MIRA
INFORM REPORT
|
Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIND SAMACHAR
LIMITED |
|
|
|
|
Registered Office : |
Hind Samachar
Street, Pucca Bagh, Civil Lines, Jalandhar – 144001, Punjab |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
09.08.1949 |
|
|
|
|
Com. Reg. No.: |
16-001529 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.3.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U22121PB1949PLC001529 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELT04710G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAIPC6242Q |
|
|
|
|
Legal Form : |
Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Importer of
Newsprint, Graphic Art Films, Publishing New Paper.. |
|
|
|
|
No. of Employees : |
300
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5850000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established and reputed publisher of Newspaper. It is an established company having satisfactory track record. As per “Registrar
of Companies” the status of the company is shown as “Dormant” the management
of the company has not filed its financials since its incorporation. Mr. Sanjay Gupta from Finance Manager provided all information also
confirmed that the company is very much active. As per indirect source and available financials (i.e. 2011-2012)
provided by Mr. Sanjay Gupta the finance manager. The company seems to be performing well. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. NOTE: 1.
“Punjab Kesari” is the newspaper name and correct
name of the company is “Hind Samachar Limited” 2.
Financial information gathered though Indirect
Source i.e. Care 3.
The company had a total income of Rs.4625.100
Millions with a PAT of Rs.262.600 Millions in FY 13 (refers to period April 1
to March 31) |
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 Term Bank Facilities=A- |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
21.02.2014 |
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 PARTED BY
|
Name : |
Mr. Karan |
|
Designation : |
Admin |
|
Contact No.: |
91-181-2280104 |
|
Date : |
27.12.2013 |
LOCATIONS
|
Registered /
Head Office / Factory : |
Hind Samachar Street,
Pucca Bagh, Civil Lines, Jalandhar – 144 001, Punjab, India |
|
Tel. No.: |
91-181-2280104 |
|
Fax No.: |
91-181-2208113 |
|
E-mail : |
|
|
Website: |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Vijay Kumar
Chopra |
|
Designation : |
Chairman cum Managing
Director |
|
Address : |
Model Town, Jalandhar, Punjab, India |
|
Qualification
: |
Graduate |
|
|
|
|
Name : |
Mr. Amit Chopra |
|
Designation : |
Director |
|
Address : |
Model Town,
Jalandhar, Punjab, India |
|
Qualification
: |
Graduate |
|
|
|
|
Name : |
Mr. Avinash
Chopra |
|
Designation : |
Director |
|
Address : |
Model Town, Jalandhar, Punjab, India |
|
Qualification
: |
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Karan |
|
Designation : |
Admin |
|
|
|
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
Note: Major Shareholders Details Not Available
BUSINESS DETAILS
|
Line of
Business : |
Importer of
Newsprint, Graphic Art Films, Publishing New Paper. |
|
|
|
|
Products : |
Newspaper
Publishing |
|
|
|
|
Brand Names : |
·
Punjab
Kesari ·
Jag
Bani ·
Hind
Samachar |
|
|
|
|
Agencies Held
: |
Carrier Aircone |
|
|
|
|
Terms : |
|
|
Selling : |
Credit and Cheque |
|
|
|
|
Purchasing : |
Credit and Cheque |
GENERAL INFORMATION
|
No. of
Employees : |
300
(Approximately) |
|
|
|
|
Bankers : (As on 2007) |
·
Punjab
National Bank, Jalandhar, Punjab, India ·
Vijaya
Bank, G. T. Road, Jalandhar – 144 001, Punjab, India ·
Axis
Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple,
Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. Vasudeva
and Company Chartered
Accountants |
|
Address : |
E-1, Connaught
Place, New Delhi-110001, India |
|
Tel. No.: |
91-11-23328655 |
|
|
|
|
Sister Concern: (As on 2007) |
·
Vijay
Printing Press Private Limited Address: Hind Samachar Street, Pucca Bagh, Civil Lines, Jalandhar -
144 001, Punjab, India Activity: Manufacturer, Exporter and Publisher of News Papers ·
Hind
Samachar –Urdu, Punjab Kesari – Hindi, Jag Bharti -Punjab ·
Chopra
Publishing House Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital: Rs.3.500 Millions
Issued, Subscribed & Paid-up Capital: Rs.3.000 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
(JALANDHAR UNITS)
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.502 |
1.502 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1463.057 |
1158.971 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1464.559 |
1160.473 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
611.844 |
408.833 |
|
|
2] Unsecured Loans |
|
|
87.302 |
|
|
TOTAL BORROWING |
|
611.844 |
496.135 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2076.403 |
1656.608 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
986.748 |
745.795 |
|
|
Capital work-in-progress |
|
128.402 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.274 |
0.274 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
311.393 |
212.927 |
|
|
Sundry Debtors |
|
577.021 |
509.187 |
|
|
Cash & Bank Balances |
|
208.361 |
163.526 |
|
|
Other Current Assets |
|
0.030 |
66.589 |
|
|
Loans & Advances |
|
339.959 |
104.366 |
|
Total
Current Assets |
|
1436.764 |
1056.595 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
285.375 |
256.684 |
|
|
Other Liabilities |
|
188.530 |
|
|
|
Provisions |
|
1.880 |
(110.628) |
|
Total
Current Liabilities |
|
475.785 |
146.056 |
|
|
Net Current Assets |
|
960.979 |
910.539 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2076.403 |
1656.608 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
4052.040 |
3348.184 |
|
|
|
Other Income |
|
20.858 |
81.120 |
|
|
|
TOTAL (A) |
|
4072.898 |
3429.304 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
|
2987.066 |
|
|
|
Employee benefits expenses |
|
56.894 |
|
|
|
|
Other Expenses |
|
2209.922 |
|
|
|
|
TOTAL (B) |
|
3602.754 |
2987.066 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
470.144 |
442.238 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
22.892 |
31.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
447.252 |
410.626 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
52.242 |
41.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
395.010 |
369.194 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
113.001 |
111.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
282.009 |
257.394 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
1044.470 |
787.076 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
1326.479 |
1044.470 |
|
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Sales Turnover (Approximately) |
|
5000.000 |
4750.000 |
The above information has been parted by Mr. Sanjay Gupta (General
Manager / Finance)
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
6.92 |
7.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
9.75 |
11.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
16.30 |
20.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.27 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.74 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.02 |
7.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
two 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 |
Yes |
|
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 |
No |
|
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:
|
PUNJAB & HARYANA HIGH COURT CASE STATUS INFORMATION SYSTEM Status of Original CWP-12278/2009 in Punjab and
Haryana High Court Case Status :
PENDING Status of LATTER PARENT APPEALS 235 OF 2014 REGIONAL
PROVIDENT FUND COMMISIONER & O VS. M/S HIND
SAMACHAR LIMITED & ORS Pet’s Adv. : RAJIV SHARMA Last Listed
On : Monday, May 12, 2014 List Type : Ordinary FIR No. : No Fir Details Available /
Not A Criminal Case Complaint
No. : NO COMPLAINT DETAILS AVAILABLE Category : LPA LABOUR / INDUSTRIAL : NO BENCH
MENTIONED Last Hearing
Detail 2 : No Bench Mentioned
Case Updated on:
Tuesday, February 25, 2014 |
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.62.12 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
|
|
|
|
TOTAL |
|
54 |
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.