MIRA INFORM REPORT
|
Report No. : |
355353 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE SANDESH LIMITED |
|
|
|
|
Registered
Office : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P.O. Bodakdev,
Ahmedabad – 380054, Gujarat |
|
Tel. No.: |
91-79-40004000/ 40004319/ 26765480/ 40004175/ 25624241 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
11.03.1943 |
|
|
|
|
Com. Reg. No.: |
04-000183 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 75.694 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121GJ1943PLC000183 |
|
|
|
|
IEC No.: |
0891011030 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00069G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5730D |
|
|
|
|
Legal Form : |
The Public Limited Liability Company. The Company’s Shares are Listed
on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in editing, printing and publishing
newspapers and periodicals, it is also involved in the real estate and
finance businesses. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
501 (Approximately) |
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 12979000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The Sandesh Limited (TSL) promoted by late Mr. Chimanbhai Patel in
1943. It is one of the leading print media companies in Gujarat, having a
presence for more than six decades in Gujarati print media through its
newspaper “Sandesh”. TSL has its printing press at Ahmedabad, Vadodara, Surat, Rajkot,
Bhavnagar and Bhuj covering circulation across the state of Gujarat. Financial position of the company is sound. Fundamentals of the
company are healthy. The rating further takes into consideration its improved circulation
base as well as advertisement revenue and wide experience of the promoters in
the business. Trade relations are reported as fair. Business is active. Payments are
reported as regular and as per commitment. In view of long track and established position in newspaper, the company
can be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = AA- |
|
Rating Explanation |
High degree of safety and carry very low credit
risk. |
|
Date |
November 18, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry very
low credit risk. |
|
Date |
November 18, 2015 |
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
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Dhaval Maheshbhai Pandya |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-79-40004000 |
LOCATIONS
|
Registered / Head Office : |
Sandesh Bhavan, Lad Society Road, Behind Vastrapur Gam, P.O. Bodakdev,
Ahmedabad – 380054, Gujarat, India |
|
Tel. No.: |
91-79-40004000/ 40004319/ 26765480/ 40004175/ 25624241 |
|
Fax No.: |
91-79-40054121/ 40004242/ 40004175/ 40004148 |
|
E-Mail : |
advt@sandesh.com cs@sandesh.com investorsgrievance@sandesh.com |
|
Website : |
www.sandesh.com |
|
|
|
|
Plants / Press
Locations : |
1) “SANDESH BHAVAN”, Lad Society Road, B/h.
Vastrapur Gam, P.O. Bodakdev, Ahmedabad – 380054, Gujarat, India 2) “SATYESH BHAVAN”, B/h. Jalaram Temple,
Bahucharaji Road, Karelibaug, Vadodara, Gujarat, India 3) “SATYESH BHAVAN”, Dakoriya Mill Compound, Near
Gurudev Petrol Pump, Khatodara GIDC, Bamroli Road, Surat, Gujarat, India 4) “SANDESH BHAVAN”, Opposite Sat Hanuman,
Navagam, Rajkot-Ahmedabad Highway, Rajkot, Gujarat, India 5) “SATYESH BHAVAN”, Ruvapari Road, Bhavanagar,
Gujarat, India 6) Godown No.3, Gujarat State Warehousing
Corporation, Near Atmaram Circle and Bajaj Showroom, Bhuj Madhapar Road,
Bhuj, Gujarat, India |
|
|
|
|
Branch Offices : |
Located at: · Vadodara · Surat · Bhavnagar · Bhuj · Mumbai · New Delhi · Kolkata · Chennai · Bangalore |
|
|
|
|
Representative Offices : |
Located at: · Secunderabad · Indore · Jaipur · Kanpur · Patna · Nasik · Nagpur · Ludhiana · Cochin |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Falgunbhai Patel |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Parthiv F. Patel |
|
Designation : |
Managing
Director |
|
Date
of Birth/ Age : |
26.07.1982 |
|
Educational
Qualification : |
B.A.
with Business Finance from United Kingdom |
|
Date
of Appointment : |
14.03.2002 |
|
DIN No.: |
00050211 |
|
Name of the other
Companies in which he holds Directorship : |
Other Directorship in: ·
Dhanali Stock Holdings Private Limited ·
Autumnleaf Estates Private Limited ·
Satlon Enterprise Private Limited ·
Aarav Salt and Chemicals Private Limited ·
Aadesh Brine Private Limited |
|
|
|
|
Name : |
Mrs. Pannaben
Patel |
|
Designation : |
Director |
|
Date
of Birth/ Age : |
17.10.1952 |
|
Qualification
: |
B.A. with Economics |
|
Brief resume and
expertise functional area : |
She
is a social worker and associated with many social groups and charitable entities.
She is actively involved in various philanthropic activities in the interest
of the community. |
|
Date of Appointment
: |
29.10.2010 |
|
|
|
|
|
|
|
Name : |
Mr. Mukesh
Patel |
|
Designation : |
Independent
Director |
|
Date
of Birth/ Age : |
22.01.1954 |
|
Date
of Appointment : |
30.03.2005 |
|
DIN No.: |
00053892 |
|
Name
of the other Companies in which he holds Directorship : |
Other Directorship in: ·
Cadila Healthcare Limited ·
Zydus Wellness Limited ·
Hitachi Home and Life Solutions (India) Limited ·
Desai Brothers Limited ·
German Remedies Limited ·
Cliantha Research Limited (Formerly known as BA Research India
Limited) |
|
|
|
|
Name : |
Mr.
Sudhirbhai Nanavati |
|
Designation : |
Independent
Director |
|
Date
of Birth/ Age : |
29.09.1947 |
|
Educational
Qualification : |
B.
Com, LLB. |
|
Date
of Appointment : |
31.01.2001 |
|
DIN No.: |
00050236 |
|
Name of the other
Companies in which he holds Directorship : |
Other
Directorship in: Sterling
Abrasive Limited |
|
|
|
|
Name : |
Mr. Shreyas
Pandya |
|
Designation : |
Independent
Director |
|
Date
of Birth/ Age : |
01.10.1952 |
|
Educational
Qualification : |
B.Com,
Diploma in Printing Technology |
|
Date
of Appointment : |
30.12.2005 |
|
DIN No.: |
00050244 |
|
Name of the other
Companies in which he holds Directorship : |
Other
Directorship in: ·
Sahitya Mudranalaya Private Limited ·
Tarang Estate Private Limited ·
Meghmalhar Enterprise Private Limited |
|
|
|
|
Name : |
Mr. Sandeep
Singhi |
|
Designation : |
Independent
Director |
|
Date
of Birth/ Age : |
06.04.1966 |
|
Educational
Qualification : |
B.Sc.,
LLB |
|
Date
of Appointment : |
09.11.2012 |
|
DIN No.: |
01211070 |
KEY EXECUTIVES
|
Name : |
Mr. Dhaval Pandya |
|
Designation : |
Company Secretary and Finance Controller |
|
|
|
|
Name : |
Mr. Sanjay Kumar Tandon |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category
of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
1004753 |
13.27 |
|
|
|
|
|
|
558040 |
7.37 |
|
|
300315 |
3.97 |
|
|
42796 |
0.57 |
|
|
24040 |
0.32 |
|
|
18756 |
0.25 |
|
|
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 |
|
Total (A)+(B)+(C) |
7569421 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in editing, printing and
publishing newspapers and periodicals, it is also involved in the real estate
and finance businesses. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT
AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
501 (Approximately) |
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Bankers : |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manubhai and Shah Chartered Accountants |
|
Address : |
2nd Floor,
"B" Wing, Premium House, Near Gandhigram Railway Station, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprise over which Key Management
Personnel or company having control or significant influence : |
·
Dhanali Stock Holdings Private Limited* ·
Sandesh Procon LLP* ·
Saintfoin Enterprise LLP ·
Scabious Enterprise LLP ·
Satyesh Prochem LLP ·
Applewoods Estate Private Limited ·
Nilsan Realty LLP * ·
Autumnleaf Estates Private Limited* ·
Lilavati Chimanbhai Patel Charitable Trust*
·
Sandesh Charitable Trust* ·
GSS Realty LLP* ·
GSS Organisers LLP* ·
Aarav Salt and Chemicals Private Limited * ·
Aadesh Brine Private Limited * ·
Acquest Estates Private Limited ·
Swarnim Mining Private Limited* ·
Satyesh Brinechem Private Limited* ·
Saujanya Developers ·
Stanford Operations and Maintenance Private
Limited* ·
Satlon Enterprise Private Limited * No transaction during the year with the related
parties. |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7569421 |
Equity Shares |
Rs.10/- each |
Rs. 75.694 Million |
|
|
|
|
|
Rights, preferences and restrictions
·
The Company has only one class of equity shares
referred to as equity shares having a par value of Rs.10 each. Each holder of equity
share is entitled to one vote per share.
·
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.
·
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.
118193 Equity Shares were
bought back in the financial year 2009-10 and 9,60,000 equity shares were
bought back in the financial year 2012-13.
Details of shareholders holding more than 5
per cent shares
|
Name
of the Shareholders |
2014-2015 |
|
|
|
No. of Shares |
% of Shareholding |
|
Falgunbhai
Chimanbhai Patel |
386350 |
5.10% |
|
Parthiv
Falgunbhai Patel |
1189100 |
15.71% |
|
Satlon
Enterprise Private Limited |
1890152 |
24.97% |
|
Satyesh
Prochem LLP |
1275777 |
16.85% |
|
Scabious
Enterprise LLP |
420831 |
5.56% |
Reconciliation of number of shares
outstanding: (in Nos)
|
Particulars |
As at March 31, 2015 |
|
Equity
Shares at the beginning of the year |
7569421 |
|
Add:
issued during the year |
0 |
|
Equity
Shares at the end of the year |
7569421 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.694 |
75.694 |
75.694 |
|
(b) Reserves & Surplus |
4467.023 |
3933.103 |
3510.492 |
|
(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) |
4542.717 |
4008.797 |
3586.186 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
44.207 |
52.423 |
58.493 |
|
(c) Other long term
liabilities |
80.747 |
75.547 |
74.059 |
|
(d) Long-term
provisions |
16.723 |
13.116 |
13.960 |
|
Total Non-current
Liabilities (3) |
141.677 |
141.086 |
146.512 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
100.283 |
561.586 |
676.762 |
|
(b) Trade
payables |
70.212 |
129.975 |
79.377 |
|
(c) Other
current liabilities |
597.811 |
586.621 |
536.682 |
|
(d) Short-term
provisions |
38.913 |
40.131 |
40.132 |
|
Total Current
Liabilities (4) |
807.219 |
1318.313 |
1332.953 |
|
|
|
|
|
|
TOTAL |
5491.613 |
5468.196 |
5065.651 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
702.085 |
679.092 |
740.445 |
|
(ii)
Intangible Assets |
5.600 |
5.600 |
5.600 |
|
(iii)
Capital work-in-progress |
7.102 |
2.461 |
2.155 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1588.022 |
1588.522 |
1589.160 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
500.812 |
714.707 |
225.783 |
|
(e) Other
Non-current assets |
615.124 |
453.658 |
287.160 |
|
Total Non-Current
Assets |
3418.745 |
3444.040 |
2850.303 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
118.173 |
0.639 |
0.000 |
|
(b)
Inventories |
605.956 |
314.792 |
251.591 |
|
(c) Trade
receivables |
564.455 |
511.646 |
501.046 |
|
(d) Cash and
cash equivalents |
208.802 |
380.208 |
273.202 |
|
(e)
Short-term loans and advances |
575.482 |
816.871 |
1189.509 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2072.868 |
2024.156 |
2215.348 |
|
|
|
|
|
|
TOTAL |
5491.613 |
5468.196 |
5065.651 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3448.884 |
3131.822 |
3067.587 |
|
|
|
Other Income |
13.663 |
15.593 |
32.805 |
|
|
|
TOTAL |
3462.547 |
3147.415 |
3100.392 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1354.002 |
1294.656 |
1198.383 |
|
|
|
Purchase of Stock in Trade |
41.695 |
29.760 |
96.212 |
|
|
|
Employee benefits expenses |
264.940 |
230.789 |
207.739 |
|
|
|
Other Expenses |
820.788 |
748.883 |
753.345 |
|
|
|
TOTAL |
2480.884 |
2306.013 |
2255.679 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
981.122 |
843.327 |
844.713 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
43.197 |
80.707 |
53.781 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
937.925 |
762.620 |
790.932 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
79.780 |
78.388 |
81.420 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
0.541 |
(1.925) |
96.269 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
858.686 |
682.307 |
805.781 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
288.325 |
224.235 |
229.533 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
570.361 |
458.072 |
576.248 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Charges |
0.000 |
0.000 |
0.104 |
|
|
|
Other income |
4.459 |
1.725 |
0.000 |
|
|
TOTAL EARNINGS |
4.459 |
1.725 |
0.104 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials: Newsprint (Including imports
through agents) |
909.604 |
597.287 |
582.149 |
|
|
|
Capital Goods |
0.871 |
0.960 |
10.141 |
|
|
TOTAL IMPORTS |
910.475 |
598.247 |
592.290 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
75.35 |
60.52 |
67.83 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
821.579 |
510.458 |
978.605 |
|
|
|
|
|
|
Net cash flow from operating activities |
549.063 |
276.395 |
737.445 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Unaudited |
1st
Quarter |
1st
Quarter |
|
Net
Sales |
924.730 |
904.700 |
|
Total
Expenditure |
594.990 |
595.670 |
|
PBIDT
(Excl OI) |
329.740 |
309.030 |
|
Other
Income |
4.560 |
11.150 |
|
Operating
Profit |
334.300 |
320.180 |
|
Interest |
4.300 |
1.240 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
330.000 |
318.940 |
|
Depreciation |
18.450 |
19.300 |
|
Profit
Before Tax |
311.550 |
299.640 |
|
Tax |
108.070 |
103.740 |
|
Provisions
and contingencies |
0.000 |
0.000 |
|
Profit
After Tax |
203.480 |
103.740 |
|
Extraordinary
Items |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
|
Net
Profit |
203.480 |
103.740 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
16.54 |
14.63 |
18.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
28.45 |
26.93 |
27.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.04 |
17.60 |
23.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.17 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02 |
0.14 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.57 |
1.54 |
1.66 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 833.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
75.694 |
75.694 |
75.694 |
|
Reserves & Surplus |
3510.492 |
3933.103 |
4467.023 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3586.186 |
4008.797 |
4542.717 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
676.762 |
561.586 |
100.283 |
|
Total
borrowings |
676.762 |
561.586 |
100.283 |
|
Debt/Equity ratio |
0.189 |
0.140 |
0.022 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3067.587 |
3131.822 |
3448.884 |
|
|
|
2.094 |
10.124 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3067.587 |
3131.822 |
3448.884 |
|
Profit |
576.248 |
458.072 |
570.361 |
|
|
18.79% |
14.63% |
16.54% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10310660 |
24/05/2014 * |
950,000,000.00 |
YES BANK LIMITED |
NEHRU CENTER, 9TH
FLOOR, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MUMBAI,
MAHARASHTRA - 400018, INDIA |
C07318298 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs. in Million) |
31.03.2014 (Rs. in Million) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans
and Advances from related parties |
|
|
|
i.
From Directors |
47.337 |
88.485 |
|
|
|
|
|
Total |
47.337 |
88.485 |
REVIEW
OF OPERATION AND THE STATE OF THE COMPANY’S AFFAIRS:
During
the year, the income from operations has increased by 10.12% i.e. from
Rs.3131.822 Million to Rs.3448.884 Million, as compared to the previous
Financial Year. Circulation revenue increased by 14.41% i.e. Rs.111.411 Million
during the year from Rs.773.073 Million to Rs.884.484 Million. Advertisement
Revenue increased by 11.21% i.e. Rs.210.013 Million during the year from
Rs.1873.510 Million to Rs.2083.523 Million.
There
are no material changes and commitments have occurred after the close of the
financial year till the date of this Report, which affect the financial
position of the Company.
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.
According
to FICCI-KPMG Indian Media and Entertainment Industry Report 2015, the
structure of the Indian Print industry continues to be highly fragmented with
both national and regional players present in the market. As on March 31, 2014,
total registered publications stood more than 99000, out of which more than
13000 are dailies. In 2014, the Indian Print Industry experienced growth of
8.3% and this growth is largely coming from Tier II and Tier III cities with
regional language editions outperforming the national editions and English
dailies. This trend is expected to continue as most of the major publishers are
working towards strengthening their presence in existing markets. Newspapers
continue to be the biggest contributor of revenue to the print industry. In
2014, the contribution of newspapers to the total print revenue stood close to
95%. The Indian print industry is still growing at a high single digit rate and
is expected to grow at a CAGR to 8 per cent during 2014-15. Most of the growth
in the sector is expected to come from Tier II, Tier III cities and rural
markets.
The
Company belongs to the Regional Print Media Industry and 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 journalistic values of objectivity and has not been influenced
by any external forces. Presently, Shri Falgunbhai Patel, Chairman &
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 has 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 seven editions, six editions from Gujarat and one edition from
Mumbai, Maharashtra. The Company has a strong regional franchise, where it
enjoys strong readership loyalty.
Besides
the Company 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’s News TV channel ‘Sandesh News’ is immensely popular amongst Gujarati
Viewers and it has also won several awards. Further, as a part of its
out-of-home advertising activity, the Company has advertisements sites at the
major commercial areas in Ahmedabad. The Company is also successfully operating
its real estate and finance businesses.
SEGMENT-WISE
OR PRODUCT-WISE PERFOMANCE
a) Media:
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
media industry. The revenue from the media segment was Rs.3081.279 Million
during the Financial Year as against Rs.2732.955 Million in previous Financial
Year.
b) Finance Division:
The
Company has been in the Financing business and during the year, the segment
revenue from Finance Division was Rs.303.075 Million during the Financial Year
as against Rs.356.660 Million in the previous year.
c) Real Estate Division:
The
Company has been in the Real Estate business and during the year, the segment
revenue from Real Estate Division was Rs.29.589 Million during the Financial
Year as against Rs.26.557 Million 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, especially for vernacular newspapers, is growing in India. Print
Media is expected to remain a popular vehicle for advertisers to reach out to a
large consumer base in the country. The Media and Entertainment industry is
expected to grow at a CAGR of 13.9% by financial year 2019, which is a growth
rate almost double that of the global media and entertainment industry.
Newsprint
is the most important raw material constituting more than 50 per cent of the
cost base. According to FICCI-KPMG Indian Media and Entertainment Industry
Report 2015, the appreciation of rupee in the first half of FY 2014 and sharp
depreciation of rouble had led to a drop in the per-tonne cost of newsprint, as
Canada, United States and Russia are the top exporters of news print material
to India. The newsprint prices are expected to stabilize at the current level
or slightly lower to FY 15, thus providing some operating leverage to the print
business across the country. The Newsprint prices reduced and stabilized in
2014, contrary to the past few years where the average cost of newsprint witnessed
a growth of 12 to 15 per cent every year. The newsprint price is cyclical and
is dependent on various factors. Prices of Newsprint are linked to global
demand and they are volatile in nature due to fluctuation in USD. 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 business operations.
The
print media business is largely dependent on advertising revenue. The Company
has increased cover price of newspaper and it is continuously taking
appropriate steps to ensure effective cost management.
For
the print media industry, reliable third party readership data is not available
and many companies hesitant to rely on IRS data for devising their strategies.
The circulation numbers of newspaper alone sometimes are insufficient for
advertisers to take an informed decision; still, the circulation numbers
certified by the Registrar of Newspapers of India are useful for the
advertisers and agencies and the Company enjoys the confidence of its
advertisers.
There
is intense competition between publication houses for circulation, readership
and advertising and this industry is very competitive. The Company is well
established and its has better financial resources and it always strives hard
to generate higher revenues every year and hence, the Company is able to
quickly respond to market changes and consumer sentiments. The Company has competed
successfully in the year and it believes to continuously compete effectively.
The Company is continuously strengthening its market positions, reinforcing its
relationships with Agents, Advertisers and providing high quality contents to
its readers. The Company’s website i.e. “www.sandesh.com” is a very popular
website for the Gujarati community.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR
ENDED ON SEPTEMBER 30, 2015
(RS.
IN MILLION)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
807.177 |
854.358 |
1661.535 |
|
Other Operating Income |
97.526 |
70.373 |
167.899 |
|
Total Income from
operations (net) |
904.703 |
924.731 |
1829.434 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
315.522 |
314.949 |
630.471 |
|
(b) Purchase of stock in trade |
7.123 |
(5.684) |
1.439 |
|
(c) Employee
benefit expenses |
74.903 |
97.498 |
172.401 |
|
(d) Depreciation |
19.301 |
18.445 |
37.746 |
|
(e) Other Expenses |
198.184 |
188.231 |
366.415 |
|
Total Expenses |
615.035 |
613.439 |
1228.472 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
289.670 |
311.292 |
600.962 |
|
Other Income |
11.154 |
4.557 |
15.711 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
300.824 |
315.849 |
616.673 |
|
Finance costs |
1.242 |
4.302 |
5.544 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
299.582 |
311.547 |
611.129 |
|
Exceptional
item |
0.058 |
0.000 |
0.058 |
|
Profit/ Loss from Ordinary Activities before
tax |
299.640 |
311.547 |
611.187 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
107.500 |
110.000 |
217.500 |
|
- Deferred
Tax |
(3.759) |
(1.933) |
(5.691) |
|
- Adjustment
of previous year Taxes |
0.000 |
0.000 |
0.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
195.899 |
203.480 |
399.378 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Net Profit for the period |
195.899 |
203.480 |
399.378 |
|
Paid- up
Equity Share Capital (Face value of the share – Rs. 10) |
75.694 |
75.694 |
75.694 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share Basic for the period (not annualized) |
25.88 |
26.88 |
52.76 |
|
Earnings per share
Diluted for the period (not annualized) |
25.88 |
26.88 |
52.76 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
1906404 |
1906404 |
1906404 |
|
Percentage of Shareholding |
25.19 |
25.19 |
25.19 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
0.000 |
0.000 |
0.000 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
0.000 |
0.000 |
0.000 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
5663017 |
5663017 |
5663017 |
|
- 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) |
74.81% |
74.81% |
74.81% |
|
|
Particulars |
Quarter
Ended 30.09.2015 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
9 |
|
|
Disposed of during the quarter |
8 |
|
|
Remaining unresolved at the end of the quarter |
1 |
NOTES:
· The above unaudited financial results were reviewed by the Audited Committee and thereafter approved at the Meeting of the Board of Directors held on November 06, 2015. The Statutory Auditor of the Company has carried out a Limited Review of the aforesaid results.
· The Figures for the corresponding previous periods have been re-grouped/ re-stated, wherever necessary to make them comparable.
STANDALONE
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Media |
808.383 |
855.439 |
1663.822 |
|
b. Finance |
62.612 |
68.981 |
131.593 |
|
c. Real Estate |
33.766 |
0.311 |
34.077 |
|
d. Other |
0.000 |
0.000 |
0.000 |
|
e. Unallocated |
11.154 |
4.557 |
15.711 |
|
Total |
915.915 |
929.288 |
1845.203 |
|
Less: Inter – segment revenue |
0.000 |
0.000 |
0.000 |
|
Net Sales/ Income from Operations |
915.915 |
929.288 |
1845.203 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Media |
205.451 |
239.237 |
444.688 |
|
b. Finance |
56.392 |
61.756 |
118.150 |
|
c. Real Estate |
33.250 |
(0.024) |
33.226 |
|
d. Other |
(6.607) |
6.019 |
(0.588) |
|
Total |
288.486 |
306.990 |
595.476 |
|
Less: Finance Costs |
0.000 |
0.000 |
0.000 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
11.154 |
4.557 |
15.711 |
|
Total Profit Before Tax |
299.640 |
311.547 |
611.187 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Media |
1271.148 |
1172.421 |
1271.148 |
|
b. Finance |
2252.091 |
2225.400 |
2252.091 |
|
c. Real Estate |
10.269 |
932.720 |
10.269 |
|
d. Other |
0.151 |
6.758 |
0.151 |
|
e. Unallocated |
1398.471 |
398.932 |
1398.471 |
|
Total |
4932.130 |
4736.231 |
4932.130 |
STANDALONE
ASSETS AND LIABILITIES
|
Particulars |
30.09.2015 [Unaudited] |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
75.694 |
|
|
b] Reserves and Surplus |
4866.401 |
|
|
Sub-total –
Shareholders’ funds |
4942.095 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
0.000 |
|
|
b] Deferred Tax Liabilities |
38.516 |
|
|
c] Other current liabilities |
82.959 |
|
|
d] Long term provisions |
20.384 |
|
|
Sub-total -
Non-current Liabilities |
141.859 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
184.137 |
|
|
b] Trade Payables |
175.426 |
|
|
c] Other Current Liabilities |
537.942 |
|
|
d] Short Term Provision |
36.441 |
|
|
Sub-total - Current Liabilities |
933.946 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
6017.900 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
|
|
|
Tangible assets |
710.487 |
|
|
Intangible assets |
5.600 |
|
|
Capital work in progress |
10.515 |
|
|
b] Non-current investment |
2081.660 |
|
|
c] long Term loans and Advances |
455.495 |
|
|
d] Other non-current assets |
706.427 |
|
|
Sub-total – Non- current assets |
3970.184 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
188.985
|
|
|
Inventories |
293.782
|
|
|
Trade Receivables |
648.956
|
|
|
Cash & Bank Balances |
572.710
|
|
|
Short Term loans and advances |
343.283
|
|
|
Other Current Assets |
0.000
|
|
Sub-total – Current Assets |
2047.716
|
|
|
|
|
|
|
TOTAL - ASSETS |
6017.900 |
|
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
i. Claims against the company not acknowledged as debt There are several defamation and other legal cases pending against the Company and its directors. These include criminal and civil cases. The company has also raised counter claims against some of the claimants. The estimated contingency in respect of these cases cannot be ascertained. Based on discussions with the lawyers / solicitors and also the past trend in respect of such cases, the Company believes that there is no present obligation in respect of the above and hence no provision is considered necessary against the same. |
0.000 |
0.000 |
|
ii.
Disputed Income tax matters |
44.738 |
41.304 |
FIXED ASSETS:
Tangible Assets
· Land
· Building
· Plant and Machineries
· Electric Fittings
· Furniture
· Office Equipments
· Motor Vehicles
Intangible Assets
· Tenancy Right
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. 66.65 |
|
|
1 |
Rs. 99.61 |
|
Euro |
1 |
Rs. 72.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
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.