MIRA INFORM REPORT
|
Report No. : |
346823 |
|
Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HT MEDIA LIMITED |
|
|
|
|
Registered
Office : |
18-20, Kasturba Gandhi Marg, Hindustan Times House, New
Delhi – 110001 |
|
Tel. No.: |
91-11-66561608 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
03.12.2002 |
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|
|
|
Com. Reg. No.: |
55-117874 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.461.040 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22121DL2002PLC117874 |
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03846D |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The subject publishes ‘Hindustan Times’, an English daily, and ‘Mint’, a Business paper daily except on Sunday’ and undertakes commercial printing jobs. The Company is also engaged into the business of providing entertainment, radio broadcast and all other related activities through its Radio Stations. |
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|
|
|
No. of Employees
: |
3382 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 42800000 |
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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 was incorporated in the year 2002. Hindustan Times Limited, a
KK Birla group company holds 69.5% stake in the subject company. For the FY 2015, the company has impressive revenue profile marked by
decent profitability margin. The company possesses healthy financial risk profile marked by sound
networth base and huge increase in its cash accruals. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of strong brand image, the company can be considered 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 |
CRISIL |
|
Rating |
Non-Convertible Debentures = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
11.06.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Debt = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. - |
|
Date |
11.06.2015 |
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.
LOCATIONS
|
Registered Office/ Corporate Office : |
18-20, Kasturba Gandhi Marg, Hindustan Times
House New Delhi – 110001, India |
|
Tel. No.: |
91-11-66561608 |
|
Fax No.: |
91-11-66561445 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Ms. Shobhana Bhartia |
|
Designation : |
Chairperson and Editorial Director |
|
|
|
|
Name : |
Mr. K. N. Memani |
|
Designation : |
Director |
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|
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|
Name : |
Mr. N. K. Singh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ajay Relan |
|
Designation : |
Director |
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|
|
|
Name : |
Shri Vikram Singh Mehta |
|
Designation : |
Director |
|
Date of Birth: |
30.10.1952 |
|
|
|
|
Name : |
Shri Priyavrat Bhartia |
|
Designation : |
Director |
|
Date of Birth: |
04.10.1976 |
|
|
|
|
Name : |
Shri Shamit Bhartia |
|
Designation : |
Joint Managing Director |
|
Date of Birth: |
27.04.1979 |
|
|
|
|
Name : |
Shri Rajiv Verma |
|
Designation : |
Whole-time Director and CEO |
|
Date of Birth: |
16.09.1958 |
KEY EXECUTIVES
|
Name : |
Mr. Piyush Gupta |
|
Designation : |
Group Chief Financial Officer |
|
|
|
|
Name : |
Mr. Dinesh Mittal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
22 |
0.00 |
|
|
161754490 |
69.50 |
|
|
161754512 |
69.50 |
|
|
|
|
|
|
22581 |
0.01 |
|
|
22581 |
0.01 |
|
Total
shareholding of Promoter and Promoter Group (A) |
161777093 |
69.51 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
19048238 |
8.18 |
|
|
138975 |
0.06 |
|
|
33142569 |
14.24 |
|
|
52329782 |
22.48 |
|
|
|
|
|
|
7085249 |
3.04 |
|
|
|
|
|
|
3745152 |
1.61 |
|
|
7639124 |
3.28 |
|
|
171914 |
0.07 |
|
|
141098 |
0.06 |
|
|
80 |
0.00 |
|
|
30736 |
0.01 |
|
|
18641439 |
8.01 |
|
Total
Public shareholding (B) |
70971221 |
30.49 |
|
Total
(A)+(B) |
232748314 |
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) |
232748314 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject publishes ‘Hindustan Times’, an English daily, and ‘Mint’, a Business paper daily except on Sunday’ and undertakes commercial printing jobs. The Company is also engaged into the business of providing entertainment, radio broadcast and all other related activities through its Radio Stations. |
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Products : |
Not Available |
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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 : |
3382 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG
TERM BORROWINGS:
SHORT
TERM BORROWINGS:
|
|
Financial
Institute: |
Bnp Paribas, East Tower (Sood Tower), 25 Barakhamaba Road, Delhi - 110001, India |
|
|
|
|
Statutory Auditors |
|
|
Name : |
S R Batliboi and Company Chartered Accountant |
|
Address : |
Golf View Corporate Tower-B, Sector-42, Sector Road, Gurgaon – 122022,
Haryana, India |
|
Tel. No.: |
91-124-4644000 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company of
Parent Company: |
The Hindustan Times Limited |
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Associates: |
My Parichay Services Private Limited |
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Joint Ventures: |
India Education Services Private Limited |
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|
Group companies
where common control exists (with whom the
Group had transactions during the year ): |
Paxton Trexim Private Limited |
|
|
|
|
Enterprises owned
or significantly influenced by Key Management Personnel or their
relatives (with whom the
Group had transactions during the year ): |
Shine Foundation |
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|
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Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
362500000 |
Equity Shares |
Rs.2/- each |
Rs.725.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
(In Lacs) |
|
|
|
|
232748000 |
Equity Shares |
Rs.2/- each |
Rs.465.497
Million |
|
|
|
|
|
Reconciliation of the
equity shares outstanding at the beginning and at the end of the year
|
Equity Shares |
As ON 31.03.2015 |
|
|
|
No. of shares |
Amount |
|
Shares outstanding at the beginning of the year |
230423000 |
Rs.460.846 |
|
Less: Adjustment on account of Equity Shares held by HT Media Employee Welfare Trust |
(097000) |
Rs. (19.400) |
|
Shares outstanding
at the end of the year |
230520000 |
Rs.461.040 |
# 6 (six) equity shares of Rs.2 each have been allotted on 31 March 2014 for a consideration other than cash pursuant to the Scheme of Arrangement and Restructuring. As the financial statements are represented in lacs and number of shares are represented in lacs above, thus the same has not been considered in table above.
(b) Terms/rights
attached to equity shares
The Parent Company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The parent company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs.0.40 (previous year Rs.0.40).
In the event of liquidation of the parent company, the holders of equity shares will be entitled to receive remaining assets of the parent company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shares held by
holding/ ultimate holding company and/ or their subsidiaries/ associates
(Rs, In Million)
|
Particulars |
As ON 31.03.2015 |
|
The Hindustan Times
Limited, the holding company 1,617.55 lac (Previous year 1,617.55 lac) equity shares of Rs.2 each fully paid |
323.509 |
|
Go4i.com (Mauritius)
Limited, subsidiary of The Hindustan Times Limited 0.23 lac (Previous year 0.23 lac) equity shares of Rs.2 each fully paid |
0.045 |
(d) Aggregate number
of bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date
(Rs, In Million)
|
Particulars |
As ON 31.03.2015 |
|
Equity shares alloted as fully paid-up to Go4i.com (Mauritius) Limited pursuant to a scheme of Arrangement and de-merger u/s 391-394 of the Companies Act, 1956 |
0.023 |
|
Equity shares alloted as fully paid-up to The Hindustan Times Limited pursuant to a scheme of Arrangement and restructuring u/s 391-394 read with sections 100-104 of the Companies Act, 1956 |
0.769 |
|
Shares bought back and extinguished during 2013-14 |
2.273 |
*As the financial statements are represented in Rs. lacs and number of shares are represented in lacs above, thus the same has not been considered in table above.
Details of
shareholders holding more than 5% shares in the Company
|
Equity Shares |
As ON 31.03.2015 |
|
|
|
No. of shares (in lacs) |
% holding |
|
Equity shares of
Rs.2 each fully paid up |
|
|
|
The Hindustan Times Limited, the holding company |
1617.55 |
70.17% |
|
Government Pension Fund Global |
125.47 |
5.44% |
As per the of the Parent Company, including its register of shareholders/members and other declaration received from the shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
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 |
461.040 |
460.846 |
470.042 |
|
(b) Reserves &
Surplus |
14553.654 |
13624.849 |
12631.479 |
|
(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) |
15014.694 |
14085.695 |
13101.521 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
675.727 |
468.047 |
911.118 |
|
(b) Deferred tax liabilities
(Net) |
304.495 |
424.151 |
291.059 |
|
(c) Trade payables |
15.658 |
15.297 |
4.903 |
|
(d) Other long term liabilities |
35.525 |
212.150 |
196.624 |
|
(e) long-term provisions |
12.616 |
8.289 |
10.719 |
|
Total Non-current
Liabilities (3) |
1044.021 |
1127.934 |
1414.423 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1780.873 |
3497.002 |
2383.804 |
|
(b) Trade payables |
3687.054 |
3044.113 |
2517.074 |
|
(c) Other current
liabilities |
3298.668 |
3018.912 |
2542.510 |
|
(d) Short-term provisions |
329.143 |
195.001 |
204.686 |
|
Total Current Liabilities
(4) |
9095.738 |
9755.028 |
7648.074 |
|
|
|
|
|
|
TOTAL |
25154.453 |
24968.657 |
22164.018 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4685.847 |
5207.067 |
4039.353 |
|
(ii) Intangible Assets |
305.120 |
396.312 |
445.292 |
|
(iii) Capital
work-in-progress |
314.089 |
196.969 |
1086.432 |
|
(iv) Intangible assets
under development |
55.713 |
28.292 |
7.546 |
|
(b) Non-current
Investments |
9383.439 |
5074.169 |
3493.352 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1013.225 |
927.410 |
773.925 |
|
(e) Other Non-current
assets |
959.786 |
244.626 |
162.375 |
|
Total Non-Current Assets |
16717.219 |
12074.845 |
10008.275 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1170.632 |
5712.563 |
5234.700 |
|
(b) Inventories |
1088.562 |
1927.319 |
1046.429 |
|
(c) Trade receivables |
1965.212 |
1899.268 |
1946.109 |
|
(d) Cash and cash
equivalents |
1159.176 |
721.363 |
968.250 |
|
(e) Short-term loans and
advances |
2760.140 |
2066.170 |
2318.513 |
|
(f) Other current assets |
293.512 |
567.129 |
641.742 |
|
Total Current Assets |
8437.234 |
12893.812 |
12155.743 |
|
|
|
|
|
|
TOTAL |
25154.453 |
24968.657 |
22164.018 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
14528.191 |
14292.458 |
13450.908 |
|
|
Other Income |
1219.285 |
1266.012 |
781.004 |
|
|
TOTAL (A) |
15747.476 |
15558.470 |
14231.912 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4047.717 |
4046.550 |
4110.244 |
|
|
Decrease/(increase) in
inventories |
(0.387) |
3.949 |
(5.261) |
|
|
Employees benefits
expense |
3479.488 |
3125.123 |
2891.485 |
|
|
Other expenses |
5738.737 |
5341.304 |
4583.554 |
|
|
Exceptional items |
166.923 |
0.000 |
1594.000 |
|
|
TOTAL (B) |
13432.478 |
12516.926 |
13174.022 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2314.998 |
3041.544 |
1057.890 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
360.302 |
555.722 |
335.766 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
1954.696 |
2485.822 |
722.124 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
716.665 |
562.140 |
575.816 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
1238.031 |
1923.682 |
146.308 |
|
|
|
|
|
|
|
Less |
TAX (H) |
101.425 |
367.264 |
(95.189) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
1136.606 |
1556.418 |
241.497 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD (K) |
86.716 |
73.238 |
7199.5 |
|
|
|
|
|
|
|
Add |
Earlier year excess
proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
to General Reserve |
0.000 |
1.168 |
18.200 |
|
|
Proposed
Dividend (on equity shares) |
0.931 |
0.929 |
94.000 |
|
|
Tax
on Proposed Dividend |
0.078 |
0.047 |
5.000 |
|
|
Adjustment towards change
in useful lives of assets as per Companies Act, 2013 |
0.400 |
0.000 |
0.000 |
|
|
Total (M) |
1.409 |
2.144 |
117.200 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
1221.913 |
1627.512 |
7323.797 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
795.846 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
795.846 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2178.485 |
3786.670 |
2714.51 |
|
|
Components and Stores
parts |
41.218 |
73.657 |
34.108 |
|
|
Capital Goods |
49.212 |
197.506 |
768.361 |
|
|
TOTAL IMPORTS |
2268.915 |
4057.833 |
3516.979 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.88 |
6.66 |
1.03 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
249.980 |
533.595 |
514.696 |
|
Cash generated from operations |
3113.926 |
1963.404 |
2172.957 |
|
Net cash from operating activities |
2912.283 |
1833.418 |
1671.944 |
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
3524.000 |
|
Total Expenditure |
|
|
3414.400 |
|
PBIDT (Excl OI) |
|
|
109.600 |
|
Other Income |
|
|
171.900 |
|
Operating Profit |
|
|
281.500 |
|
Interest |
|
|
64.700 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
216.800 |
|
Depreciation |
|
|
162.600 |
|
Profit Before Tax |
|
|
54.200 |
|
Tax |
|
|
9.800 |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
44.400 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
44.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.82 |
10.89 |
1.80 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.93 |
21.28 |
7.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.04 |
9.78 |
0.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.14 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18 |
0.32 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.32 |
1.59 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.92.75/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
470.042 |
460.846 |
461.040 |
|
Reserves & Surplus |
12631.479 |
13624.849 |
14553.654 |
|
Net worth |
13101.521 |
14085.695 |
15014.694 |
|
|
|
|
|
|
long-term borrowings |
911.118 |
468.047 |
675.727 |
|
Short term borrowings |
2383.804 |
3497.002 |
1780.873 |
|
Current maturities of
long-term debts |
514.696 |
533.595 |
249.980 |
|
Total borrowings |
3809.618 |
4498.644 |
2706.580 |
|
Debt/Equity ratio |
0.291 |
0.319 |
0.180 |
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 |
13450.908 |
14292.458 |
14528.191 |
|
|
|
6.256 |
1.649 |
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 |
13450.908 |
14292.458 |
14528.191 |
|
Profit |
241.497 |
1556.418 |
1136.606 |
|
|
1.80% |
10.89% |
7.82% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS
$~A-29
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CS(OS) 1220/2013
DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED..... Plaintiff
Through Ms.Chinmayee Chandra, Advocate.
Versus
HT MEDIA LTD ..... Defendant
Through Ms.Kanika Agnihotri and Ms.Ravneet Kaur, Advocates.
CORAM: HON'BLE MR. JUSTICE JAYANT NATH
ORDER
% 06.05.2015
At request of learned counsel for the plaintiff, adjourned to
29.09.2015.
JAYANT NATH, J
MAY 06, 2015
Rb
CORPORATE
INFORMATION:
HT Media Limited (the Company) is a public company registered in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the National stock exchange and Bombay stock exchange. The Company publishes ‘Hindustan Times’, an English daily, and ‘Mint’, a Business paper daily except on Sunday’ and undertakes commercial printing jobs. The Company is also engaged into the business of providing entertainment, radio broadcast and all other related activities through its Radio Stations operating under brand name ‘Fever 104’ in cities of Delhi, Mumbai, Kolkata and Bangalore. The digital business of the Company comprises of ‘shine.com’ (job portal), ‘hindustantimes.com’ (News Website) and ‘livemint. com’ (business news website).
The Company derives revenue primarily from the sale of the above mentioned publications, advertisements published therein, by undertaking printing jobs and airtime advertisements aired at the aforesaid radio stations. Internet business also contributes to the Company’s revenue, by way of display of advertisements on these websites.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW:
International Monetary Foundation (IMF), in its April 2015 update of World Economic Outlook, estimated the world GDP growth to have remained flat at 3.4% in 2014. Its 2015 forecast indicates a 10-bps increase to lift the world GDP growth to 3.5%.
In India, return of a single party majority government, after a long gap of three decades, lifted the hope of translating this political stability into steady policy reforms and sustained economic growth. Government’s committed focus on reviving economic growth through increased foreign direct investment in a number of crucial sectors, an immediate thrust on fast-tracking growth in the core infrastructure sectors, connecting growth with the
vast masses of rural and sub-urban populace and steely resolve of making India as an attractive global destination for doing business, has since gone on to increase the confidence and interest of global business and investor communities
While the true results of these measures would become visible on the ground with a lag effect; contained inflation, reduction in Repo Rate by the Reserve Bank of India, and strengthening of Fiscal and Current Account Deficit were significant structural improvements achieved in the fiscal year 2014-15. The developments augur well for rebooting our economy to a path of sustained higher growth. The Government moved to a new series of GDP estimation, making 2011-12 prices as the base price (factor cost). The GDP growth rate, as per CSO’s estimation based on the new series, recorded a 40 bps increase to reach 7.3% as against 6.9% in the previous year. The growth was led by the core sectors of manufacturing, utilities and construction, while agricultural activities recorded a drop in their growth, and the services sector recorded a moderate growth.
OPERATIONAL REVIEW:
Hindustan Times:
With strong readership of 4.52 million, Hindustan Times (HT) retained its dominant position in the English newspaper segment nationally. With readerships of 2.3 million and 1.44 million, HT retained its No.1 position in Delhi-NCR region and No.2 position in Mumbai respectively.Its circulation has reached 1 million copies in Delhi and 0.46 million copies in Mumbai. A key innovation of the previous year, Page One Plus (PoP), adorned a new avatar where one key story with a large single visual made it an interesting read. The Quick Edit and the ‘news-you-can-use’ format was replaced with a single key story on the front page, and another on the back of the flap.
In Mumbai, reader engagement campaigns such as ‘Unclog Mumbai’ and ‘Clean my Mumbai’ received huge responses. Over 10,000 people participated in more than 40 mass cleanliness drives across the city. A record 80,000 entries were received for our Scholarship Programmed where 50 students were awarded scholarship worth ` 50,000 each. Events such as No TV Day, Kala Ghoda Art Festival, Mumbai’s Most Stylish, Mission MBA, Real Estate conclaves and exhibitions received good responses. Responsive websites were developed for initiatives like ‘HT for Mumbai’ awards and ‘Hindustan Times Kala Ghoda Arts Festival’, which attracted
Mint
Mint retained its No.2 position among business dailies with a readership base of 0.3 million. Mint Asia, which is published once a week from Singapore, was extended to Kuala Lumpur. Within a short span of time, it has received good response for its India-centric content.
Hindustan
With a combined readership of 14.75 million, Hindustan is the second largest newspaper in india. It also retained its No.1 position in Bihar, Jharkhand and Uttarakhand. With an addition of over 2 Lac copies in FY15, Hindustan raised its circulation to 2.6 million copies. Uttar Pradesh and Kanpur in particular, led this growth. Hindustan’s various reader engagement programmers such as Aao Rajneeti Karein (to encourage people to vote during the
national election), Swachch Ganga Abhiyan (to create awareness towards a clean Ganga) and Kyon Batti Gul (to foster engagement between public and electricity distribution entities) continues to play a key role in maintaining and expanding the reader base.
FINANCIAL REVIEW
The Company returned a steady performance in the fiscal year 2014-15. Consolidated Revenues registered a growth of 4%, up from Rs. 23630.000 million to Rs. 24570.000 million. The broad factors that contributed to this growth were as follows: Print and Publishing segment revenue grew by 3%. This was primarily driven by increase in circulation revenue by 11%, aided by the increase in cover price of HT Mumbai and circulation of Hindustan in Uttar Pradesh. Radio Broadcast and Entertainment segment grew by 7% over the last year to Rs. 994.000 million in FY15, from Rs. 931.000 million in FY14.
Digital segment recorded a strong revenue growth of 36%, up from Rs. 760s.000 million in FY14 to Rs. 1040.000 million in FY15. This growth was due to healthy performance of Shine.com and Digital Quotient. Both the businesses were up by 33% and 50% respectively over the last year.
Print advertisement revenue recorded a growth of 5% over last year at Rs.17510.000 million due to increase in advertisement volume. In Mumbai and UP market, improvement in yield contributed to the growth in advertisement revenue. While revenue growth was steady in FY15, rise in expenditure impacted the operating profit growth. Although a downward trend in the newsprint price has been a relief, rise in the employee expenses has more than offset the benefit.
The employee expenses were up by 14% over the last year due to hiring of new employees, increment and increase in salary of certain class of employees pursuant to change in regulatory requirement. Advertisement & sales promotion expenses were up by 10% over the last year due to new TV commercial spend for Shine.com.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Vendor financing from Citi Bank |
107.614 |
0.000 |
|
Vendor financing from Deutsche Bank |
416.157 |
0.000 |
|
Buyer's credit from Bank of Tokyo and Mitshubishi |
33.643 |
0.000 |
|
Buyer's credit from Royal Bank of Scotland |
0.000 |
156.071 |
|
Buyer's credit from Citi Bank |
412.244 |
1705.497 |
|
Buyer's credit from Citi Bank |
0.000 |
93.215 |
|
Buyer's credit from DBS Bank |
309.914 |
124.034 |
|
Buyer's credit from Yes Bank |
117.665 |
470.249 |
|
Total |
1397.237 |
2549.066 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10521726 |
28/07/2014 |
420,000,000.00 |
CITI BANK N.A. |
JEEVAN BHARTI BUILDING, 4TH FLOOR TOWER 1, 124, CONNAUGHT CIRCUS, NEW DELHI-110001, NEW DELHI - 110001, INDIA |
C21241534 |
|
2 |
10361536 |
18/06/2012 |
1,787,500,000.00 |
CITIBANK N.A. |
JEEVAN BHARTI BUILDING, 4TH FLOOR, PARLIAMENT STREET, DELHI - 110001, INDIA |
B42005140 |
|
3 |
10325628 |
19/11/2011 |
600,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B28702934 |
|
4 |
10268169 |
05/02/2013 * |
300,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7TH FLOOR, AMBADEEP BUILDING, 14, K. G. MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B69409076 |
|
5 |
10262657 |
09/08/2011 * |
1,750,000,000.00 |
BNP PARIBAS |
EAST TOWER (SOOD TOWER), 25 BARAKHAMABA ROAD, DELHI - 110001, INDIA |
B19834704 |
|
6 |
80036374 |
16/10/2014 * |
50,000,000.00 |
CENTRAL BANK OF INDIA |
PARLIAMENT STREET, JEEVAN TARA BUILDING, DELHI - 110001, INDIA |
C32956906 |
* Date of charge modification
FIXED ASSETS
TANGIBLE ASSETS
- Leasehold Land
- Buildings
- Improvement to Leasehold Premises
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Vehicles
INTANGIBLE ASSETS
- Website Development
- Software Licenses
- License Fees
- Software for Radio Business
- Music Contents
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records 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.64.96 |
|
UK Pound |
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
66 |
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.