MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	VIDHARBH PUBLICATIONS PRIVATE LIMITED
Registered Office :	Nishant Towers, M G Road, Akola – 444001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.08.1984
Com. Reg. No.:	11-033776
Capital Investment / Paid-up Capital :	Rs. 14.065 Millions
CIN No.: [Company Identification No.]	U22120MH1984PTC033776
Legal Form :	Private Limited Liability Company
Line of Business :	Publisher of Newspaper

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 120000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a publisher of newspaper called Daily Deshonnati in Vidarbha, Maharashtra. It is a well established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions. Profit and Loss of the company is not available.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office / Unit - I :	Nishant Towers, M G Road, Akola – 444001, Maharashtra, India
E-Mail :	capsthakare@gmail.com
Unit - II :	Located at · Nagpur

DIRECTORS

(AS ON 30.09.2010)

Name :	Ms. Aditi Rishikesh Pahare
Designation :	Director
Address :	Nishant Tower, M. G. Road, Akola – 444001, Maharashtra, India
Date of Birth/Age :	06.02.1982
Date of Appointment :	01.04.2009
DIN No. :	02852007
Name :	Mr. Prakash Gopalrao Pohare
Designation :	Director
Address :	Nishant Tower, M. G. Road, Akola – 444001, Maharashtra, India
Date of Birth/Age :	17.03.1954
Date of Appointment :	31.03.1995
DIN No. :	00354133
Name :	Mrs. Sadhana Prakash Pohare
Designation :	Director
Address :	Nishant Tower, M. G. Road, Akola – 444001, Maharashtra, India
Date of Birth/Age :	26.12.1960
Date of Appointment :	31.03.1995
DIN No. :	00354198
Name :	Mr. Rishikesh Prakash Pohare
Designation :	Director
Address :	Nishant Tower, M. G. Road, Akola – 444001, Maharashtra, India
Date of Birth/Age :	10.07.1981
Date of Appointment :	25.10.2004
DIN No. :	00354257
Name :	Mr. Gopalrao Namdeorao Pohare
Designation :	Director
Address :	Nishant Tower, M. G. Road, Akola – 444001, Maharashtra, India
Date of Birth/Age :	06.08.1931
Date of Appointment :	17.08.1984
DIN No. :	00354301

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Gopalrao N. Pohare	960
Prakash G. Pohare	24040
Arun Shreeram Abruk	19400
Ashok Mahadeorao Vichad	8600
Balkrishna P Arbat	19300
Bhaskar Mahadevrao Vasu	19400
Digambar Shyamrao Thakare	18600
Gajanan Shivram Avatade	9400
Gajanan S Mopati	18800
Ganesh B Gadge	19501
Jyoti G Gadge	9700
Kesharaio T Wadatkar	16500
Mahadeo R Kambe	9600
Mahesh D Tayade	19300
Manoj D Tayade	18150
Manoj G Deshmukh	16800
Meghraj G Gadge	13500
Nalini Prakahs Gawande	15300
Nandkishore More	12000
Nilesh M Gawande	12000
Pradip M Porkat	18900

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	49.77
Directors or relatives of directors	7.47
Other top fifty shareholders	42.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Publisher of Newspaper

GENERAL INFORMATION

Bankers :

· Industrial Development Bank of India Limited, Sitabuldi Branch, Zashi Rani Square, Shewalkar Building Nagpur, Nagpur – 440012, Maharashtra, India

· The Akola Urban Co-operative Bank Limited, “Jankalyan” Old Cotton Market, Akola – 444001, Maharashtra, India

· Bank of Maharashtra, Pune

· Central Bank of India, Buldhana

· Dwarkadas Nagrik Shakari Bank Limited, Beed

· HDFC

· State Banks of India

· ICICI Bank Limited

Facilities :

Rs in Millions

Particulars	As on 31.03.2010	As on 31.03.2009
From Akola Urban Co-operative Bank Limited, Akola
Term Loan	3.836	6.087
Cash Credit [Against hypothecation of Stock of Newsprint and Sundry Debtors]	10.217	19.866
Others	0.000	2.989
Total	14.053	28.942

Banking Relations :	--
Auditors :
Name :	Deshmukh Rathi Chandak and Company Chartered Accountants
Address :	16, Hindustan Colony, Wardha Road, Nagpur – 440015, Maharashtra, India
PAN No. :	AADFD1147Q

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Share	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,406,451	Equity Share	Rs. 10/- each	Rs. 14.065 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		14.065	14.065	14.065
2] Share Application Money		5.850	5.850	5.850
3] Reserves & Surplus		10.495	7.757	6.018
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.410	27.672	25.933
LOAN FUNDS
1] Secured Loans		14.053	28.942	26.683
2] Unsecured Loans		0.328	0.703	12.691
TOTAL BORROWING		14.381	29.645	39.374
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		44.791	57.317	65.307
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.942	31.423	30.339
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.559	10.559	10.434
DEFERREX TAX ASSETS		0.025	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.392	4.295	5.069
	Sundry Debtors	72.103	103.168	81.076
	Cash & Bank Balances	16.054	11.296	11.454
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.877	7.448	7.325
Total Current Assets		97.426	126.207	104.924
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.999	63.790	40.038
	Other Current Liabilities	46.822	44.864	39.155
	Provisions	1.340	2.218	1.197
Total Current Liabilities		90.161	110.872	80.390
Net Current Assets		7.265	15.335	24.534
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		44.791	57.317	65.307

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	3.44	5.08	4.62
Current Ratio (Current Asset/Current Liability)	1.08	1.14	1.31

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U22120MH1984PTC033776
Name of the company	VIDHARBH PUBLICATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Nishant Towers M G Road, Akola – 444001, Maharashtra, India
Type of charge	CORPORATE GUARANTEE
Particular of charge holder	Industrial Development Bank of India Limited, Sitabuldi Branch, Zashi Rani Square, Shewalkar Building Nagpur, Nagpur -440012, Maharashtra, India avmcompanysecretaries@gmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Continuing Guarantee
Date of instrument Creating the charge	05.12.2008
Amount secured by the charge	Rs. 47.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Not Applicable as The Company has given Corporate Guarantee to Industrial Development Bank of India Limited, Sitabuldi Branch, Nagpur., to secure due repayment the aggregate Loan Limit of Rs. 47.500 Millions sanctioned to Nishant Satelite Communication Network Limited, Nishant Tower, Akola along with all costs, interest and other charges thereon. Terms of Repayment Not Applicable as The Company has given Corporate Guarantee to Industrial Development Bank of India Limited, Sitabuldi Branch, Nagpur., to secure due repayment the aggregate Loan Limit of Rs. 47.500 Millions sanctioned to Nishant Satelite Communication Network Limited, Nishant Tower, Akola along with all costs, interest and other charges thereon. Margin Not Applicable as The Company has given Corporate Guarantee to Industrial Development Bank of India Limited, Sitabuldi Branch, Nagpur., to secure due repayment the aggregate Loan Limit of Rs. 47.500 Millions sanctioned to Nishant Satelite Communication Network Limited, Nishant Tower, Akola along with all costs, interest and other charges thereon. Extent and Operation of the charge Not Applicable as The Company has given Corporate Guarantee to Industrial Development Bank of India Limited, Sitabuldi Branch, Nagpur., to secure due repayment the aggregate Loan Limit of Rs. 47.500 Millions sanctioned to Nishant Satelite Communication Network Limited, Nishant Tower, Akola along with all costs, interest and other charges thereon. Others Other Terms and Conditions as per Deed of Continuing Guarantee and loaning documents.
Short particulars of the property charged	To secure due repayment the term Loan limit of Rs. 45.000 Millions and Cash Credit Limit of Rs. 2.500 Millions total making of Rs. 47.500 Millions (Sanctioned to Nishant Satelite Communication Network Limited) along with all costs, interest and other charge thereon, the Company has given Corporate Guarantee to the Industrial Development Bank of India Limited, Sitabuldi Branch, Nagpur.

Fixed Assets

· Building

· Computer

· D T P Systems

· Security System

· Ai Conditioner

· Office Equipments

· Electric Fitting

· Straping Machine

· Camera

· Printer

· Scanner

· Fax Machine

· Vehicles

· Furniture and Fixture

· Air Cooler

· Telephone and Mobile

· Punching Machine

· Radio Router

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 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	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.