MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	MSB PUBLISHERS PRIVATE LIMITED
Registered Office :	4626/18, Ansari Road, Darya Ganj, New Dehi – 110002
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.09.2009
Com. Reg. No.:	55-193852
Capital Investment / Paid-up Capital :	Rs.14.000 Millions
CIN No.: [Company Identification No.]	U22222DL2009PTC193852
TAN No.: [Tax Deduction & Collection Account No.]	DELM17604G
PAN No.: [Permanent Account No.]	AAGCM1665G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Publishers and printing of general books, technical books, children’s books, etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba(45)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject has been taken over the running business of Morning Star (Proprietor – Nidhi Pinto) and Beeta Publications (Proprietor – Avanti Pinto) erstwhile proprietory concerns. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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.

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 :	4626/18, Ansari Road, Darya Ganj, New Dehi – 110002, Delhi, India
Tel. No.:	91-11-26460876
Fax No.:	91-11-26234209
E-Mail :	HKL@BOL.NET.IN

DIRECTORS

As on 30.09.2010

Name :

Mr. Xavier Pinto

Designation :

Managing Director

Address :

65A, Pocket-F, Gangotri Enclave, Alaknanda, Kalkaji, New Delhi – 110019, Delhi, India

Date of Birth/Age :

13.01.1940

Date of Appointment :

03.09.2009

DIN No.:

02718876

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U22222DL2009PTC193852	MSB PUBLISHERS PRIVATE LIMITED	Managing director	3/11/2009	3/09/2009	-	Active	NO

Name :

Ms. Nidhi Modita Pinto

Designation :

Director

Address :

65A, Pocket-F, Gangotri Enclave, Alaknanda, Kalkaji, New Delhi – 110019, Delhi, India

Date of Birth/Age :

23.08.1978

Date of Appointment :

03.09.2009

DIN No.:

02718871

Name :

Ms. Pamela Pinto

Designation :

Director

Address :

65A, Pocket-F, Gangotri Enclave, Alaknanda, Kalkaji, New Delhi – 110019, Delhi, India

Date of Birth/Age :

12.02.1957

Date of Appointment :

03.09.2009

DIN No.:

02718872

Name :

Ms.Latika Sonia Pinto

Designation :

Director

Address :

65A, Pocket-F, Gangotri Enclave, Alaknanda, Kalkaji, New Delhi – 110019, Delhi, India

Date of Birth/Age :

22.02.1976

Date of Appointment :

03.09.2009

DIN No.:

02718873

Name :

Ms. Avanti Nisha Pinto

Designation :

Director

Address :

65A, Pocket-F, Gangotri Enclave, Alaknanda, Kalkaji, New Delhi – 110019, Delhi, India

Date of Birth/Age :

11.11.1985

Date of Appointment :

03.09.2009

DIN No.:

02718874

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Xavier Pinto	27000
Pamela Pinto	20000
Latika Sonia Pinto	8000
Nidhi Modita Pinto	80000
Avanti Nisha Pinto	5000
Total	140000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Publishers and printing of general books, technical books, children’s books, etc

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

--

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)
Avanti Nisha Pinto Loan A/c	0.017
Dolly Ellen Sequeire Loan A/c	1.905
Latika Pinto- Loan A/c	0.152
Nidhi Pinto – Loan A/c	1.666
Pamela Pinto- Loan A/c	2.415
Xavier Pinto- Loan A/c	5.285
Total	11.440

Banking Relations :	--
Auditors :
Name :	Garg Bros. and Associates Chartered Accountant
Address :	203, Skipper Corner, 88, Nehru Place, New Delhi – 110019, Delhi, India
Tel. No.:	91-11-26460876/26464149
Fax No.:	91-11-26234209
E-Mail :	kpgarg@bol.net.in
PAN.:	AACFG0988R

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
140000	Equity Shares	Rs.100/- each	Rs.14.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.000
2] Share Application Money		0.000
3] Reserves & Surplus		12.403
4] (Accumulated Losses)		0.000
NETWORTH		26.403
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		11.440
TOTAL BORROWING		11.440
DEFERRED TAX LIABILITIES		0.002
TOTAL		37.845
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.696
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.920
	Sundry Debtors	32.488
	Cash & Bank Balances	7.677
	Other Current Assets	4.576
	Loans & Advances	0.105
Total Current Assets		64.766
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.301
	Other Current Liabilities	11.356
	Provisions	8.231
Total Current Liabilities		28.888
Net Current Assets		35.878
MISCELLANEOUS EXPENSES		0.271
TOTAL		37.845

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income
		Other Income	NA
		TOTAL
			NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA
		Advertising Expenses
		TOTAL
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.676
Less/ Add	DEPRECIATION/ AMORTISATION		0.271
	PROFIT BEFORE TAX		12.405
Less	TAX		0.001
	PROFIT AFTER TAX		12.404
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD
Less	APPROPRIATIONS
		Transfer to General Reserve	NA
		Dividend
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		12.404
	Earnings Per Share (Rs.)		88.6

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	NA
Net Profit Margin (PBT/Sales)	(%)	NA
Return on Total Assets (PBT/Total Assets}	(%)	18.66
Return on Investment (ROI) (PBT/Networth)		0.47
Debt Equity Ratio (Total Liability/Networth)		1.52
Current Ratio (Current Asset/Current Liability)		2.24

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS

· Building

· Air Conditioner

· Office Equipment

· Furniture and Fixture

· Motor Vehicles

· Computer

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.48.92
UK Pound	1	Rs.76.51
Euro	1	Rs.66.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.