MIRA INFORM REPORT

Report Date :

25.05.2011

IDENTIFICATION DETAILS

Name :	GUJARAT MITRA PRIVATE LIMITED
Registered Office :	Gujarat Mitra Bhavan, Soni Falia, Surat – 395003, Gujarat, India
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	05.01.1982
Com. Reg. No.:	04-004952
Paid-up Capital :	Rs. 1.200 Million
CIN No.: [Company Identification No.]	U22122GJ1982PTC004952
Legal Form :	Private Limited Liability Company
Line of Business :	Publisher of Newspaper
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

Status :	Dormant
Payment Behaviour :	Unknown
Litigation :	--
Comments :	As per Government, the status of the company is shown as “Dormant”. The management has not filed the financials of the company after the year 2006. In absence of financial statements the current financial status and performance are unknown. Initially, the company can be considered for business dealings on a safe and secured 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.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	Gujarat Mitra Bhavan, Soni Falia, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2478703
Fax No.:	91-261-2478700
E-Mail :	vepari@iqara.net

DIRECTORS

As On 30.09.2006

Name :	Mr. Reshamwala Pravinkant Bharatkumar
Designation :	Director
Address :	Navapura, Karva Road, Surat – 395003, Gujarat, India
Date of Birth/Age :	21.09.1948
Date of Appointment :	05.01.1982
Name :	Ms. Reshamwala Pravinkant Avantikaben
Designation :	Director
Address :	Navapura, Karva Road, Surat – 395003, Gujarat, India
Date of Birth/Age :	28.08.1926
Date of Appointment :	05.01.1982
Name :	Ms. Reshamwala Bharatkumar Ketkiben
Designation :	Director
Address :	Navapura, Karva Road, Surat – 395003, Gujarat, India
Date of Birth/Age :	24.05.1954
Date of Appointment :	01.10.1983
Name :	Ms. Reshamwal Bharatkumar Ruchir
Designation :	Director
Address :	Navapura, Karva Road, Surat – 395003, Gujarat, India
Date of Birth/Age :	03.05.1977
Date of Appointment :	01.11.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Not Available

As On 30.09.2006

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Publisher of Newspaper

PRODUCTION (As On 31.03.2006)

Newsprint: 31068886 (Qty. Copies)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Surat People’s Co-operative Bank Limited, Surat, Gujarat, India

Facilities :

Secured Loans	31.03.2006 (Rs. In Millions)	31.03.2005 (Rs. In Millions)
From Banks (Secured against stock of newsprint and machinery)	15.299	14.991
Total	15.299	14.991

Banking Relations :	--
Auditors :
Name :	Chhogmal and Company Chartered Accountant
Address :	206 Apollo Chambers, CTS 104 Mogra Village, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-28360511
E-Mail :	chhogmal@vsnl.com
Pan No.:	AACFC2079H

CAPITAL STRUCTURE

As On 31.03.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	“A” Equity Shares	Rs. 1000/- each	Rs. 1.000 Million
5000	“B” Equity Shares	Rs. 100/- each	Rs. 0.500 Million
10000	6% Preference Shares	Rs. 100/- each	Rs. 1.000 Million
	Total		Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	“A” Equity Shares	Rs. 1000/- each	Rs. 1.000 Million
2000	6% Preferences Shares	Rs. 100/- each	Rs. 0.200 Million
	Total		Rs. 1.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		1.200	1.200
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		49.476	48.808
4] (Accumulated Losses)		0.000	0.000
NETWORTH		50.676	50.008
LOAN FUNDS
1] Secured Loans		15.299	14.991
2] Unsecured Loans		14.431	13.504
TOTAL BORROWING		29.730	28.495
DEFERRED TAX LIABILITIES		1.492	1.758
TOTAL		81.898	80.261
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.686	14.013
Capital work-in-progress		1.095	0.000
INVESTMENT		12.674	9.963
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.165	9.173
	Sundry Debtors	43.288	34.571
	Cash & Bank Balances	71.500	63.437
	Other Current Assets	0.000	0.000
	Loans & Advances	24.024	22.007
Total Current Assets		145.977	129.188
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	82.439	59.608
	Provisions	14.095	13.295
Total Current Liabilities		96.534	72.903
Net Current Assets		49.443	56.285
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		81.898	80.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2006	31.03.2005
	SALES
		Income
		Other Income
		TOTAL (A)	109.560	100.782
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	106.530	98.271
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.030	2.511
Less	FINANCIAL EXPENSES (D)		(0.987)	(0.801)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.043	3.312
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.816	2.730
	PROFIT BEFORE TAX (E-F) (G)		1.201	0.582
Less	TAX (I)		0.533	0.252
	PROFIT AFTER TAX (G-I) (J)		0.668	0.330
	BALANCE CARRIED TO THE B/S		1.298	0.629
	IMPORTS
		Newsprint	0.000	8.292
	TOTAL IMPORTS		0.000	8.292
	Earnings Per Share (Rs.)		667.00	NA

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	0.61	0.33
Return on Total Assets (PBT/Total Assets}	(%)	0.73	0.41
Return on Investment (ROI) (PBT/Networth)		0.02	0.01
Debt Equity Ratio (Total Liability/Networth)		2.49	2.03
Current Ratio (Current Asset/Current Liability)		1.51	1.77

LOCAL AGENCY FURTHER INFORMATION

Brief Analysis of Performance:

During the year 2005-06, Gross Total Income stood at Rs. 109.600 millions vis-à-vis Rs.100.800 millions in year 2004-05, recording increase of nearly 8.73%. The profit before tax, increased by 106.53% from Rs. 0.582 Millions to Rs. 1.202 millions as compared to preceding year, mainly attributable to increase in advertisement income, profit on sale of fixed asset and interest income. As compared to the preceding year, the sale of news papers decreased by 5.17% from Rs. 45.800 millions to Rs. 43.400 millions in the year due to pervading competition and new news papers entering the segment. Goods Consumption also increased by 3.9 % from 67.300 Millions to 69.900 millions, mainly due to use of better quality of newsprint to withstand the competition.

Change in the Nature of company’s business:

There is no change in the nature of company’s business via-a-vis pervious year.

Fixed Assets:

• Windmill
• Land
• Building
• Plant and machinery
• Furniture and fittings
• Sundry equipments
• Vehicles

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.45.25
UK Pound	1	Rs.72.82
Euro	1	Rs.63.58

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.