MIRA
INFORM REPORT
|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAVNEET EDUCATION LIMITED (w.e.f. 19.09.2013) |
|
|
|
|
Formerly Known
As : |
NAVNEET PUBLICATIONS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Near Shardasharan Society, Bhavani Shankar Road, Dadar, Mumbai-400028,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.09.1984 |
|
|
|
|
Com. Reg. No.: |
11-034055 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 479.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22200MH1984PLC034055 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Printing of Books |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 17710000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects Navneet’s established market position in the education
books segment supported by healthy growth opportunities and stable
operational efficiencies. Further rating also reflects 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 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
05.02.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
05.02.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-66626565)
LOCATIONS
|
Registered Office : |
Near Shardasharan Society, Bhavani Shankar Road, Dadar, Mumbai-400028,
Maharashtra, India |
|
Tel. No.: |
91-22-66626565 |
|
Fax No.: |
91-22-66626470 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Ahmedabad Office : |
Navneet House,
Gurukul Road, Memnagar, Ahmedabad-380052, Gujarat, India |
|
Tel. No.: |
91-79-66305000 |
|
Fax No.: |
91-79-66305011 |
|
|
|
|
Factory 1 : |
Village Dantali,
Behind Kasturi Nagar, District and Taluka Gandhinagar, Gujarat, India |
|
|
|
|
Factory 2 : |
Village Sayali, Silvassa, Union Territory |
|
|
|
|
Factory 3 : |
Rakanpur, Taluka
Kalol, District Mehsana, India |
|
|
|
|
Factory 4 : |
Village
Khaniwade, Taluka Vasai, District Thane, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shivji K. Vikamsey |
|
Designation : |
Chairman (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Amarchand R. Gala |
|
Designation : |
Managing Director (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Jaisinh K. Sampat |
|
Designation : |
Joint Managing Director (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Dungarshi R. Gala |
|
Designation : |
Director – Educational Books Publishing (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Shantilal R. Gala |
|
Designation : |
Director – Educational Books Publishing (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Harakhchand R. Gala |
|
Designation : |
Director – Sales and
Distribution (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Jitendra L. Gala |
|
Designation : |
Director – Marketing (up to 31 / 05 / 2013) |
|
|
|
|
Name : |
Mr. Kamlesh S. Vikamsey |
|
Designation : |
Chairman (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Gnanesh D. Gala |
|
Designation : |
Managing Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Raju H. Gala |
|
Designation : |
Joint Managing Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Bipin A. Gala |
|
Designation : |
Wholetime Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Anil D. Gala |
|
Designation : |
Wholetime Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Shailendra J. Gala |
|
Designation : |
Wholetime Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Atul J. Shethia |
|
Designation : |
Wholetime Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Mohinder Pal Bansal |
|
Designation : |
Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Nilesh S. Vikamsey |
|
Designation : |
Director (w.e.f. 01 / 06 / 2013) |
|
|
|
|
Name : |
Mr. Liladhar D. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. R. Varadarajan |
|
Designation : |
Director |
|
Name : |
Mr. Tushar K. Jani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit D. Buch |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Manali |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
52639871 |
22.10 |
|
|
94570474 |
39.70 |
|
|
94570474 |
39.70 |
|
|
147210345 |
61.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
147210345 |
61.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
28912411 |
12.14 |
|
|
35329 |
0.01 |
|
|
13348147 |
5.60 |
|
|
0 |
0.00 |
|
|
42295887 |
17.76 |
|
|
|
|
|
|
4968477 |
2.09 |
|
|
|
|
|
|
29263914 |
12.28 |
|
|
12646953 |
5.31 |
|
|
1829424 |
0.77 |
|
|
221656 |
0.09 |
|
|
1511193 |
0.63 |
|
|
96575 |
0.04 |
|
|
48708768 |
20.45 |
|
Total Public shareholding (B) |
91004655 |
38.20 |
|
Total (A)+(B) |
238215000 |
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) |
238215000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Printing of Books |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited. ·
The Hongkong and Shanghai Banking Corporation
Limited ·
DBS Bank Limited. ·
Kotak Mahindra Bank Limited ·
HDFC Bank Limited ·
Deutsche Bank AG ·
The Bank of Nova Scotia ·
Standard Chartered Bank ·
ING Vysya Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ghalla and Bhansali Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiaries 95.58 % : |
Grafalco Ediciones S.L |
|
|
|
|
Subsidiaries 99.81% : |
eSense Learning Private Limited |
|
|
|
|
Subsidiaries 95% : |
Navneet Learning LLP |
|
|
|
|
Other Related Parties : |
·
Navneet Prakashan Kendra ·
Vikas Prakashan ·
Gala Publishers ·
Sandeep Agency ·
Gala Comp ·
The Flagship Advertising Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
248297500 |
Equity Shares |
Rs.2/- each |
Rs. 496.600 Millions |
|
340500 |
6% Redeemable Non Cumulative Preference Shares |
Rs.10/- each |
Rs. 3.400 Millions |
|
|
TOTAL |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
238215000 |
Equity Shares |
Rs.2/- each |
Rs. 476.400
Millions |
|
340500 |
6% Redeemable Non Cumulative Preference Shares |
Rs.10/- each |
Rs. 3.400 Millions |
|
|
TOTAL |
|
Rs. 479.800 Millions |
NOTES
Reconciliation of the number of Equity Shares outstanding
|
Particulars |
As at 31st
March, 2013 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Number of Shares at the beginning of the year |
238,215,000 |
476.400 |
|
Less: Shares cancelled on amalgmation |
(96,500,484) |
(193.000) |
|
Add: Shares allotted on amalgmation |
96,500,484 |
193.000 |
|
Number of Shares at the end of the year |
238,215,000 |
476.400 |
Reconciliation of the number of 6% Redeemable Non cumulative Preference
Shares outstanding
|
Particulars |
As at 31st
March, 2013 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Number of Shares at the beginning of the year |
-- |
-- |
|
Add: Shares allotted on amalgmation |
340,500 |
3.400 |
|
Number of Shares
at the end of the year |
340,500 |
3.400 |
(a)
Terms / Rights Attached to Equity Shares
The Company has
only one class of equity shares having a par value of Rs. 2 per share. Each
holder of equity shares is entitled to one vote per share and all rank pari passu.
(b) Terms / Rights
Attached to Preference Shares
i)
Redemption - To be redeemed at par at the end of 18
months from the date of allotment
ii) Coupon Rate - 6%
per annum non cumulative
iii)
Call Option - The Company has an option to redeem
the Preference Shares at any time after the end of 1 year from the date of
allotment. If the Company exercises its call option, it will pay the amount of
the face value of the Preference Shares along with dividend declared, if any,
up to the date on which it exercise the call option.
In case the Company exercises the call option, its liability to the Preference
Shareholders shall stand extinguished from the date of dispatch of the cheques
/ pay order for the redemption amount, along with dividend, if any.
iv)
Each holder of 6% RNCPS is entitled to one vote per
RNCPS only on resolution placed before the Company which directly affect the
rights attached to RNCPS.
v)
In the event of winding up of the company, before
redemption of RNCPS, the holders of RNCPS will have priority over equity
shareholders in the payment of dividend and repayment of capital.
Aggregate number of bonus shares issued during the period of five years
immediately preceding the reporting date
14,29,29,000 (14,29,29,000) Equity shares allotted as fully paid bonus
shares in the last 5 years by capitalisation of Share Premium and General Reserve
Aggregate number and class of shares alloted as fully paid up pursuant
to contract ‘s’ without payment being received in Cash.
9,65,00,484 (NIL)
Equity shares and 3,40,500 (NIL) Preference Shares were alloted in last 5 years
pursuant to the scheme of Amalgamation without payment being received in Cash.
Equity Shareholders holding more than 5% of the shares
|
Particulars |
As at 31st
March, 2013 |
|
|
|
No. of Shares |
% held |
|
Amarchand Ramji Gala,
Dungarshi Ramji Gala, Gnanesh Dungarshi Gala - Trustees of Navneet Trust |
94,570,474 |
39.70 |
6% Redeemable Non cumulative Preference Shareholders holding more than
5% of the shares
|
Particulars |
As at 31st
March, 2013 |
|
|
|
No. of Shares |
% held |
|
Amarchand Ramji Gala |
25,783 |
7.57 |
|
Dungarshi Ramji Gala |
20,457 |
6.01 |
|
Vimlaben Shantilal Gala |
17,580 |
5.16 |
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 |
479.800 |
476.400 |
476.400 |
|
(b) Reserves & Surplus |
3948.700 |
3331.500 |
2917.800 |
|
(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) |
4428.500 |
3807.900 |
3394.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
24.200 |
79.400 |
82.700 |
|
(b) Deferred tax liabilities (Net) |
48.200 |
45.200 |
32.800 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
36.000 |
35.900 |
22.600 |
|
Total Non-current Liabilities (3) |
108.400 |
160.500 |
138.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1614.400 |
1319.500 |
440.200 |
|
(b) Trade payables |
252.600 |
149.700 |
70.600 |
|
(c) Other current
liabilities |
368.00 |
280.500 |
214.300 |
|
(d) Short-term provisions |
538.500 |
230.100 |
230.600 |
|
Total Current Liabilities (4) |
2773.500 |
1979.800 |
955.700 |
|
|
|
|
|
|
TOTAL |
7310.400 |
5948.200 |
4488.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1581.800 |
1479.700 |
1124.000 |
|
(ii) Intangible Assets |
113.500 |
120.200 |
19.100 |
|
(iii) Capital
work-in-progress |
57.000 |
33.700 |
98.300 |
|
(b) Non-current Investments |
56.500 |
43.000 |
76.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
769.100 |
631.500 |
281.300 |
|
(e) Other Non-current assets |
2.500 |
2.800 |
12.900 |
|
Total Non-Current Assets |
2580.400 |
2310.900 |
1612.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2749.200 |
2171.500 |
1766.100 |
|
(c) Trade receivables |
1593.800 |
1117.500 |
806.800 |
|
(d) Cash and cash
equivalents |
34.300 |
39.400 |
104.600 |
|
(e) Short-term loans and
advances |
282.100 |
294.600 |
167.300 |
|
(f) Other current assets |
70.600 |
14.300 |
31.000 |
|
Total Current Assets |
4730.000 |
3637.300 |
2875.800 |
|
|
|
|
|
|
TOTAL |
7310.400 |
5948.200 |
4488.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7907.800 |
6096.500 |
5362.400 |
|
|
|
Other Income |
33.700 |
85.900 |
82.700 |
|
|
|
TOTAL (A) |
7941.500 |
6182.400 |
5445.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
4243.100 |
3046.900 |
2626.000 |
|
|
|
Purchase of Stock In Trade |
37.000 |
14.600 |
10.100 |
|
|
|
Employee benefits expenses |
626.300 |
540.800 |
477.100 |
|
|
|
Other Expenses |
1521.100 |
1189.700 |
1040.900 |
|
|
|
Extra Ordinary Items |
0.000 |
32.600 |
0.000 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(425.300) |
(69.100) |
(32.000) |
|
|
|
TOTAL (B) |
6002.200 |
4755.500 |
4122.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1939.300 |
1426.900 |
1323.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
78.600 |
53.400 |
29.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1860.700 |
1373.500 |
1293.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
200.000 |
151.000 |
114.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1660.700 |
1222.500 |
1179.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
550.100 |
420.000 |
403.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1110.600 |
802.500 |
775.600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1144.300 |
545.600 |
567.300 |
|
|
|
Interest Income |
0.100 |
0.900 |
0.900 |
|
|
|
Other Matters |
1.200 |
3.900 |
0.000 |
|
|
TOTAL EARNINGS |
1145.600 |
550.400 |
568.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.600 |
2.600 |
3.600 |
|
|
|
Components, Stores & Spares & Others |
60.700 |
41.400 |
64.100 |
|
|
|
Capital Goods |
61.800 |
39.400 |
35.000 |
|
|
TOTAL IMPORTS |
128.100 |
83.400 |
102.700 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.66 |
3.37 |
3.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.98
|
12.98 |
14.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.00
|
20.05 |
21.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.08
|
20.82 |
27.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.32 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.37
|
0.37 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.84 |
3.01 |
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 |
476.400 |
476.400 |
479.800 |
|
Reserves & Surplus |
2917.800 |
3331.500 |
3948.700 |
|
Net
worth |
3394.200 |
3807.900 |
4428.500 |
|
|
|
|
|
|
long-term borrowings |
82.700 |
79.400 |
24.200 |
|
Short term borrowings |
440.200 |
1319.500 |
1614.400 |
|
Total
borrowings |
522.900 |
1398.900 |
1638.600 |
|
Debt/Equity
ratio |
0.154 |
0.367 |
0.370 |
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 |
5362.400 |
6096.500 |
7907.800 |
|
|
|
13.690 |
29.710 |
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 |
5362.400 |
6096.500 |
7907.800 |
|
Profit |
775.600 |
802.500 |
1110.600 |
|
|
14.46% |
13.16% |
14.04% |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
|
|
|
From Banks |
|
|
|
Rupee Loan |
150.000 |
500.000 |
|
Foreign Currency Loan |
217.200 |
0.000 |
|
|
|
|
|
TOTAL |
367.200 |
500.000 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Foreign Currency Loans from Bank |
48.400 |
53.000 |
33.100 |
|
|
|
|
|
|
TOTAL |
48.400 |
53.000 |
33.100 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10071646 |
09/10/2007 |
168,540,000.00 |
DBS BANK LIMITED |
FORT HOUSE,3RD FLOOR,, 221,
DR. D.N. ROAD, FORT, |
A24944308 |
|
2 |
90241476 |
11/06/2012 * |
1,920,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B42233379 |
|
* Date of charge modification |
||||||
OPERATIONS
(i) During the year, the Company
achieved a turnover of Rs. 7907.800 Millions as compared to Rs. 6096.500 Millions
in FY 12.
(ii) Profit before depreciation and
income tax for the year stood at Rs. 1860.700 Millions as against Rs. 14062 Lac
in the previous year.
(iii) After providing Rs. 200.000 Millions
for depreciation, Rs. 550.100 Millions for income tax, deferred tax, profit
after tax for the year stood at Rs. 1110.600 Millions as against Rs. 8026 Lac
achieved in the previous year on standalone basis.
PERFORMANCE OF DIVISIONS
CONTENT DIVISION
During
the year, the Company achieved revenue of Rs. 4571.500 Millions from its
publication business as against Rs. 3540.400 Millions in the previous year.
This growth of 29% on y-o-y basis was achieved as a result of syllabus change
cycle continuing in the states of Maharashtra and Gujarat. The Directors are
optimistic that the revenue from publication business would continue to see
good growth for the next few years. The Directors are happy to inform that
Company's Subsidiary, namely eSense Learning Private Limited, has been able to
spread its presence in more institutions and as on 31st March, 2013,
its B2B product "TOP Class" was installed in 1,645 institutions in
Maharashtra and Gujarat compared to 925 in FY 12, a jump of 78% y-o-y. eSense's
new B2C product "UTOP", a tablet for students, was soft launched and
received a good response from parents and students. The Company has intensified
marketing of this product and expects better numbers this year going forward.
STATIONERY DIVISION
The
result of strong exports, particularly to the US market, stationery segment
showed substantial growth during the current year. The revenue from stationery
division increased from Rs. 2492.700 Millions in FY 12 to Rs. 3259.600
Millions, a growth of over 30%. The Directors expect double digit growth in
revenue of stationery division in FY 14.
SCHEME OF AMALGAMATION
The
Hon'ble High Court of Bombay has vide its Order dated 8th February, 2013,
approved the Scheme of Amalgamation between Lakheni Publications Private
Limited and the Company and their respective shareholders (the Scheme). The
said Order has been filed by the Company with the Office of Registrar of
Companies on 12th March, 2013 thereby making the Scheme effective from that
date.
MANAGEMENT DISCUSSION AND ANALYSIS
WEALTH CREATION
FOR SHAREHOLDERS
All Companies are
obliged to create and maximize Shareholder’s Wealth which means maximizing the
Net Worth of the Company. Over the years, Navneet’s main objective has been
creation of Shareholder’s Wealth.
Result-oriented
Management and prudent investment decisions have enabled enhancement of the Net
Worth of the Company from Rs. 3810.000 Millions in FY12 to Rs. 4430.000
Millions. in FY 13. Earnings Per Share is an indication of Wealth creation for
a shareholder. EPS has gone up from Rs. 3.37 in FY12 to Rs. 4.66 in FY13, a rise of 38% y-o-y, on a face
value of Rs. 2 / - per share.
BUSINESS OVERVIEW
PUBLICATION SEGMENT
Syllabus change
cycle continued in Maharashtra and Gujarat in FY13. As a result, the Company
has posted strong numbers. Revenue from Publication business showed a handsome
growth of 29% y-o-y and stood at Rs.
4570.000 Millions as compared to Rs. 3540.000 Millions. in FY12. This
segment would continue to see good growth for the next few years. Operating margin
is maintained at 33% and is expected to continue in the current year as well.
STATIONERY SEGMENT
Stationery segment
has showed substantial growth during the current year, led by strong exports
particularly to the US market. This segment achieved a growth of 31% and grew
up to Rs. 3260.000 Millions in FY13 from
Rs. 2490.000 Millions in FY12. The Company expects double digit growth in this
segment in FY14
NET PROFIT
The Company has, for
the first time, crossed Rs. 1000.000 Millions mark (1 Billion Rupees) in its
Net Profit after Tax. For FY13, the Company’s Net Profit after tax stood at Rs.
1110.600 Millions as compared to Rs. 802.600 Millions. for FY12. Net Profit as
a percentage to revenue has gone up by 100 basis points from 13% in FY12 to 14%
in FY13.
NEW LOGISTICS CENTRE
The Company has so
far invested Rs. 600.000 Millions in the logistic centre near Virar, Mumbai.
The logistic centre is fully functional and operational. To cater to the
increased demand, the Management is considering an additional outlay of around
Rs. 150.000 Millions to add a production line in its second phase.
INVESTMENT IN ANDHRA PRADESH-BASED SCHOOL MANAGEMENT COMPANY
The Company
ventured into direct education by investing in a School Management Company
owning the brands “Gowtham Model School (GMS)” and “Orchids International” in
Andhra Pradesh in FY12. The total investment to acquire appx. 24% equity of the
Company would be Rs. 410.000 Millions of
which Rs. 318.800 Millions. has already been invested as of 31st March, 2013.
Two new schools
have also been opened out of AP for Academic year 2013-14.
ELEARNING SEGMENT
The Company’s
subsidiary, eSense Learning Private Limited, has been able to spread its presence
in more institutions and as on 31 March, 2013, its B2B product “TOPClass” was
installed in 1,645 institutions in Maharashtra and Gujarat compared to 925 in
FY12, a jump of 78% y-o-y. They expect a substantial rise in this number in
FY14 as well.
eSense’s new B2C
product “UTOP”, a tablet for students, was soft launched and received a good
response from parents and students. The Company has intensified marketing of
this product and expects better numbers this year going forward.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixture
·
Vehicles
·
Trade Mark
·
Software
·
SAP
·
Copy Right
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
DECEMBER, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
3 months ended 31-12-2013 (Unaudited) |
Preceding 3
months ended 30-09-2013 (Unaudited) |
9 months ended 31-12-2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
1326.000 |
1438.300 |
6718.000 |
|
|
Other Operating Income |
4.500 |
1.800 |
10.000 |
|
|
Net Sales/Income
from Operations |
1330.500 |
1440.100 |
6728.000 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
1010.100 |
708.900 |
2849.200 |
|
|
Purchase of stock-in-trade |
2.300 |
6.200 |
11.000 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(433.300) |
(21.600) |
524.100 |
|
|
Employee Benefits Expenses |
174.000 |
160.200 |
508.600 |
|
|
Depreciation and Amortization Expenses |
56.600 |
54.400 |
162.500 |
|
|
Other Expenses |
316.600 |
321.200 |
1147.300 |
|
|
f) Total |
1126.300 |
129.300 |
5202.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
204.200 |
210.800 |
1525.300 |
|
|
|
|
|
|
|
4. |
Other Income |
9.800 |
7.100 |
23.400 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
214.000 |
217.900 |
1548.700 |
|
|
|
|
|
|
|
6. |
Interest |
11.300 |
16.100 |
69.000 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
202.700 |
201.800 |
1479.700 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
202.700 |
201.800 |
1479.700 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
Provision for Taxation |
80.400 |
68.600 |
514.500 |
|
|
Provision for Deferred Tax |
(1.50) |
(2.000) |
(3.900) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
123.800 |
135.200 |
969.100 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
123.800 |
135.200 |
969.100 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
476.400 |
476.400 |
476.400 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.52 |
0.57 |
4.07 |
|
|
b) Basic and diluted EPS after extraordinary items |
0.52 |
0.57 |
4.07 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
91,004,655 |
91,004,655 |
91,004,655 |
|
|
- Percentage of Shareholding |
38.20% |
38.20% |
38.20% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
147,210,345 |
147,210,345 |
147,210,345 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
61.80% |
61.80% |
61.80% |
|
Particulars
|
3
Months ended on 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
34 |
|
Disposed of during the quarter |
34 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
Sl. No. |
|
Particulars |
3 months ended 31-12-2013 (Unaudited) |
Preceding 3
months ended 30-09-2013 (Unaudited) |
9 months ended 31-12-2013 (Unaudited) |
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Publications |
796.200 |
984.300 |
4293.600 |
|
|
|
Stationery Products |
524.900 |
439.300 |
2392.800 |
|
|
|
Others |
9.400 |
16.500 |
41.600 |
|
|
|
|
1330.500 |
1440.100 |
6728.000 |
|
|
|
|
-- |
-- |
-- |
|
|
|
Net Sales / Income
from Operation |
1330.500 |
1440.100 |
6728.000 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Publications |
212.900 |
273.500 |
1491.100 |
|
|
|
Stationery Products |
44.500 |
(16.400) |
217.000 |
|
|
|
Others |
0.500 |
2.600 |
7.300 |
|
|
|
|
257.900 |
259.700 |
1715.400 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
11.300 |
16.100 |
69.000 |
|
|
|
Less : Other Unallocable Expenses |
53.300 |
48.200 |
187.800 |
|
|
|
Other Unallocable Income |
(9.400) |
(6.400) |
(21.100) |
|
|
|
|
|
|
|
|
|
|
Total Profit Before Tax |
202.700 |
201.800 |
1479.700 |
NOTES
(1) The above results were reviewed by the audit committee and taken on record by the Board of Directors at its meeting held on 5th February, 2014.
(2) The auditors of the company have carried out Limited Review of the aforesaid results.
(3) In view of seasonal nature of business, financial results of this quarter of the year are not representative of the operations of the company as a whole.
(4) Not all assets and liabilities of the Company have been identified to any of the reportable segments, as the usage and linkage with particular segments can not be established. The company believes that it is currently not practicable to provide segment disclosures relating to capital employed.
(5) Previous period figures are regrouped and rearranged wherever necessary.
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 exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.88 |
|
UK Pound |
1 |
Rs. 100.93 |
|
Euro |
1 |
Rs. 82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.