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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486468

Report Date :

16.01.2018

 

IDENTIFICATION DETAILS

 

Name :

MIDDAY INFOMEDIA LIMITED

 

 

Registered Office :

4th Floor, RNA Corporate Park, Off. Western Express Highway, Kalanagar, Bandra (East), Mumbai – 400051, Maharashtra

Tel. No.:

91-20-33284800

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

16.01.2008

 

 

Com. Reg. No.:

11- 177808

 

 

Capital Investment / Paid-up Capital :

INR 198.703 Million

 

 

CIN No.:

[Company Identification No.]

U22130MH2008PLC177808

 

 

IEC No.:

0309003890

 

 

GSTIN/UIN:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAFCM4778H

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged primarily in printing and publication of Newspaper. [Registered Activity]

 

 

No. of Employees :

Information denied by the management

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist 

 

 

Comments :

Subject is a subsidiary of “Jagran Prakashan Limited”. It is a well-established and reputed company having fine track record.

 

The rating reflect the financial and operational support that the company receives from parent Jagran Prakashan, and the healthy market position of its publications MiD-Day, Gujarati Mid-Day, and The Inquilab.

 

As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

 

During FY-2016, the company has witnessed a healthy growth in its profit.

 

Available financials indicate sound financial risk marked by healthy net worth base along with comfortable liquidity and favorable gap between trade payables and trade receivables. 

 

This rating strength is partially offset by susceptibility of its operating margin to volatility in newsprint prices and economic cycles.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

In view of strong holding and healthy market position of MIL’s brands, 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Bank Facilities = AA-

Rating Explanation

Have high degree of safety and very low credit risk.

Date

14.07.2017

 

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.01.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Rajesh

Designation :

Finance Department

Contact No.:

91-20-33284800

Date :

15.01.2018

 

 

LOCATIONS

 

Registered Office :

4th Floor, RNA Corporate Park, Off. Western Express Highway, Kalanagar, Bandra (East), Mumbai – 400051, Maharashtra

Tel. No.:

91-20-33284800

Fax No.:

91-22-26426812

E-Mail :

pranali.parekh@mid-day.com

Website :

http://middayinfomedia.com

http://www.mid-day.com

 

 

Press :

Plot No. R-847/3, T.T.C. Industrial Area, Rabale, Navi Mumbai, Maharashtra, India

 

Branch Office :

Located At:

 

·         Delhi 

·         Bangalore 

·         Pune 

·         Goa

·         Chennai

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Sanjay Narendra Mohan Gupta

Designation :

Director

Address :

C-26, Friends Colony, East New Delhi - 110 065, India

Date of Birth/Age :

20.12.1962

Date of Appointment :

31.03.2011

DIN No.:

00028734

 

 

Name :

Mr. Shailesh Mahendra Mohan Gupta

Designation :

Director

Address :

Puran Niwas, 7/51, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

07.04.1969

Date of Appointment :

31.03.2011

DIN No.:

00192466

 

 

Name :

Ms. Apurva Purohit

Designation :

Director

Address :

Flat No. 402, Sunrise Apartment Sai Road, Off Ambedkar Road, Near Pali, Navi Mumbai – 400050, Mahasrhtra, India

Date of Birth/Age :

11.06.1961

Date of Appointment :

16.01.2008

DIN No.:

00190097

 

 

Name :

Mr. Amit Mahendra Kumar Dixit

Designation :

Director

Address :

Thakur Nivas, Flat No. 21, 173 Jamshedji Tata Road, Churchgate, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

26.01.1973

Date of Appointment :

31.03.2011

DIN No.:

01798942

 

 

Name :

Mr. Rajendra Kumar Jhunjhunwala

Designation :

Director

Address :

117/K/13, Gutaiya, Kanpur – 208025, Uttar Pradesh, India

Date of Birth/Age :

18.08.1945

Date of Appointment :

30.07.2013

DIN No.:

00073943

 

 

Name :

Mr. Shashidhar Narin Sinha

Designation :

Director

Address :

13, 905-906, Indrasadan Phase II, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Appointment :

28.01.2015

DIN No.:

00953796

 

 

Name :

Mr. Rajesh

Designation :

Finance Department

 

 

KEY EXECUTIVES

 

Name :

Pranali Jitendra Parekh

Designation :

Company Secretary

Address :

D/501, Vasant Aradhana, Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

18.11.1987

Date of Appointment :

22.04.2013

PAN No.:

AZGPP7574B

 

 

Name :

Mr. Sandeep Jitender Khosla

Designation :

Chief Executive Officer

Address :

C2/155, 15th Floor, Com. SSS Nagar, Karamshetra, Next to Shanmukhanda, Hall Soin, Koliwada, Mumbai – 4000037, Maharashtra, India

Date of Appointment :

01.03.2016

PAN No.:

ALEPK8700A

 

 

Name :

Mr. Nilpesh Mahendra Shah

Designation :

Chief Financial Officer

Address :

C-103 Sudhir Park, S.N. Road, R. G. Patil Nagar, Mulund West, Mumbai 400080, Maharashtra, India

Date of Appointment :

08.08.2016

PAN No.:

AXQPS5080H

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Names of Equity Shareholders

 

No. of Shares

Jagran Prakashan Limited, India

19870321

Sanjay Narendra Mohan Gupta

(Nominee shareholder for [Jagran Prakashan Limited)

1

Shailesh Mahendra Mohan Gupta

(Nominee shareholder for [Jagran Prakashan Limited)

1

Rajendra Kumar Agarwal

(Nominee shareholder for [Jagran Prakashan Limited)

1

Nilpesh Shah

(Nominee shareholder for [Jagran Prakashan Limited)

1

Sandeep Khosla

(Nominee shareholder for [Jagran Prakashan Limited)

1

Pranali Jitendra Parekh

 (Nominee shareholder for [Jagran Prakashan Limited)

1

Total

19870327

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 14.09.2017

 

Category

Percentage

Promoters- Body corporate (not mentioned above)

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged primarily in printing and publication of Newspaper. [Registered Activity]

 

 

Products :

Item Code No.

Product Description

99611512

Newspaper sale Daily

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

Yes Bank Limited

Branch :

9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

SECURED LOANS

31.03.2016

INR In Million

31.03.2015

INR In Million

LONG TERM BORROWINGS

 

 

Loans and advances from others

4.404

1.607

SHORT TERM BORROWINGS

 

 

Loans taken for other fixed assets

(Cash credit facility from banks is Secured by hypothecation of Stocks and Book Debts of the Company and immovable property included under the head Leasehold Land and Building in Fixed Assets.)

91.323

0.000

Total

95.727

1.607

 

Auditors :

 

Name :

Price Waterhouse LLP

Chartered Accountant

Address :

Building 8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurugram – 122002, Haryana, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAEFP3641G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company (as on 31.03.2016): 

  • Jagran Prakashan Limited, India [L22219UP1975PLC004147]

 

 

Entities in which Directors have significant influence (as on 31.03.2016): 

  • Next Radio Limited, India (ceased w.e.f. April 15, 2015) [U32201MH1999PLC122233]
  • Inquilab Offset Printers Limited (ceased w.e.f. April 15, 2015)
  • Ferrari Investments and Trading Company Private Limited, India (ceased w.e.f. April 15, 2015) [U65990MH1995PTC089484]
  • MMI Online Limited, India [U72300UP2008PLC036242]

 

 

Fellow Subsidiaries (as on 31.03.2016): 

  • Suvi Info-Management (Indore) Private Limited
  • Nayi Dunia Media Limited
  • Music Broadcast Limited, India (w.e.f. June 10, 2015) [U64200MH1999PLC137729]
  • Spectrum Broadcast Holdings Private Limited (w.e.f. June 10, 2015)
  • Crytal Sound and Music Private Limited (w.e.f. June 10, 2015)

 

 

CAPITAL STRUCTURE

 

AS ON 14.09.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20000000

Equity Shares

INR 10/- each

INR 200.000 Million

 

 

 

 

 

Issued Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

19870327

Equity Shares

INR 10/- each

INR 198.703 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

198.703

198.703

198.703

(b) Reserves and Surplus

338.451

188.960

147.500

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

537.154

387.663

346.203

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4.404

150.319

198.712

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long-term liabilities

0.000

0.000

0.000

(d) long-term provisions

20.996

23.552

21.176

Total Non-current Liabilities (3)

25.400

173.871

219.888

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

91.323

75.000

175.580

(b) Trade payables

103.971

172.983

172.605

(c) Other current liabilities

112.784

125.352

135.046

(d) Short-term provisions

6.423

4.588

1.678

Total Current Liabilities (4)

314.501

377.923

484.909

 

 

 

 

TOTAL

877.055

939.457

1051.000

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

360.052

420.812

510.148

(ii) Intangible Assets

1.103

2.253

3.403

(iii) Tangible assets capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

13.668

17.000

17.000

(c) Deferred tax assets (net)

26.014

17.846

3.315

(d) Long-term loans and advances

32.459

13.270

37.921

(e) Other Non-current assets

30.118

23.226

16.973

Total Non-Current Assets

463.414

494.407

588.760

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

66.652

73.112

107.935

(b) Inventories

80.062

113.831

122.284

(c) Trade receivables

229.341

192.620

189.549

(d) Cash and bank balances

6.628

35.863

12.198

(e) Short-term loans and advances

30.735

29.029

28.782

(f) Other current assets

0.223

0.595

1.492

Total Current Assets

413.641

445.050

462.240

 

 

 

 

TOTAL

877.055

939.457

1051.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Income

1127.039

1107.891

1166.279

 

Other Income

10.868

12.424

13.962

 

TOTAL

1137.907

1120.315

1180.241

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

267.251

322.326

376.681

 

Employee benefit expense

328.211

329.378

307.528

 

Other expenses

303.432

328.728

474.337

 

TOTAL

898.894

980.432

1158.546

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

239.013

139.883

21.695

 

 

 

 

 

Less

FINANCIAL EXPENSES

7.934

27.440

24.960

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

231.079

112.443

(3.265)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

70.010

84.653

59.822

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

161.069

27.790

(63.087)

 

 

 

 

 

Less

TAX

11.578

(14.265)

6.736

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

149.491

42.055

(69.823)

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(180.981)

(222.441)

(152.600)

 

 

 

 

 

 

Depreciation adjusted against opening
reserve

0.000

(0.595)

0.000

 

 

 

 

 

 

Balance Carried to the B/S

(31.490)

(180.981)

(222.400)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

9.101

6.606

NA

 

TOTAL EARNINGS

9.101

6.606

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

160.319

240.886

NA

 

TOTAL IMPORTS

160.319

240.886

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

9.23

6.50

(15.56)

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

1.383

0.435

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flows from (used in) operations

192.726

160.467

(4.375)

 

 

 

 

Net cash flows from (used in) operating activities

159.548

181.208

(1.114)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

74.27

63.46

59.32

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.91

5.75

6.15

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

142.00

195.88

167.25

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.99

1.23

0.18

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.66

0.33

0.04

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.37

0.56

0.65

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.18

0.58

1.08

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.59

0.97

1.40

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.67

1.09

1.48

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

30.13

5.10

0.87

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin

((PAT / Sales) * 100)

%

13.26

3.80

(5.99)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

17.04

4.48

(6.64)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

27.83

10.85

(20.17)

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

1.32

1.18

0.95

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.06

0.88

0.70

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.61

0.41

0.33

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.49

1.14

1.88

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.32

1.18

0.95

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

INR In Million

INR In Million

INR In Million

Share Capital

198.703

198.703

198.703

Reserves & Surplus

147.500

188.960

338.451

Share Application money pending allotment

0.000

0.000

0.000

Net worth

346.203

387.663

537.154

 

 

 

 

Long Term borrowings

198.712

150.319

4.404

Short Term borrowings

175.580

75.000

91.323

Total borrowings

374.292

225.319

95.727

Debt/Equity ratio

1.081

0.581

0.178

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

INR In Million

INR In Million

INR In Million

Sales

1166.279

1107.891

1127.039

 

 

(5.006)

1.728

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

INR In Million

INR In Million

INR In Million

Sales

1166.279

1107.891

1127.039

Profit

(69.823)

42.055

149.491

 

(5.99%)

3.80%

13.26%

 

 

LEGAL CASES

 

 

CASE DETAILS

BENCH:-BOMBAY

 

 

Presentation Date:-

14/12/2017

Lodging No.:-

NMSL/2595/2017

Filing Date:-

14/12/2017

 

 

Main Matter

 

Lodging No.:-

NMSL/1736/2017

 

 

Petitioner:-

CROWN VATERINARY SERVICES PRIVATE LIMITED. AND 2 ORS.

 

Respondent:-

MID-DAY INFOMEDIA LIMITED

 

 

Resp.Adv.:-

ECONOMIC LAWS PRACTICE (I2575)

 

 

District:-

MUMBAI

 

 

Bench:-

SINGLE

Status:-

Pre-Admission

Category:-

NOTICE OF MOTION.

 

Last Date:-

21/12/2017

Stage:-

 

Last Coram:-

ACCORDING TO SITTING LIST

 

 

Act :-

Code of Civil Procedure 1908

 

 

 

CASE DETAILS

BENCH:-BOMBAY

 

Presentation Date:-

07/04/2017

 

 

Lodging No.:-

WPL/1029/2017

Filing Date:-

07/04/2017

Reg. No.:-

WP/1322/2017

Reg. Date:-

17/06/2017

 

 

Petitioner:-

MAHARASHTRA MEDIA EMPLOYEES UNION

 

Respondent:-

MID DAY INFOMEDIA LIMITED

 

 

Petn.Adv.:-

KARISHMA RAO (I19319)

 

Resp.Adv.:-

ASHISH MEHTA (I5536)

 

 

District:-

MUMBAI

 

 

Bench:-

SINGLE

Status:-

Admitted(Unready)

Category:-

WRIT PETITION(LABOUR MATTERS)

 

Next date:

15/01/2018

Stage:-

          

FOR PRODUCTION

 

 

Last Coram:-

HON'BLE SHRI JUSTICE A. K. MENON

 

 

 

 

Last Date:-

07/11/2017

Stage:-

          

PETITION FOR ADMISSION

                 

 

Last Coram:-

HON'BLE SHRI JUSTICE S J KATHAWALLA

 

 

Act :-

M.R.T.U. & P.U.L.P. Act

 

 

 

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

No

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

No

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

 

NOTE: Registered office of the company has been shifted from Peninsula Centre, Dr. S. S. Road, Opposite Mahatma Gandhi Hospital, Parel (East), Mumbai – 400012, Maharashtra, India to the present address

 

FINANCIAL REVIEW (AS ON 31.03.2016):

 

During the year, the Company has with continued efforts, brought positive growth and good profitability curve vis a vis the previous years. The Company expects good business and returns in future as well. The Directors are hopeful for the coming year to be better than the year.

 

The Company, with bouquet of its publications in different languages viz., English, Guajarati and Urdu maintained its niche position. On all key performance parameters, the Company has shown improvement. Sustainable cost management along with few other factors has resulted in growing profitability of the Company and helped improve profit margins.

 

The Company has achieved an all-time high performance both in turnover and profit. Also revenue from operation has increased from INR 1107.891 Million to INR 1127.039 Million y-o-y

 

Further, during the year, the Company has earned income of INR 1137.907 Million as compared to INR 1120.315 Million in last year. On the other side, Company has incurred expenditure of INR 976.838 Million (previous year INR 1092.525 Million) thereby giving Profit before Tax of INR 161.069 Million (previous year profit of INR 27.790 Million). After deducting thereto INR 24.975 Million towards current tax (previous year INR 6.253 Million), INR (5.228) Million towards MAT credit (previous year (6.253) Million), INR (8.169) Million towards deferred tax (previous year INR (14.265) Million), Net Profit after Tax was standing at INR 149.491 Million as compared to INR 42.055 Million in the previous year. After adding thereto negative balance brought forward from previous year INR 180.981 Million (previous year negative balance of INR 222.441 Million) and subtracting NIL towards depreciation adjusted against opening reserve (previous year INR (0.595 Million)), negative balance of INR 31.490 Million (previous year INR 180.981 Million) was carried forward to the Balance Sheet.

 

OPERATING RESULT AND FUTURE OUTLOOK (AS ON 31.03.2016):

 

The financial year FY 2015-2016 has been a year that saw Midday outperform by recording year on year growth. The growth has been due to the focused approach taken towards each major vertical.

 

The operational highlights are as below:

 

The Circulation Revenue grew by 7% Y-O-Y and 3% Q-O-Q

 

EBITDA stood at 77.200 Million showing growth of 20 % Q-O-Q and 23% Y-O-Y

 

The Operating Margin improved to 26% from 23% in Q2 and 13% in Q3 LY Inquilab retains No 1 position nationally in Urdu daily Gujarati mid-day strive at No 2 position nationally among Gujarati daily Middays continued growth projectile was scripted on the back of strong and consistent team effort. Marketing initiatives helped connect with readers and create brand awareness. Also, events like Derby, Hot property exhibitions, mid-day premiere nights, Odhni, Gujarati mid-day Navratri Contest brought in huge community connect, engagement and lure.

 

Digital world:

 

At Midday, they have developed a sizeable portfolio of digital business. The underlying potential of their goodwill, brand equity and business offerings gets amplified in context of a fast emerging digital India. To realise this potential, they have developed a detailed framework for dot.com business.

 

UNSECURED LOANS:

 

Particulars

31.03.2016

INR In Million

31.03.2015

INR In Million

LONG TERM BORROWINGS

 

 

Fully convertible debentures intercorporate

0.000

100.000

Intercorporate borrowings

0.000

48.712

SHORT TERM BORROWINGS

 

 

Intercorporate borrowings

0.000

75.000

Total

0.000

223.712

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G53808929

10600680

YES BANK LIMITED

09/10/2015

02/02/2016

11/09/2017

150000000.0

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLIMUMBAIMH400018IN

2

C65950123

10381049

CENTRAL BANK OF INDIA

26/09/2012

-

21/09/2015

200000000.0

INDUSTRIAL FINANCE BRANCH,NARIMAN POINTMUMBAIMH400021IN

3

C65947715

10372034

CENTRAL BANK OF INDIA

10/04/2012

-

21/09/2015

200000000.0

INDUSTRIAL FINANCE BRANCH,NARIMAN POINTMUMBAIMH400021IN

4

B38224507

10237092

BANK OF BARODA

06/08/2010

-

25/04/2012

204400000.0

TARDEO BRANCH, EVEREST BUILDING156-D, J. DADAJEE ROAD, TARDEOMUMBAIMH400034IN

 

 

FIXED ASSETS:

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer equipments
  • Leasehold improvements

 

Intangible assets

 

  • Goodwill
  • Brands and trade marks
  • Computer software
  • Licenses and franchise
  • Recipes, formulae, models, designs and prototypes
  • Copyrights, patents and other operating rights

 

 

 

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

INR

US Dollar

1

INR 63.41

UK Pound

1

INR 87.18

Euro

1

INR 77.45

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHL

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

KVT

 

 

SCORE FACTORS

 

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

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.