MIRA
INFORM REPORT
|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE SANDESH LIMITED |
|
|
|
|
Registered
Office : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P.O. Bodkdev,
Ahmedabad – 380 054, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.03.1943 |
|
|
|
|
Com. Reg. No.: |
04-000183 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 75.694 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121GJ1943PLC000183 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00069G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5730D |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Publisher of Newspaper and Journal Periodicals. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 14340000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a fine track record. The rating reflects healthy financial risk profile supported by
adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 |
08.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
08.10.2013 |
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 PARTED BY
|
Name : |
Mr. Umesh Tanvar |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-79-40004147 |
|
Date : |
10.03.2014 |
LOCATIONS
|
Registered Office/ Plant/ Factory 1 : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P.O. Bodkdev,
Ahmedabad – 380 054, Gujarat, India |
|
Tel. No.: |
91-79-40004000/ 26765480/ 40004175/ 25624241 |
|
Fax No.: |
91-79-40054121/ 40004242/ 40004175/ 40004148 |
|
E-Mail : |
cs@sandesh.com investorsgrievance@sandesh.com |
|
Website : |
www.sandesh.com |
|
Area: |
10000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Plant/ Factory 2 : |
“Satyesh Bhavan”, Behind Jalaram Temple, Bahucharaji Road, Karelibaug, Baroda, Gujarat, India |
|
|
|
|
Plant/ Factory 3 : |
“Satyesh Bhavan”, Dakoriya Mill Compound, Near Gurudev Petrol Pump, Khatodara Gidc, Bamroli Road, Surat, Gujarat, India |
|
|
|
|
Plant/ Factory 4
: |
“Sandesh Bhavan”, Opposite Sat Hanuman, Navagam, Rajkot-Ahmedabad Highway, Rajkot, Gujarat, India |
|
|
|
|
Plant/ Factory 5
: |
“Satyesh Bhavan”, Ruvapari Road, Bhavnagar, Gujarat, India |
|
|
|
|
Plant/ Factory 6 : |
Godown No. 3, Gujarat State Warehousing Corporation, Near Atmaram Circle & Bajaj Showroom, Bhuj Madhapar Road, Bhuj, Gujarat, India |
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|
|
|
Branch Office : |
Sandesh Bhavan, Gheekanta Road, Ahmedabad – 380 001, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr.
Falgunbhai Patel |
|
Designation : |
Chairman and Managing Director
|
|
|
|
|
Name : |
Mr. Parthiv
Patel |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sudhirbhai Nanavati |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Mukesh Patel |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Shreyas Pandya |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Ravindra Dhariwal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ms. Pannaben Patel |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Justice Jitendra N. Bhatt |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Sandeep Singhi |
|
Designation : |
Non Executive Additional Director |
|
|
|
|
Name : |
Mr. Yogesh Jani |
|
Designation : |
Executive Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Dhaval Pandya |
|
Designation : |
Secretary and Compliance Officer |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
1777400 |
23.48 |
|
|
3885617 |
51.33 |
|
|
5663017 |
74.81 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5663017 |
74.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
500 |
0.01 |
|
|
500 |
0.01 |
|
|
|
|
|
|
1028599 |
13.59 |
|
|
|
|
|
|
586914 |
7.75 |
|
|
224865 |
2.97 |
|
|
65526 |
0.87 |
|
|
21882 |
0.29 |
|
|
43644 |
0.58 |
|
|
1905904 |
25.18 |
|
Total Public shareholding (B) |
1906404 |
25.19 |
|
Total (A)+(B) |
7569421 |
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) |
7569421 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Publisher of Newspaper and Journal Periodicals. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Daily |
No. in Lacs |
3244.170 |
|
Weekly |
No. in Lacs |
7.90 |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
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Bankers : |
Yes Bank Limited, Ahmedabad, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Manubhai and Company Chartered Accountants |
|
Address : |
2nd Floor,
"B" Wing, Premium House, Near Gandhigram Railway Station,
Navrangpura, Ahmedabad - 380009, Gujarat |
|
|
|
|
Related Parties : |
·
Satlon Enterprise Private Limited ·
Dhanali Stock Holdings Private Limited ·
Sandesh Procon LLP ·
Saintfoint Enterprise LLP ·
Scabious Enterprise LLP ·
Satyesh Prochem LLP ·
Applewoods Estate Private Limited ·
Nilsan Realty LLP ·
Autumnleaf Estates Private Limited ·
Lilavati Chimanbhai Patel Charitable Trust |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7569421 |
Equity Shares |
Rs.10/- each |
Rs. 75.694
Millions |
|
|
|
|
|
·
Rights,
preferences and restrictions:
(i) The Company
has only one class of equity shares referred to as equity shares having a par value
of Rs.10/- Each holder of equity share is entitled to one vote per share.
(ii) Dividends, if
any, is declared and paid in Indian Rupees. The dividend, if any, proposed by
the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
(iii) In the event
of liquidation of the company, the holders of equity shares will be entitled to
receive any of the remaining assets of the company, after distribution of all
preferential amounts. However, no such preferential amounts exist currently.
The distribution will be in proportion to the number of equity shares
held by the shareholders.
·
During the year, the Company has bought back and
extinguished Rs.0.960 Millions Equity Shares of Rs.10/- each at a price of
Rs.302/- per share, for an aggregate amount of Rs.289.920 Millions, through the
Tender Offer process, in terms of the buyback offer made by the Board of
Directors of the Company.
·
1,18,193 Equity Shares were bought back in the
financial year 2009-10
·
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Salton Enterprises Private Limited |
1898150 |
25.08 |
|
Satyesh Prochem LLP |
1275777 |
16.85 |
|
Parthiv Falgunbhai Patel |
1189100 |
15.71 |
|
Scabious Enterprises LLP |
420831 |
5.56 |
|
Falgunbhai Chimanbhai Patel |
386350 |
5.10 |
·
Reconciliation of number of shares outstanding:
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
8529421 |
|
Less: Shares cancelled on buy back |
960000 |
|
Equity shares at
the end of the year |
7569421 |
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 |
75.694 |
85.294 |
85.338 |
|
(b) Reserves & Surplus |
3510.491 |
3250.027 |
2897.561 |
|
(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) |
3586.185 |
3335.321 |
2982.899 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
58.493 |
65.599 |
60.558 |
|
(c) Other long term liabilities |
83.058 |
74.649 |
64.965 |
|
(d) long-term provisions |
15.598 |
9.633 |
8.092 |
|
Total Non-current Liabilities (3) |
157.149 |
149.881 |
133.615 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
676.762 |
816.529 |
193.980 |
|
(b) Trade payables |
79.377 |
134.449 |
113.730 |
|
(c) Other current
liabilities |
529.615 |
453.533 |
1081.066 |
|
(d) Short-term provisions |
310.006 |
252.679 |
274.919 |
|
Total Current Liabilities (4) |
1595.760 |
1657.190 |
1663.695 |
|
|
|
|
|
|
TOTAL |
5339.094 |
5142.392 |
4780.209 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
740.443 |
776.591 |
757.929 |
|
(ii) Intangible Assets |
5.600 |
5.600 |
5.600 |
|
(iii) Capital
work-in-progress |
2.155 |
14.958 |
12.261 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1589.161 |
1458.857 |
928.330 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
107.122 |
71.814 |
70.257 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2444.481 |
2327.820 |
1774.377 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
251.591 |
303.495 |
149.196 |
|
(c) Trade receivables |
496.327 |
621.416 |
471.335 |
|
(d) Cash and cash
equivalents |
273.202 |
52.560 |
828.342 |
|
(e) Short-term loans and
advances |
1586.333 |
1702.235 |
1550.666 |
|
(f) Other current assets |
287.160 |
134.866 |
6.293 |
|
Total Current Assets |
2894.613 |
2814.572 |
3005.832 |
|
|
|
|
|
|
TOTAL |
5339.094 |
5142.392 |
4780.209 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3067.243 |
2722.037 |
2271.981 |
|
|
|
Other Income |
33.145 |
22.470 |
139.241 |
|
|
|
TOTAL (A) |
3100.388 |
2744.507 |
2411.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1198.383 |
1132.163 |
979.401 |
|
|
|
Purchase of Stock In Trade |
96.212 |
92.966 |
3.684 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
0.000 |
0.000 |
16.440 |
|
|
|
Employee benefits expenses |
207.694 |
162.011 |
159.633 |
|
|
|
Other Expenses |
753.387 |
601.056 |
487.528 |
|
|
|
Exceptional Items |
(96.269) |
6.728 |
(1.051) |
|
|
|
TOTAL (B) |
2159.407 |
1994.924 |
1645.635 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
940.981 |
749.583 |
765.587 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.779 |
98.005 |
70.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
887.202 |
651.578 |
694.936 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
81.421 |
65.410 |
69.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
805.781 |
586.168 |
625.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
229.533 |
194.647 |
186.616 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
576.248 |
391.521 |
439.044 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Charges |
0.104 |
0.277 |
0.465 |
|
|
TOTAL EARNINGS |
0.104 |
0.277 |
0.465 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
582.149 |
3.160 |
228.391 |
|
|
|
Capital Goods |
10.141 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
592.290 |
3.160 |
228.391 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
67.83 |
45.90 |
51.47 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
765.500 |
743.700 |
842.600 |
|
Total Expenditure |
529.400 |
559.700 |
627.300 |
|
PBIDT (Excluding Other Income) |
236.100 |
184.000 |
215.300 |
|
Other income |
2.000 |
3.500 |
4.700 |
|
Operating Profit |
238.200 |
187.500 |
220.000 |
|
Interest |
17.200 |
14.800 |
16.300 |
|
Exceptional Items |
0.000 |
(1.800) |
1.200 |
|
PBDT |
220.900 |
171.000 |
204.900 |
|
Depreciation |
19.600 |
19.800 |
19.600 |
|
Profit Before Tax |
201.400 |
151.200 |
185.200 |
|
Tax |
68.500 |
48.600 |
61.800 |
|
Profit after tax |
132.800 |
102.700 |
123.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
18.59
|
14.27 |
18.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
26.27
|
21.53 |
27.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.50
|
15.98 |
16.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19
|
0.24 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.70 |
1.81 |
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 |
85.338 |
85.294 |
75.694 |
|
Reserves & Surplus |
2897.561 |
3250.027 |
3510.491 |
|
Net
worth |
2982.899 |
3335.321 |
3586.185 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
193.980 |
816.529 |
676.762 |
|
Total
borrowings |
193.980 |
816.529 |
676.762 |
|
Debt/Equity
ratio |
0.065 |
0.245 |
0.189 |
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 |
2271.981 |
2722.037 |
3067.243 |
|
|
|
19.809 |
12.682 |
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
|
2271.981 |
2722.037 |
3067.243 |
|
Profit |
439.044 |
391.521 |
576.248 |
|
|
19.32% |
14.38% |
18.79% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT IS NOT AVAILABLE.
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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) |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Loans and
advances from related parties |
|
|
|
from Directors |
37.695 |
186.654 |
|
from Related Parties |
139.077 |
19.976 |
|
|
|
|
|
TOTAL |
176.772 |
206.630 |
VIEW INDEX OF
CHARGES
|
S.
No |
Charge
ID |
Date
of Charge Creation /Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN |
|
1 |
10310660 |
06/03/2013 * |
1,150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE
BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
B72120223 |
|
* Date of charge modification |
||||||
REVIEW OF
OPERATION:-
During the year, income from operations has increased by 12.68%, i.e.
Rs. 3067.243 Millions from Rs. 2722.037 Millions as compared to the previous
Financial Year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Print media is one of the oldest and basic
forms of mass communication and the contribution of print media in providing
information and transfer of knowledge is remarkable. Even after the advent of
electronic media, the print media has not lost its charm or relevance. Print
media has the advantage of making a longer impact on the minds of the reader,
with more in-depth reporting and analysis.
There are more than 80000 publications of
various kinds in various languages registered with the Registrar of Newspapers
of India, which functions under the Ministry of Information and Broadcasting.
With increase in advertising expenditures across media platforms, the print
media is expected to grow at 9-10% during 2011-2015.
The Company belongs to the Regional Print Media
Industry and which is a publisher of “SANDESH” a premier Gujarati daily
newspaper in Gujarat Region, to carry on the business of editing, printing and
publishing newspapers and periodicals. The Company started its first printing
facilities at Ahmedabad.
Late Shri Chimanbhai S. Patel acquired the
entire business from the original promoter in the year 1958, and had put his
efforts to strengthen the activities carried out by “SANDESH”. The editorial
policy of the Company has always been based on basic journalist values of
objectivity and has not been influenced by any external forces. Presently, Shri
Falgunbhai Patel, Chairman and Managing Director is running the entire business
affairs of the Company along with Shri Parthiv Patel, Managing Director and a
professional team of the Executives of the Company.
The Company had started its printing
facilities at Baroda during 1985-86, at Surat during 1989-90, at Rajkot during
1990-91, at Bhavnagar during 1998-99 and at Bhuj during 2010-11 to cater to the
semi urban and rural areas. The Company has now total six editions in the State
of Gujarat. The Company has its regional offices at Mumbai, Delhi, Kolkata,
Bangalore, Chennai and Pune, which have experienced staff and well equipped
communication facilities. The Company has a strong regional franchise, where it
enjoys strong readership loyalty.
The Company has successfully launched an
augmented reality app i.e. ‘Sandesh Smart’ which lets its readers access
multimedia contents like videos, slideshows, social media connect, polls,
interactive quizzes and much more by simply scanning the newspaper with their
Smartphone. The Company has become the first regional newspaper brand in India
to bring digital content through its newspaper with the launch of ‘Sandesh Smart’.
Besides the Company also publishes “Stree”, a
weekly magazine and also the periodical “Sandesh Pratyaksha Panchang” which
remained popular among the public. A weekly newspaper ‘Agro Sandesh’, specific
to the rural community of the State of Gujarat covering the farming, dairy and
co-operative sector was successfully launched and which is contributing
positively to the development of the farmers of the State of Gujarat and allied
agricultural industries.
The Company has successfully diversified into
electronic media under the brand name “Sandesh News”. This news channel in a
very short time has become immensely popular and has also won the awards.
Further, as a part of its out-of-home advertising activity, the Company has
sites at all the major commercial areas in Ahmedabad. The Company is also
successfully operating its real estate and finance businesses.
SEGMENT-WISE OR PRODUCT-WISE PERFOMANCE
I)
PUBLICATION:
This is the core business of the Company since
its inception. The Company had been able to maintain its business volumes
despite stiff competition in the Regional Print Media Industry. The revenue
from the publication division was Rs.
716.582 Millions during the Financial
Year as against Rs. 613.049 Millions
in previous Financial Year.
II)
FINANCE DIVISION:
The Company has been in the Financing business
and during the year, the segment revenue from Finance Division was Rs. 395.437 Millions during the Financial Year as against Rs.
423.876 Millions in the
previous year.
OUTLOOK, RISKS AND CONCERNS
The increase in population, literacy rate and
reach has led to increased circulation and readership of the newspapers in
India. The company is steadily increasing its geographical presence, which
helps improve its circulation and readership of its publications. The business
outlook for the Print Media Industry and the Company looks good. Both
readership and circulation of newspapers is growing in India
Newsprint prices are an important driver for
print earnings as they constitute approximately 40% of operating costs and
about 33% of revenues. Though international prices in USD terms have been
largely stable over past two years, newsprint cost for the print companies in
India were hardening due to an increase in domestic newsprint price and rupee
depreciation. Newsprint prices are unlikely to exhibit significant increase due
to declining demand from the developed countries. Newsprint price increase is
expected to be restricted to approximately 5%. However, the Company keeps close
watch on the development on the Newsprint front. The Company uses imported as
well as domestic newsprint and by judicious mix of them, tries to mitigate the
high cost impact on the operations. The newsprint price is cyclical and is
dependent on various factors.
The Company is continuously strengthening its
market positions, reinforcing its relationships with Agents, Advertisers and
providing high quality contents to its readers.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Machineries
· Electric Fittings
· Furniture
· Office Equipments
· Motor Vehicles
Intangible Assets
· Tenancy Right
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
718.189 |
613.567 |
1989.351 |
|
b) Other operating income |
124.370 |
130.127 |
359.847 |
|
Total
income from Operations(net) |
842.559 |
743.694 |
2349.198 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
347.534 |
307.139 |
945.762 |
|
b) Purchases of stock in trade |
2.351 |
19.308 |
22.377 |
|
c) Employees benefit expenses |
57.683 |
54.036 |
168.887 |
|
d) Depreciation and amortization expenses |
19.629 |
19.783 |
58.996 |
|
e) Other expenditure |
219.688 |
171.569 |
559.879 |
|
Total expenses |
646.885 |
571.835 |
1755.901 |
|
3. Profit from operations before other income and
financial costs |
195.674 |
171.859 |
593.297 |
|
4. Other income |
4.701 |
3.505 |
13.573 |
|
5. Profit from ordinary activities before finance costs |
200.375 |
175.364 |
606.870 |
|
6. Finance costs |
16.342 |
22.385 |
68.381 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
184.033 |
152.979 |
538.489 |
|
8. Exceptional item |
1.212 |
(1.766) |
(0.554) |
|
9. Profit from ordinary activities before tax
Expense: |
185.244 |
151.213 |
537.935 |
|
10.Tax expenses |
|
|
|
|
a)
Income Tax |
66.100 |
55.500 |
188.016 |
|
b)
Deferred Tax |
(4.276) |
(2.735) |
(8.970) |
|
c)
Adjustment of Previous Year Taxes |
0.000 |
(4.205) |
0.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
61.824 |
48.560 |
179.046 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
123.420 |
102.653 |
358.889 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
75.694 |
75.694 |
75.694 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
16.31 |
13.56 |
47.41 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1906404 |
1906404 |
1906404 |
|
- Percentage of shareholding |
25.19 |
25.19 |
25.19 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
5663017 |
5663017 |
5663017 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
74.81 |
74.81 |
74.81 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Nine
Months Ended (
Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Media |
741.025 |
634.993 |
2054.584 |
|
b. Finance |
93.142 |
87.779 |
263.640 |
|
c. Other |
8.392 |
20.922 |
30.975 |
|
d. Unallocated |
4.701 |
3.505 |
13.573 |
|
Total |
847.260 |
747.199 |
2362.772 |
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
Net
Sales |
847.260 |
747.199 |
2362.772 |
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Media |
100.587 |
75.766 |
309.386 |
|
b. Finance |
73.915 |
70.328 |
206.877 |
|
c. Other |
6.041 |
1.614 |
8.598 |
|
Total |
180.543 |
147.708 |
524.861 |
|
Less:
(i) Interest |
0.000 |
0.000 |
0.000 |
|
Add:
(ii) Other un-allocable Income net off un-allocable Expenditure. |
4.701 |
3.505 |
13.073 |
|
Profit
before Tax |
185.244 |
151.213 |
537.935 |
|
3.
Capital Employed |
|
|
|
|
a. Media |
1182.200 |
960.770 |
1182.200 |
|
b. Finance |
2479.511 |
2569.210 |
2479.511 |
|
c. Other |
62.056 |
60.641 |
62.056 |
|
d. Unallocated |
221.288 |
231.012 |
221.288 |
|
Total |
3945.055 |
3821.633 |
3945.055 |
NOTES:-
1.
The above Unaudited Financial Results were reviewed
by the Audit Committee and thereafter approved at the Meeting of the Board of
Directors held on February 13, 2014. The above results have been subject to
“Limited Review” by the Statutory Auditors.
2.
Figures for the previous periods have been
re-grouped / re-arranged, wherever considered necessary.
3.
The Status of the investors’ grievances for the
Quarter ended on December 31, 2013 is as under :
Pending complaints as on 01.10.2013 - NIL.
Complaints received during the quarter - 9.
Complaints resolved during the quarter -9.
Pending complaints as on 31.12.2013 - NIL.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.70 |
|
|
1 |
Rs. 100.97 |
|
Euro |
1 |
Rs. 84.16 |
INFORMATION DETAILS
|
Report Prepared by
: |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.