MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	BRIGHT OUTDOOR MEDIA PRIVATE LIMITED
Registered Office :	801, 8^th Floor, Crescent Tower, Near Mourya House, Fame Infinity Mall, Off New Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.2005
Com. Reg. No.:	11-156444
Capital Investment / Paid-up Capital :	Rs.25.322 Millions
CIN No.: [Company Identification No.]	U74300MH2005PTC156444
TAN No.: [Tax Deduction & Collection Account No.]	MUMB16693F
PAN No.: [Permanent Account No.]	AACCB9325Q
Legal Form :	Private Limited Liability Company
Line of Business :	Provides Services for Entertainment Programm Services and Events, Visual Media, Software and Internet, Publishing Services, Corporate Learning, Animations and Games, Tech Services, Sporting Events, 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 595000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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

LOCATIONS

Registered Office :	801, 8^th Floor, Crescent Tower, Near Mourya House, Fame Infinity Mall, Off New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-67140000
Fax No.:	91-22-67140011/ 22
E-Mail :	manju@joshinair.com brightoutdoor@gmail.com brightadvtg@hotmail.com sudhir@joshinair.com
Website :	http://www.brightoutdoor.com
Corporate Office :	2127/ 58, 2^nd Floor, Naiwala urudwara Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-47504463
Fax No.:	91-11-47580680
Branch Office :	Located at: · Pune · Ahmedabad · Hyderabad · Bangalore

DIRECTORS

As on 29.09.2010

Name :

Mr. Yogesh Jiwanlal Lakhani

Designation :

Director

Address :

B-505, Raj Crystal, Royal Complex, Borivali West, Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

25.09.1963

Date of Appointment :

29.09.2005

DIN No.:

00845616

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74300MH2001NPL133313	Railway Advertising Agents Association of India	Director	07-09-01	07-09-01	Active	NO
2	U74300MH2005PTC156444	Bright Outdoor Media Private Limited	Managing director	29-09-05	29-09-05	Active	NO

Name :

Mr. Jiwanlal Vanmalidas Lakhani

Designation :

Director

Address :

B-505, Raj Crystal, Royal Complex, Borivali West, Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

14.09.1932

Date of Appointment :

29.09.2005

DIN No.:

00845553

Name :

Mr. Kusumben Jiwanlal Lakhani

Designation :

Director

Address :

B-505, Raj Crystal, Royal Complex, Borivali West, Mumbai – 400091, Maharashtra, India

Date of Birth/Age :

18.07.1944

Date of Appointment :

29.09.2005

DIN No.:

00845506

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Ajay Doshi	1
Ami Gohil	1
Babulal Shah	1
Bakul Shah	1
Bakul Shah HUF	1
Bhadresh Patani	1
Bhavna Shah	1
Bipin Gohil	1
Bomaby Adv. Co Sh Holder	1
C M Viran	1
Dhanji Varia	1
Dharmendra Doshi	1
Hetal Vora	1
Jagruti Lakhani	100
Kirtibhai D. Variya	1
Kusumben Jiwanlal Lakhani	1000
Mangalaben Lakhani	1
Jiwanlal Lakhani	1000
Mrudula Virani	1
Mukesh Gohli	1
Narendra Bhai Dhamji Variya	1
Narendra Gohli	1
Piyush Mehta	1
Purvi A. Gohil	1
Rajiv Trading (Private) Limited, India	1
Ranjeet S. Gohil	1
Sandeep R. Agrawal	1
Shlok Media Private Limited, India	1
Tejas Dagli	1
Tejpal Shah	1
Y T Enterprise	1
Yatrin Shah	1
Yogesh J. Lakhani	2530066
TOTAL	2532195

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provides Services for Entertainment Programm Services and Events, Visual Media, Software and Internet, Publishing Services, Corporate Learning, Animations and Games, Tech Services, Sporting Events, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Kapol Co-Operative Bank Limited, Borivali Branch, Bhandarkar Bhavan, S .V Road, Borivali (West), Mumbai – 400092, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
A. Cash Credit Loan from Bank (Loans mentioned above are secured by hypothecation of Book Debts and Fixes Deposits and further the above loans are secured by fixed deposits receipts of directors and their family members)	67.560	75.906
B. Car Loans Motor Car Loan (Secured against hypothecation of Honda City, Qualis and Innova)	0.168	0.491
Total	67.728	76.397
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	34.534	4.353
From Others	287.150	44.117
Total	321.684	48.470

Banking Relations :
Auditors :
Name :	Joshi Nair and Associates Chartered Accountant
Address :	A/201, Mangal Arambh, Near Kora Kendra, Off S. V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28339292/ 42469292
Fax No.:	91-22-28339293/ 42469293
E-Mail :	jna@joshinai.com
Website :	http://www.joshinair.com
PAN.:	AACFJ8750C

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Share	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2532195	Equity Share	Rs.10/- each	Rs.25.322 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		25.322	25.322	25.322
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		123.516	102.844	86.599
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		148.838	128.166	111.921
LOAN FUNDS
1] Secured Loans		67.728	76.397	92.208
2] Unsecured Loans		321.684	48.470	19.307
TOTAL BORROWING		389.412	124.867	111.515
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		538.250	253.033	223.436
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.275	79.736	74.568
Capital work-in-progress		35.389	7.552	0.000
INVESTMENT		0.629	0.629	1.629
DEFERREX TAX ASSETS		1.477	0.270	1.009
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.664	0.924	0.351
	Sundry Debtors	237.107	205.730	176.910
	Cash & Bank Balances	5.355	3.526	17.713
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	293.553	42.720	24.898
Total Current Assets		537.679	252.900	219.872
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.561	55.420	42.509
	Other Current Liabilities	10.185	3.115	13.406
	Provisions	14.502	29.616	17.836
Total Current Liabilities		111.248	88.151	73.751
Net Current Assets		426.431	164.749	146.121
MISCELLANEOUS EXPENSES		0.049	0.097	0.109
TOTAL		538.250	253.033	223.436

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	611.913	615.312	511.580
		Other Income
		TOTAL	611.913	615.312	511.580
Less	EXPENSES
		Office Expenses	575.190	580.755	465.492
		Administrative Expenses
		Advertising Expenses
		TOTAL	575.190	580.755	465.492
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		36.723	34.557	46.088
Less/ Add	DEPRECIATION/ AMORTISATION		6.042	6.243	2.329
	PROFIT BEFORE TAX		30.681	28.314	43.759
Less	TAX		10.009	12.069	15.992
	PROFIT AFTER TAX		20.672	16.245	27.767
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.012	27.767	0.000
	BALANCE CARRIED TO THE B/S		64.684	44.012	27.768
	Earnings Per Share (Rs.)		8.16	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.38	2.64	5.43
Return on Total Assets (PBT/Total Assets}	(%)	5.01	8.51	14.86
Return on Investment (ROI) (PBT/Networth)		0.21	0.22	0.39
Debt Equity Ratio (Total Liability/Networth)		3.36	1.66	1.66
Current Ratio (Current Asset/Current Liability)		4.83	2.87	2.98

LOCAL AGENCY FURTHER INFORMATION

NOTE

The Registered office has been shifted from, 14, Raj Crystal Royal Complex, Eksar Road, Near Babhai Naka, Tridham Borivali (West), Mumbai, Maharashtra, India, to the present address w.e.f 15.03.2008.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10099676
Corporate identity number of the company	U74300MH2005PTC156444
Name of the company	Bright Outdoor Media Private Limited
Address of the registered office or of the principal place of business in India of the company	801, 8th Floor, Crescent Tower, Near Morya House, Fame Infinity Mall, Off New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Type of charge	Book Debts Others: Bank Guarantee
Particular of charge holder	The Kapol Co-Operative Bank Limited Borivali Branch, Bhandarkar Bhavan, S .V Road, Borivali (West), Mumbai – 400092, Maharashtra, India kapolbank@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation of Book Debts Hypothecation of Goods procured under Bank Guarantee
Date of instrument Creating the charge	11.12.2008
Amount secured by the charge	Rs.55.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.5% Terms of Repayment On Demand/ Annual Review Margin 45% of Book Debts 25% of Bank Guarantee Extent and Operation of the charge Full Charge on Book Debts and Bank Guarantee
Particulars of the present modification	Existing Charge is Modified From Rs.42.500 Millions to Rs.55.000 Millions vide Agreement Dated 11/11/2008.

FIXED ASSETS

· Land and Building

· Furniture and Fixture

· Computers and Software

· Plant and Machinery

· Air Conditioner

· Camera

· Fax Machine

· Xerox Machine

· Mobile Phone

· Television

· Motor Car and Vehicle

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.48.96
UK Pound	1	Rs.77.47
Euro	1	Rs.64.40

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	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		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.