BHARAT NIDHI LTD.

COMPLETE DETAILS :-

Valuation: Rs. 58000 To 80000 (Per Share)

Listing Status: Delhi Stock Exchange

Now Listed In Calcutta stock Exchange

Promoters: Times Group

Shareholding Pattern: All these Shareholders are Times Group Companies only having 74.05% holding.

T. M. Investment: 37744 eq., Arth Udyog Ltd: 57974 eq.

Investments: -   

Quoted:

Hdfc Bank: 2869565 eq. of f.v 2 (300 cr)

Bonds: Rs. 3 cr.

Mutual Funds: 30 cr.

Unquoted:

Bennett Coleman & Co. Ltd: 70041600 eq. (24.41 %) of Bennett

Bennett Property Holdings Co: Ltd 11673600 eq. f.v 10 (BPHCL is also having a Huge Valuation)

Arth Udyog Ltd: 90000 eq. (18.36 %) Holding co of Bennett

Ashoka Marketing Ltd: 2000 eq. (13.33 %) Indirect Holding of Bennett

T. M. Investment Ltd: 140000 eq. (14 %) Holding co of Bennett

In short we are going to invest in Bennett Coleman & Co. Ltd. (BCCL)

FINANCIAL & HOLDING STRUCTURE OF BCCL:

Bennett Coleman & Co Ltd has an equity base of 286.96 Crores after bonus of 8:1. There are only 12 shareholders of the co. out of which 8 are corporate shareholders namely:

  

Name of the Shareholder                                         No. of shares                                           

Bharat Nidhi Ltd                                    70041600              24.41%                               

PNB Finance & Industries Ltd                52297848              18.22%

Jacranda Corporate Services Ltd        

(100 Subsidiary of PNB Finance)

Camac Commercial Co. Ltd                     38161548             13.29%

+-Arth Udyog Ltd                                      26719848           9.29%

Ashoka Viniyoga Ltd                              51707916              18.02%

Sanmati Properties Ltd                            27981000              9.75%

T.M. Investments Ltd                              17093016              5.96%

Vinit Jain                                                  1642248                0 .57%

Sameer Jain                                               7200                    0.002%

Meera Jain                                                 943200                0.365%

Trishla Jain                                                360000                0.125%

As per the media reports as on May 2008 the value of Bennett Coleman & Co ltd has been done by a leading merchant banker at more than $ 30 billion (120000 crores). Also as per the DRHP of ENIL, which is a subsidiary of BCCL, the Net Asset Value (N.A.V) of BCCL as on 2005 is Rs. 24,118.2 per share before bonus (Please refer to Page no. 120-121 of DRHP of ENIL).

There is news that Bennett Coleman & Co ltd is planning an IPO and simultaneous listing in New York Stock Exchange.

http://www.business-standard.com/article/markets/times-group-may-go-for-an-ip

(The copy of the statement of Sh. Vinit Jain is enclosed)

The Honorable High Court of Bombay vide its order dated October 14, 2011 has sanctioned the scheme of Arrangement between the Company and Bennett Property Holdings Company Ltd. (BPHCL, a wholly owned subsidiary of the Company up to the appointed date) for Demerger of the Companies real estate business along with related assets and liabilities to BPHCL with appointed date as April 01, 2011 and effective date as January 01, 2012. The shareholders of the Company were issued 1 share in BPHCL for every 6 shares held in the Company.

(The above extract has taken from the Balance sheet of the BCCL Page No. 203)

Bennett Coleman & Co Ltd has a growth history of 35% YoY basis with a EBITA

Margin of 35% and 85% of the total revenue is from advertisements.

The Bennett Coleman Co Ltd Has also increase the ESOP price form Rs.446 to Rs. 546 in the Financial Year 2011-2012.

According to us the valuation of the operating company Bennett Coleman & Co Ltd can be arrived only by segregating the past performances and the future expected revenue growth.

For considering the value of past performances we can take the media report as the base to avoid any kind of debate on the valuation as it has been done by one of the leading merchant bankers of the world.

Based on the above facts and the holdings of the Companies and their Investment in multiple businesses we have calculated the value of the following Companies as given below.

Bharat Nidhi Ltd.                        Rs.58000 Per share

PNB Finance & Ind. Ltd.            Rs. 39800 Per Share

Camac Commercial Co. Ltd.     Rs. 105300 Per share

Basis of calculation of share Price:- 

Value of BCCL (70000 Crore) * Total % holding of the shareholder Company %

No of Shares of the Shareholder Company

The value of BCCL based on the statement of Sh. Vinit Jain, copy of which is already enclosed.

For Example in case of Bharat Nidhi Ltd.:   70000 crore *24.41%

                                                                                    2948296 shares

The above price has been calculated without the cross holdings of the Companies and the calculation which we have given above only includes the direct holding. With the cross holdings of the Companies the value of the shares becomes too much higher. For Example:

Bharat Nidhi ltd holds:-

Company Name         No of shares          % Holding

Bennett Coleman        70041600               24.41 %

T.M investment          140000                   14 %

Arth Udyog                 90000                     18.36 %

Ashoka Marketing      2000                       13.33 %

Bennett Property        11673600  

Notes: T.M investment, Arth Udyog is direct holdings co. of Bennett Coleman similar to Bharat Nidhi. We calculated only 70041600 eq shares of Bennett in the valuation of Bharat Nidhi.  

           

  We can view some investments at

http://www.brandcapital.co.in/our-portfolio/equity-portfolio

BRANDS

http://www.timesgroup.com/brands/publishing.html

http://www.timesgroup.com/brands/broadcasting.html

http://www.timesgroup.com/brands/digital.html

http://www.timesgroup.com/brands/others.html

There is a lot of valuation in ecommerce business also. Prior the valuation of ecommerce business was not open but now a days with the arrival of flipkart,snapdeal and other ecommerce business ideas opened market place and huge valuations. Future of such these industries seems very bright. We can check the ranking of times group at

http://www.alexa.com/

Just enter the website name and check ranking.

Report Pulished in TOI.

http://economictimes.indiatimes.com/news/news-by

-company/corporate-trends/bccl-

named-as-one-of-indias-local-dynamos-figures-alongside-

flipkart-and-indigo

-in-bcg-report/articleshow/43192718.cms 

Thanks & Regards

Manish Mittal
Director
Mittal Portfolios Pvt Ltd.
09215709100
mittalmanish2003@yahoo.com
info@mittalportfolios.com

We are an Investor and traders of Highly Valuable Antique Shares of     different Companies. We can also try for these types of Antique Highly Valuable shares for the desired Investor and can provide the available quantity to the desired Investors.

Please note that the Price and the Quantity will be depend on the availability of shares in the Market.

NOTE:-  All information given in good faith. Please recheck all facts.     No responsibility taken by this author / blog . )