1. Summary Information

		Country	India
Company Name	HIND SAMACHAR LIMITED	Principal Name 1	Mr. Vijay Kumar Chopra
Status	Good	Principal Name 2	Mr. Amit Chopra
		Registration #	16-001529
Street Address	Hind Samachar Street, Pucca Bagh, Civil Lines, Jalandhar-144001, Punjab
Established Date	09.08.1949	SIC Code	--
Telephone#	91-181-2280104 to 106	Business Style 1	Manufacturer
Fax #	91-181-2208113/80111	Business Style 2	Exporter
Homepage	www.thepunjabkesari.com	Product Name 1	News Paper
# of employees	2000 [Approximately]	Product Name 2	--
Paid up capital	Rs.3,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Punjab National Bank
Public Limited Corp.	No	Business Period	62 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (55)
Related Company
Relation	Country	Company Name	CEO
Sister Concern	India	Vijay Printing Press Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2007		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	596,696,000	Current Liabilities	314,178,000
Inventories	209,019,000	Long-term Liabilities	329,735,000
Fixed Assets	226,100,000	Other Liabilities	(101,575,000)
Deferred Assets	000	Total Liabilities	542,338,000
Invest& other Assets	167,997,000	Retained Earnings	654,474,000
		Net Worth	657,474,000
Total Assets	1,199,812,000	Total Liab. & Equity	1,199,812,000
Total Assets (Previous Year)	151,000,000
P/L Statement as of	31.03.2007		(Unit: Indian Rs.)
Sales	753,279,000	Net Loss	(112,989,000)
Sales(Previous yr)	1,660,500,000 [Total Income]	Net Profit(Prev.yr)	126,500,000

MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	HIND SAMACHAR LIMITED
Registered Office :	Hind Samachar Street, Pucca Bagh, Civil Lines, Jalandhar-144001, Punjab
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	09.08.1949
Com. Reg. No.:	16-001529
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U22121PB1949PLC001529
TAN No.: [Tax Deduction & Collection Account No.]	DELT04710G
PAN No.: [Permanent Account No.]	AAIPC6242Q
Legal Form :	Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Publisher of News Paper.
No. of Employees :	2000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	The management has not filed the financial of the company with the government departments after the year 2007 and denied to disclose the same. Subject is a well established and reputed publisher of Newspapers and periodicals. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Payments are reported as regular. The company can be considered good for normal business dealings at usual trade terms and conditions and with some caution in view of non-availability of financials.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Sanjay Gupta
Designation :	General Manager in Account and Finance
Contact No.:	91-9815165650
Date :	08.12.2011

LOCATIONS

Registered / Head Office / Factory :	Hind Samachar Street, Pucca Bagh, Civil Lines, Jalandhar-144001, Punjab, India
Tel. No.:	91-181-2280104 to 106
Mobile No.:	91-9815165650 [Mr. Sanjay Gupta]
Fax No.:	91-181-2208113/80111
E-mail :	info@hindsamacharltd.com Info@punjabkesri.com punjabkesari@vsnl.com
Website:	www.thepunjabkesari.com
Area :	15000 sq. ft.
Location :	Owned
Branches :	Located At : Ludhiana Chandigarh Panipat Jammu

DIRECTORS

Name :	Mr. Vijay Kumar Chopra
Designation :	Chairman cum Managing Director
Address :	Model Town, Jalandhar, Punjab, India
Date of Birth/Age :	57 years
Qualification :	Graduate
Experience :	35 years
Name :	Mr. Amit Chopra
Designation :	Director
Address :	Model Town, Jalandhar, Punjab, India
Qualification :	Graduate
Name :	Mr. Avinash Chopra
Designation :	Director
Address :	Model Town, Jalandhar, Punjab, India
Qualification :	Graduate

KEY EXECUTIVES

Name :	Mr. Sanjay Gupta
Designation :	General Manager in Account and Finance

SHAREHOLDING PATTERN

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Publisher of News Paper.
Products :	Newspaper Publishing
Brand Names :	· Punjab Kesari · Jag Bani · Hind Samachar
Agencies Held :	Carrier Aircone
Imports from :
Product:	Raw Material
Country :	USA Germany Singapore Russia Canada
Terms :
Selling :	Cash and Credit [30 days/ 60 days / 90 days]
Purchasing :	Cash and Credit [30 days / 60 days / 90 days]

PRODUCTION STATUS [As on 31.03.2007]

Particulars	Unit	Actual Production
Newspaper	Copies	300000 per day

GENERAL INFORMATION

Suppliers :	· Mysore Paper Mills Limited · Hindustan Newsprints Limited · Nepa Limited, Nepa Nagar · Coates of India Limited · Rama Newsprint Limited, Surat, Gujarat · Shree Rajeshwaranand Paper Mills Limited · Khanna Paper Mills Limited
Customers :	Wholesalers, Retailers, End Users, OEM’s and Others
No. of Employees :	2000 [Approximately]
Bankers :	· Punjab National Bank, Jalandhar, Punjab, India · Vijaya Bank · Axis Bank
Facilities :	Cash Credit Rs. 125.000 millions [From Punjab National Bank]

Banking Relations :	--
Auditors :
Name :	F. C. Vasudeva and Company Chartered Accountants
Address :	E-1, Connaught Place, New Delhi-110001, India
Tel. No.:	91-11-23328655
Sister Concern:	· Vijay Printing Press Private Limited Address: Hind Samachar Street, Pucca Bagh, Civil Lines, Jalandhar - 144 001, Punjab, India Activity: Manufacturer, Exporter and Publisher of News Papers · Hind Samachar –Urdu, Punjab Kesari – Hindi, Jag Bharti -Punjab · Chopra Publishing House Private Limited

CAPITAL STRUCTURE

As on 31.03.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
34700	‘A’ class Equity Shares	Rs. 100/- each	Rs.3.470 millions
3000	‘B’ class Equity Shares	Rs. 10/- each	Rs.0.030 million
	Total		Rs.3.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs. 100/- each	Rs.3.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		654.474	462.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		657.474	465.500
LOAN FUNDS
1] Secured Loans		257.167	78.000
2] Unsecured Loans		72.568	23.000
TOTAL BORROWING		329.735	101.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		987.209	566.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		226.100	525.600
Capital work-in-progress		167.723	0.000
INVESTMENT		0.274	7.500
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	209.019	81.000
	Sundry Debtors	419.052	4.900
	Cash & Bank Balances	3.498	40.500
	Other Current Assets	116.879	0.000
	Loans & Advances	57.267	24.600
Total Current Assets		805.715	151.000
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	314.178	124.600
	Provisions	[101.575]	0.000
Total Current Liabilities		212.603	124.600
Net Current Assets		593.112	26.400
MISCELLANEOUS EXPENSES		0.000	7.000
TOTAL		987.209	566.500

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008 (Estimated)	31.03.2007	31.03.2006
Sales and Subscription			753.279
Advertisement Receipts		2500.000	1400.635	1660.500
Other Income			46.033
Total			2199.947	1660.500
Profit/(Loss) Before Tax			[109.389]	168.500
Provision for Taxation			3.600	42.000
Profit/(Loss) After Tax			[112.989]	126.500
Import Value		NA	NA	35.000
Expenses
	Direct Publication Expenses		1497.560
	Personnel Expenses		34.904
	Administration and other Charges		76.108
	Financial Expenses		27.146	1492.000
	Selling and Distribution Expenses		537.217
	Depreciation		20.638
	Other Expenses		115.763
Total Expenditure			2309.336	1492.000

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover	3750.000	2848.100	2535.000

Expected Sales (2011-12) : Rs.4000.000 Millions.

The above information has been parted by Mr. Sanjay Gupta.

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006
PAT / Total Income	(%)	[5.14]	7.61
Net Profit Margin (PBT/Sales)	(%)	[14.52]	10.14
Return on Total Assets (PBT/Total Assets}	(%)	[10.60]	24.90
Return on Investment (ROI) (PBT/Networth)		[0.17]	0.36
Debt Equity Ratio (Total Liability/Networth)		0.82	0.48
Current Ratio (Current Asset/Current Liability)		3.79	1.21

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM: 8

Corporate identity number of the company	U22121PB1949PLC001529
Name of the company	HIND SAMACHAR LTD
Address of the registered office or of the principal place of business in India of the company	Hind Samachar Street, Pucca Bagh, Civil Lines, Jalandhar, Punjab, India
This form is for	Modification of charge
Type of charge	Book debts Movable Property
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India
Nature of instrument creating charge	Deed Of Modification (08.01.2010) To Composite Hypothecation Deed Dated 08.07.2009
Date of instrument Creating the charge	08/01/2010
Amount secured by the charge	Rs. 125.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : BPLR-3.75% Terms of repayment : On Demand Margin : 25% On Stock and Book Debts Extent and operation of the charge : Full Others : Nil
Short Particulars of the property charged	The bank has entered into an understanding with Vijaya Bank Jalandhar whereby Axis Bank Ltd Jalandhar and vijaya Bank jalandhar agreed to share the charge on current assets on pari passu basis.
Date of instrument modifying the charge	08/07/2009
Particulars of the present modification	The bank has entered into an understanding with Vijaya Bank Jalandhar whereby Axis Bank Ltd Jalandhar and vijaya Bank jalandhar agreed to share the charge on current assets on pari passu basis.

FIXED ASSETS:

• Land
• Plant and Machinery
• Building
• Furniture and Fixtures
• Building Under Construction

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.23
UK Pound	1	Rs.83.77
Euro	1	Rs.70.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.