. Corporate Guarantee of Tapaswi Mercantile Private Limited

 

Corporation Bank Term Loan 2 - Principle Outstanding - Rs. 108.500 Millions

 

1. Exclusive First Charge on the specific Fixed Assets of the company acquired from the term loan.

 

2. Corporate Guarantee of Tapaswi Mercantile Private Limited

 

Jammu and Kashmir Bank Term Loan - Principle Outstanding - Rs. 70.700 Millions

 

1. Equitable Mortgage by way of first Charge on Pari Passu basis on Land and Building and Plant and Machinery situated at Plot No. EL-201 measuring 10961 sq. mts., EL -201 (part) measuring 6604 sq. mts., EL - 201 / part 1 admeasuring 7435 sq. mts, and EL -202 admeasuring 5820 sq. mts situated at TTC Industrial Area, village Mahape,Maharashtra.

 

2. Corporate Guarantee of Tapaswi Mercantile Private Limited

 

Bank of India Term Loan - Principle Outstanding - Rs. 250.100 Millions

 

1. First Pari Passu charge on Fixed Assets of the Company situated at Plot No. EL-201, Mahape Industrial Area, Opp. GTL call centre, MIDC, Mahape, Navi Mumbai.(excluding movable assets financed by Corporation Bank)

 

2. Corporate Guarantee of a) Mediavest India Private Limited; b) Essel Infra-projects Limited C) Tapaswi Mercantile Private Limited

 

Axis Bank Term Loan - Principle Outstanding - Rs. 112.500 Millions

 

Primary: 1. Subservient Charge on the entire current and Fixed Assets of the company both present and future Collateral: 1. Corporate Guarantee of Essel Infra-projects Limited

 

Yes Bank Term Loan - Principle Outstanding - Rs. 1125.000 Millions

 

1. Irrevocable and unconditional corporate guarantee of Media Vest India Private Limited and Tapaswi Mercantile Private Limited guaranteeing all obligations of the Borrower under the Facility;

 

2. First pari passu charge over Movable Fixed assets and Current Assets of the Borrower

 

3. First pari passu charge on all immovable assets of the Borrower including but not limited to the following properties:

 

a. Land and Building situated at Plot No. EL-201 measuring 10961 sq. mts., EL -201 (part) measuring 6604 sq. mts., EL - 201 / part 1 admeasuring 7435 sq. mts, and EL -202 admeasuring 5820 sq. mts situated at T.T.C Industrial Area, Village Mahape, Tal. and Dist. Thane

 

b. Land andBuilding owned by the company situated at Plot No. 296 and 297 (8094 sq. mt.) Jigani Link Road, KIADB, Jigani Village, Anekal Hobli, Karnataka

 

4. Pledge over shares of the following listed entities to be provided by the Share Pledge Providers (subject to extent of RBI regulations (i.e. not exceeding 30% of the share capital of the listed entity) so as to provide a cover of at least 1.25x of the Facility: Dish TV India Limited minimum share cover of 0.25x at all times Shirpur Gold Refinery Limited Wire and Wireless Ltd Zee News Limited.

 

5. Lien over the Debt Service Reserve Account with a minimum balance equal to three months interest servicing to be maintained as Fixed Deposit with Bank The above fixed assets excluding current assets mortgaged for term loans from various banks have been sold to a body corporate under agreement dated 1st match 2013 for slump sale and proceeds thereof will be utlised for repayment of the said loan and an interest due thereon till date of payment.

 

SHORT TERM BORROWINGS

 

Cash Credit/Working Capital from Banks is secured by way of pari passu first charge on current assets of the Company including inventories, book debts etc. both present and future, and are also secured by way of second charge on movable/ immovable fixed assets of the Company. Tapaswi Mercantile Private Limited, Jay Properties Private Limited, Continental Drug Cmpany. Private Limited and Edison Continental Laboratories Private Limited have also provided corporate guarantee in respect of certain facilities / loans.

 

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

 

 

 


FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

860.000

891.000

891.000

Reserves & Surplus

1498.700

400.400

(271.800)

Share Application money pending allotment

620.000

1230.500

2805.400

Net worth

2978.700

2521.900

3424.600

 

 

 

 

long-term borrowings

2707.500

2286.400

1050.300

Short term borrowings

309.800

668.700

1924.800

Total borrowings

3017.300

2955.100

2975.100

Debt/Equity ratio

1.013

1.172

0.869

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

1717.700

1538.100

1582.000

 

 

-10.456

2.854

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

1717.700

1538.100

1582.000

Profit

(901.600)

(1266.100)

(1667.400)

 

(52.49)%

(82.32)%

(105.40)%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

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, India Prisons Service, Interpol, etc.

 

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. 59.34

UK Pound

1

Rs. 99.18

Euro

1

Rs. 80.76

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

DPH

 

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.