MIRA INFORM REPORT

Report Date :

08.02.2012

Note : The correct name of the company is Pioneer Publicity Corporation Private Limited.

IDENTIFICATION DETAILS

Name :	PIONEER PUBLICITY CORPORATION PRIVATE LIMITED
Registered Office :	227, CM-1, Office Complex, Jhandewalan, New Delhi - 110 055
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.2007
Com. Reg. No.:	55-162571
Capital Investment / Paid-up Capital :	Rs.20.000 millions
CIN No.: [Company Identification No.]	U74300DL2007PTC162571
Legal Form :	Private Limited Liability Company
Line of Business :	Providing outdoor advertisement services like Hoarding, Publicity, Unipole etc.
No. of Employees :	Not Available

RATING & COMMENTS

	MIRA’s Rating :			A (58)
RATING			STATUS		PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	227, CM-1, Office Complex, Jhandewalan, New Delhi - 110 055, India
Tel. No.:	91-11-23522692 / 23637880 / 23529419 / 23555322
Fax No.:	91-11-23631245
E-Mail :	k.pande@pioneerpublicityindia.com accounts@pioneerpublicityindia.com pioneerpubilicity_bom@rediffmail.com dineshv@pioneerpublicityindia.com
Branch Office :	410-416, B Wing, Anjani Complex, Preiera Hill Road, Opposite Guru Nanak Pertol Pump, Off Andheri Kurla Road, Andheri (East), Mumbai – 400 099, Maharashtra, India.
Tel. No.:	91-22-66793979 / 80 / 81 / 28213754 / 28213776
Fax No.:	91-22-28237653 / 23631245

DIRECTORS

As on 30.09.2011

Name :	Mr. Naresh Vasudeva
Designation :	Chairman cum Managing Director
Address :	50, Ishwar Colony Polo Road, Delhi -110 009, India
Date of Birth/Age :	20.09.1945
Qualification :	B.A.
Date of Appointment :	25.04.2007
DIN No.:	00066602

Other Directorship

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	U74899DL1992PTC050542	P.K. Advertising Services Private Limited	Director	01-06-93	01-06-93	Active	NO
2	U74300DL2007PTC162571	Pioneer Publicity Corporation Private Limited	Managing director	01-07-07	25-04-07	Active	NO

Name :	Mr. Sunil Vasudeva
Designation :	Whole time Director
Address :	64, Kalyan Vihar, Delhi – 110 009, India
Date of Birth/Age :	03.12.1954
Qualification :	B.A.
Date of Appointment :	25.04.2007
DIN No.:	00066652

Other Directorship

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	U74899DL1992PTC050542	P.K. Advertising Services Private Limited	Director	01-06-93	01-06-93	Active	NO
2	U74300DL2007PTC162571	Pioneer Publicity Corporation Private Limited	Whole-time director	01-06-07	25-04-07	Active	NO
3	U74300MH2012PTC226085	Avenir Brand Connect Private Limited	Managing director	14-01-12	14-01-12	Active	NO

Name :	Mr. Rajesh Vasudeva
Designation :	Whole time Director
Address :	B-206, Derawal Nagar, Delhi – 110 009, India
Date of Birth/Age :	20.10.1958
Qualification :	B.A.
Date of Appointment :	25.04.2007
DIN No.:	00066568

Other Directorship

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	U74899DL1992PTC050542	P.K. Advertising Services Private Limited	Director	07-10-92	07-10-92	Active	NO
2	U74300DL2007PTC162571	Pioneer Publicity Corporation Private Limited	Whole-time director	01-06-07	25-04-07	Active	NO
3	U74300MH2012PTC226085	Avenir Brand Connect Private Limited	Managing director	14-01-12	14-01-12	Active	NO

Name :	Mr. Mukesh Vasudeva
Designation :	Whole time Director
Address :	B-206, Derawal Nagar, Delhi – 110 009, India
Date of Birth/Age :	29.05.1963
Qualification :	B.A.
Date of Appointment :	25.04.2007
DIN No.:	00066761

Other Directorship

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	U74899DL1992PTC050542	P.K. Advertising Services Private Limited	Director	01-04-99	01-04-99	Active	NO
2	U74300DL2007PTC162571	Pioneer Publicity Corporation Private Limited	Whole-time director	01-06-07	25-04-07	Active	NO

Name :	Mr. Dinesh Vasudeva
Designation :	Director
Address :	50, Ishwar Colony Polo Road, Delhi – 110 009, India
Date of Birth/Age :	14.02.1975
Date of Appointment :	01.05.2007
DIN No.:	00066684

Other Directorship

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	U74899DL1992PTC050542	P.K. Advertising Services Private Limited	Director	15-11-93	15-11-93	Active	NO
2	U74300DL2007PTC162571	Pioneer Publicity Corporation Private Limited	Additional director	01-05-07	01-05-07	Active	NO

Name :	Mr. Deepak Vasudeva
Designation :	Director
Address :	50, Ishwar Colony Polo Road, Delhi – 110 009, India
Date of Birth/Age :	14.02.1975
Date of Appointment :	01.05.2007
DIN No.:	00066701

Other Directorship

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	U74899DL1992PTC050542	P.K. Advertising Services Private Limited	Director	15-11-93	15-11-93	Active	NO
2	U74300DL2007PTC162571	Pioneer Publicity Corporation Private Limited	Additional director	01-05-07	01-05-07	Active	NO

Name :	Mr. Gaurav Vasudeva
Designation :	Director
Address :	64, Kalyan Vihar, Delhi - 110 009, India
Date of Birth/Age :	12.08.1981
Date of Appointment :	01.05.2007
DIN No.:	01951228
Name :	Mr. Pankaj Vasudeva
Designation :	Director
Address :	50, Ishwar Colony, Vijay Nagar, Delhi - 110 009, India
Date of Birth/Age :	06.07.1973
Date of Appointment :	01.05.2007
DIN No.:	02103844

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Naresh Vasudeva	80000
Sunil Vasudeva	530000
Rajesh Vasudeva	355000
Mukesh Vasudeva	355000
Avinash Vasudeva	20000
Kiran Vasudeva	20000
Sweety Vasudeva	20000
Anju Vasudeva	20000
Pankaj Vasudeva	200000
Deepak Vasudeva	200000
Dinesh Vasudeva	200000
Total	2000000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Providing outdoor advertisement services like Hoarding, Publicity, Unipole etc.

Products :

Product Description	Item Code
Out door advertising	0701

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India.

· Vijaya Bank

Delhi Cantonment Branch, Gopinath Bazar, Delhi Cantonment, New Delhi – 110 010, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans secured	0.000	0.000
Loans taken for vehicles secured	3.907	5.279
Total	3.907	5.279

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans directors unsecured	106.540	106.540
Other debt unsecured	6.514	6.514
Total	113.054	113.054

Banking Relations :	-
Auditors :
Name :	K. K. Sansi and Company Chartered Accountants
Address :	171, Kalyan Vihar, Chandni Chowk, Delhi – 110 006, India
PAN No.:	AAMPS1806Q
Enterprises Controlled by the Company :	P.P. Publicity Service

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1177.124	954.776	773.433
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1197.124	974.776	793.433
LOAN FUNDS
1] Secured Loans		3.907	5.279	77.881
2] Unsecured Loans		113.054	113.054	117.414
TOTAL BORROWING		116.961	118.333	195.295
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1314.085	1093.109	988.728
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.151	85.124	69.294
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		51.217	1.026	0.842
DEFERREX TAX ASSETS		0.218	0.695	0.617
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	907.248	875.104	765.500
	Cash & Bank Balances	213.680	141.507	117.944
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	662.845	530.412	498.487
Total Current Assets		1783.773	1547.023	1381.931
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	281.101	241.761	149.284
	Other Current Liabilities	217.562	200.750	168.617
	Provisions	112.703	98.431	146.331
Total Current Liabilities		611.366	540.942	464.232
Net Current Assets		1172.407	1006.081	917.699
MISCELLANEOUS EXPENSES		0.092	0.183	0.276
TOTAL		1314.085	1093.109	988.728

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2311.628	1923.675	2041.806
		Other Income
		TOTAL	2311.628	1923.675	2041.806
Less	EXPENSES
		Office Expenses	1969.509	1637.569	1622.931
		Administrative Expenses
		Advertising Expenses
		TOTAL	1969.509	1637.569	1622.931
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		342.119	286.106	418.875
Less/ Add	DEPRECIATION/ AMORTISATION		9.095	8.840	8.732
	PROFIT BEFORE TAX		333.024	277.266	410.143
Less	TAX		110.676	95.922	143.580
	PROFIT AFTER TAX		222.348	181.344	266.563
	Earnings Per Share (Rs.)		111.17	90.67	133.28

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.62	9.43	13.05
Return on Total Assets (PBT/Total Assets}	(%)	17.77	16.99	28.26
Return on Investment (ROI) (PBT/Networth)		0.28	0.28	0.52
Debt Equity Ratio (Total Liability/Networth)		0.61	0.68	0.83
Current Ratio (Current Asset/Current Liability)		2.92	2.86	2.98

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE AND FUTURE PROSPECTS

The Turnover of the Company has been higher during the year as compared to the last year. The overall improvement in the economic conditions has helped in achieving higher turnover during the year. The Directors are of the opinion that in spite of the fierce competition in the outdoor advertising business, the company has managed good turnover and Profit during the year. The directors are making every effort and trying their best to sustain the growth in the coming years by way of investments in some long term contracts for out of home media as and when opportunity arises and by its aggressive marketing.

FORM 8

Corporate identity number of the company	U74300DL2007PTC162571
Name of the company	PIONEER PUBLICITY CORPORATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	227, CM-1, Office Complex, Jhandewalan, New Delhi – 110 055, India.
This form is for	Modification of charge
Charge identification number of the modified	10169939
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Declaration cum undertaking dated 26 June 2010
Date of instrument Creating the charge	26.06.2010
Amount secured by the charge	Rs.200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As communicated by Bank from time to time Terms of Repayment On Demand Margin As may be stipulated by bank from time to time Extent and Operation of the charge 1st Charge / 100% Others As per agreements executed
Short particulars of the property charged	Hypothecation by way of first charge on all movable fixed assets including plant and machinery of the company both present and future. Hypothecation by way of first charge on all stock and books debt of the company both present and future. EM on immovable property located at village Gundavli Pereira Hill Road, Andheri East Mumbai EM on all that piece and parcel of agricultural land admeasuring 15 bigha 15 biswa located at Village- Bakhtawarpur, Delhi, along with a Farm Hose constructed thereon.
Date of latest modification prior to the present modification	11.05.2010
Particulars of the present modification	EM on all that piece and parcel of agricultural land admeasuring 15 bigha 15 biswa falling under Khasra No-54/8 (3-19), 9(4-16), 10(4-16), 55/6/1(0-12), 55/6/2/1(1-12), Situated in the area and revenue estate of village - Bakhtawarpur, Delhi, alongwith a farm house constructed thereon.

CONTINGENT LIABILITIES (As on 31.03.2011)

Contingent Liability if any is disclosed at their estimated amount in the notes to accounts in the case of

a) a present obligation arising from the past event, when it is not probable that an outflow of resources will be required to settle the obligation.

b) a possible obligation, unless the probability of outflow of resources is remote.

These liabilities are not provided for in the accounts.

FIXED ASSETS

· Land

· Buildings

· Office Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering and 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.48.92
UK Pound	1	Rs.77.31
Euro	1	Rs.64.12

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.