1. Summary Information
|
Country |
India |
||
|
Company Name |
D.B. CORP LIMITED |
Principal Name 1 |
Mr. Ramesh Chandra Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Sudhir Agarwal |
|
Registration # |
04-47208 |
||
|
Street Address |
Plot No. 280, |
||
|
Established Date |
27.10.1995 |
SIC Code |
-- |
|
Telephone# |
91-79-39888850 |
Business Style 1 |
Publishers |
|
Fax # |
91-79-39814001 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Newspaper |
|
|
# of employees |
Information
declined by the management |
Product Name 2 |
radio broadcasting |
|
Paid up capital |
Rs.1,833,748,000/- |
Product Name 3 |
internet |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 74.94%, Public Shareholding 25.06% |
Banking |
Standard Chartered Bank |
|
Public Limited Corp. |
Yes |
Business Period |
19 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (70) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Company |
-- |
Synergy Media Entertainment Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance
Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,884,307,000 |
Current Liabilities |
2,833,815,000 |
|
Inventories |
1,298,196,000 |
Long-term Liabilities |
1,373,866,000 |
|
Fixed Assets |
7,889,769,000 |
Other Liabilities |
1,775,083,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,982,764,000 |
|
Invest& other Assets |
1,654,342,000 |
Retained Earnings |
8,910,102,000 |
|
|
|
Net Worth |
10,743,850,000 |
|
Total Assets |
16,726,614,000 |
Total Liab. & Equity |
16,726,614,000 |
|
Total Assets (Previous Year) |
15,725,693,000 |
|
|
|
P/L
Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
15,788,596,000 |
Net Profit |
2,306,058,000 |
|
Sales(Previous yr) |
14,418,107,000 |
Net Profit(Prev.yr) |
2,084,730,000 |
MIRA INFORM REPORT
|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
D.B. CORP LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 280, Sarkhej - Gandhi Nagar Highway, Near YMCA Club, Makarba,
Ahmedabad – 380 051, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
27.10.1995 |
|
|
|
|
Com. Reg. No.: |
04-47208 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L22210GJ1995PLC047208 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1833.748 Millions |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTD01424D / PTLD12325F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCM5772G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business : |
Subject is in the business of publishing newspapers, radio
broadcasting, event management, internet and wind energy. |
|
|
|
|
No. of Employees : |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 43000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects well-established position of DBCL’s in the print media
industry marked by geographically diversified leadership positions in various
territories, decent profitability levels and adequate liquidity position of
the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
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
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 |
CARE |
|
Rating |
Long term bank facilities: AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
15.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
15.10.2013 |
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 (91-79-39888840)
LOCATIONS
|
Registered Office / Printing Press : |
Plot No. 280, Sarkhej - Gandhi Nagar Highway, Near YMCA Club, Makarba,
Ahmedabad – 380 051, Gujarat, India |
|
Tel No.: |
91-79-39888850 |
|
Fax No.: |
91-79-39814001 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Dwarka Sadan, 6, Press Complex, M.P. Nagar, Bhopal-462011, |
|
Tel No.: |
91-755-3913292/ 3988884 |
|
Fax No.: |
91-755-2552080 |
|
|
|
|
Corporate Office : |
501, 5th Floor, Naman Corporate Link, Opp. Dena Bank, C-31, G- Block, Bandra
Kurla Complex, Bandra - East, Mumbai – 400051, Maharashtra, India |
|
Tel No.: |
91-22-39888840 |
|
Fax No.: |
91-22-39804793/26597217 |
|
|
|
|
Administrative Office : |
D-143, Sector-63, Noida-201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3341200 |
|
E mail : |
|
|
Location: |
Owned |
|
|
|
|
Branch Office: |
G-3A/4-6, Kasmanwala Chambers, New Udyog Mandir- 2, Mogul Lane, Mahim,
West, Mumbai- 400016, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ramesh Chandra Agarwal |
|
Designation : |
Chairman |
|
Address : |
E -1/79, Arera Colony, |
|
Date of Birth/Age : |
15.06.1944 |
|
Date of Appointment : |
10.12.2005 |
|
|
|
|
Name : |
Mr. Sudhir Agarwal |
|
Designation : |
Managing Director |
|
Address : |
E -1/79, Arera Colony, |
|
Date of Birth/Age : |
20.07.1967 |
|
Qualification : |
Bachelor's degree in science |
|
Date of Appointment : |
10.12.2005 |
|
|
|
|
Name : |
Mr. Girish Agarwal |
|
Designation : |
Non-Executive Director |
|
Address : |
E -1/79, Arera Colony, |
|
Date of Birth/Age : |
10.07.1971 |
|
Date of Appointment : |
27.10.1995 |
|
|
|
|
Name : |
Mr. Pawan Agarwal |
|
Designation : |
Non-Executive Director |
|
Address : |
E -1/79, Arera Colony, |
|
Date of Birth/Age : |
31.07.1974 |
|
Date of Appointment : |
10.12.2005 |
|
|
|
|
Name : |
Mr. Piyush Pandey |
|
Designation : |
Independent Director |
|
Address : |
1st |
|
Date of Birth/Age : |
05.09.1955 |
|
Date of Appointment : |
28.11.2007 |
|
|
|
|
Name : |
Mr. Kailash Chandra Chowdhary |
|
Designation : |
Independent Director |
|
Address : |
F No. 405, Anand Bhawan 577, |
|
Date of Birth/Age : |
08.05.1940 |
|
Date of Appointment : |
28.11.2007 |
|
|
|
|
Name : |
Mr. Harish Bijoor |
|
Designation : |
Independent Director |
|
Address : |
D – 47, Golden Enclave , |
|
Date of Birth/Age : |
03.06.1961 |
|
Date of Appointment : |
28.11.2007 |
|
|
|
|
Name : |
Mr. Ashwin Kumar Singhal |
|
Designation : |
Independent Director |
|
Address : |
Flat No. 509, Mittal Park, 44 Janardan Mhatre Marg, Juhu, Mumbai –
400049, |
|
Date of Birth/Age : |
03.06.1961 |
|
Date of Appointment : |
28.11.2007 |
KEY EXECUTIVES
|
Name : |
Mrs. Anita Gokhale |
|
Designation : |
Secretary |
|
Address : |
Flat No. D 602 Keshav Kunj CHS Sector 30, Vashi, Navi Mumbai 400705,
Maharashtra, India |
|
Date of Birth/Age : |
03.12.1964 |
|
Date of Appointment : |
01.10.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
95909922 |
52.27 |
|
|
41595057 |
22.67 |
|
|
137504979 |
74.94 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
137504979 |
74.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4903167 |
2.67 |
|
|
9171 |
0.00 |
|
|
34013584 |
18.54 |
|
|
38925922 |
21.21 |
|
|
|
|
|
|
4852962 |
2.64 |
|
|
|
|
|
|
1348966 |
0.74 |
|
|
610467 |
0.33 |
|
|
242205 |
0.13 |
|
|
1404 |
0.00 |
|
|
212950 |
0.12 |
|
|
19126 |
0.01 |
|
|
8725 |
0.00 |
|
|
7054600 |
3.84 |
|
Total Public shareholding (B) |
45980522 |
25.06 |
|
Total (A)+(B) |
183485501 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
183485501 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of publishing newspapers, radio
broadcasting, event management, internet and wind energy. |
PRODUCTION STATUS AS ON (31.03.2011)
Installed
Capacity: (as certified by
the management and relied upon by the auditors, it being a technical matter).
|
Type of Machine |
No. of Machines |
Total Capacity (Impression per
hour) |
|
Cold Set Machines |
61 |
2274000 |
|
Heat Set Machines |
5 |
120000 |
Actual Production
|
Production |
No. of Copies |
|
News Paper |
1396530119 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 |
S R Batliboi and Associates Chartered Accountant |
|
Address : |
19th Floor, |
|
Tel. No.: |
91-22-22876485 / 22876401 |
|
|
|
|
Name 2 |
Gupta Navin and Company Chartered Accountant |
|
Address : |
Near |
|
Tel. No.: |
91-751-2328302 |
|
Fax No: |
91-751-4076611 |
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Enterprises owned or significantly influenced by key management
personnel or their relatives: |
|
CAPITAL STRUCTURE
AFTER 24.07.2013
Authorised Capital : Rs.2500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1835.563
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
249,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2490.000 Millions |
|
1,000 |
0% Non Convertible Redeemable Preference
Shares |
Rs. 10000/- each |
Rs. 10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
183,373,844 |
Equity Shares |
Rs.10/- each |
Rs. 1833.738
Millions |
|
1 |
0% Non Convertible Redeemable Preference
Shares |
Rs. 10000/- each |
Rs. 0.010
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1833.748 Millions |
Note: Reconciliation of number of shares outstanding
at the beginning and at the end of the year
|
EQUITY SHARES |
31.03.2013 |
|
|
|
Nos. |
Rs. In Millions |
|
At the beginning of the year Issued during
the year |
183308354 |
1833.084 |
|
Employee Stock Option Schemes (‘ESOS’) |
65490 |
0.655 |
|
Outstanding at the end of the year |
183373844 |
1833.738 |
|
PREFERENCE SHARES |
31.03.2013 |
|
|
|
No. |
Rs. In Millions |
|
At the beginning of the year |
1 |
0.010 |
|
Outstanding at the end of the year |
1 |
0.010 |
Terms/ right attached to each class of shares
(i) Equity shares
The Company has only one class of equity
shares having a par value Rs.10 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividend in
Indian rupees. The dividend proposed by Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2013, the
amount of per share dividend recognised as distributions to equity shareholders
is Rs.5.50 per share (March 31, 2012: Rs.5.00 per share).
In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by shareholders.
(ii) Preference shares
The Company has class of zero %
non-convertible redeemable preference shares having value of Rs.10,000 per
share. These preference shares are redeemable at par at any time after five
years but before twenty years from the date of allotment i.e. July 31, 2007.
Each preference share holder is entitled to one vote per share.
Aggregate number of bonus shares issued, shares issued for consideration
other than cash, shares issued pursuant to the scheme of arrangement during the
period of five years immediately preceding the reporting date:
|
|
31.03.2013 |
|
|
|
No. |
No. |
|
EQUITY SHARES: |
|
|
|
Allotted as fully paid up pursuant to
contract(s) without payment being received in cash |
-- |
-- |
|
Allotted as fully paid up by way of bonus
shares |
-- |
-- |
|
Allotted as fully paid up pursuant to ESOS |
65490 |
25123 |
|
Allotted as share issued in pursuant to the
scheme of arrangement |
-- |
-- |
|
PREFERENCE SHARES: |
|
|
|
Allotted as fully paid up pursuant to
contract(s) without payment being received in cash |
-- |
-- |
|
|
65490 |
25123 |
Detail of shareholders holding more than 5% shares of the Company
|
Name of shareholders |
31.03.2013 |
|
|
|
Nos. |
% of holding |
|
Equity shares of Rs. 10/- each fully paid |
|
|
|
Ramesh Chandra Agarwal |
100001 |
0.05 |
|
Jyoti Agarwal |
4948007 |
2.70 |
|
Sudhir Agarwal |
26681449 |
14.55 |
|
Girish Agarwal |
25087256 |
13.68 |
|
Pawan Agarwal |
28152456 |
15.35 |
|
Bhaskar Infrastructure Limited |
12112420 |
6.61 |
|
Peacock Trading and Investments Private
Limited |
10127247 |
5.52 |
|
Nalanda India Equity Fund Limited |
12233041 |
6.67 |
|
Preference share of Rs. 10,000/- fully paid |
|
|
|
Sunderbabu Venugopal |
1 |
100.00 |
Shares reserved for issue under options
For detail of shares reserved for issue under
the Employee Stock Option Schemes (‘ESOS’) of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1833.748 |
1833.093 |
|
(b) Reserves & Surplus |
|
8910.102 |
7765.266 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
10743.850 |
9598.359 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
878.017 |
1028.579 |
|
(b) Deferred tax liabilities (Net) |
|
833.737 |
745.798 |
|
(c) Other long term
liabilities |
|
322.975 |
292.421 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
2034.729 |
2066.798 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
495.849 |
772.249 |
|
(b) Trade
payables |
|
958.482 |
1073.945 |
|
(c) Other
current liabilities |
|
1552.358 |
1376.859 |
|
(d) Short-term
provisions |
|
941.346 |
837.483 |
|
Total Current
Liabilities (4) |
|
3948.035 |
4060.536 |
|
|
|
|
|
|
TOTAL |
|
16726.614 |
15725.693 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
7595.618 |
7130.398 |
|
(ii)
Intangible Assets |
|
294.151 |
316.654 |
|
(iii)
Capital work-in-progress |
|
70.248 |
449.639 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1584.094 |
827.674 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
983.796 |
872.701 |
|
(e) Other
Non-current assets |
|
64.389 |
89.996 |
|
Total Non-Current
Assets |
|
10592.296 |
9687.062 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1298.196 |
1183.839 |
|
(c) Trade
receivables |
|
3038.928 |
2446.284 |
|
(d) Cash and
cash equivalents |
|
1247.277 |
1867.895 |
|
(e)
Short-term loans and advances |
|
534.047 |
524.743 |
|
(f) Other
current assets |
|
15.870 |
15.870 |
|
Total
Current Assets |
|
6134.318 |
6038.631 |
|
|
|
|
|
|
TOTAL |
|
16726.614 |
15725.693 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1832.842 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6691.449 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8524.291 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2081.725 |
|
|
2] Unsecured Loans |
|
|
290.349 |
|
|
TOTAL BORROWING |
|
|
2372.074 |
|
|
DEFERRED TAX LIABILITIES |
|
|
694.598 |
|
|
Stock Options Outstanding |
|
|
28.919 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11619.882 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6651.614 |
|
|
Capital work-in-progress |
|
|
680.090 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
520.328 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
728.033
|
|
|
Sundry Debtors |
|
|
2385.689
|
|
|
Cash & Bank Balances |
|
|
1661.621
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1055.424
|
|
Total
Current Assets |
|
|
5830.767
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1216.560
|
|
|
Other Current Liabilities |
|
|
416.066
|
|
|
Provisions |
|
|
540.118
|
|
Total
Current Liabilities |
|
|
2172.744
|
|
|
Net Current Assets |
|
|
3658.023
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
109.827 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11619.882 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15788.596 |
14418.107 |
2291.469 |
|
|
|
Income from Event Management |
-- |
0.000 |
151.469 |
|
|
|
Advertisement Income |
-- |
0.000 |
10030.346 |
|
|
|
Other Operating Income |
247.328 |
230.520 |
143.091 |
|
|
|
Other Income (Interest Income) |
-- |
0.000 |
164.975 |
|
|
|
TOTAL (A) |
16035.924 |
14648.627 |
12781.350 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
5425.922 |
5070.579 |
3839.083 |
|
|
|
Event Expenses |
117.028 |
140.466 |
148.803 |
|
|
|
Operating Expenses |
-- |
1635.728 |
1307.782 |
|
|
|
Personal Expenses |
-- |
0.000 |
1790.276 |
|
|
|
General and Administration Expenses |
-- |
885.189 |
773.328 |
|
|
|
Selling and Distribution Expenses |
-- |
807.068 |
672.450 |
|
|
|
Employee benefit Expenses |
2683.489 |
2351.143 |
-- |
|
|
|
Foreign Exchange Loss / (Gain)net |
59.981 |
101.155 |
-- |
|
|
|
Increase / (Decrease) in stock |
0.275 |
(0.415) |
(0.604) |
|
|
|
Other expenses |
3658.952 |
-- |
-- |
|
|
|
TOTAL (B) |
11945.647 |
10990.913 |
8531.118 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4090.277 |
3657.714 |
4250.232 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.780 |
92.261 |
152.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4010.497 |
3565.453 |
4097.395 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
573.070 |
500.023 |
427.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3437.427 |
3065.430 |
3669.759 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1131.369 |
980.700 |
996.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2306.058 |
2084.730 |
2673.231 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
2180.841 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
-- |
NA |
363.083 |
|
|
|
Proposed Final Dividend |
-- |
NA |
366.596 |
|
|
|
Tax on Dividend |
-- |
NA |
119.775 |
|
|
|
Transfer to General Reserve |
-- |
NA |
300.000 |
|
|
|
Transfer to General Reserve |
235.000 |
210.000 |
-- |
|
|
|
Dividend Proposed (Including Interim
dividend and Tax on Dividend) |
1177.230 |
1065.33 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
3704.618 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
1735.154 |
1718.412 |
714.929 |
|
|
|
Stores & Spares |
24.498 |
39.835 |
17.149 |
|
|
|
Capital Goods |
78.048 |
1.852 |
0.000 |
|
|
|
TOTAL IMPORTS |
1837.700 |
1760.099 |
732.078 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
12.58 |
11.37 |
14.73 |
|
|
|
Diluted |
12.56 |
11.36 |
14.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.38
|
14.23
|
20.92
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.77
|
21.26
|
29.42
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.81
|
21.21
|
29.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.31
|
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.13
|
0.18
|
0.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.95
|
2.68
|
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 |
1832.842 |
1833.093 |
1833.748 |
|
Reserves & Surplus |
6720.368 |
7765.266 |
8910.102 |
|
Net
worth |
8553.210 |
9598.359 |
10743.850 |
|
|
|
|
|
|
long-term borrowings |
1384.238 |
1028.579 |
878.017 |
|
Short term borrowings |
336.781 |
772.249 |
495.849 |
|
Total
borrowings |
1721.019 |
1800.828 |
1373.866 |
|
Debt/Equity
ratio |
0.201 |
0.188 |
0.128 |
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 |
2291.469 |
14418.107 |
15788.596 |
|
|
|
529.208 |
9.505 |
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 |
2291.469 |
14418.107 |
15788.596 |
|
Profit |
2673.231 |
2084.730 |
2306.058 |
|
|
116.66% |
14.46% |
14.61% |
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REVIEW OF
PERFORMANCE:
Financial Year 2012-13 was toughest with overall Indian economy growing
by just 5% (source: CSO, advance estimate – real GDP growth at factor cost). In
spite of being tough year, the company has achieved satisfactory growth figures
in total revenue as well as profits. Performance highlights of the company
during the period are as follows:
Standalone sales and other income reached Rs.16036.000 Millions
witnessing a growth of 9.47%, as compared to Rs.14649.000 Millions in the
previous year due to growth in circulation and advertisement revenue.
Standalone profit after tax (PAT) for the year was Rs.2306.000 Millions,
10.6% increase as against Rs.2085.000 Millions in the previous year.
The Consolidated gross revenue of the Company increased to Rs.16137.000
Millions from Rs.14755.000 Millions in the previous year, whereas the
consolidated PAT stood at Rs.2181.000 Millions as against Rs.2023.000 Millions
of the previous year.
Review of Performance of Emerging Editions:
The past experience indicates that any new edition launched
takesabout3-4 years for stabilization and for earnings.
The long term results of the corporate growth strategy would be seen in
the forthcoming years post stabilization of the emerging editions.
OPERATING RESULTS
AND FUTURE OUTLOOK:
Despite the challenging environment in the media and entertainment
industry, the company has achieved growth in profits through sustained growth
in revenues and controlled costs.
The company is largest print media company in India that publishes 8
newspapers with 65 editions, 199 sub-editions in 4 multiple languages (Hindi,
Gujarati, English and Marathi) across 13 states in India. With a combined
average daily readership of 19.800 Millions, it is one of the largest newspaper
groups in India. The group has achieved various landmarks in respect of each of
its newspapers like single largest read title in Urban areas (Dainik Bhaskar –
956.000 Millions readers), fastest growing Marathi newspaper in Aurangabad and
Nashik with best profile of readers (Divya Marathi – 40% of its readers in
Aurangabad and 54% of its readers in Nashik belonging to Socio Economic Class
(SEC) A and B), the only non-metro newspaper with more than 1.000 Millions
readers in a city (Dainik Bhaskar in Jaipur) and the only Gujarati newspaper with
more than 1.000 Millions readers in a city (Divya Bhaskar in Ahmedabad). In the
year 2012-13, the company further strengthened its foothold over central
Maharashtra with 5 editions of its Marathi newspaper 'Divya Marathi' in
Aurangabad, Nashik, Jalgaon, Ahmednagar and Solapur.
The company's other business interests span the FM radio segment through
the brand 'My FM' with presence in 7 states and 17 cities and a strong online
presence in Digital Media – the internet portals.
Radio business has retained the leadership position in the 17 FM
stations running across India. As per the latest RAM / IRS / ORMAX research MY
FM was No. 1 in 13 stations and a strong No. 2 in the rest of the stations. MY
FM commands a leadership position at an overall level in retail market share
which fact is reinforced by 20 national and 7 international awards won by the
radio business. All this has resulted into strong advertisement growth of 20%
in FY 2012-13 and operating profit growth at an impressive 74% YOY.
The future of Radio business is looking positive, especially as the
Phase III auctions are expected to happen in FY 2013-14 and they will bring a
great opportunity for the Radio business to grow further. A CII-Ernst and Young
report said that the FM radio segment is expected to grow by Rs.23000.000
Millions at a Compounded Annual Growth Rate (CAGR) of 18% within three years
after Phase-III implementation.
Major events
during the year:
Launch of 'Uttar
Pradesh online-only' version:
Dainik Bhaskar Group is India's largest newspaper group that
publishes8newspapers with 65 editions, 199 sub-editions in 4 multiple languages
(Hindi, Gujarati, English and Marathi) across 13 states in India. It enjoys a
combined average daily readership of 19.800 Millions.
During the year under consideration, although no new edition was
launched, in April 2013, in a first-of-its-kind ever, the Uttar Pradesh edition
of was launched which is an 'online-only' version. This is unprecedented as no
media group has ever done something so dramatic. Dainik Bhaskar, having
recognized the immense power of world-wide-web, understanding the need of
giving Uttar Pradesh a massive platform, has made this out-of-the-box move.
This will be the first time that a major Indian media house will have an
online-only version without Print / TV backing in a state.
It is a well thought out and carefully planned move and the group has
thrown its massive muscle behind this 'experiment' of sorts. It has recruited
reporters in the major cities of Uttar Pradesh including Lucknow, Varanasi and
Agra. These reporters are equipped with high-tech gadgets to upload news,
photographs and videos on the go, reporting news as it happens live, 24X7. This path-breaking step is taken with the
help of in-house news portal of the group viz.
Re-launch of
dailybhaskar.com:
As a yet another bold step into the online news segment,
DailyBhaskar.com, the English venture was re-launched in a fresh new cool and
attractive avatar. It is a content site and has a lot more than just news, and
that too in a glitzy new look, at a pace that's matched only by the need for
fun. This 'coolest site' is designed for a cooler and younger audience, is a
lot more visual and has content for fashion, health, luxury and celebs, in
addition to latest gossip on Bollywood, television and the entire glamour
world. It also has travel tips, jokes, gadgets, autos, jeevan mantra and games.
It carries real time news from the cities like Jaipur, Bhopal, Indore,
Ahmedabad, Delhi, Mumbai and Chandigarh by leveraging the extensive Dainik
Bhaskar news gathering network, giving a live update on what's happening in
these cities in addition to national and world news.
Stake Sale by
Promoters pursuant to statutory requirements:
SEBI vide circulars dated December 16, 2010 and February 8, 2012 amended
Clause 40Aof the Listing Agreement mandating minimum public shareholding in any
listed company at 25% and providing various methods to raise such public
shareholding to the prescribed level of 25% before the time limit of June,
2013.
After the open market sale of shares in December, 2011 and the first
tranche of 'Offer For Sale (OFS)' in May, 2012, the total promoters'
shareholding in the company was further reduced to statutory ceiling of 75% in
November, 2012 vide the second tranche of OFS.
Merger of Synergy
Media Entertainment Limited:
Synergy Media Entertainment Limited., a 100% subsidiary of D. B. Corp
Limited., was merged into I Media Corp Limited., another 100% subsidiary of D.
B. Corp Limited. w.e.f. 1 April, 2012, the 'Appointed Date' as per the Scheme
of Arrangement and Amalgamation approved by the Hon'ble High Court of Madhya
Pradesh, Principle Seat at Jabalpur vide its order dt. 30 April, 2013.
Demerger of 'Internet
Business' of I Media Corp Limited Into the Company:
It is proposed to demerge the Internet and Mobile Interactive Service
Business of I Media Corp Limited., the wholly-owned subsidiary of the Company
into D. B. Corp Limited. subject to the approval of the members of both the
companies and the necessary statutory approvals w.e.f. 1 April, 2013, the
'Appointed Date' as per the proposed Scheme of Arrangement. The process of
obtaining all these approvals has started and is expected to be completed during
the FY 2013-14.
CSR Activities by
Dainik Bhaskar Group:
In line with its vision, Dainik Bhaskar Group contributes back to the
society and the environment through Corporate Social Responsibility (CSR)
activities. With active participation from general public, employees of the
group as well as the promoters of the group, various activities across several
states are taken up, such as:
- ‘Save Water' – an obvious conservation
move for water resources
- ‘Ek Ped Ek Zindagi' - 'Planting at
least one tree in one's lifetime' and contributing one's share in
preserving environment through tree plantation (Contribution in 2011
-1,00,000 trees planted and Contribution in 2012 - 2,27,000 trees planted)
- ‘Vastradaan' providing warm clothes
during the fierce winters to needy and under-privileged people
(Contribution 2011 -1,59,000 clothes distributed and Contribution in 2012
-14,60,000 clothes distributed)
- ‘Annadaan' organised during the 'Joy of
Giving' week appealing the masses to contribute rice/wheat/grains/pulses
for the needy segment of the society (Contribution in 2011 - 1,00,000 kgs
and Contribution in 2012 - 15,00,000 kgsof foodgrain)
AWARDS AND
ACCOLADES:
During the year, Dainik Bhaskar Group was honoured with many
awardsandaccolades for the efforts and initiatives taken in different areas:
Print Division:
- India Book of – 67,130 entries in
'Junior Editor 2011' competition– largest number of handwritten newspapers
by students
- Guinness Book of World – 'Brain Hunt
2012' – 'Largest Writing Competition' - 3,00,874 entries from more than
2,500 schools
- Recognition by The India Book of
Records - The Brain Hunt 2012 - 80,000 qualifying entries - writing a
letter to the President of India sharing ideas on 'How can their make
India even a better country' - recorded as the 'Largest number of letters
written to the President of a Country
- Superbrand council of India – 'one of
the strongest Consumer Superbrand' based on the brand success and
consumer's faith and trust
- Brand Slam Awards for Excellence in
Newspaper – Dainik Bhaskar - for excellence in design, usefulness and
clarity of information
- Guinness Book of World Records - Divya
Bhaskar - 'Largest Gathering of People dressed as Gandhiji for a Dandi
March' on the occasion of Gandhi Jayanti on 2 October, 2012 – 891 kids
dressed as Gandhiji
- Limca Book of Records as 'The Largest
Wishing Board' – 'Wish India Campaign' – 7,500 kids from 67 schools wished
Team India for Olympics 2012 on a one kilometer cloth wall
- Limca Book of Records for 'Longest
Painting Record' – Dainik Bhaskar, Jaipur – with theme 'Mere Sapno ka
Jaipur' – 20,116 students participated to create a 13.2 km long painting
‘MY FM' RADIO:
- 5 Golden Mike Awards (including 2 Gold)
for Best Public Service Initiative by a radio station – 'Ek Rupiya Abhiyaan'
and best use of branded content or sponsorship on radio – 'Borderless
radio – Azaadi sarhado se'
- Mobby's Awards for Best Mobile
Application – outstanding achievement across all aspects of mobile
landscape and excellence in mobile entertainment and technology Harrish M
Bhatia of MY FM - conferred with Brand Slam Leadership Award for CEO in
Individual category Asian Leadership Awards for 'Radio Station of the
Year' -highlights, recognises and rewards an organisation's ability to
steer its businesses through turbulent times, applying the best of
business modules to manage and keep its missions afloat CMO Asia Awards for excellence in
branding and marketing - 'Radio Station of the Year award' at the 2 year
in a row -dedicated to a high level knowledge exchange through opinion,
leadership and networking amongst decision makers across industry segments
in Asia India Radio Forum 2012 -
the Best Radio Promo – in-house (Gujarati) award on Gujarati Divas
OTHER INITIATIVES
HOSTED BY DAINIK BHASKAR GROUP:
- ‘DB Yearbook 2012', an Annual Yearbook
in a premium coffee-table book format - a pioneering effort of journalism
reflected through the views of leading journalists, writers and
specialists in various categories like Politics, Business, Sports,
Fashion, Lifestyle, etc.
- ‘No Paid News' campaign during
elections period in Gujarat- for the first time by any media publication
in election history of Gujarat
- ‘Zid Karo Duniya Badlo' campaign of
2008 - with an enhanced thought, an always-existent option and a tool with
all of us the power of positive 'NA' - encouraging people to say 'NO' to
things not in sync with their values, a simple individualistic choice that
can collectively impact the whole societal fabric - 'No', in a way,
becomes the magic key to living the life with integrity
- Launch of second edition of 'a one of
its kind' compilation of the 'Best of Print-ads in India - MOSAIC' - the
best Print Campaigns by creative leaders of leading advertising agencies
across India - addresses the lack of a collection of great print work
produced by Indian agencies and their creative teams - acknowledges and
reflects creative ingenuity of advertising in India
- The first ever 'JIYO DIL SE Award' in
the city of Jaipur hosted by 'MY FM' to acknowledge the extraordinary
achievements of ordinary people, who brought a difference in the lives of
other people - the two-and-half months long campaign culminating in 18
finalists being recognised for their work across various fields like
public service, health and sanitation, sports, environment, etc. based on
jury rating and public voting and vetted by Ernst and Young, the official
tabulators – a huge success, supported by an eminent jury and attended by
important dignitaries and VIPs including the Chief Minister of Rajasthan
Mr. Ashok Gehlot
- 'India Pride Awards' - the event
acknowledging the role of PSU's in India's progress by awarding them for
excellence -an annual event which has been graced by the Home Minister Mr.
P. Chidambaram, the then Finance Minister of India - Mr. Pranab Mukherjee
and Deputy Chairman of the Planning Commission Mr. Montek Singh Ahluwalia
SUBSIDIARIES:
The two subsidiaries of the Company, as on the date of this report:
(1) I Media Corp Limited (IMCL): IMCL, the digital arm of Dainik Bhaskar
group, is already amongst the largest internet players amongst the media
companies with increasing numbers of Page Views and reach and has grown
substantially year over year by focusing completely on content and the needs of
the user.
The 250.000 Millions page views mark and 10.000 Millions Unique Visitors
mark. This is largely because of the rich experience that the websites offer
the readers – fastest news, exhaustive views peppered with numerous photographs
and videos to aid in the storytelling. The other part of this amazing growth
story comes from the aggressive approach to the local news taken by these
websites by revamping their hyper local verticals in cities like Jaipur,
Indore, Bhopal, Chandigarh, Ranchi and Ahmedabad among others.
The unique and interesting content in sections like Jeevan Mantra,
Bollywood, Celeb, Brands, Gadgets and the user engagement factor ensure that
the average time spent on the site is astonishing 11+ minutes.
In today's competitive environment, an advertiser requires 360 degree
solutions to convey its products and services to end consumers. In the process,
apart from print, digital and radio medium, outdoor event activities are
gaining enormous importance due to direct engagement with the end consumer.
IMCL has also been in 'Events Business' which offers the customer 'one-stop
shop' for all its advertising needs. With its core competency in said
activities, it has been providing innovative solutions to advertisers. During
the Financial Year2012-13, the subsidiary earned Total Revenue of Rs.122.000
Millions.
In December, 2012, D. B. Corp Limited acquired remaining 45% shares of
IMCL and IMCL became wholly-owned subsidiary of D. B. Corp Limited.
To attain synergies of business and to minimise the administrative and compliance
costs, Synergy Media Entertainment Limited (SMEL), another wholly-owned
subsidiary of D. B. Corp Limited was merged into IMCL. The merger petitions of
both the companies were approved by the Hon'ble High Court of Madhya Pradesh,
Principle Seat at Jabalpur vide its order dt. 30 April, 2013 and SMEL was
merged into IMCL with effect from 1 April, 2012, the 'Appointed Date'. As such,
separate accounts of SMEL will not be compiled effective FY 2012-13.
Further, it is proposed to demerge the Internet and Mobile Interactive
Service Business of IMCL into D. B. Corp Limited w.e.f. 1 April, 2013, the
'Appointed Date' as per the proposed Scheme of Demerger, subject to approval of
the members of both the companies and the necessary statutory approvals. The process
of obtaining all these approvals has started and is expected to be completed
during the FY 2013-14. After the demerger, IMCL will continue doing 'Events
Business'.
(2) Divya Prabhat
Publications Private Limited (DPPPL):
DPPPL is also in print media publishing 'Prabhat Kiran' a leading
afternoon daily in the city of Indore. It is aimed and targeted at business
community and more local issues. During the year despite tough economic
condition and market competition, it achieved a turnover of Rs.52.140 Millions
as compared to Rs.53.680 Millions in the previous financial year.
During the year, the company has been driving circulation scheme in the
market which resulted into growth of 3,000 copies (approx) per day and it is
expected to achieve the mark of 7000 copies in the FY 2013-14. The higher
circulation will also help in increase of advertisement revenue.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVERVIEW:
Economy and Media
and Entertainment Industry (M and E Industry)
n 2012, the overall Indian economy slowed down due to both domestic and
external factors. Domestically, higher inflation slowed consumption demand.
Moreover, corporate and infrastructure investments were also pulled down by the
tightened monetary policy as well as policy bottlenecks. Externally, a slowing
global economy weighed down by the continued crisis in the Euro area and
uncertainty in the US Fiscal policy also increased risks to rd growth. Latest 3
quarter estimates of Central Statistical Organization (CSO) indicate a 5% growth
in real GDP in 2012-13, against a growth of 6.2% posted in 2011-12.
These factors resulted in a challenging year for the M and E Industry.
However Q4 of 2012-13 showed up some good signs of an improvement. Indian
Government has again started 2 phase of reforms related to infrastructure
including power as well as easing out monetary policy which is expected to
provide much needed boost to industry as well as bringing around positive
sentiments for public as well as investors.
As per FICCI – KPMG Report 2013, in calendar year 2012 overall Indian
Media and Entertainment Industry grew @ 12.6% with Print Industry growing at
7.3% yoy. Advertising Revenue for the M and E industry grew at 9.1% yoy in
2012. In case of Print, Advertising revenue grew by 7.6% as compared to 10.6%
in 2011. However, regional print advertisement pie grew impressively around
10%, in spite of weak economic conditions which appears to have bottomed out.
Further, another important aspect is that Print continues to hog the limelight
of total Media Advertisement pie with highest share of 46% of Media Advertising
Revenue.
Hindi and Vernacular print markets are growing at a faster pace than
English. On the back of huge population size of around 90% residing in tier II
and III towns (Source: Indian Census Report, 2011) and with rising literacy,
per capita income and per capita consumption and low print media penetration as
well as continued tide of advertisers wanting to spend in these markets, both
Hindi and Vernacular, advertisement revenue grew at 10% yoy in 2012, as
compared to 11% and 17% respectively in 2011. In 2012, Hindi and Vernacular
print market has 61% share of print advertising revenue, as compared to 59% in
2011.
Print Industry is expected to grow at CAGR of 8.7% over next 5 years
with Hindi and Vernacular markets growing at around 11% CAGR and English
growing at 4.8% CAGR. Industry expects increase in market share of vernacular
newspapers largely due to volume growth driven by the launch of new local
editions and gradual improvement in advertisement rates of these markets.
OPERATIONS AT
GLANCE:
Year 2012-13, was marked by the consolidation process. During the year,
D. B. Corp Limited (DBCL) worked on consolidating its position in the existing
markets. The thrust was mainly on strengthening the company's foothold in
existing markets and enhancing the competitive position in newly entered
markets of Jharkhand and Maharashtra.
During the year, Dainik Bhaskar Group continued to stand out as one of the
highly trusted and admired media conglomerate by 19.800 millions readers across
India's fastest growing markets – as revealed by Q4, 2012 IRS data. Leadership
dominance continued in Madhya Pradesh and Chattisgarh – with a combined
readership of more than 5.000 Millions. The year also saw rise of company's
Marathi daily “Divya Marathi” on the IRS score cards. As per Q4, 2012 IRS,
Divya Marathi had an average issue readership of 1.024 Millions. During the
last 6 months Divya Marathi added 0.329 Million readers which is the highest
amongst all publications in Maharashtra.
Apart from consolidation in existing markets, DBCL chartered into new
territories, but in a different way; the launch of first of its kind ever,
Uttar Pradesh Edition of which is an“online-only” version.
DBCL understands that the offer of strong, value creating content
engages and creates a bond between the readers and the publication. To achieve
this, it has forged exclusive associations with leading international
publications such as Harvard Business Review and Time Magazine and through
other international magazine collaborations, it has been bringing a huge
variety of content across issues spanning psychology, automobiles, fashion,
leadership, healthcare, etc. that have been extremely well received.
On technical front, printing facility at Indore saw the installation of
two state-of-the-art German technologies; the additions of KBA Prisma and the
FERAG Mailroom. KBA Prisma is a double width, fully automatic Web Offset Press
which can collectively print up to 1,25,000 copies per hour and renders lower
print waste compared to single width presses. FERAG Mailroom line runs at half
gripper speed and each gripper holds two copies resulting in doubling the life
of the gripper without compromising the speed.
On corporate front, during the year, DBCL acquired balance stake in its
subsidiaries “I Media Corp Limited” (IMCL) and “Synergy Media Entertainment
Limited” (SMEL) making them wholly-owned subsidiaries. Further, at the close of
the year, SMEL running event business was merged into IMCL.
FINANCIAL
PERFORMANCE (Standalone):
Sales and other
operating Income:
It comprises of newspaper sales, advertisement revenue, event management
income, job work charges and scarp and waste-paper sales. DBCL achieved a
turnover of Rs.15789.000 Millions in FY 2012-13 as compared to Rs.14418.000
Millions in FY 2011-12 registering a growth of 9.51%. While advertising revenue
grew from Rs.11220.000 Millions to Rs.11965.000 Millions registering a growth
of 6.6%, circulation revenue grew by 16.4% to Rs.2814.000 Millions.
FUTURE OUTLOOK:
DBCL ended the fiscal on a positive note in a scenario which was
impacted by contracting economic activity at a macro level and restrained
consumer spending. Management feels that forth coming financial year 2013-14
will be good in terms of overall growth of Indian economy. Government's focus
on the second phase of reforms and speedy execution is expected to provide the
much needed boost to the industry.
Management is confident of its business strategies that have visibly
yielded very positive results and will continue to refine DBCL's competitive
strengths. It will continue to strengthen its efforts in investing across
resources in people, technology, innovation, marketing and infrastructure. It
is well poised to capture all opportunities to take the organisation forward
and deliver greater shareholder value.
NATURE OF
OPERATIONS
Subject is in the business of publishing newspapers, radio broadcasting,
event management, internet and wind energy. The major brands in publishing
business are ‘Dainik Bhaskar’ and ‘Business Bhaskar’ (Hindi dailies), ‘Divya
Bhaskar’ and ‘Saurashtra Samachar’ (Gujarati dailies), ‘Divya Marathi’ (Marathi
daily) ,‘DNA English’, (English daily) and monthly magazines such as ‘Aha
Zindagi’, ‘Bal Bhaskar’, etc. Presently, the Company’s radio station is on air
in 17 cities under the brand name ‘My FM’. The frequency allotted to the
Company’s radio station is 94.3. The Company derives its revenue mainly from
the sale of these publications and advertisements published in the publications
and aired on radio
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Buyers’ credit from banks |
196.995 |
195.559 |
|
|
|
|
|
Total |
196.995 |
195.559 |
|
Note: buyers’
credit facility: - The unsecured buyers’ credit facility is provided by Citibank and
DBS Bank. - Interest rates for buyers’ credits are multiline rates ranging between
1.25% p.a. and 4.18% p.a. (as mutually agreed) |
||
CONTINGENT
LIABILITIES NOT PROVIDED FOR
The Company has given Corporate Guarantee of 450,000,000 (March 31,
2012: 450,000,000) in favor of Export Development Canada on behalf of Decore Exxoils
Private Limited (Formerly known as Bhaskar Exxoils Private Limited). The
Company has also entered into an agreement with Decore Exxoils Private Limited
and Shri Ramesh Chandra Agarwal, in his personal capacity, whereby the Company
has the right for reimbursement in case it has to make payment to lenders on
account of default by Decore Exxoils Private Limited.
b) There are several defamation and other legal cases pending against
the Company and its directors. These include criminal and civil cases. There
are certain employee related cases also pending against the Company. In view of
large number of cases, it is impracticable to disclose the details of each case
separately.
The estimated amount of claims against the Company in respect of these
cases is 4,189,036 (March 31, 2012: 21,858,169). The estimated contingency in
respect of some cases cannot be ascertained. Based on discussions with the
solicitors and also the past trend in respect of such cases, the Company
believes that there is no present obligation in respect of the above and hence
no provision is considered necessary against the same.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10167258 |
21/07/2009 |
1,778,500,000.00 |
AGCO FINANCE GMBH |
C/O RABO INDIA
FINANCE LIMITED, FORBES BUILDING,, 2N |
A66107731 |
|
2 |
10032516 |
12/10/2011 * |
1,750,000,000.00 |
IDBI BANK LIMITED |
6, MALVIA NAGAR,
BHOPAL, MADHYA PRADESH - 462003, INDIA |
B24276289 |
* Date of charge modification
STATEMENT OF
AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31,
2014
(Rs.
In Millions)
|
Sr. No. |
Particular |
Quarter
Ended (Unaudited |
Quarter
Ended (Unaudited) |
Year
Ended (Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations |
4559.830 |
506.077 |
18297.610 |
|
|
b) Other Operating Income |
70.630 |
6.866 |
264.480 |
|
|
Total Income
from Operations (Net) |
4630.460 |
512.943 |
18562.090 |
|
2 |
Expenses |
|
|
|
|
a) Raw Material materials consumed |
1665.930 |
172.410 |
6324.190 |
|
|
|
b) Changes in Inventories of Finished Goods |
9.120 |
(1.470) |
(6.350) |
|
|
c) Employee Benefits Expense |
867.640 |
72.667 |
3021.760 |
|
|
d) Depreciation and Amortisation Expense |
169.420 |
15.977 |
641.540 |
|
|
e) Other Expenses |
1097.350 |
112.635 |
4225.860 |
|
|
Total Expenses |
3809.460 |
3735.420 |
14207.00 |
|
3 |
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
821.000 |
1394.010 |
4355.090 |
|
4 |
Other Income |
81.800 |
73.750 |
238.620 |
|
5 |
Profit / (Loss)
before Finance Cost and Exceptional Items (3+4) |
902.800 |
1467.760 |
593.710 |
|
6 |
Finance Costs |
14.170 |
13.20 |
75.340 |
|
7 |
Profit / (Loss)
after Finance cost but before Exceptional Items (5-6) |
888.630 |
1454.560 |
4518.370 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
before Tax (7+8) |
888.630 |
1554.560 |
4518.370 |
|
10 |
Tax Expense |
|
|
|
|
|
Current Tax |
132.830 |
503.50 |
1404.130 |
|
|
Deferred Tax |
54.020 |
2.750 |
51.39 |
|
|
|
186.850 |
506.250 |
1455.520 |
|
11 |
Net Profit /
(Loss) after Tax (9-10) |
701.780 |
948.310 |
3062.850 |
|
12 |
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit /
(Loss) for the Period (11-12) |
701.780 |
948.310 |
3062.850 |
|
14 |
Paid Up Equity Share Capital (per Value of the share – Rs. 10/- each fully paid) |
1834.860 |
1834.280 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of
previous accounting year |
-- |
-- |
9609.180 |
|
16 |
Earnings Per Share (EPS) (in Rs.) |
|
|
|
|
|
a) Basic |
3.83 |
5.17 |
16.70 |
|
|
b) Diluted |
3.82 |
5.16 |
16.68 |
|
Sr. No. |
Particular |
Quarter
Ended (Unaudited |
Quarter
Ended (Unaudited) |
Year
Ended (Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
45980522 |
45922993 |
45980522 |
|
|
- Percentage of Shareholding |
25.06 |
25.04 |
25.06 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
37184259 |
43757259 |
37184259 |
|
|
- Percentage of Shares (as a %
of total shareholding of promoter and promoter group) |
27.04 |
31.82 |
27.04 |
|
|
- Percentage of Shares (as a %
of total share Capital of the Company) |
20.27 |
23.86 |
20.27 |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
100320720 |
93747720 |
100320720 |
|
|
- Percentage of Shares (as a % of
total shareholding of promoter and promoter group) |
72.96 |
68.18 |
72.96 |
|
|
- Percentage of Shares (as a %
of total share Capital of the Company) |
54.67 |
51.10 |
54.67 |
INVESTOR
COMPLAINTS
|
PARTICULARS |
Quarter
Ended (Unaudited) |
|
|
31.03.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
9 |
|
disposed off during the quarter |
9 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
The statement of audited standalone financial results for the quarter and year ended March 31, 2014 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 12, 2014. There are no qualifications in the report issued by the auditors.
The figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures in respect of the full financial year ended March 31,
2014 and the unaudited published year-to-date figures up to December 31, 2013,
being the date of the end of the third quarter of the financial year which were
subjected to limited review by the statutory auditors.
Pursuant to the approval of Hon'ble High Court of Madhya Pradesh, Principal
seat at Jabalpur on March 27, 2014 and according to the Scheme of Arrangement
(the ‘Scheme’) the Integrated Internet and Mobile Interactive Service Business
of I Media Corp Limited (‘IMCL) a wholly owned subsidiary of the Company was
demerged and merged with the Company with effect from April 01, 2013.
According to the provisions of the Scheme, along with assets and liabilities of
Integrated Internet and Mobile Interactive Service Business, the unabsorbed
depreciation and brought forward losses also (against which IMCL had not recognised
deferred tax assets) till March 31, 2013 aggregating to Rs. 439.540 millions
has been transferred to the Company which has been set off by the Company while
computing the Current Tax provision for the year ended March 31, 2014. This has
resulted in a net reduction of Rs. 149.400 millions in the current tax expense.
The Company has recognised the said demerger in the quarter ended March 31,
2014. Accordingly, the results for quarter and year ended March 31, 2014 are
not comparable with those of the quarter ended December 31, 2013 as well as
with the quarter and year ended March 31, 2013.
Since the segment information as per Accounting Standard 17- Segment Reporting
notified under the Companies Act, 1956 (the ‘Act’), read with General Circular
08/2014 dated April 04, 2014, issued by the Ministry of Corporate Affairs, is
provided on the basis of consolidated financial results, the same is not
provided separately for the standalone results.
The Board of Directors has recommended a final dividend of Rs. 4.25 per equity
share of face value of Rs. 10 each, subject to the approval of shareholders in
the forthcoming annual general meeting. During the year ended March 31, 2014,
the Board of Directors had declared and paid an interim dividend of Rs. 3.00
per equity share of face value of Rs. 10 each.
Other expenses
include:
(Rs.
In Millions)
|
Particulars |
Quarter
Ended (Unaudited |
Quarter
Ended (Unaudited) |
Year
Ended (Unaudited) |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
Foreign exchange (Gain) / Loss (net) |
(13.120) |
(9.060) |
22.300 |
|
Foreign exchange (Gain) / Loss on Buyers' Credit from Banks (net) |
(13.270) |
(5.440) |
10.700 |
|
|
|
|
|
|
Total |
(26.390) |
(14.500) |
33.000 |
Other income includes:
(Rs. in Million)
|
Particulars |
Quarter
Ended (Unaudited |
Quarter
Ended (Unaudited) |
Year
Ended (Unaudited) |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
Interest
Income |
14.640 |
19.340 |
84.370 |
|
Gain on
exchange of investments |
-- |
-- |
-- |
|
Excess liabilities
/ provisions written back |
51.170 |
42.380 |
119.780 |
|
Miscellaneous income |
15.990 |
12.030 |
34.470 |
|
Total |
81.800 |
73.750 |
238.620 |
The income from operations for the quarter ended December 31, 2013 includes revenue
from advertisements published during the festive seasons.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
Quarter
Ended (Unaudited) |
|
|
31.03.2014 |
|
A EQUITY
AND LIABILITIES |
|
|
1
Shareholders' funds |
|
|
(a) Share
capital |
1834.860 |
|
(b)
Reserves and surplus |
9609.180 |
|
Sub-total
- Shareholders' funds |
11444.040 |
|
2
Non-current liabilities |
|
|
(a)
Long-term borrowings |
726.810 |
|
(b)
Deferred lax liabilities (net) |
885.130 |
|
(c) Other long-term
liabilities |
346.380 |
|
Sub-total
- Non-current liabilities |
19583.320 |
|
3 Current
liabilities |
|
|
(a)
Short-term borrowings |
536.930 |
|
(b) Trade
payables |
116.830 |
|
(c) Other
current liabilities |
1558.620 |
|
(d)
Short-term provisions |
1048.350 |
|
Sub-total
- Current liabilities |
4260.730 |
|
|
|
|
TOTAL -
EQUITY AND LIABILITIES |
17663.090 |
|
B ASSETS |
|
|
1
Non-current assets |
|
|
(a) Fixed
assets |
8505.880 |
|
(b)
Non-current investments |
735.160 |
|
(c) Long-term
bans and advances |
1855.190 |
|
(d) Other
non-current assets |
48.500 |
|
Sub-total
- Non-current assets |
11144.730 |
|
2 Current
assets |
|
|
(a)
Inventories |
1732.340 |
|
(b) Trade
receivables |
3274.170 |
|
(c) Cash
and cash equivalents |
1081.32 |
|
(d)
Short-term bans and advances |
375.540 |
|
(e) Other
current assets |
54.990 |
|
Sub-total
- Current assets |
6518.360 |
|
|
|
|
Total Assets |
17663.090 |
Previous quarters' / years' figures have been regrouped / reclassified wherever necessary to conform to the current years' presentation.
FIXED ASSETS
Tangible Assets
- Land
-Freehold
-Leasehold
- Buildings
-Freehold
-Leasehold
- Leasehold
improvements
- Plant and
machinery
- Office
equipments
- Vehicles
- Furniture and
fixtures
- Electric
fitting, fans and coolers
- Computers
- D.G.Sets
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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.