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|
|
MIRA INFORM REPORT
|
Report No. : |
508616 |
|
Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
D B CORP LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 280, Sarkhej - Gandhi Nagar Highway, Near YMCA Club, Makarba,
Ahmedabad – 380 051, Gujarat |
|
Tel. No.: |
91-79-39888850 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
27.10.1995 |
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|
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Com. Reg. No.: |
04-047208 |
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Capital
Investment / Paid-up Capital : |
INR 1840.279 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L22210GJ1995PLC047208 |
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|
|
|
IEC No.: [Import-Export Code No.] |
0807008346 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTD01424D |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AACCM5772G1ZH |
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|
|
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TIN No : |
24074501468 |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCM5772G |
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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 Company is engaged in the business of operating, managing and hosting websites / personal pages or otherwise providing audiovisual content in the domain of entertainment. (Registered activity) |
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|
|
|
No. of Employees
: |
10315 (Approximately) |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1995. It is engaged in business of Printing and Publishing Newspaper, Radio Broadcasting, Event Management and Internet. D B Corp Limited, informally known as the Dainik Bhaskar Group, is India’s largest newspaper group with 66 editions published in 4 languages, trusted by 44.000 Million readers (IRS Q4,2012) across 12 states. The major newspapers published by the group are Dainik Bhaskar (Hindi daily), Divya Bhaskar (Gujarati daily), Dainik Divya Marathi (Marathi daily), Saurashtra Samachar, DB Post (English daily) and DB Star. As per the financial of 2017, the revenue of the company has increased by 10.21% along with fair profit margin of 16.71%. Rating takes into consideration healthy financial profile of the company marked by strong net worth base along with strong debt coverage indicators due to low debt balance sheet profile. The ratings also derives strength from experience of promoters and well- established position of the company in the print media and geographically diversified presence of the company’s publications with leadership positions in various territories and strong brand name. The company has its share price trading at around INR 284.90 against the Face Value (FV) of INR 10 on BSE as on 9th May, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 5985.83 million and has reported profit margin of 13.04%. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good 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 |
CARE |
|
Rating |
Long Term Bank Facilities = AAA |
|
Rating Explanation |
Highest degree of safety and Carry lowest credit risk. |
|
Date |
28.09.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
28.09.2017 |
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
31-03-2018.
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 10.05.2018
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
|
Name : |
Mr. Ramesh Finance |
|
Designation : |
Finance Department |
|
Contact No.: |
91-79-39888840 |
|
Date : |
09.05.2018 |
MANAGEMENT NON-COOPERATIVE: 91-79-39888850
LOCATIONS
|
Registered Office / Printing Press : |
Plot No. 280, Sarkhej - Gandhi Nagar Highway, Near YMCA Club, Makarba,
Ahmedabad – 380 051, Gujarat, India |
|
Tel No.: |
91-79-39888850 / 39888840 |
|
Fax No.: |
91-79-39814001 / 39804793 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Dwarka Sadan, 6, Press Complex, M.P. Nagar, Bhopal-462011, |
|
Tel No.: |
91-755-3988884 |
|
Fax No.: |
91-755-2675190 |
|
|
|
|
Corporate Office : |
501, 5th Floor, Naman Corporate Link, Opp. Dena Bank, C-31, G- Block,
Bandra Kurla Complex, Bandra - East, Mumbai – 400051, Maharashtra, India |
|
Tel No.: |
91-22-39888840 |
|
Fax No.: |
91-22-39804793/26597217 |
|
|
|
|
Administrative Office : |
D-143, Sector-63, Noida-201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3341200 |
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E mail : |
|
|
|
|
|
Branch Office: |
G-3A/4-6, Kasmanwala Chambers, New Udyog Mandir- 2, Mogul Lane, Mahim,
West, Mumbai- 400016, Maharashtra, India |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Sudhir Agarwal |
|
Designation : |
Managing Director |
|
Address: |
E-1/79, Arera Colony, Bhopal – 462016, Madhya Pradesh, India |
|
Date of Birth/Age : |
20.07.1967 |
|
Qualification : |
Bachelor's degree in science |
|
Experience : |
24 Years |
|
Date of Appointment : |
10.12.2005 |
|
DIN: |
00051407 |
|
|
|
|
Name : |
Mr. Pawan Agarwal |
|
Designation : |
Wholetime Director |
|
Address: |
E-1/79, Arera Colony, Bhopal – 462016, Madhya Pradesh, India |
|
Date of Birth/Age : |
31.07.1974 |
|
Qualification: |
B.A. degree in Industrial Engineering from Purdue University, USA and has also attended a programme on Leadership’s Best Practices at Harvard University. |
|
Date of Appointment : |
10.12.2005 |
|
DIN: |
00465092 |
|
|
|
|
Name : |
Mr. Girish Agarwal |
|
Designation : |
Non-Executive Director |
|
Address: |
Kumaram, Plot No. 10, Abdul Gafar Khan Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
10.07.1971 |
|
Experience : |
21 Years |
|
Date of Appointment : |
27.10.1995 |
|
DIN: |
00051375 |
|
|
|
|
Name : |
Mr. Piyush Pandey |
|
Designation : |
Non-Executive Independent Director |
|
Address: |
1st Floor Krishna Kunj Road No. 5 Opposite Cadell Road, Mahim, Mumbai - 400016, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1955 |
|
Experience : |
34 years |
|
Date of Appointment : |
28.11.2007 |
|
DIN: |
00114673 |
|
|
|
|
Name : |
Mr. Harish Bijoor |
|
Designation : |
Director |
|
Address: |
D-47, Golden Enclave, Airport Road, Bangalore – 560017, Karnataka, India |
|
Date of Birth/Age : |
03.06.1961 |
|
Date of Appointment : |
28.11.2007 |
|
DIN |
01640485 |
|
|
|
|
Name : |
Mr. Ashwani Kumar Singhal |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
03.06.1961 |
|
Experience : |
30 years |
|
Date of Appointment : |
28.11.2007 |
|
DIN |
01973769 |
|
|
|
|
Name : |
Mr. Naveen Kumar Kshatriya |
|
Designation : |
Director |
|
Address: |
Flat No. 509, Mittal Park, 44 Janardan Mhatre Marg, Juhu, Mumbai – 400049, Maharashtra, India |
|
Experience : |
40 years |
|
Date of Appointment : |
28.11.2007 |
|
DIN |
01973769 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Agarwal |
|
Designation : |
Chairman (Until 12.04.2017) |
|
Date of Birth/Age : |
15.06.1944 |
|
Date of Appointment : |
10.12.2005 |
|
DIN: |
00051310 |
|
|
|
|
Name : |
Ms. Anupriya Acharya |
|
Designation : |
Director |
|
Address: |
B-2301, 23RD Floor Lodha Bellissimo Apollo Mills Compd, N M Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Qualification : |
Alumni of IIT Roorkee (post-graduation in Chemistry). |
|
Experience : |
22 years |
|
Date of Appointment : |
22.06.2016 |
|
DIN |
00355782 |
KEY EXECUTIVES
|
Name : |
Mr. Pradyumna Gopal Mishra |
|
Designation : |
Chief Finance Officer |
|
Address : |
T-4, Janki Enclave, Chuna Bhatti, Kolar Road, Bhopal –
462016, Madhya Pradesh, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AECPM3633B |
|
|
|
|
Name : |
Ms. Anita Gokhale |
|
Designation : |
Company Secretary |
|
Address : |
D-602, Keshavkunj CHS, Sector 30, Vashi, Navi Mumbai – 400705, Maharashtra, India |
|
Date of Appointment : |
01.10.2011 |
|
PAN No.: |
AACPG4820A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31st March 2018
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
128489737 |
69.82 |
|
|
(B) Public |
55538208 |
30.18 |
|
|
Grand
Total |
184027945 |
100.00 |
|
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER
AND PROMOTER GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
27764198 |
15.09 |
|
|
JYOTI AGARWAL |
918813 |
0.50 |
|
|
GIRISH AGARWAL |
8269321 |
4.49 |
|
|
RAMESH CHANDRA AGARWAL |
100001 |
0.05 |
|
|
PAWAN AGARWAL |
8269321 |
4.49 |
|
|
SUDHIR AGARWAL |
8269321 |
4.49 |
|
|
KASTURI DEVI AGARWAL |
99795 |
0.05 |
|
|
NAMITA AGARWAL |
918813 |
0.50 |
|
|
NIKITA AGARWAL |
918813 |
0.50 |
|
|
Any Other (specify) |
100725539 |
54.73 |
|
|
BHASKAR PUBLICATION AND ALLIED INDUSTRIES PVT LTD |
3017800 |
1.64 |
|
|
STITEX GLOBAL LIMITED |
7916190 |
4.30 |
|
|
DB CONSOLIDATED PRIVATE LIMITED |
89791549 |
48.79 |
|
|
Sub Total A1 |
128489737 |
69.82 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
128489737 |
69.82 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC
SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
6528592 |
3.55 |
|
|
Hdfc Trustee Co Ltd-A/C Hdfc Mid - Capopportunities Fund |
2317200 |
1.26 |
|
|
Uti-Unit Scheme For Charitable And Religious Trusts And Registered Societies |
1878214 |
1.02 |
|
|
Foreign Portfolio Investors |
32287961 |
17.55 |
|
|
Fil Investments (Mauritius) Ltd |
2251881 |
1.22 |
|
|
Government Of Singapore |
2570149 |
1.40 |
|
|
Ocean Dial Gateway To India Mauritius Ltd |
2000000 |
1.09 |
|
|
Nalanda India Equity Fund Limited |
17385302 |
9.45 |
|
|
Financial Institutions/ Banks |
3522 |
0.00 |
|
|
Sub Total B1 |
38820075 |
21.09 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
4588962 |
2.49 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
315713 |
0.17 |
|
|
NBFCs registered with RBI |
275 |
0.00 |
|
|
Any Other (specify) |
11813183 |
6.42 |
|
|
Others |
115757 |
0.06 |
|
|
Non-Resident Indian (NRI) |
161583 |
0.09 |
|
|
Clearing Members |
20149 |
0.01 |
|
|
Bodies Corporate |
11512826 |
6.26 |
|
|
Icici Prudential Life Insurance Company Limited |
5383749 |
2.93 |
|
|
Azim Premji Trust |
2568483 |
1.40 |
|
|
IEPF |
2868 |
0.00 |
|
|
Sub Total B3 |
16718133 |
9.08 |
|
|
B=B1+B2+B3 |
55538208 |
30.18 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of operating, managing and hosting websites / personal pages or otherwise providing audiovisual content in the domain of entertainment. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
No. of Employees : |
10,315 (Approximately) |
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Bankers : |
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Facilities : |
|
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Auditors 1 : |
|
|
Name : |
S R Batliboi and Associates LLP Chartered Accountants |
|
Address : |
12th Floor, The Ruby, 29, Sanapati Bapat Marg, Dadar West, Mumbai – 400025, Maharashtra, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax No: |
91-22-61921000 |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Gupta Navin and Company Chartered Accountants |
|
Address : |
Near Inderganj Square, SDM Road, Gwalior- 474009, Madhya Pradesh, India |
|
Tel. No.: |
91-751-2378302 |
|
Fax No: |
91-751-2457333 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related parties
where control exists: |
|
|
|
|
|
Enterprises owned
or significantly influenced by key management personnel or their relatives : |
|
CAPITAL STRUCTURE
After 04.09.2017
Authorised Capital : INR 2500.000 Million
Issued, Subscribed & Paid-up Capital : INR 1840.373
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
249000000 |
Equity Shares |
INR 10/- each |
INR 2490.000 Million |
|
1000 |
Preference shares |
INR 10000/- each |
INR 10.000 Million |
|
|
Total |
|
INR 2500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
183739238 |
Equity Shares |
INR 10/- each |
INR 1837.392
Million |
|
|
Issued during the year for exercise of stock option |
|
INR 1.560
Million |
|
|
Total |
|
INR 1838.950 Million |
(a) Terms/ rights
attached to each class of shares
Equity shares
The Company has only one class of equity shares having a par value INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by shareholders.
(b) Aggregate number
of bonus shares issued, shares issued for consideration other than cash, shares
issued pursuant to the scheme of arrangement during the period of five years
immediately preceding the reporting date:
|
Particulars |
March 31, 2017 |
|
Equity shares: |
|
|
Allotted as fully paid up pursuant to Employee Stock Option Schemes (‘ESOS’) |
0.590 |
(c) Details of
shareholders holding more than 5% shares of the Company
|
Name of
shareholders |
March 31, 2017 |
|
|
Equity shares of
INR 10 each fully paid |
Nos. in million |
% of holding |
|
Pawan Agarwal |
8.27 |
4.500 |
|
Sudhir Agarwal |
8.27 |
4.500 |
|
Girish Agarwal |
8.27 |
4.500 |
|
Peacock Trading and Investments Private Limited |
89.79 |
48.830 |
|
Nalanda India Equity Fund Limited |
14.99 |
8.150 |
|
Bhaskar Infrastructure Private Limited |
-- |
-- |
(d) Shares reserved
for issue under options
For detail of shares reserved for issue under the ESOS of the Company (refer note 35).
(e) Distribution made
and proposed
|
Particulars |
March 31, 2017 |
|
Cash dividends on
equity shares declared and paid: |
|
|
Final dividend* (March 31, 2016: INR 4.25 per share) (March 31, 2015: INR 4.25 per share) |
781.040 |
|
DDT on final dividend |
159.010 |
|
Interim dividend (March 31, 2017: INR 4.00 per share) (March 31, 2016: INR 6.75 per share) |
735.450 |
|
DDT on interim dividend |
149.720 |
|
|
1825.220 |
*Final dividend represent INR 4.25 per share for the year ended March 31, 2015 and March 31, 2016 proposed by the board in respective years and approved by the shareholders during the year ended March 31, 2016 and March 31,2017 respectively.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET - STANDALONE
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1838.950 |
1837.390 |
1836.493 |
|
(b) Reserves & Surplus |
14149.560 |
12156.750 |
11028.317 |
|
(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) |
15988.510 |
13994.140 |
12864.810 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
253.380 |
505.444 |
|
(b) Deferred tax liabilities
(Net) |
781.000 |
813.000 |
831.974 |
|
(c) Other long term
liabilities |
486.000 |
446.050 |
377.475 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1267.000 |
1512.430 |
1714.893 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
561.190 |
867.380 |
477.380 |
|
(b) Trade payables |
1274.850 |
1177.550 |
1214.294 |
|
(c) Other current liabilities |
1514.790 |
1774.400 |
1547.854 |
|
(d) Short-term provisions |
218.450 |
203.260 |
1205.567 |
|
Total
Current Liabilities (4) |
3569.280 |
4022.590 |
4445.095 |
|
|
|
|
|
|
TOTAL |
20824.790 |
19529.160 |
19024.798 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7455.540 |
7744.950 |
7922.818 |
|
(ii) Intangible Assets |
1141.600 |
900.430 |
213.389 |
|
(iii) Capital work-in-progress |
213.560 |
458.530 |
44.470 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
347.890 |
292.590 |
697.396 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
3074.362 |
|
(e) Other Non-current assets |
3088.990 |
2939.080 |
32.460 |
|
Total
Non-Current Assets |
12247.580 |
12335.580 |
11984.895 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
169.290 |
0.000 |
|
(b) Inventories |
1987.130 |
1674.720 |
1401.956 |
|
(c) Trade receivables |
4173.750 |
3771.610 |
3449.858 |
|
(d) Cash and cash equivalents |
1733.300 |
894.600 |
1763.045 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
409.174 |
|
(f) Other current assets |
683.030 |
683.360 |
15.870 |
|
Total
Current Assets |
8577.210 |
7193.580 |
7039.903 |
|
|
|
|
|
|
TOTAL |
20824.790 |
19529.160 |
19024.798 |
PROFIT
& LOSS ACCOUNT - STANDALONE
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
22574.270 |
20482.200 |
20090.202 |
|
|
Finance Income |
118.430 |
156.780 |
0.000 |
|
|
Other Income |
53.700 |
85.020 |
253.581 |
|
|
TOTAL
|
22746.400 |
20724.000 |
20343.783 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6608.070 |
6186.670 |
6475.650 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
0.630 |
(0.310) |
3.361 |
|
|
Employees benefits expense |
4278.730 |
3898.030 |
3457.131 |
|
|
Foreign exchange (gain) / loss
(net) |
(32.500) |
25.120 |
14.805 |
|
|
Other expenses |
5275.550 |
4990.180 |
4510.555 |
|
|
TOTAL |
16130.480 |
15099.690 |
14461.502 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
6615.920 |
5624.310 |
5882.281 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
74.480 |
138.180 |
75.568 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
6541.440 |
5486.130 |
5806.713 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
861.630 |
851.710 |
880.779 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
5679.810 |
4634.420 |
4925.934 |
|
|
|
|
|
|
|
Less |
TAX |
1906.750 |
1677.620 |
1759.151 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3773.060 |
2956.800 |
3166.783 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
20.41 |
16.00 |
17.27 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
247.700 |
252.040 |
252.722 |
|
Cash generated from operations |
5313.910 |
5156.080 |
5941.102 |
|
Net cash flow from operating activity |
3373.000 |
3409.750 |
4257.158 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
5942.840 |
5683.310 |
5985.830 |
|
Total Expenditure |
4082.010 |
4284.280 |
4590.160 |
|
PBIDT (Excl OI) |
1860.830 |
1399.030 |
1395.6700 |
|
Other Income |
73.940 |
57.100 |
38.670 |
|
Operating Profit |
1934.770 |
1456.130 |
1434.340 |
|
Interest |
15.600 |
20.420 |
11.050 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1919.170 |
1435.710 |
1423.290 |
|
Depreciation |
219.570 |
228.310 |
232.130 |
|
Profit Before Tax |
1699.600 |
1207.400 |
1191.160 |
|
Tax |
596.810 |
420.590 |
409.830 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
1102.790 |
786.810 |
781.330 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1102.790 |
786.810 |
781.330 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Total Income * 365 Days) |
66.97 |
66.43 |
61.90 |
|
|
|
|
|
|
Account Receivables Turnover (Total Income /
Sundry Debtors) |
5.45 |
5.49 |
5.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
70.42 |
69.47 |
68.44 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
3.33 |
3.36 |
4.20 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.75 |
0.62 |
0.72 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.18 |
0.23 |
0.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.05 |
0.10 |
0.10 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.22 |
0.29 |
0.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.55 |
0.65 |
0.64 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
88.83 |
40.70 |
77.84 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Total
Income) * 100) |
% |
16.59 |
14.27 |
15.57 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
18.12 |
15.14 |
16.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
23.60 |
21.13 |
24.62 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.40 |
1.79 |
1.58 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
1.85 |
1.37 |
1.27 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.77 |
0.72 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.44 |
0.75 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.40 |
1.79 |
1.58 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 284.90/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1836.493 |
1837.390 |
1838.950 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Other Equity |
11028.317 |
12156.750 |
14149.560 |
|
Net
worth |
12864.810 |
13994.140 |
15988.510 |
|
|
|
|
|
|
Long Term borrowings |
505.444 |
253.380 |
0.000 |
|
Short Term borrowings |
477.380 |
867.380 |
561.190 |
|
Current Maturities of Long term debt |
252.722 |
252.040 |
247.700 |
|
Total
borrowings |
1235.546 |
1372.800 |
808.890 |
|
Debt/Equity
ratio |
0.096 |
0.098 |
0.051 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Income |
20090.202 |
20482.200 |
22574.270 |
|
|
|
1.951 |
10.214 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Total
Income |
20090.202 |
20482.200 |
22574.270 |
|
Profit |
3166.783 |
2956.800 |
3773.060 |
|
|
15.76% |
14.44% |
16.71% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
|
(a) Share Capital |
|
1838.950 |
1837.390 |
|
|
(b) Reserves & Surplus |
|
14104.960 |
12137.650 |
|
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
|
Total
Shareholders’ Funds (1) + (2) |
|
15943.910 |
13975.040 |
|
|
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
|
(a) long-term borrowings |
|
0.000 |
253.380 |
|
|
(b) Deferred tax liabilities
(Net) |
|
780.720 |
812.720 |
|
|
(c) Other long term
liabilities |
|
486.000 |
446.050 |
|
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
Total
Non-current Liabilities (3) |
|
1266.720 |
1512.150 |
|
|
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
|
(a) Short term borrowings |
|
561.190 |
867.380 |
|
|
(b) Trade payables |
|
1276.070 |
1179.790 |
|
|
(c) Other current liabilities |
|
1514.620 |
1775.990 |
|
|
(d) Short-term provisions |
|
218.580 |
203.390 |
|
|
Total
Current Liabilities (4) |
|
3570.460 |
4026.550 |
|
|
|
|
|
|
|
|
TOTAL |
|
20781.090 |
19513.740 |
|
|
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
(i) Tangible assets |
|
7458.610 |
7750.250 |
|
|
(ii) Intangible Assets |
|
1141.610 |
900.440 |
|
|
(iii) Capital work-in-progress |
|
213.560 |
458.530 |
|
|
(iv) Intangible assets under
development |
TOTAL |
|
20781.090 |
19513.740 |
|
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
(i) Tangible assets |
|
7458.610 |
7750.250 |
|
|
(ii) Intangible Assets |
|
1141.610 |
900.440 |
|
|
(iii) Capital work-in-progress |
|
213.560 |
458.530 |
|
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
|
(v) Goodwill |
|
19.130 |
19.130 |
|
|
(b) Non-current Investments |
|
269.330 |
271.070 |
|
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
|
(e) Other Non-current assets |
|
3089.240 |
2940.180 |
|
|
Total
Non-Current Assets |
|
12191.480 |
12339.600 |
|
|
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
|
(a) Current investments |
|
0.000 |
169.290 |
|
|
(b) Inventories |
|
1987.130 |
1674.720 |
|
|
(c) Trade receivables |
|
4177.090 |
3773.410 |
|
|
(d) Cash and cash equivalents |
|
1743.830 |
900.240 |
|
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
|
(f) Other current assets |
|
681.560 |
656.480 |
|
|
Total
Current Assets |
|
8589.610 |
7174.140 |
|
|
|
|
|
|
|
|
TOTAL |
|
20781.090 |
19513.740 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
22580.100 |
20493.470 |
|
|
Finance Income |
|
115.390 |
156.250 |
|
|
Other Income |
|
54.300 |
85.030 |
|
|
TOTAL
|
|
22749.790 |
20734.750 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
6608.070 |
6186.670 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
0.630 |
(0.310) |
|
|
Employees benefits expense |
|
4285.900 |
3909.050 |
|
|
Foreign exchange (gain) / loss
(net) |
|
(32.510) |
25.120 |
|
|
Other expenses |
|
5296.040 |
5024.410 |
|
|
TOTAL |
|
16158.130 |
15144.940 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
6591.660 |
5589.810 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
74.480 |
138.190 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
6517.180 |
5451.620 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
862.860 |
852.960 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
5654.320 |
4598.660 |
|
|
|
|
|
|
|
Less |
TAX |
|
1906.750 |
1677.970 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
3747.570 |
2920.690 |
|
|
|
|
|
|
|
|
OCI not to be reclassified to profit or loss in subsequent
periods: |
|
|
|
|
|
Remeasurement (losses) on defined benefit plans |
|
(31.610) |
(7.210) |
|
|
Income tax effect |
|
10.940 |
2.500 |
|
|
Earlier year excess proposed dividend and dividend
distribution tax (L) |
|
(20.670) |
(4.710) |
|
|
|
|
|
|
|
|
Net (loss) on Fair Value Through Other Comprehensive
Income (‘FVTOCI’) equity securities |
|
(1.730) |
(12.140) |
|
|
Transfer to General Reserve |
|
0.000 |
(0.700) |
|
|
Income tax effect |
|
(1.730) |
(12.840) |
|
|
Total
OCI for the year, net of tax |
|
(22.400) |
(17.550) |
|
|
|
|
|
|
|
|
Total
comprehensive income for the year |
|
3725.170 |
2903.140 |
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Equity holders of the parent |
|
3725.170 |
2903.140 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
20.27 |
15.80 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF OPERATIONS
The Company is in the business of publishing newspapers, radio broadcasting, providing integrated internet and mobile interactive services and event management. The Company is a public limited company domiciled in India and was incorporated under the provisions of the Companies Act, 1956. The major brands in publishing business are ‘Dainik Bhaskar’ (Hindi daily), ‘Divya Bhaskar’ and ‘Saurashtra Samachar’ (Gujarati dailies), ‘Divya Marathi’ (Marathi daily), and ‘DB Post’ (English daily), and monthly magazines such as ‘Aha Zindagi’, ‘Bal Bhaskar’, etc. Presently, the Company’s radio station is on air in 30 cities under the brand name ‘My FM’. The frequency allotted to the Company’s radio station is 94.3. Internet business includes the websites dainikbhaskar.com, divyabhaskar.com, dailybhaskar. com, divyamarathi.com, and homeonline.com.
The Company derives its revenue mainly from the sale of its publications and advertisements published in the publications, aired on radio, displayed on websites and portal and mobile interactive services.
The financial statements comprise the financial statements of the Company for the year ended March 31, 2017. The Company’s registered office is at Plot No.280, Sarkhej-Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad, Gujarat, India.
The financial statements for the year ended March 31, 2017 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 18, 2017.
REVIEW OF
PERFORMANCE, OPERATIONAL HIGHLIGHTS AND
FUTURE OUTLOOK
India as one of the fastest growing economy of the world, demonstrated strong resilience on the face of global slow growth environment. The below par performance of the international economy was reflected in a slowdown in growth in most emerging and developing economies driven by weaker capital inflows and subdued trade. India remained fairly insulated but consumer spending remained subdued in the early part of the year that saw an upturn of commodity prices after a year of deflation. Thereafter, the gradual recovery of the markets was impacted by the demonetisation drive that affected liquidity conditions particularly in the December & March quarter. On an overall basis, this fiscal was a period of moderate growth rates across all categories reflecting an operating environment marked by slow growth, volatile input costs and heightened competitive intensity.
D. B. Corp Limited’s performance for the fiscal 2016-17 needs to be viewed in the context of aforesaid economic and market environment forces. D. B. Corp Limited (‘DBCL’) delivered another year of resilient performance aided by strong market development strategies, establishment of long term customer relationships and well planned execution of sharper on-ground marketing efforts.
The Company maintained its focus on editorial strategy which has led to significant improvement in quality of editorial content, greater readership delight and growth. This year, DBCL became India’s largest circulated multi-edition daily declared by the ‘Press In India Report 2015-16 prepared by Registrar of Newspapers of India (RNI)’ released by Mr. Venkaiah Naidu, Hon. Minister for Information and Broadcasting, Government of India. Dainik Bhaskar also maintains, it’s position as the world’s fourth largest circulated news daily as reported by WAN-IFRA 2016. These are significant operating milestones for the company that acknowledges their expanding reach, the success of their business strategies and their leadership position in the Indian media industry. Dainik Bhaskar also became India’s probably only ISO-9001:2015 Certified Newspaper, a noteworthy certification for Quality Management Circulation Distribution Systems demonstrating the company’s excellence in operations and internal efficiencies.
AS PART OF OTHER
SIGNIFICANT DEVELOPMENTS:
Dainik Bhaskar launched the Surat edition with great success. In Surat Dainik Bhaskar caters to the city’s non- Gujarati speaking audience which is about 50% of the city’s population of 58 lakh.
The Company also rolled out all 13 newly acquired FM radio stations in record time, expanding its presence in 7 states across 30 cities.
As part of DBCL’s digital business, www.dainikbhaskar.com the largest Hindi News Website continues to secure the No. 1 spot in Hindi News and www.divyabhaskar.com continues to remain #1 Gujarati website. Dainik Bhaskar is the 2nd largest news site in India across language sites and continues to attract large viewership.
The digital business with 13 internet portals and 2 Mobile Apps in 4 languages continues to focus on strengthening viewer engagement, resulting into 90.1 million Unique Visitors (UV) and 2.8 billion Page Views in March 17.
PRINT BUSINESS
During the period, the Indian economy showed an improvement over 2015-16, but continued to grow at a slower pace. DBCL had undertaken an advertising yield strategy to supplement revenue growth by taking a substantial hike in advertising rates in FY 2015-16. They are happy to report that it has delivered favourable response with advertising revenue witnessing a growth of around 6.45% and circulation revenue registering a growth of around 10.52%.
Performance highlights of the Company during the year under consideration are as follows:
Standalone revenue from operations and other income was INR 22746.000 million witnessing a growth of 9.76% as compared to INR 20724.0000 million in the previous year
Standalone advertising revenue grew 7.84% to INR 15974.000 million, which includes revenue from print, radio and digital media business.
Circulation revenue grew by 10.52% to INR 4814 million from INR 4356.000 million, largely driven by rate growth. Circulation revenue has witnessed CAGR growth of around 15% for last 5 years, largely driven by rate growth.
The consolidated gross revenue increased by 9.7% to INR 22750.000 million, EBIDTA increased by 17.9% to INR 6592.000 million and PAT increased by 28.3% to INR 3748.000 million over the last fiscal period.
The standalone gross revenue increased by 9.8% to INR 22746.000 million, EBIDTA increased by 17.6% to INR 6616.000 million and PAT increased by 27.6% to INR 3773.000 million over the last fiscal period.
EBIDTA margin of matured business stands at 31.14%.
EMERGING EDITIONS /
BUSINESS
In order to analyse the performance of the Company, its divisions / editions are segmented into emerging and matured editions / business, as any new edition / business launched takes long for stabilisation and for earnings.
Emerging editions are classified as those editions which are below four years of age or which have turned profitable in last four consecutive quarters, whichever is earlier.
For FY 2016-17, the emerging editions include editions in newly launched states of Maharashtra and Bihar, Mobile app and also newly launched e-real estate division during FY 2015- 16. Due to shifting of Jahrkhand and most part of Maharashtra in Mature category, Emerging business revenues are not yearly comparable. At the same time, mature business has reported EBIDTA Margin at 31.14%.
RADIO BUSINESS
94.3 MY FM is one of the largest radio network of the Tier II and Tier III cities, spread across seven states and 30 cities (including the newly launched 13 radio stations under batch 1 of phase III in the current year) commanding a leadership rank in almost all of its markets, both in terms of listenership as well as retail market share.
The Radio Business continued to perform exceptionally well in this financial year. Total income of the division increased from INR 1076.000 million during the previous year to INR 1273.000 million reporting a growth of 18.28%, one of the best among the Radio players. EBIDTA has grown by 19.6% at INR 478.000 million and EBIDTA margin is 37.55 %, the highest in the industry.
DIGITAL BUSINESS
The digital business recorded a phenomenal 24% growth in total income to INR 567.000 million, backed by a robust strategy that revolves around hyper-local news coverage and a huge library of diversified content for visitors spanning high interest news on various local, national and international issues. DB Digital saw a phenomenal growth in FY 2016-17 in terms of Unique Visitors (UV) and Page per Visit (PV). DB Digital subsuming of thirteen digital portals has reported 90.1 million UV’s and 2.8 bn PV’s. Dainik Bhaskar and Divya Bhaskar app has collectively reached 9.2 million app downloads till March 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY OVERVIEW:
Subject (DBCL) is India’s largest print media company that publishes 6 newspapers. Dainik Bhaskar (Hindi) with 44 editions is its flagship newspaper brand. DBCL also publishes Divya Bhaskar (Gujarati Newspaper) with nine editions and Divya Marathi (Marathi Newspaper) with six editions. The Company’s print business spans 208 sub-editions across 13 states - Madhya Pradesh, Chhattisgarh, Rajasthan, Haryana, Punjab, Chandigarh, Uttarakhand, Himachal Pradesh, Delhi, Gujarat, Maharashtra, Jharkhand and Bihar.
As per the 2015-16 Press in India Report prepared by the Registrar of Newspapers of India (RNI), Dainik Bhaskar is the nation’s largest circulated multi-edition daily newspaper. DBCL’s other newspaper brands include Saurashtra Samachar, DB Star and DB Post.
The Company’s other businesses span the FM radio segment with the brand, ‘94.3 MY FM’, which achieved fastest rollout of all the 13 newly acquired stations under batch I of Phase III auctions. It also expanded its reach in seven states across 30 Tier II and Tier III cities where DBCL already has a strong presence in print business.
The Company also has a strong online presence through its digital arm – DB Digital. It has 13 internet portals and two Apps in four languages across categories of news, finance, spirituality, entertainment, fashion, sports, food, gadgets and real estate. These portals registered a traffic of 90.1 million Unique Visitors (UV) and 2.8 billion Page Views in March 2017. (Source: Google Analytics, March 2017)
ECONOMY OVERVIEW
GLOBAL ECONOMY
Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade. World growth is expected to rise from 3.1% in 2016 to 3.5% in 2017 and 3.6% in 2018.
However, the primary trigger for strong global growth outlook in 2017-18 is the projected acceleration of the Emerging Markets and Developing Economies (EMDE). The IMF in its latest World Economic Outlook has revised its projected growth upwards for the United States, reflecting the assumed fiscal policy easing and an uptick in business and consumer confidence, especially after the November elections. If this positivity persists, it will reinforce the cyclical momentum. The outlook has also improved for Europe and Japan, based on a cyclical recovery in global manufacturing and trade that commenced in the second half of 2016.
The expected pick-up in global growth as discussed in the October World Economic Outlook (WEO) 2016, reflects the gradual normalisation of a number of large economies that are currently experiencing macroeconomic strains. EMDE growth has been estimated at 4.1% in 2016, and is projected to reach 4.5% for 2017, which is around 0.1% weaker than the October 2016 forecast. A further acceleration in EMDE growth to 4.8% is projected for 2018.
INDIAN ECONOMY
As per the advance estimates released by the Central Statistics Office, GDP growth at constant market prices for FY 2016-17 is placed at 7.1% , as against 7.6% in FY 2015-16. It is expected to return to normal in FY 2017-18, as adequate new currency notes fill the demand-supply gap in the markets, and follow-up actions to demonetisation take effect. It is likely that the Indian economy will register 6.75%-7.5% growth in FY 2017-18.
Growth rate of the industrial sector is estimated to moderate to 5.2% in FY 2016-17 from 7.4% in the last fiscal.
Growth of agriculture and allied sectors is estimated to be 4.1% for FY 2016-17.
Finance Minister Arun Jaitley had set the
fiscal deficit target for 2016-17 at 3.5% of GDP, after achieving the 3.9% of
GDP target in 2015-16.
MEDIA AND
ENTERTAINMENT INDUSTRY*
OVERVIEW
2016 was a mixed year for the Indian Media and Entertainment (M&E) Industry. It grew 9.1% from `1,157 billion in CY 2015 to `1,262 billion in CY 2016. This was on the back of the advertising revenue growth of 11.2%, from `475 billion in CY 2015 to `528 billion in CY 2016. Both these growth patterns were aided by strong fundamentals and steady growth in consumption, although demonetisation shaved off the 150 to 250 basis points’ growth across all sub-segments at the end of the year.
The five-year CAGR of the Indian M&E industry and its advertising revenues stand at 11.6% and 12.0% respectively. This sustained growth is due to incremental domestic consumption resulting from strong fundamentals of the Indian economy.
Print media continued to attract significant ad revenues in 2016 – 38% of the total spend. In terms of ad spend, print and broadcast registered highest spend among the media spectrum. Of this, the Indian languages’ print segment took away the highest slice of 65% spend, which is almost two-third of the total print ad spend
While growing strongly and steadily, the Indian M&E industry is on the cusp of rapid transformation with digital media taking center-stage across all the sub-sectors. Earlier perceived as a complimentary platform to other media, digital today is integral to a media plan and is rapidly emerging as a core revenue generator. While M&E organisations are looking to build digital strategies, the economic and business models required to succeed in the digital landscape are challenging and necessitate a significant shift in mind-set and approach. Further, dramatic change in the regulatory environment is also impacting business models. In these changing dynamics, M&E organisations would need to operate with a long-term integrated strategy to build sustainable businesses.
PRINT MEDIA
India’s print media industry witnessed many ups and downs in 2016. On the positive side, while steady revival of the consumption cycle driven by good monsoons, the Seventh Pay Commission pay-out, and productive festive season boosted the industry, the currency reform of demonetisation countered this growth in the end of the year. As per the M&E Industry Report 2017 prepared by KPMG and FICCI, the Indian print media industry grew at a robust rate of 7.02%, from `283 billion in 2015 to `303 billion in 2016. It is expected to grow at a CAGR of 7.3% for the period CY 2016-2021. While print media’s advertising revenue grew at 6.4% and reached `201 billion, its revenue from circulation grew at 8.4% and touched `102 billion. Of this, the dedicated revenue growth of the newspapers vertical stood at 7.8% to touch `290 billion.
OUTLOOK
As per the KPMG-FICCI Indian Media and Entertainment Industry Report 2017, CAGR of the Indian Print industry for 2016-2021 is pegged at 7.3%. The growth will be driven by a growing Indian economy, increasing literacy levels, performance of Hindi and other Indian language newspapers, increase in consumptions in Tier II and Tier III cities, GST rollout and an ever-changing digital landscape. Advertising and circulation are expected to have a CAGR of 8.0% and 5.8% respectively, for 2016-2021. This growth will be due to growing focus on Hindi and other Indian language newspapers driven by higher literacy levels and consumption in tier II and tier III cities.
The consistent growth of the Print Industry is a testament to the importance of small town and rural markets. Amidst competition from digital media, the Indian print industry, unlike its western counterparts, is growing on the back of demand from the Tier II and Tier III markets.
The Radio industry is expected to have a CAGR growth of 16.1% for 2016-2021, with new channels being made operational, impact of demonetisation and operators hiking ad rates as demand increases. The medium-to-long term prospects of Radio business in Tier II and Tier III cities is making it an attractive investment opportunity with an expectation of increase in listener base, positive economic growth and penetration to smaller cities.
The completion of the first batch of phase III auctions further provided strong tail winds to the radio industry. Sectors like automobiles, FMCG, Government spends, retail and M&E continued to focus on radio advertising. Over the last few years, radio has become an integral part of most large media plans. The sector is also buzzing with merger and acquisition activities with large media houses looking to increase their reach and offer curated content channels.
Digital advertising is expected to grow at a CAGR of 31% by 2021, contributing to 27.3% to the total advertising revenues during the same period. As digital infrastructure continues to develop and data costs come down, digital consumption is likely to become more frequent and mainstream. The burgeoning mobile internet and Smartphone penetration has given rise to alternative channels of content consumption in the country. The mobile video traffic is expected to grow 11.5 times during 2016-2021 at a CAGR of 63%. Video is expected to represent 60% of the overall mobile data traffic and is expected to grow at 78% by 2021. With an evolution in technology, data availability would only increase and organisations need to invest significantly in gathering, analyzing and interpretation of data to optimize customer engagement
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Buyers' credit from banks |
273.510 |
236.280 |
|
Total |
273.510 |
236.280 |
|
Note: (ii) Interest rates for unsecured buyers’ credits are multiline rates ranging between 1.41% p.a. and 1.82% p.a. (March 31, 2016: between 0.88% p.a. and 1.39% p.a. and April 01, 2015: between 0.80% p.a. & 0.99% p.a.) (as mutually agreed). They are repayable within 90 to 180 days. |
||
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G07327497 |
10032516 |
IDBI BANK LIMITED |
12/12/2006 |
15/06/2016 |
- |
2340000000.0 |
6, MALVIYA NAGAR, BHOPAL-462003, MADHYA PRADESH INDIA |
|
2 |
G82390717 |
10167258 |
AGCO FINANCE GMBH |
21/07/2009 |
- |
15/03/2018 |
1778500000.0 |
C/O RABO INDIA FINANCE LTD, FORBES BUILDING, 2ND FLOOR, CHANDRAJIT RAI MARG, FORT, MUMBAI-400001IN |
|
3 |
B37468105 |
10332600 |
UCO BANK |
07/01/2012 |
- |
16/04/2012 |
120000000.0 |
E-4/75, ARERA COLONY BRANCH (1453)BHOPAL-462016IN |
|
4 |
B25039710 |
10085845 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
05/01/2008 |
05/02/2008 |
09/11/2011 |
1080000000.0 |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI 400005IN |
|
5 |
B17981648 |
10121547 |
IDBI BANK LIMITED |
12/08/2008 |
- |
16/07/2011 |
700000000.0 |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI 400005IN |
|
6 |
B17980228 |
10071320 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
12/07/2007 |
05/02/2008 |
16/07/2011 |
200000000.0 |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI 400005IN |
|
7 |
A90611831 |
10114818 |
STANDARD CHARTERED BANK |
21/07/2008 |
- |
27/07/2010 |
500000000.0 |
90, M G ROAD, FORT, MUMBAI-400001IN |
|
8 |
A89063432 |
10038833 |
STATE BANK OF INDORE |
23/01/2007 |
- |
05/07/2010 |
20000000.0 |
E-5A, GRISH KUNJ, PARYAVARAN PARISARSHAHPURABHOPALMP462006IN |
|
9 |
A88472659 |
10057144 |
RABO INDIA FINANCE LIMITED |
04/05/2007 |
- |
24/06/2010 |
1400000000.0 |
1A JANPATH,NEW DELHIDL110001IN |
|
10 |
A83905380 |
10066402 |
IL & FS TRUST COMPANY LIMITED |
21/08/2007 |
18/10/2007 |
01/04/2010 |
250000000.0 |
PLOT NO.-22, G-BLOCK, BANDRA KURLA COMPLEXBANDRA (EAST)MUMBAIMH400051IN |
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31THE
DECEMBER 2017
|
|
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1 |
|
Income from Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
5985.830 |
5683.310 |
17611.980 |
|
|
|
b) Other Operating Income |
38.670 |
57.100 |
165.180 |
|
|
Total Income from
Operations (Net) |
6024.500 |
5740.410 |
17777.160 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1892.420 |
1787.120 |
5387.400 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(13.110) |
(1.560) |
(14.960) |
|
|
c) |
Employee benefit expenses |
1090.950 |
1087.940 |
3269.390 |
|
|
d) |
Finance Costs |
11.050 |
20.420 |
47.070 |
|
|
e) |
Depreciation and amortization expense |
232.130 |
228.310 |
680.010 |
|
|
f) |
Other expenses |
1619.900 |
1410.780 |
4310.090 |
|
|
Total Expenses |
4833.340 |
4533.010 |
13679.000 |
|
|
|
|
|
|
|
|
|
7 |
Profit /(Loss)
exceptional items and Tax |
1191.160 |
1207.400 |
4098.160 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
1191.160 |
1207.400 |
4098.160 |
|
|
10 |
Tax Expense |
409.830 |
420.590 |
1427.230 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
781.330 |
786.810 |
2670.930 |
|
|
|
Other Comprehensive
Income: |
|
|
|
|
|
|
- Remeasurement of Defined benefit plans |
-- |
1.360 |
1.360 |
|
|
|
- Income Tax effect on the above |
-- |
(0.470) |
(0.470) |
|
|
|
- Net income / (Loss) on Fair Value through OCI equity security |
(7.000) |
-- |
(6.720) |
|
|
|
- Income Tax effect on the above |
3.180 |
-- |
3.180 |
|
|
|
Other Comprehensive Income for the year, net of taxes |
(3.820) |
0.890 |
(2.650) |
|
|
|
Total Other
Comprehensive Income for the period |
777.510 |
787.700 |
2668.280 |
|
|
|
|
|
|
|
|
|
12 |
Paid up equity share capital (Eq. shares of INR 10/- each) |
1839.900 |
1839.900 |
1839.900 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic & Diluted |
4.23 |
4.28 |
14.51 |
Note:
1. The statement of unaudited standalone financial results
for the quarter and nine months ended December 31, 2017 have been reviewed by
the Audit Committee and approved by the Board of Directors at their respective
meetings held on January 18, 2018. There are no qualifications in the limited
review report issued by the auditors.
2. During the nine months ended on December 31, 2016, the Company had reversed
the provision for royalty payable to Indian Performing Rights Society
("IPRS") INR 57.670 million pertaining to the period before June 21,
2012, pursuant to decision of the Honorable Supreme Court of India, wherein the
Honorable Court has rejected the demand raised by IPRS for royalty. This has
been netted of against the respective expenses head.
3. Since the segment information as per Ind AS 108-Operating Segments, is
provided on the basis of unaudited consolidated financial results, the same is
not provided separately for the unaudited standalone financial results.
4. The prior period's figures have been regrouped and reclassified wherever
necessary to conform to the current period's classificaiton.
CONTINGENT
LIABILITIES:
Contingent
liabilities not provided for are as follows:
a. For details of corporate guarantee given, refer note 28(c).
b. There are several defamation and other legal cases pending against the Company and its directors. These include criminal and civil cases. There are certain employee related cases also pending against the Company. In view of large number of cases, it is impracticable to disclose the details of each case separately. The estimated amount of claims against the Company in respect of these cases is INR 9.710 million (March 31, 2016: INR 9.280 million, April 1, 2015: INR 2.780 million). The estimated contingency in respect of some cases cannot be ascertained. Based on discussions with the solicitors and also the past trend in respect of such cases, the Company believes that there is no present obligation in respect of the above and hence no provision is considered necessary against the same.
c. Income tax demands from Income tax authorities of INR 7.550 million (March 31, 2016: INR 13.890 million, April 1, 2015: INR 7.470 million) relating to various assessment years is outstanding against the Company. These claims are being contested at various forums by the Company. The management does not expect these claims to succeed and accordingly, no provision for these claims has been recognised in the financial statements.
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
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 records 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 67.38 |
|
|
1 |
INR 91.08 |
|
Euro |
1 |
INR 79.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
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 |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.