MIRA
INFORM REPORT
|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAVNEET EDUCATION LIMITED (w.e.f. 19.09.2013) |
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Formerly Known
As : |
NAVNEET PUBLICATIONS ( |
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Registered
Office : |
Navneet Bhavan, Near Shardasharan Society, Bhavani Shankar Road,
Dadar, Mumbai-400028, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.09.1984 |
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Com. Reg. No.: |
11-034055 |
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Capital
Investment / Paid-up Capital : |
Rs. 479.800 Millions |
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CIN No.: [Company Identification
No.] |
L22200MH1984PLC034055 |
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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
: |
Manufacturer and Printing of Books. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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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 stable operational efficiencies and
healthy financial risk profile. 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
17.09.2014 |
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Rating Agency Name |
CRISIL |
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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
31-03-2014.
INFORMATION DECLINED
Management Non-Cooperative (91-22-66626565)
LOCATIONS
|
Registered Office : |
Navneet Bhavan, Near Shardasharan Society, Bhavani Shankar Road,
Dadar, Mumbai-400028, Maharashtra, India |
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Tel. No.: |
91-22-66626565 |
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Fax No.: |
91-22-66626470 |
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E-Mail : |
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Website : |
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Ahmedabad Office : |
Navneet House,
Gurukul Road, Memnagar, Ahmedabad-380052, Gujarat, India |
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Tel. No.: |
91-79-66305000 |
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Fax No.: |
91-79-66305011 |
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Factory 1 : |
Village Dantali,
Behind Kasturi Nagar, District and Taluka Gandhinagar, Gujarat, India |
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Factory 2 : |
Village Sayali, Silvassa, Union Territory |
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Factory 3 : |
Rakanpur, Taluka
Kalol, District Mehsana, India |
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Factory 4 : |
Village Khaniwade,
Taluka Vasai, District Thane, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Kamlesh S. Vikamsey |
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Designation : |
Chairman |
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Name : |
Mr. Gnanesh D. Gala |
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Designation : |
Managing Director |
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Name : |
Mr. Raju H. Gala |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Bipin A. Gala |
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Designation : |
Wholetime Director |
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Name : |
Mr. Anil D. Gala |
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Designation : |
Wholetime Director |
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Name : |
Mr. Shailendra J. Gala |
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Designation : |
Wholetime Director |
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Name : |
Mr. Atul J. Shethia |
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Designation : |
Wholetime Director |
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Name : |
Mr. Mohinder Pal Bansal |
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Designation : |
Director |
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Name : |
Mr. Nilesh S. Vikamsey |
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Designation : |
Director |
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Name : |
Mr. Liladhar D. Shah (Upto 11th August, 2014) |
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Designation : |
Director |
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Name : |
Dr. R. Varadarajan (Upto 31st
October, 2013) |
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Designation : |
Director |
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Name : |
Mr. Tushar K. Jani |
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Designation : |
Director |
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Name : |
Dr. Vijay B. Joshi (w.e.f. 31st October, 2013 ) |
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Designation : |
Director |
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Name : |
Madam Usha Laxman (w.e.f. 11th August, 2014) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit D. Buch |
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Designation : |
Company Secretary |
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Name : |
Ms. Manali |
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Designation : |
Accounts Department |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
52639871 |
22.10 |
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|
94570474 |
39.70 |
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|
94570474 |
39.70 |
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|
147210345 |
61.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
147210345 |
61.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
29886624 |
12.55 |
|
|
45164 |
0.02 |
|
|
14016650 |
5.88 |
|
|
0 |
0.00 |
|
|
43948438 |
18.45 |
|
|
|
|
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|
5239888 |
2.20 |
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|
|
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|
27642640 |
11.60 |
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|
12303646 |
5.16 |
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|
1870043 |
0.79 |
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|
367420 |
0.15 |
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|
1421048 |
0.60 |
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|
81575 |
0.03 |
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|
47056217 |
19.75 |
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Total Public shareholding (B) |
91004655 |
38.20 |
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Total (A)+(B) |
238215000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
238215000 |
100.00 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"
|
Sr. No. |
Name of the Shareholder |
Details of Shares held Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Amarchand Ramji Gala/Dungarshi Ramji Gala/Gnanesh Dungarshi Gala
Trustee Of Navneet Trust |
9,45,70,474 |
39.70 |
|
2 |
Kalpesh H Gala /Madhuriben H Gala |
36,25,401 |
1.52 |
|
3 |
Anil D Gala /Bhairaviben A Gala |
33,35,148 |
1.40 |
|
4 |
Gnanesh D Gala/ Priti G Gala |
31,81,293 |
1.34 |
|
5 |
Jitendra L Gala / Manjulaben J Gala |
29,82,456 |
1.25 |
|
6 |
Ranjanben B Gala/Bipin A Gala |
26,96,425 |
1.13 |
|
7 |
Ketan B Gala/Ranjanben B Gala |
25,00,300 |
1.05 |
|
8 |
Sandeep S Gala/ Vimlaben S Gala |
19,87,012 |
0.83 |
|
9 |
Kanchan N Shah / Navin N Shah |
19,28,721 |
0.81 |
|
10 |
Shantilal R Gala ( Huf) |
17,13,209 |
0.72 |
|
11 |
Devkaben A Gala/ Bipin A Gala / Ketan B Gala |
15,25,750 |
0.64 |
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12 |
Devish G Gala |
14,59,160 |
0.61 |
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13 |
Priti G Gala / Gnanesh D Gala |
13,98,425 |
0.59 |
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14 |
Bipin A Gala/Ranjan B Gala |
13,38,448 |
0.56 |
|
15 |
Shailendra J Gala / Jitendra L Gala |
12,92,725 |
0.54 |
|
16 |
Bhairaviben A Gala / Anil D Gala |
12,87,625 |
0.54 |
|
17 |
Sanjeev J Gala/Manjulaben J Gala |
12,80,225 |
0.54 |
|
18 |
Harakhchand R Gala/Madhuriben H Gala/ Raju H Gala |
12,48,225 |
0.52 |
|
19 |
Sangeeta R Gala / Raju H Gala |
12,08,587 |
0.51 |
|
20 |
Raju H Gala / Sangeeta R Gala |
11,50,075 |
0.48 |
|
21 |
Gnanesh D Gala /Bipin A Gala |
10,55,575 |
0.44 |
|
22 |
Manjulaben J Gala / Jitendra L Gala |
10,03,000 |
0.42 |
|
23 |
Harshil A Gala |
9,71,893 |
0.41 |
|
24 |
Darsha D Sampat/ Dilip C Sampat |
9,67,900 |
0.41 |
|
25 |
Jayshree J Sampat / Jaisinh K Sampat |
9,30,078 |
0.39 |
|
26 |
Shantilal R Gala/Vimlaben S Gala / Sandeep S Gala |
9,27,700 |
0.39 |
|
27 |
Archit R Gala |
9,03,855 |
0.38 |
|
28 |
Madhuriben H Gala / Harakhchand R Gala /Kalpesh H Gala |
8,79,850 |
0.37 |
|
29 |
Jitendra L Gala ( Huf) |
8,24,861 |
0.35 |
|
30 |
Vimlaben S Gala / Shantilal R Gala / Sandeep S Gala |
7,82,475 |
0.33 |
|
31 |
Bipin A Gala (Huf) |
7,62,966 |
0.32 |
|
32 |
Shaan S Gala |
5,90,629 |
0.25 |
|
33 |
Parth S Gala |
5,00,000 |
0.21 |
|
34 |
Amarchand R Gala / Devkaben A Gala |
3,21,690 |
0.14 |
|
35 |
Navin N Shah / Kanchan N Shah |
2,98,081 |
0.13 |
|
36 |
Harakhchand R Gala (Huf) |
2,85,482 |
0.12 |
|
37 |
Pooja K Gala |
2,84,296 |
0.12 |
|
38 |
Raju H Gala (Huf) |
2,26,985 |
0.10 |
|
39 |
Nikita Nehul Shah |
2,04,625 |
0.09 |
|
40 |
Jigna Nilesh Shah / Nilesh V Shah |
1,99,675 |
0.08 |
|
41 |
Dungarshi R Gala |
1,72,600 |
0.07 |
|
42 |
Anil D Gala (Huf) |
1,67,750 |
0.07 |
|
43 |
Chandni Ketan Gala |
1,62,500 |
0.07 |
|
44 |
Karishma Ketan Gala |
1,60,000 |
0.07 |
|
45 |
Dilip C Sampat |
1,31,040 |
0.06 |
|
46 |
Jaini Anil Gala |
1,05,000 |
0.04 |
|
47 |
Henal Tanay Mehta / Bhairaviben A Gala |
1,04,800 |
0.04 |
|
48 |
Vimlaben S Gala / Shantilal R Gala |
91,482 |
0.04 |
|
49 |
Mita Manoj Savla |
90,910 |
0.04 |
|
50 |
Jaisinh K Sampat / Jayshree J Sampat |
89,422 |
0.04 |
|
51 |
Stuti K Gala |
87,175 |
0.04 |
|
52 |
Amarchand R Gala ( Huf) |
79,900 |
0.03 |
|
53 |
Harakhchand R Gala /Madhuriben H Gala |
76,428 |
0.03 |
|
54 |
Aditya S Gala |
67,698 |
0.03 |
|
55 |
Dungarshi R Gala (Huf) |
56,561 |
0.02 |
|
56 |
Siddhant S Gala |
55,198 |
0.02 |
|
57 |
Punita Chirayu Andani |
52,500 |
0.02 |
|
58 |
Sanjeev J Gala / Jasmine S Gala |
51,679 |
0.02 |
|
59 |
Kalpesh H Gala |
50,759 |
0.02 |
|
60 |
Ketan B Gala |
45,162 |
0.02 |
|
61 |
Kanchan N Shah |
44,861 |
0.02 |
|
62 |
Anushka Kalpesh Gala |
44,375 |
0.02 |
|
63 |
Devkaben A Gala |
44,004 |
0.02 |
|
64 |
Rekhaben Kiritbhai Shah |
43,750 |
0.02 |
|
65 |
Shailendra J Gala |
39,179 |
0.02 |
|
66 |
Gnanesh D Gala |
38,610 |
0.02 |
|
67 |
Shantilal R Gala |
38,600 |
0.02 |
|
68 |
Devkaben A Gala/ Amarchand R Gala |
36,670 |
0.02 |
|
69 |
Manjulaben J Gala |
33,775 |
0.01 |
|
70 |
Jaisinh K Sampat |
30,687 |
0.01 |
|
71 |
Mansi Kiritbhai Shah |
28,125 |
0.01 |
|
72 |
Parini Kiritbhai Shah |
28,125 |
0.01 |
|
73 |
Vimlaben S Gala |
27,020 |
0.01 |
|
74 |
Manav S Gala |
22,500 |
0.01 |
|
75 |
Manisha S Gala / Shailendra J Gala |
22,500 |
0.01 |
|
76 |
Bipin A Gala |
21,616 |
0.01 |
|
77 |
Harakhchand R Gala |
20,458 |
0.01 |
|
78 |
Jyoti Sanjiv Bhatia |
15,650 |
0.01 |
|
79 |
Sandeep S Gala / Kavita S Gala |
14,089 |
0.01 |
|
80 |
Madhuriben H Gala / Harakhchand R Gala |
13,317 |
0.01 |
|
81 |
Anil D Gala |
12,738 |
0.01 |
|
82 |
Sanjeev J Gala |
12,500 |
0.01 |
|
83 |
Jasmine S Gala |
12,500 |
0.01 |
|
84 |
Priti G Gala |
9,264 |
0.00 |
|
85 |
Shantilal R Gala/Vimlaben S Gala |
8,878 |
0.00 |
|
86 |
Madhuriben H Gala |
7,720 |
0.00 |
|
87 |
Raju H Gala |
6,369 |
0.00 |
|
88 |
Sandeep S Gala |
1,250 |
0.00 |
|
89 |
Navin N Shah |
1,158 |
0.00 |
|
90 |
Raju H Gala / Harakhchand R Gala |
193 |
0.00 |
|
|
Total |
14,72,10,345 |
61.80 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE
TOTAL NO. OF SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
|
|
|
|
1 |
Somerset Emerging Markets Small Cap Fund LLC |
7246835 |
3.04 |
|
2 |
UTI - Childrens Career Balanced Plan |
6337305 |
2.66 |
|
3 |
Franklin Templeton Mutual Fund A/C Franklin India Prima Fund |
3771383 |
1.58 |
|
4 |
ICICI Prudential Value Fund Series - 1 |
3150469 |
1.32 |
|
5 |
HDFC Trustee Company Ltd A/c HDFC Mid Cap Opportunities Fund |
14246229 |
5.98 |
|
|
Total |
34752221 |
14.59 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 5% OF THE
TOTAL NO. OF SHARES
|
Sl. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
1 |
HDFC Trustee Company Ltd A/c HDFC Mid Cap Opportunities Fund |
14246229 |
5.98 |
|
|
Total |
14246229 |
5.98 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Printing of Books |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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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 · Commonwealth Bank of Australia ·
ING Vysya Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ghalla and Bhansali Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
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Subsidiaries 95.58 % : |
Grafalco Ediciones S.L |
|
|
|
|
Subsidiaries 99.81% : |
eSense Learning Private Limited |
|
|
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Subsidiaries 95% : |
Navneet Learning LLP |
|
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Other Related Parties : |
·
Navneet Prakashan Kendra ·
Vikas Prakashan ·
Gala Publishers ·
Sandeep Agency ·
Gala Comp ·
The Flagship Advertising Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
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, 2014 |
|
|
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 |
-- |
-- |
|
Add: Shares allotted on amalgmation |
-- |
-- |
|
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, 2014 |
|
|
Number of Shares |
Rs. In Millions |
|
|
Number of Shares at the beginning of the year |
340,500 |
3.400 |
|
Add: Shares allotted on amalgmation |
--- |
--- |
|
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 & 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 (9,65,00,484) Equity Share and 3,40,500
(3,40,500) 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, 2014 |
|
|
|
No. of Shares |
% held |
|
Amarchand Ramji
Gala, Dungarshi Ramji Gala, Gnanesh Dungarshi Gala - Trustees of Navneet
Trust |
94,570,474 |
39.70 |
|
HDFC Trustee Company Limited.. - HDFC MF Monthly Income Plan Long Term Plan |
11,967,917 |
5.02 |
6% Redeemable Non cumulative Preference Shareholders holding more than
5% of the shares
|
Particulars |
As at 31st
March, 2014 |
|
|
|
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
479.800 |
479.800 |
476.400 |
|
(b) Reserves & Surplus |
4522.300 |
3948.700 |
3331.500 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5002.100 |
4428.500 |
3807.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
24.200 |
79.400 |
|
(b) Deferred tax liabilities (Net) |
58.900 |
48.200 |
45.200 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
33.400 |
36.000 |
35.900 |
|
Total Non-current Liabilities (3) |
92.300 |
108.400 |
160.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2282.500 |
1614.400 |
1319.500 |
|
(b) Trade payables |
211.200 |
252.600 |
149.700 |
|
(c) Other current
liabilities |
426.300 |
353.400 |
280.500 |
|
(d) Short-term provisions |
574.200 |
538.500 |
230.100 |
|
Total Current Liabilities (4) |
3494.200 |
2758.900 |
1979.800 |
|
|
|
|
|
|
TOTAL |
8588.600 |
7295.800 |
5948.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1743.100 |
1581.800 |
1479.700 |
|
(ii) Intangible Assets |
105.600 |
113.500 |
120.200 |
|
(iii) Capital
work-in-progress |
45.100 |
57.000 |
33.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
56.500 |
56.500 |
43.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
936.400 |
769.100 |
631.500 |
|
(e) Other Non-current assets |
4.100 |
2.500 |
2.800 |
|
Total Non-Current Assets |
2890.800 |
2580.400 |
2310.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3296.600 |
2749.200 |
2171.500 |
|
(c) Trade receivables |
1865.000 |
1593.800 |
1117.500 |
|
(d) Cash and cash
equivalents |
62.800 |
34.300 |
39.400 |
|
(e) Short-term loans and
advances |
389.800 |
282.100 |
294.600 |
|
(f) Other current assets |
83.600 |
56.000 |
14.300 |
|
Total Current Assets |
5697.800 |
4715.400 |
3637.300 |
|
|
|
|
|
|
TOTAL |
8588.600 |
7295.800 |
5948.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8613.100 |
7907.800 |
6096.500 |
|
|
|
Other Income |
35.200 |
33.700 |
85.900 |
|
|
|
TOTAL (A) |
8648.300 |
7941.500 |
6182.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
4602.100 |
4243.100 |
3046.900 |
|
|
|
Purchase of Stock In Trade |
12.100 |
37.000 |
14.600 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(316.500) |
(425.300) |
(69.100) |
|
|
|
Employee benefits expenses |
678.300 |
626.300 |
540.800 |
|
|
|
Other Expenses |
1615.400 |
1512.000 |
1189.700 |
|
|
|
TOTAL (B) |
6591.400 |
5993.100 |
4722.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2056.900 |
1948.400 |
1459.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
99.800 |
87.700 |
53.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1957.100 |
1860.700 |
1406.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
220.100 |
200.000 |
151.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1737.000 |
1660.700 |
1255.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
605.200 |
550.100 |
452.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1131.800 |
1110.600 |
802.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2728.000 |
2230.200 |
1915.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
-- |
-- |
142.900 |
|
|
|
Final Dividend |
476.400 |
428.00 |
190.600 |
|
|
|
Dividend on 6% Redeemable Non Cumulative Preference Shares |
0.200 |
-- |
-- |
|
|
|
Corporate Tax on Dividend |
81.000 |
72.900 |
54.100 |
|
|
|
General Reserve |
113.200 |
111.100 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3189.000 |
2728.000 |
2230.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1283.400 |
1144.300 |
545.600 |
|
|
|
Interest Income |
0.100 |
0.100 |
0.900 |
|
|
|
Other Matters |
0.400 |
1.200 |
3.900 |
|
|
TOTAL EARNINGS |
1283.9 |
1145.600 |
568.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Including Consumables) |
7.300 |
5.600 |
2.600 |
|
|
|
Components, Stores, Spares and Others |
86.800 |
60.700 |
41.400 |
|
|
|
Capital Goods |
46.600 |
61.800 |
39.400 |
|
|
TOTAL IMPORTS |
140.700 |
128.100 |
83.400 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.75 |
4.66 |
3.37 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
QUARTER
1 Jun 2014 |
|
|
|
|
UnAudited |
|
Net Sales |
|
|
493.670 |
|
Total Expenditure |
|
|
343.390 |
|
PBIDT (Excl OI) |
|
|
150.280 |
|
Other Income |
|
|
0.670 |
|
Operating Profit |
|
|
150.950 |
|
Interest |
|
|
5.810 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
145.140 |
|
Depreciation |
|
|
6.600 |
|
Profit Before Tax |
|
|
138.540 |
|
Tax |
|
|
48.700 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
89.840 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
89.840 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
13.09 |
13.98 |
12.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.17 |
21.00 |
20.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.47 |
23.12 |
21.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.38 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.46 |
0.37 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.71 |
1.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
476.400 |
479.800 |
479.800 |
|
Reserves & Surplus |
3331.500 |
3948.700 |
4522.300 |
|
Net
worth |
3807.900 |
4428.500 |
5002.100 |
|
|
|
|
|
|
long-term borrowings |
79.400 |
24.200 |
0.000 |
|
Short term borrowings |
1319.500 |
1614.400 |
2282.500 |
|
Total
borrowings |
1398.900 |
1638.600 |
2282.500 |
|
Debt/Equity
ratio |
0.367 |
0.370 |
0.456 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6096.500 |
7907.800 |
8613.100 |
|
|
|
29.710 |
8.919 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6096.500 |
7907.800 |
8613.100 |
|
Profit |
802.600 |
1110.600 |
1131.800 |
|
|
13.16% |
14.04% |
13.14% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
LATIGATION DETAILS
|
HIGH COURT
OF BOMBAY |
||||
|
Case Details Bench : Bombay |
||||
|
Lodging No : |
ITXAL/2008/2008 |
Filling Date :04/07/2008 |
Reg. No. : ITXA/1615/2009 |
Reg. Date : 05/08/2009 |
|
Petitioner : |
THE COMMISIONER OF INCOME TAX-7 |
Respondent : |
M/S NAVNEET PUBLICATIONS (INDIA) LIMITED |
|
|
Pent.Adv. : |
SURESH KUMAR (0) |
Resp. Adv. : |
AJAY SINGH/PARAS SALVA (0) |
|
|
District : |
BOMBAY |
|||
|
Bench : |
DIVISION |
|
||
|
Status : |
Admitted (Unready) |
Category : |
TAX APPEALS |
|
|
Last Date : |
07/08/2009 |
Stage : |
INCOME TAX APPEAL FOR HEARING & FINAL DISPOSAL. |
|
|
Last Coram : |
HON’BLE SHRI JUSTICE V. C. DAGA HON’BLE SHRI JUSTICE J. P. DEVADHAR |
|||
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2014 |
Rs.
In Millions 31.03.2013 |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
|
|
|
Rupee Loan |
540.000 |
150.000 |
|
Foreign Currency Loan |
239.700 |
217.200 |
|
|
|
|
|
TOTAL |
779.700 |
367.200 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge
Holder |
Address |
Service Request Number (SRN |
|
1 |
10485364 |
10/03/2014 |
5,000,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI-- 400051, MAHARASHTRA , INDIA |
C00643205 |
|
* Date of charge modification |
||||||
OPERATIONS
(i) During the year, the Company achieved a turnover of Rs. 8613.100 00 Millions as compared to Rs. 79078 00 Millions in FY 13.
(ii) Profit before depreciation and income tax for the year under reviewstood at Rs. 1957.100 Millions as against Rs. 1860.700 Millions in the previous year. (iii) After providing Rs. 220.100 Millions for depreciation, Rs. 605.200 Millions for income tax, deferred tax, profit after tax for the period stood at Rs. 1131.800 Millions as against Rs. 1110.600 Millions achieved in the previous year on standalone basis.
PERFORMANCE OF DIVISIONS
CONTENT PUBLISHING
DIVISION:
During the year, on account of few standards syllabus change in the State of Maharashtra and Gujarat, the revenue of the Company’s content publishing division grew by 4%. The Directors inform that the Company improved its operating margin in its content publishing division by 50 bps and increased the operating margins from 33% to 33.5% in FY14. The Directors are optimistic that the revenue from this business would see double digit growth in anticipation of more standard syllabus change in FY15.
STATIONERY DIVISION
During FY14, the stationery division achieved revenue of Rs. 3811.500 Millions asagainst Rs. 3259.600 Millions achieved in FY13, thereby registering an increase of 17% on y-o-y basis. This double digit growth was achieved mainly as a result of good exports, particularly to US market. The Directors foresee that the revenue from stationery division will continue to be more export driven. Currently, The Company mainly exports to the US, Central America, Africa. The Directors expect double digit growth in revenue of stationery division in FY15.
AWARDS
During the year, The Company has been awarded ‘FMB’ Awards’ by S. P. Jain Institute of Management and Research, Mumbai in recognition of an outstanding achievement in Business that has required processes managing their Family Business.
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS OVERVIEW
CONTENT PUBLISHING
SEGMENT
With few standards changing its syllabi in Maharashtra and Gujarat, The Company’s content publishing revenue grew by only 4 % in FY14. Content Publishing revenue grew from Rs. 45,71.500 Millions to Rs. 47,51.200 Millions. However, The Company improved on its operating margin in this segment by 50 bps and improved its operating margins from 33% in FY13 to 33.5% in the current year. Since the content publishing segment had grown by 29% in the previous year, achieving higher growth with a higher base was difficult. However, with clear visibility of more standards syllabi change in 2014-15, good double digit growth is anticipated.
STATIONERY SEGMENT
Stationery Segment grew by 17% from Rs. 32,59.600 Millions in FY13 to Rs. 38,11.500 Millions in FY14, a jump of 17% y-o-y. Exports have been a major contributor to this growth and we foresee that the Stationery Segment will continue to be more export driven for the next few years. Currently, The Company majorly exports to the US, Central America and Africa. With strong export orders already in the pipeline, this sub-segment may give higher contribution to the overall stationery revenue.
NET PROFIT
The Company’s net profit for FY14 was Rs. 11,31.800 Millions as compared to Rs. 11,10.600 Millions in FY13. This is an increase of Rs. 21.200 Millions over the previous year. Net Profit as a percentage of total revenue in FY14 stood at 13.14% against 14.04 % in FY13.
INVESTMENT IN ANDHRA PRADESH-BASED SCHOOL MANAGEMENT COMPANY
In 2011, The Company ventured into direct education / School Management Business by taking a minority stake in a School Management Company in Andhra Pradesh. For the academic year 2013-14, it had 55 SSC Board schools under the brand “Gowtham Model School” in Andhra Pradesh. In 2013-14 it opened “Orchids - the International school” in Bengaluru (Karnataka) and Mumbai (Maharashtra).
ELEARNING SEGMENT
The Company’s subsidiary eSense Learning Private Limited has been performing well and its B2B product (TOP CLASS) was installed in 2,04.700 institutions covering more than 11,40.000 classrooms. We are happy to inform you that eSense Learning Private Limited has become cash profitable at the net level and will no longer depend on its parent company for investments. For FY14 the revenue was Rs. 2,09.000 Millions against Rs. 1,48.800 Millions in FY13, a jump of 40% compared to the previous year, with a net profit of Rs. 13.900 Millions.
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 30th JUNE, 2014
(Rs. in millions)
|
Sr. No. |
Particular |
3 months ended 30-06-20114 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
Net Sales |
4936.500 |
|
|
Other Operating Income |
0.200 |
|
|
Net Sales/Income
from Operations |
4936.700 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of Material Consumed
|
1540.400 |
|
|
Purchase of stock-in-trade |
0.600 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
1084.200 |
|
|
Employee Benefits Expenses |
192.400 |
|
|
Depreciation and Amortization Expenses |
66.000 |
|
|
Other Expenses |
616.300 |
|
|
f) Total |
3499.900 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1436.800 |
|
|
|
|
|
4. |
Other Income |
6.700 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
1443.500 |
|
|
|
|
|
6. |
Interest |
58.100 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
1385.400 |
|
|
|
|
|
8. |
Exceptional Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
1385.400 |
|
|
|
|
|
10. |
Tax Expense |
|
|
|
Provision for Taxation |
484.600 |
|
|
Provision for Deferred Tax |
2.300 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
898.400 |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
898.400 |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
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 |
3.77 |
|
|
b) Basic and diluted EPS after extraordinary items |
3.77 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
91,007,655 |
|
|
- Percentage of Shareholding |
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 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
61.80% |
|
Particulars |
3 months ended 30-06-2014 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
2 |
|
Received during the quarter |
70 |
|
Disposed of during the quarter |
67 |
|
Remaining unresolved at the end of the quarter |
5* |
|
* Since Resolved |
|
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
Sl. No. |
|
Particulars |
3 months ended 30-06-20114 (Unaudited) |
|
1 |
|
Segment Revenue |
|
|
|
|
Publications |
3030.500 |
|
|
|
Stationery Products |
1889.900 |
|
|
|
Others |
16.300 |
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
4936.700 |
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
Publications |
1212.00 |
|
|
|
Stationery Products |
310.900 |
|
|
|
Others |
5.000 |
|
|
|
|
1527.900 |
|
|
|
|
|
|
|
|
Less : Finance Costs |
58.100 |
|
|
|
Other unallocable expenditure |
89.600 |
|
|
|
Other unallocable (income) |
(5.200) |
|
|
|
|
|
|
|
|
Total Profit Before Tax |
1385.400 |
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 11th August, 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) The figures of the quarter ended 31st March, 2014 are balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the financial year 2013-14.
(5) The usage and linkage of Assets and Liabilities is common to different segments and hence not separately identifiable to a particular segment. In view of this segment disclosures relating to capital employed are not given.
(6) During the quarter, the useful life of the fixed assets have been revised wherever appropriate in accordance with provision of Schedule II of the Companies Act, 2013. Accordingly depreciation expense for the quarter ended June 30, 2014 is higher by Rs. 121 Millionss. Similarly, in case of assets whose life has been completed as on March 31, 2014, the carrying value (net of residual value) of those assets amounting to Rs. 231 Millionss (net of deferred tax) has been debited to General Reserve.
(7) Previous period figures are regrouped and rearranged wherever necessary.
CONTINGENT
LIABILITIES
(a) For disputed Income-tax matters Rs. 33 Millions (Previous Year Rs. 41.000 Millions). However the Company has already made payments against such disputed liabilities.
(b) Against Bond Duty liability amounting to Rs. 25.100 Millions (Previous Year Rs. 11.500 Millions) for the purchase of excisable inputs without payment of duty under the bonds executed if the export obligation is not fulfilled.
(c) In respect of Bank Guarantee given for tender of Rs. 5.000 Millions (Previous Year Rs. 50 Millions).
(d) In respect of Bank Guarantee given for subsidiary company of Rs. 100.000 Millions. (Previous Year Rs. 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. 61.02 |
|
UK Pound |
1 |
Rs. 99.99 |
|
Euro |
1 |
Rs. 78.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.