MIRA INFORM REPORT
|
Report No. : |
304281 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE SANDESH LIMITED |
|
|
|
|
Registered
Office : |
Sandesh Bhavan, |
|
|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.03.1943 |
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|
|
|
Com. Reg. No.: |
04-000183 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.75.694
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121GJ1943PLC000183 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00069G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5730D |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 11454000 |
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|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is one of the leading print media companies in Gujarat. It is an established company having good track record. Financial position of the company is sound. Fundamentals of the
company are healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 very low credit
risk. |
|
Date |
08.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
08.12.2014 |
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.
LOCATIONS
|
Registered Office/ Head Office : |
Sandesh Bhavan, Lad
Society Road, Behind Vastrapur Gam,
P.O. Bodkdev, Ahmedabad –
380 054, 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 |
|
Area: |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Plants / Press
Locations : |
1) “SANDESH BHAVAN”, Lad Society Road, B/h. Vastrapur Gam, P.O. Bodakdev, Ahmedabad – 380 054,
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 |
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|
|
Branch Office : |
Located at: · Vadodara · Surat · Bhavnagar · Bhuj · Mumbai · New Delhi · Kolkata · Chennai · Bangalore |
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Representative Office : |
Located at: · Secunderabad · Indore · Jaipur · Kanpur · Patna · Nasik · Nagpur · Ludhiana · Cochin |
DIRECTORS
AS ON 31.03.2014
|
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 |
|
|
|
|
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 |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
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 |
|
|
|
|
|
|
991226 |
13.10 |
|
|
|
|
|
|
579851 |
7.66 |
|
|
288425 |
3.81 |
|
|
46402 |
0.61 |
|
|
22299 |
0.29 |
|
|
24103 |
0.32 |
|
|
1905904 |
25.18 |
|
Total
Public shareholding (B) |
1906404 |
25.19 |
|
Total
(A)+(B) |
7569421 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
7569421 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million
|
|
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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Manubhai and Shah
Chartered Accountants |
|
Address : |
2nd Floor,
"B" Wing, Premium House, Near Gandhigram
Railway Station, Navrangpura, Ahmedabad
– 380 009, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
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|
Associates : |
Satlon
Enterprise Private Limited |
|
|
|
|
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 ·
Aarav Salt and Chemicals Private Limited * ·
Aadesh Brine Private Limited * ·
Acquest Estates Private Limited * ·
Saujanya Developers *
No transaction during the year with the related parties. |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7569421 |
Equity Shares |
Rs.10/- each |
Rs.75.694
millions |
|
|
|
|
|
Rights, preferences and restrictions:
(i) The Company has only one class of equity shares referred
to as equity shares having a par value of Rs.10/- Each holder of equity share
is entitled to one vote per share.
(ii) Dividends, if
any, is declared and paid in Indian Rupees. The dividend, if any, proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
(iii) In the event
of liquidation of the company, the holders of equity shares will be entitled to
receive any of the remaining assets of the company, after distribution of all
preferential amounts. However, no such preferential amounts exist currently.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
118193
Equity Shares were bought back in the financial year 2009-10 and 960000 equity
shares were bought back in financial year 2012-13.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
31.03.2014 |
|
|
Number
of Shares |
% of holding |
|
|
Salton Enterprises
Private Limited |
386350 |
5.10 |
|
Satyesh Prochem LLP |
1189100 |
15.71 |
|
Parthiv Falgunbhai Patel |
1890152 |
24.97 |
|
Scabious Enterprises LLP |
1275777 |
16.85 |
|
Falgunbhai Chimanbhai Patel |
420831 |
5.56 |
Reconciliation of number of shares outstanding: (In Nos.)
|
Equity Shares |
31.03.2014 |
|
Shares outstanding at the beginning of the year |
7569421 |
|
Less: Shares cancelled on buy back |
-- |
|
Equity shares at the end of the year |
7569421 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.694 |
75.694 |
85.294 |
|
(b) Reserves & Surplus |
3933.100 |
3510.492 |
3250.027 |
|
(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) |
4008.794 |
3586.186 |
3335.321 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
52.423 |
58.493 |
65.599 |
|
(c) Other long term liabilities |
75.547 |
74.059 |
74.649 |
|
(d) Long-term provisions |
15.293 |
13.960 |
9.633 |
|
Total Non-current Liabilities (3) |
143.263 |
146.512 |
149.881 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
561.587 |
676.762 |
816.529 |
|
(b) Trade payables |
129.975 |
79.377 |
134.449 |
|
(c) Other current
liabilities |
586.622 |
536.682 |
453.533 |
|
(d) Short-term provisions |
37.955 |
40.132 |
252.679 |
|
Total Current Liabilities (4) |
1316.139 |
1332.953 |
1657.190 |
|
|
|
|
|
|
TOTAL |
5468.196 |
5065.651 |
5142.392 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
679.092 |
740.445 |
776.591 |
|
(ii) Intangible Assets |
5.600 |
5.600 |
5.600 |
|
(iii) Capital
work-in-progress |
2.461 |
2.155 |
14.958 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1589.160 |
1589.160 |
1458.857 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
714.708 |
225.783 |
71.814 |
|
(e) Other Non-current assets |
453.658 |
287.160 |
0.000 |
|
Total Non-Current Assets |
3444.679 |
2850.303 |
2327.820 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
314.793 |
251.591 |
303.495 |
|
(c) Trade receivables |
511.644 |
501.046 |
621.416 |
|
(d) Cash and cash
equivalents |
380.209 |
273.202 |
52.560 |
|
(e) Short-term loans and
advances |
816.871 |
1189.509 |
1702.235 |
|
(f) Other current assets |
0.000 |
0.000 |
134.866 |
|
Total Current Assets |
2023.517 |
2215.348 |
2814.572 |
|
|
|
|
|
|
TOTAL |
5468.196 |
5065.651 |
5142.392 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3131.171 |
3067.587 |
2722.037 |
|
|
|
Other Income |
16.244 |
32.805 |
22.470 |
|
|
|
TOTAL (A) |
3147.415 |
3100.392 |
2744.507 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1294.656 |
1198.383 |
1132.163 |
|
|
|
Purchase of Stock in Trade |
29.760 |
96.212 |
92.966 |
|
|
|
Employee benefits expenses |
230.789 |
207.739 |
162.011 |
|
|
|
Other Expenses |
748.883 |
753.345 |
601.056 |
|
|
|
Exceptional Items |
1.925 |
(96.269) |
6.728 |
|
|
|
TOTAL (B) |
2306.013 |
2159.410 |
1994.924 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
841.402 |
940.982 |
749.583 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
80.707 |
53.781 |
98.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
760.695 |
887.201 |
651.578 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.388 |
81.420 |
65.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
682.307 |
805.781 |
586.168 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
224.235 |
229.533 |
194.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
458.072 |
576.248 |
391.521 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
210.301 |
69.477 |
112.652 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
30.278 |
30.278 |
29.853 |
|
|
|
Tax on Dividend |
5.146 |
5.146 |
4.843 |
|
|
|
Transfer to General Reserve |
400.000 |
400.000 |
400.000 |
|
|
BALANCE CARRIED
TO THE B/S |
232.949 |
210.301 |
69.477 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Charges |
0.000 |
0.104 |
0.277 |
|
|
|
Miscellaneous income |
1.725 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.725 |
0.104 |
0.277 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials: Newsprint (Including imports
through agents) |
597.287 |
582.149 |
3.160 |
|
|
|
Capital Goods |
0.960 |
10.141 |
0.000 |
|
|
TOTAL IMPORTS |
598.247 |
592.290 |
3.160 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
60.52 |
67.83 |
45.90 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Unaudited |
|
1st
Quarter |
2nd
Quarter |
|
Net
Sales |
|
842.700 |
846.900 |
|
Total
Expenditure |
|
613.000 |
608.700 |
|
PBIDT
(Excl OI) |
|
229.700 |
238.300 |
|
Other
Income |
|
1.800 |
1.800 |
|
Operating
Profit |
|
231.400 |
240.100 |
|
Interest |
|
21.000 |
11.400 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
210.400 |
228.700 |
|
Depreciation |
|
17.000 |
18.400 |
|
Profit
Before Tax |
|
193.400 |
210.300 |
|
Tax |
|
60.100 |
74.200 |
|
Provisions
and contingencies |
|
0.000 |
0.000 |
|
Profit
After Tax |
|
133.300 |
136.200 |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior
Period Expenses |
|
0.000 |
0.000 |
|
Other
Adjustments |
|
0.000 |
0.000 |
|
Net
Profit |
|
133.300 |
136.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
14.63 |
18.79 |
14.38 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
26.87 |
30.67 |
27.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.60 |
23.19 |
15.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.22 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.14 |
0.19 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
1.66 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
85.294 |
75.694 |
75.694 |
|
Reserves & Surplus |
3250.027 |
3510.492 |
3933.100 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3335.321 |
3586.186 |
4008.794 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
816.529 |
676.762 |
561.587 |
|
Total borrowings |
816.529 |
676.762 |
561.587 |
|
Debt/Equity ratio |
0.245 |
0.189 |
0.140 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
2,722.037 |
3,067.587 |
3,131.171 |
|
|
|
12.695 |
2.073 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
2,722.037 |
3,067.587 |
3,131.171 |
|
Profit |
391.521 |
576.248 |
458.072 |
|
|
14.38% |
18.79% |
14.63% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
REVIEW OF OPERATION:-
During the year, income
from operations has increased by 2.07%, i.e. Rs.3131.171 millions from
Rs.3067.587 millions as compared to the previous Financial Year. Circulation
revenue increased by 7.88% i.e. Rs.56.491 millions during the Year from
Rs.716.582 millions to Rs.773.073 millions. Advertisement revenue increased by
5.79% i.e. Rs.107.161 millions during the Year from Rs.1771.749 millions to
Rs.1873.510 millions.
MODERNIZATION SCHEME:-
The Company is conscious of
modernizing production, process and has been continuous upgrading equipments,
plants and machineries. During the year the Company has spent Rs.10.685
millions (previous year Rs.34.300 millions) in modernization of plants and
machineries.
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
Report 2014, the print sector continued to buck the global slowdown trend and
the sector grew at a CAGR of 8.5 per cent this year to touch Rs.243 billion.
Regional markets performed exceedingly well on the back of steady advertiser
spends, the state election impact and new launches. The print industry is
expected to grow at a CAGR of 9 per cent for 2013-18, as against estimated 8.7
per cent expected last year. While English dailies continued to witness subdued
growth in comparison to the overall industry growth, regional and vernacular
markets performed exceedingly well on the back of low media penetration, high
population growth and rising income and literacy levels. The growth of the
overall print industry was, hence, largely driven by Hindi and the vernacular
print markets. Traditionally, English language papers have enjoyed a substantial
share in revenues; however, revenues from non-English papers are growing,
erasing the traditional advantage that English papers enjoyed.
There are more than eighty
thousand publications of various kinds in various languages registered with the
Registrar of Newspapers of India, which functions under the Ministry of
Information and Broadcasting.
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 and Managing Director is
running the entire business affairs of the Company along with Shri Parthiv Patel, Managing
Director and a professional team of the Executives of the Company.
The Company had started its
printing facilities at Baroda during 1985-86, at Surat
during 1989-90, at Rajkot during 1990-91, at Bhavnagar during 1998-99 and at Bhuj
during 2010-11 to cater to the semi urban and rural areas. The Company has now
total seven editions, six editions from Gujarat and one edition from Maharashtra. The Company has its regional offices at
Mumbai, Delhi, Kolkata, Bangalore, Chennai and Pune, which have experienced staff and well equipped
communication facilities. The Company has a strong regional franchise, where it
enjoys strong readership loyalty.
The Company has
successfully launched an augmented reality app i.e. ‘Sandesh
Smart’ which lets its readers access multimedia contents like videos,
slideshows, social media connect, polls, interactive quizzes and much more by
simply scanning the newspaper with their Smartphone.
The Company has become the first regional newspaper brand in India to bring
digital content through its newspaper with the launch of ‘Sandesh
Smart’.
Besides the Company also
publishes “Stree”, a weekly magazine and also the
periodical “Sandesh Pratyaksha
Panchang” which remained popular among the public. A
weekly newspaper ‘Agro Sandesh’, specific to the
rural community of the State of Gujarat covering the farming, dairy and
co-operative sector was successfully launched and which is contributing
positively to the development of the farmers of the State of Gujarat and allied
agricultural industries.
The Company’s News TV
channel ‘Sandesh News’ has become immensely popular
in a very short time and has also won the awards.
Further, as a part of its
out-of-home advertising activity, the Company has sites at all the major
commercial areas in Ahmedabad. The Company is also
successfully operating its real estate and finance businesses.
SEGMENT-WISE OR
PRODUCT-WISE PERFOMANCE
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.2739.083 millions during the Financial
Year as against Rs.2577.236 millions 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.356.660 millions during the Financial Year as against
Rs.395.437 millions in the previous year.
OUTLOOK, RISKS AND CONCERNS
The increase in population,
literacy rate and reach has led to increased circulation and readership of the
newspapers in India. The company is steadily increasing its geographical
presence, which helps improve its circulation and readership of its
publications.
The business outlook for
the Print Media Industry and the Company looks good. Both readership and
circulation of newspapers is growing in India.
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.
Newsprint costs for the print companies in India were hardening due to an increase
in domestic newsprint price and rupee depreciation. However, the Company keeps
close watch on the development on the Newsprint front. The Company uses
imported as well as domestic newsprint and by judicious mix of them, tries to
mitigate the high cost impact on the business operations.
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.
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. |
C07318298 |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Loans
and Advances from related parties |
|
|
|
i.
From Directors |
57.897 |
37.695 |
|
ii.
From Related Parties |
30.589 |
139.077 |
|
Total |
88.486 |
176.772 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
i.
Claims against the company not acknowledged as debt |
Amount not Determined |
Amount not Determined |
|
ii.
Disputed Income tax matters |
41.304 |
110.304 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2014
(Rs. in Millions)
|
Particulars
|
Quarter ended on |
Half year ended on |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from Operations |
713.632 |
715.594 |
1429.226 |
|
b) Other operating income |
133.282 |
127.093 |
260.375 |
|
Total
income from Operations(net) |
846.914 |
842.687 |
1689.601 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
338.982 |
358.091 |
697.073 |
|
b) Purchases of stock in trade |
23.842 |
5.904 |
29.746 |
|
c) Employees benefit expenses |
65.270 |
63.468 |
128.738 |
|
d) Depreciation and amortization expenses |
18.426 |
16.953 |
35.379 |
|
e) Other expenditure |
180.560 |
185.575 |
366.147 |
|
Total expenses |
627.080 |
629.991 |
1257.083 |
|
3. Profit from operations before other income and
financial costs |
219.834 |
212.696 |
432.518 |
|
4. Other income |
1.820 |
1.747 |
3.567 |
|
5. Profit from ordinary activities before finance costs |
221.654 |
214.443 |
436.085 |
|
6. Finance costs |
11.345 |
21.025 |
32.370 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
210.309 |
193.418 |
403.715 |
|
8.
Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
210.309 |
193.418 |
403.715 |
|
10.Tax expenses |
|
|
|
|
a)
Income Tax |
74.500 |
67.000 |
141.500 |
|
b)
Deferred Tax |
(0.346) |
(6.881) |
(7.226) |
|
c)
Adjustment of Previous Year Taxes |
0.000 |
0.000 |
0.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
136.155 |
133.299 |
269.441 |
|
12.Extraordinary Items (net of
tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the
period (11 -12) |
136.155 |
133.299 |
269.441 |
|
14.Paid-up equity share capital (Face value Rs.10/- per share) |
75.694 |
75.694 |
75.694 |
|
15.
Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
-- |
-- |
-- |
|
16. Earnings per share - Basic and diluted for the period |
17.99 |
17.61 |
35.60 |
|
|
|
|
|
|
17. PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public Shareholding |
1906404 |
1906404 |
1906404 |
|
- Number of Equity Shares |
25.19% |
25.19% |
25.19% |
|
- Percentage of Shareholding |
|
|
|
|
2. Promoter and Promoter Group’s shareholding pledged |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
-
Percentage of pledged
shares on shareholding of Promoter / Promoter Group |
Nil |
Nil |
Nil |
|
-
Percentage of pledged
on Total Share Capital of the Company |
Nil |
Nil |
Nil |
|
b) Non - Encumbered |
|
|
|
|
-
Number of Shares |
5663017 |
5663017 |
5663017 |
|
-
Percentage of shares
(as a % of the total shareholding of
Promoter / 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 30.09.2014 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending complaints as on 01.07.2014 |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
1. The above unaudited Financial Results were reviewed by the Audit Committee and thereafter approved at the Meeting of the Board of Directors held on November 12, 2014. The Quarterly results have been subject to "Limited Review" by the Statutory Auditors.
2. Figures for the previous periods have been re-grouped / re-arranged, wherever considered necessary.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in Millions)
|
Particulars |
Quarter
ended on |
Half
year ended on |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. Segment Revenue (Net Sales/ Income from Operations) |
|
|
|
|
a. Media |
741.539 |
744.545 |
1486.084 |
|
b. Finance |
75.293 |
91.645 |
166.938 |
|
c. Real Estate |
2.320 |
1.468 |
3.788 |
|
d. Other |
28.287 |
6.187 |
34.474 |
|
e. Unallocated |
1.295 |
0.589 |
1.885 |
|
TOTAL SEGMENT REVENUE |
848.734 |
844.434 |
1693.169 |
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
NET SALES/ INCOME FROM OPERATIONS |
848.734 |
844.434 |
1693.169 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Media |
141.565 |
123.631 |
265.184 |
|
b. Finance |
60.685 |
67.446 |
128.131 |
|
c. Real Estate |
1.622 |
0.981 |
2.602 |
|
d. Other |
5.142 |
0.770 |
5.914 |
|
TOTAL SEGMENT RESULT |
209.014 |
192.828 |
401.831 |
|
|
|
|
|
|
Less:
(i) Interest Expense |
0.000 |
0.000 |
0.000 |
|
Add:
(ii) Other un-allocable Income net off un-allocable Expenditure. |
(1.295) |
(0.590) |
(1.885) |
|
PROFIT BEFORE TAX |
210.309 |
193.418 |
403.716 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
a. Media |
1070.303 |
1029.798 |
1070.303 |
|
b. Finance |
2008.484 |
1885.844 |
2008.484 |
|
c. Real Estate |
901.171 |
909.442 |
901.171 |
|
d. Other |
32.072 |
57.471 |
32.072 |
|
e. Unallocated |
248.888 |
242.208 |
248.888 |
|
TOTAL CAPITAL EMPLOYED IN SEGMENTS |
4260.918 |
4124.763 |
4260.918 |
STATEMENT OF ASSETS AND LIABILITIES:
(Rs. in millions)
|
SOURCES OF FUNDS |
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
75.694 |
|
(b) Reserves & Surplus |
4195.189 |
|
(c) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4270.883 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) Long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
45.195 |
|
(c) Other long term liabilities |
74.851 |
|
(d) Long-term provisions |
19.573 |
|
Total Non-current Liabilities (3) |
139.619 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
215.128 |
|
(b) Trade payables |
119.477 |
|
(c) Other current
liabilities |
486.152 |
|
(d) Short-term provisions |
5.145 |
|
Total Current Liabilities (4) |
825.902 |
|
|
|
|
TOTAL |
5236.404 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i)
Tangible assets |
736.153 |
|
(ii) Intangible Assets |
5.600 |
|
(iii) Capital
work-in-progress |
4.504 |
|
(iv)
Intangible assets under development |
0.000 |
|
(b) Non-current Investments |
1589.161 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
826.416 |
|
(e) Other Non-current assets |
542.463 |
|
Total Non-Current Assets |
3704.297 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
363.458 |
|
(c) Trade receivables |
604.070 |
|
(d) Cash and cash
equivalents |
166.589 |
|
(e) Short-term loans and
advances |
397.990 |
|
(f) Other current assets |
0.000 |
|
Total Current Assets |
1532.107 |
|
|
|
|
TOTAL |
5236.404 |
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.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
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 |
|
63 |
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.