MIRA INFORM REPORT
|
Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BENNETT COLEMAN AND COMPANY LIMITED |
|
|
|
|
Registered
Office : |
The Times of India Building, D N Road, Mumbai - 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.11.1913 |
|
|
|
|
Com. Reg. No.: |
11-000391 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2869.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U22120MH1913PLC000391 |
|
|
|
|
TIN No.: |
29060084369 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB4373Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into Printing and Publishing of
Newspapers. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (82) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a flagship company of ‘Times Group’. It is one of the
oldest and highly respected publishing house in the country. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. The company has a strong financial risk
profile, marked by large net worth, comfortable gearing, strong debt
protection metrics and healthy liquidity. Trade relations are reported to be praiseworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered excellent for business dealings at usual
trade terms and conditions. |
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum number
of shadow businesses, says a study of 68 countries by Imperial College Business
School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AAA |
|
Rating Explanation |
Highest degree of safety it carry lowest
credit risk. |
|
Date |
December 11, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-66353535]
LOCATIONS
|
Registered Office : |
The Times of India Building, D N Road, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66353535/ 66354460/ 66354159 |
|
Mobile No.: |
91-9819128038 (Mr. Subramanium) |
|
Fax No.: |
91-22-22620144/ 22731737 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Samir Jain |
|
Designation : |
Managing director |
|
Address : |
15, Moti Lal Nehru Marg, New Delhi
- 110011, India |
|
Date of Birth/Age : |
22.06.1954 |
|
Qualification: |
B.A |
|
Date of Appointment : |
01.02.2010 |
|
PAN No.: |
AEHPJ3016Q |
|
DIN No.: |
00001337 |
|
|
|
|
Name : |
Mr. Vineet Jain |
|
Designation : |
Managing Director |
|
Address : |
15, Moti Lal Nehru Marg, New Delhi
- 110011, India |
|
Date of Birth/Age : |
12.02.1966 |
|
Qualification: |
Management
Graduate from American Uni.of Switzerland. |
|
Date of Appointment : |
27.06.2013 |
|
PAN No.: |
AEHPJ3012L |
|
DIN No.: |
00003962 |
|
|
|
|
Name : |
Mr. Ravindra Dhariwal |
|
Designation : |
Whole Time Director |
|
Address : |
Aashray Farm, Khasra No. 1523, Asola Village, New Delhi – 110030,
Delhi , India |
|
Date of Birth/Age : |
11.09.1952 |
|
Qualification: |
B. Tech,
M.B.A-Marketing & Finance |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
ADPPD1049Q |
|
DIN No.: |
00003922 |
|
|
|
|
Name : |
Mrs. Amba Preetham Parigi |
|
Designation : |
Director |
|
Address : |
Tahnee Heights Chs Limited, 66, Nepean Sea
Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1949 |
|
Qualification: |
MA, MBA |
|
Date of Appointment : |
23.10.2007 |
|
DIN No.: |
00087586 |
|
|
|
|
Name : |
Mrs. Kalpana Jaisingh Morparia |
|
Designation : |
Director |
|
Address : |
B – 92, Ocean Gold Chs, Twin Tower Lane,
Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1949 |
|
Qualification: |
B.Sc. LL.B. |
|
Date of Appointment : |
23.10.2007 |
|
DIN No.: |
00046081 |
|
|
|
|
Name : |
Mrs. Indu Jain |
|
Designation : |
Whole-time Director |
|
Address : |
4 Tilak Marg, New Delhi – 110002, India |
|
Date of Birth/Age : |
08.09.1936 |
|
Qualification: |
Professional |
|
Date of Appointment : |
01.08.2009 |
|
PAN No.: |
AEHPJ3014N |
|
DIN No.: |
00004040 |
|
|
|
|
Name : |
Mr. Trishla Jain |
|
Designation : |
Whole Time Director |
|
Address : |
15, Moti Lal Nehru Marg, New Delhi
- 110011, India |
|
Date of Birth/Age : |
27.02.1985 |
|
Qualification: |
Graduation in
English Literature (USA), Masters from Teachers College (Columbia Uni.) |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AEMPJ2136G |
|
DIN No.: |
03371538 |
|
|
|
|
Name : |
Mr. Shrijeet Ramakanta Mishra |
|
Designation : |
Whole Time Director |
|
Address : |
301, Gitanjali Gardens, 3rd Floor, 58E, Nepean Sea Road,
Rungta Lane, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
22.04.1965 |
|
Qualification: |
B.A, PGDM- IIM
Ahmedabad. |
|
Date of Appointment : |
11.08.2011 |
|
PAN No.: |
ABXPM9824C |
|
DIN No.: |
01894081 |
|
|
|
|
Name : |
Mr. Meleveetil Damodaran |
|
Designation : |
Director |
|
Address : |
D-8/3, D Block, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age : |
04.05.1947 |
|
Qualification: |
B. Tech,
M.B.A-Marketing & Finance |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
02106990 |
|
|
|
|
Name : |
Mr. Arunabh Das Sharma |
|
Designation : |
Additional Director |
|
Address : |
W-129, Greater Kailash – 1, New Delhi - 110048, Delhi, India |
|
Date of Birth/Age : |
17.03.1968 |
|
Qualification: |
Graduation in
Economics, IIM Kolkata |
|
Date of Appointment : |
27.09.2013 |
|
PAN No.: |
AAAAA1234A |
|
DIN No.: |
03464498 |
KEY EXECUTIVES
|
Name : |
Mr. Kausik Nath |
|
Designation : |
Company Secretary |
|
Address : |
A-202, Sea View Building, Charkop, Sector 8, Kandivali (West),
Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1964 |
|
Date of Appointment : |
06.03.2012 |
|
PAN No.: |
AACPN1272B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sanmati
Properties Limited, |
|
27981000 |
|
Bharat Nidhi
Limited, |
|
70041600 |
|
PNB Finance and
Industries Limited, |
|
26665848 |
|
Vineet Jain |
|
1642248 |
|
Samir Jain |
|
7200 |
|
Meera Jain |
|
943200 |
|
Camac Commercial
Company Limited, |
|
38161548 |
|
Arth Udyog
Limited, |
|
26719848 |
|
Jacaranda
Corporate Services Limited, |
|
25632000 |
|
T M Investments
Limited |
|
17093016 |
|
Ashok Viniyoga
Limited |
|
51707916 |
|
Trishla Jain |
|
360000 |
|
|
|
|
|
Total |
|
286955424 |
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
98.97 |
|
Directors
or relatives of directors |
|
1.03 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into Printing and Publishing of
Newspapers. |
||||||||
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|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
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|
|
|||||||||||||||
|
Bankers : |
v The Hong Kong and Shanghai Banking Corporation Limited Hong Kong Bank Building, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India v United Bank of India 25, Sir P M Road, Mumbai, Maharashtra, India v Punjab National Bank Blackhouse Fort, Bombay - 400001, Maharashtra, India v Standard Chartered Bank 90, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India |
|||||||||||||||
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|
|||||||||||||||
|
Facilities: |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar [West], Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers, 40, Ambalala Doshi Marg, Mumbai-400023,
|
|
Income-tax
PAN of auditor or auditor's firm : |
AABFL1893K |
|
|
|
|
Associates : |
v
Times of Money Financial Services Limited(from
October 30, 2012) v
Times of Money Inc. (USA) (from October 30, 2012) v
Times of Money Limited (from October 30, 2012) v
Times of Money UK PLC (UK) (from October 30,
2012) v
TOM Payment Solutions Limited (from October 30,
2012) |
|
|
|
|
Joint Venture : |
Aegon Religare Life Insurance Company Limited [U66010MH2007PLC169110] |
|
|
|
|
Subsidiaries : |
v a2zShopping
Limited [U51109DL2008PLC184883] v Amrita Estates
Private Limited (from November 14, 2012) [U70100MH2012PTC237888] v Ananta
Properties Private Limited ( from November 10, 2012) [U70109MH2012PTC237830] v Alternate Brand
Solutions (India) Limited [U92190MH2007PLC175549] v Artha Broking
Services Limited v Artha
Commodities Limited v Artha Credit
Private Limited v Artha
Distribution Services Limited v Artha Financial
Services Limited [U65990MH2008PLC178673] v Artha Forex
Services Limited v Artha Insurance
Broking Services Limited v Artha Network
Services Limited v Artha Reality
Private Limited v BCCL
International Events Private Limited ( from November 16, 2012) [U74999MH2012PTC237964] v Bennett
Broadcasting and Distribution Services Limited (BBDSL) (upto April 20, 2012)
[U92100MH2008PLC179750] v Brand Equity
Treaties Limited [U74300MH2008PLC184669] v Centre for
Excellence in Management Training and Development [U74140MH2008NPL187724] v Dharmayug
Investments Limited [U65993MH1983PLC030615] v Entertainment
Network (India) Limited [L92140MH1999PLC120516] v Media Network
and Distribution Services Limited (MNDIL) [U92412MH2010PLC208138] v Metropolitan
Media Company Limited [U22121KA2006PLC062825] v Mind Games Shows
Private Limited v Mirchi Movies
(India) Limited [U92120MH2007PLC167123] v One Golden
Square Creative Limited v Satyam
Properties and Finance Limited v Speaking Tree
Properties Limited v Times Business
Solutions Limited [U92100DL2005PLC173555] v Times Center for
Learning Limited (Formerly Times Yoga Limited) [U80301DL2007PLC165200] v Times
Conferences Limited ( from November 7, 2012) v Times Digital
Limited v Times Global
Broadcasting Company Limited (TGBCL) [U32109MH1986PLC168454] v Times Guaranty
Limited v Times
Infotainment Media Limited [U72900MH2002PLC134966] v Times Innovative
Media Limited [U99999MH2005PLC157078] v Times Internet
(UK) Limited, UK v Times Internet
Inc., USA v Times Internet
Limited [U74999DL1999PLC135531] v Times Jobs
Limited v Times Journal
India Limited v Times Mobile
Limited [U72900DL2008PLC185013] v Times of Money
Financial Services Limited (upto October 29, 2012) v Times of Money
Inc. (USA) (upto October 29, 2012) v Times of Money
Limited (upto October 29, 2012) [U67190MH2000PLC126353] v Times of Money
UK PLC (UK) (upto October 29, 2012) v Times Websol
Limited [U72200DL2008PLC184870] v Times VPL
Limited [U02212KA2003PLC032182] v TIM Delhi
Airport Advertising Private Limited [U74999DL2010PTC203419] v TIML Global
Limited v TIML Golden
Square Limited v TIML Radio
Holdings Limited v TIML Digital
Radio Limited v TIML Radio
Limited v TOM Payment
Solutions Limited (upto October 29, 2012) v Vardhaman
Publishers Limited [U22120MH1985PLC036799] v Worldwide Media
Private Limited [U22190DL2013PTC256034] v Zoom Entertainment
Network Limited [U74992MH2006PLC163048] |
|
|
|
|
Enterprises owned
or having significant influence by Key Managerial Personnel (ESM) : |
v 21st Century
Constructions Limited [U74999DL1985PLC123961] v Aadidev
Properties Limited [U70100MH2006PLC160897] v Anagha Estates
Limited [U70100MH2006PLC160898] v Aryabhata
Properties Limited [U70100MH2006PLC160896] v Ativeer
Properties Limited [U70101DL2010PLC209333] v Banhem Estates
and IT Parks Limited [U65990MH1983PLC029209] v Bennett Property
Holdings Company Limited (BPHCL) [U70102MH2010PLC211087] v Nandeeshwar
Properties Limited [U70100DL2010PLC209471] v Rajdhani
Printers Limited [U74899DL1901PLC023944] v Shubhan
Properties Limited [U70100MH2006PLC160899] v Suryashankar
Properties Limited [U70100MH2006PLC160900] v Sushena Properties
Limited [U70100MH2006PLC160895] v Surge
Enterprises Limited [U18109MH1992PLC068085] v Vaidehi Estates
Limited [U45203MH2006PLC160915] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
286,955,424 |
Equity Shares |
Rs.10/- each |
Rs. 2869.600 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 |
2869.600 |
2869.600 |
2869.600 |
|
(b) Reserves & Surplus |
58644.000 |
51449.300 |
52510.500 |
|
(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) |
61513.600 |
54318.900 |
55380.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1151.500 |
900.100 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1151.500 |
900.100 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
835.300 |
1357.900 |
0.000 |
|
(b)
Trade payables |
7108.100 |
7021.500 |
6336.100 |
|
(c)
Other current liabilities |
14724.600 |
11897.800 |
12964.500 |
|
(d)
Short-term provisions |
2175.000 |
2091.000 |
1581.100 |
|
Total
Current Liabilities (4) |
24843.000 |
22368.200 |
20881.700 |
|
|
|
|
|
|
TOTAL |
87508.100 |
77587.200 |
76261.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
16718.200 |
15922.600 |
16045.400 |
|
(ii)
Intangible Assets |
0.400 |
0.000 |
30.800 |
|
(iii)
Capital work-in-progress |
1626.700 |
1987.800 |
3391.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
36541.700 |
33091.800 |
34266.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
24.500 |
|
(d) Long-term Loan
and Advances |
8684.400 |
5934.600 |
4460.500 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
63571.400 |
56936.800 |
58218.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6681.200 |
3632.300 |
4662.100 |
|
(b)
Inventories |
4122.200 |
5585.500 |
4753.200 |
|
(c)
Trade receivables |
8403.900 |
7437.900 |
2032.300 |
|
(d)
Cash and cash equivalents |
2164.300 |
1908.700 |
2195.300 |
|
(e)
Short-term loans and advances |
2556.400 |
2080.200 |
4392.500 |
|
(f)
Other current assets |
8.700 |
5.800 |
7.600 |
|
Total
Current Assets |
23936.700 |
20650.400 |
18043.000 |
|
|
|
|
|
|
TOTAL |
87508.100 |
77587.200 |
76261.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
49487.200 |
48620.800 |
45319.900 |
|
|
|
Other Income |
1088.000 |
848.500 |
2468.200 |
|
|
|
TOTAL (A) |
50575.200 |
49469.300 |
47788.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
14645.500 |
14829.800 |
12469.200 |
|
|
|
Purchases of stock-in-trade |
73.900 |
70.200 |
61.800 |
|
|
|
Employee benefit expense |
8163.800 |
8185.800 |
6802.200 |
|
|
|
Other expenses |
14333.500 |
16402.700 |
12263.600 |
|
|
|
TOTAL (B) |
37216.700 |
39488.500 |
31596.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13358.500 |
9980.800 |
16191.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
130.700 |
124.300 |
257.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13227.800 |
9856.500 |
15934.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2275.300 |
2292.200 |
2242.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10952.500 |
7564.300 |
13691.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3556.300 |
2191.100 |
4383.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7396.200 |
5373.200 |
9307.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods: Publications |
19.900 |
19.900 |
19.300 |
|
|
|
Cassettes / CDs |
9.800 |
8.300 |
3.800 |
|
|
|
Advertisement Income |
391.100 |
477.800 |
510.000 |
|
|
|
Others |
85.900 |
53.100 |
14.500 |
|
|
TOTAL EARNINGS |
506.700 |
559.100 |
547.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9838.600 |
12517.800 |
11884.800 |
|
|
|
Consumable Stores & Spare parts |
350.100 |
337.800 |
300.800 |
|
|
|
Capital Goods |
1579.800 |
980.000 |
1559.300 |
|
|
|
Traded Products |
0.700 |
0.000 |
0.100 |
|
|
TOTAL IMPORTS |
11769.200 |
13835.600 |
13745.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
25.77 |
18.72 |
32.44 |
|
|
|
Diluted
|
25.45 |
18.49 |
32.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.62
|
10.86
|
19.48
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.13
|
15.56
|
30.21
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.20
|
17.80
|
35.49
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.14
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.02
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
0.92
|
0.86
|
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 |
2869.600 |
2869.600 |
2869.600 |
|
Reserves & Surplus |
52510.500 |
51449.300 |
58644.000 |
|
Net
worth |
55380.100 |
54318.900 |
61513.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
1357.900 |
835.300 |
|
Total
borrowings |
0.000 |
1357.900 |
835.300 |
|
Debt/Equity
ratio |
0.000 |
0.025 |
0.014 |
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 |
45319.900 |
48620.800 |
49487.200 |
|
|
|
9.198 |
1.782 |
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 |
45319.900 |
48620.800 |
49487.200 |
|
Profit |
9307.700 |
5373.200 |
7396.200 |
|
|
20.54% |
11.05% |
14.95% |
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 |
Yes |
|
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 |
|
Presentation
Date: 30/07/2013 |
|
Lodging No: ITXAL/1244/2013 Filing Date: 30/07/2013 Reg. No.: ITXA/1570/2013 Reg. Date: 17/08/2013 |
|
Petitioner: COMMISSIONER
OF INCOME TAX-1 Respondent: BENNETT COLEMAN & CO LTD Petn. Adv : SURESH
KUMAR (0) Resp.Adv.:- PDS LEGAL (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEALS Next Date: 03.07.2014 Stage:
Next Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING
LIST |
|
Act: Income Tax Act, 1961
Under Section: 260 A |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10123441 |
10/09/2008 |
1,484,954,500.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG BANK BUILDING, 52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A46082657 |
|
2 |
10087720 |
14/01/2008 |
2,490,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A30430003 |
|
3 |
10052869 |
31/05/2008 * |
5,950,000,000.00 |
STANDARD CHARTERED
BANK (ACT AS AGENT FOR ITSELF & |
90, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A39272349 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from banks |
683.700 |
0.000 |
|
|
|
|
|
Total |
683.700 |
0.000 |
CORPORATE INFORMATION
Subject is primarily engaged in the business of publication
of newspapers. The Company publishes the highest selling English broadsheet daily
in the world, i.e., The Times of India. Apart from this the Company publishes
newspapers like The Economic Times, Navbharat Times, Maharashtra Times, etc. It
also houses two television channels zoOm and ET Now. The Company has
subsidiaries which are engaged in the areas of internet, e-commerce, radio,
television, out of home, etc.
REVIEW OF
OPERATIONS
Sales
During the year, the flagship brand, The Times of India achieved an
overall circulation growth. Four new editions were launched, namely, Aurangabad,
Raipur, Kolhapur and Vizag, thereby extending its reach into new markets.
Circulation of The Economic Times was down compared to last year in line with
the general decline in the circulation of business dailies. Maharashtra Times
launched two new editions in Nagpur and Kolhapur further consolidating its
position in the Western markets. Navbharat Times remained same as in the
previous year.
The company launched an entirely new mast-head in the form of a Bengali
paper Ei Samay (Bengali for These Times) in October 2012.
Response
In the backdrop of a slow macro-economic environment, the overall media
advertising market in 2012 grew by 5.2% against a projected growth of 7.5%
(Pitch Madison report 2013). The Print advertising market grew by 4%.
The Company adopted a comprehensive strategy of strengthening its
presence in existing markets and pursuing opportunities in new markets.
New launches
· TOI Aurangabad, Raipur, Kolhapur and Vizag
· Ei Samay (Bengali) Kolkata
· Maharashtra Times (Marathi) Kolhapur and Nagpur
Upgrades Patna, Ranchi, Raipur, Mangalore, Hubli, Belgaum, Bhubaneshwar,
Gurgaon
As per Indian Readership Survey (IRS) for the quarter ended December
2012, the Company was able to maintain / grow its share in all segments except
for the English Business news segment.
NEWSPRINT
In the year, newsprint prices in USD witnessed a decline of around 11%.
However, significant depreciation of the Rupee vis-vis USD (14%) mitigated the impact
of the above benefit. Domestic manufacturers increased their prices in line
with imported newsprint, thereby reducing the arbitrage on domestic sourcing.
Manufacturers across the globe were impacted by poor off-take of
newsprint due to declining demand in the west. Production capacities are
getting rationalised, which is likely to have an impact on prices going
forward.
TIMES MUSIC
During the year, Times Music continued its leadership in Indian
Classical, Devotional, Spiritual and Wellness genres. While sales of music in
physical format declined, the digital format continued to grow. The Company
re-entered the Bollywood space, and continues to grow in Tamil, Punjabi and
Bengali.
zoOm
During the year, the channel sustained its lead in the Bollywood
category and featured in the top 3 positions in the broader Music category
despite high level of marketing activities by competition. The channel also
showed considerable growth amongst the social media networks becoming the 11th
largest Media Brand on Social Media in the world. zoOm also developed and
launched TIMES Celebex a ratings index of Bollywood Stars based on their
popularity, visibility and performance. zoOm is currently distributed in 28
countries and also reaches out to Bollywood viewers across the world via
various digital platforms.
ET-NOW
During the year, ET NOW established itself as the definitive choice of
viewers in the English Business News category and consistently dominated the
genre over the last 6 months. Budget 13 day saw 55% viewership share
contributed by the most exhaustive line-up of experts, market analysts and
corporate honchos and included an exclusive interview of Honble Finance
Minister, Mr. P. Chidambaram post Budget presentation.
On content and programming front, several new formats were introduced to
strengthen presence in specific market time bands and provide additional
viewing choice on weekends. The channel maintained its credentials of providing
exclusive content in the form of interviews and news stories ahead of its
competition. The team of technical chartists has given viewers almost twice the
number of stock recommendations with a better conversion ratio as compared to
the nearest competitor.
The channel got its share of accolades by winning the Best Live Telecast
Show (Stock Market) award for Traders 20 at the 6th NT awards. Additionally,
Vodafone Drive into the Big League won 2 Effies Best B2B advertising and Best
Integrated Campaign at the Effies Awards function.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Claims against
the Company not acknowledged as debts |
|
|
|
Labour Claims |
38.300 |
33.900 |
|
Others excluding cases with remote probability as per legal opinion
obtained |
41.500 |
37.500 |
|
Disputed Sales tax matters (excludes further interest leviable, if
any) |
185.400 |
24.200 |
|
Corporate guarantees on behalf of Subsidiaries The management
believes that the ultimate outcome of the legal proceedings on account of
libel suits, etc. will not have material adverse effect on the Company’s
financial position and results of operations. |
3155.200 |
4336.700 |
|
|
|
|
|
Total |
3420.400 |
4432.300 |
FIXED ASSETS:
Ø Land (Leased and Freehold)
Ø Land and Building (Leased and Freehold)
Ø Building
Ø Plant and machinery
Ø Furniture and Fixture
Ø Office equipments
Ø Vehicles
Ø Drawing and Business commercial rights
CMT REPORT (Corruption, Money Laundering and 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. 60.28 |
|
|
1 |
Rs. 102.28 |
|
Euro |
1 |
Rs. 82.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
82 |
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 and 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.