MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	LAQSHYA MEDIA PRIVATE LIMITED

Registered Office :	Jaganlaxmi, Laqshya House, Next to Rameshwar Temple, Saraswati Baug Society Road, Jogeshwari (East), Mumbai 400060, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	31.01.1997

Com. Reg. No.:	11-105548

Capital Investment / Paid-up Capital :	Rs.92.613 Millions

CIN No.: [Company Identification No.]	U74300MH1997PTC105548

Legal Form :	Private Limited Liability Company

Line of Business :	Outdoor Media Services

No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 4700000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track records. Profitability of the company is under pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

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

LOCATIONS

Registered Office :	Jaganlaxmi, Laqshya House, Next to Rameshwar Temple, Saraswati Baug Society Road, Jogeshwari (East), Mumbai 400060, Maharashtra, India
Tel. No.:	91-22-33086666 / 6600
Fax No.:	91-22-26733012
Email:	corporate@laqshyagroup.com

Branch Office :	Located At: Bangalore Delhi Kolkata Chennai Hyderabad Pune Jaipur Cochin Chandigarh Ludhiana Lucknow Indore Bhubneshwar Guwahati Ahmedabad Vishakapatnam Jalandhar Nasik Nagpur

DIRECTORS

As on 30.09.2011

Name :

Mr. Parsuram Jalan

Designation :

Director

Address :

2001, Raheja Classique Building. # 4, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

15.08.1947

Date of Appointment :

19.01.1998

DIN No.:

00214340

Other Directorship

S.No.	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
1	U74300MH1997PTC105548	LAQSHYA MEDIA PRIVATE LIMITED	Director	19/01/1998	19/01/1998	-	Active	NO
2	U74300MH2004PTC146104	MANSAROVAR OUTDOORS PRIVATE LIMITED	Director	6/5/2004	6/5/2004	-	Active	NO
3	U67120MH2004PTC146133	JALAN CAPITALS PRIVATE LIMITED	Director	7/5/2004	7/5/2004	31/07/2010	Active	NO
4	U92110MH2004PTC149701	AMAZING ENTERTAINMENT PRIVATE LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
5	U74300MH2005PTC155335	LAQSHYA OOH MEDIA PRIVATE LIMITED	Director	10/5/2006	10/5/2006	-	Active	NO
6	U74300MH2006PTC166404	LAQSHYA DIGITAL MEDIA PRIVATE LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
7	U93090MH2007PTC166754	APJ ENTERTAINMENTS PRIVATE LIMITED	Director	5/1/2007	5/1/2007	-	Active	NO
8	U55104MH2007PTC166753	APJ HOSPITALITY PRIVATE LIMITED	Director	5/1/2007	5/1/2007	-	Active	NO
9	U74140MH2004PTC148144	LAQSHYA AIRPORT MEDIA PRIVATE LIMITED	Director	29/09/2007	5/8/2007	-	Active	NO
10	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Director	30/09/2011	11/12/2007	-	Active	NO
11	U92100MH2008PTC185397	FOURTH WALL ENTERTAINMENT PRIVATE LIMITED	Director	4/8/2008	4/8/2008	-	Active	NO
12	U74990MH2010PTC198244	CAPTIVATE OOH MEDIA PRIVATE LIMITED	Director	1/1/2010	1/1/2010	-	Active	NO
13	U74990MH2010PTC198243	MAXIMIZE OOH MEDIA PRIVATE LIMITED	Director	1/1/2010	1/1/2010	-	Active	NO

Name :

Mr. Alok Jalan

Designation :

Director

Address :

22001, Raheja Classique Building. # 4, New Link Road, Andheri (West),Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

19.06.1972

Date of Appointment :

25.04.1999

DIN No.:

00214331

Other Directorship

S.No.	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
1	U74300MH1997PTC105548	LAQSHYA MEDIA PRIVATE LIMITED	Managing director	15/04/1999	15/04/1999	-	Active	NO
2	U74300MH2004PTC146104	MANSAROVAR OUTDOORS PRIVATE LIMITED	Director	6/5/2004	6/5/2004	-	Active	NO
3	U67120MH2004PTC146133	JALAN CAPITALS PRIVATE LIMITED	Director	7/5/2004	7/5/2004	31/07/2010	Active	NO
4	U74140MH2004PTC148144	LAQSHYA AIRPORT MEDIA PRIVATE LIMITED	Director	20/08/2004	20/08/2004	-	Active	NO
5	U92110MH2004PTC149701	AMAZING ENTERTAINMENT PRIVATE LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
6	U74300MH2005PTC155335	LAQSHYA OOH MEDIA PRIVATE LIMITED	Director	10/5/2006	10/5/2006	-	Active	NO
7	U74300MH2006PTC166404	LAQSHYA DIGITAL MEDIA PRIVATE LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
8	U91900MH2007NPL172975	INDIAN OUTDOOR ADVERTISING ASSOCIATION	Nominee director	8/8/2007	8/8/2007	7/2/2009	Active	NO
9	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Director	11/12/2007	11/12/2007	-	Active	NO
10	U74140MH2007PTC176824	ERGOFORM CONSULTING PRIVATE LIMITED	Director	15/12/2007	15/12/2007	31/03/2010	Active	YES
11	U74990MH2010PTC198244	CAPTIVATE OOH MEDIA PRIVATE LIMITED	Director	1/1/2010	1/1/2010	-	Active	NO
12	U74990MH2010PTC198243	MAXIMIZE OOH MEDIA PRIVATE LIMITED	Director	1/1/2010	1/1/2010	-	Active	NO

Name :

Mr. Vijay Kalantri

Designation :

Director

Address :

2, Wahedna Apartment, Ground Floor, 75, Hill Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

05.01.1949

Date of Appointment :

15.01.2002

DIN No.:

00019510

Other Directorship

S.No.	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
1	U65921MH1985PLC037703	BALAJI INFRA PROJECTS LIMITED	Managing director	15/04/2009	9/10/1985	-	Active	NO
2	U29100MH1978PLC020710	GANNON DUNKERLEY REALTY LIMITED	Director	15/07/1988	15/07/1988	15/12/2008	Active	NO
3	U65923MH1989PLC053436	HINDUSTAN HOUSING FINANCE AND DEVELOPMENT CORPORATION LIMITED	Director	12/9/1989	12/9/1989	-	Active	NO
4	U51900MH1989PTC051927	METROPOLITAN TRADERS PRIVATE LIMITED	Director	20/03/1990	20/03/1990	-	Amalgamated	NO
5	L36912MH1974PLC017505	SOVEREIGN DIAMONDS LIMITED	Director	12/11/1992	12/11/1992	13/08/2011	Active	NO
6	U91110MH1995PLC086016	INDIAN COUNCIL OF INVESTORS	Director	2/3/1995	2/3/1995	10/6/2008	Active	NO
7	U91110MH1996NPL098104	ALL INDIA ASSOCIATION OF INDUSTRIES	Director	13/03/1996	13/03/1996	-	Active	NO
8	U45200MH1998PLC114567	BALAJI INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	21/04/1998	21/04/1998	30/03/2009	Active	NO
9	U40100MH1997PLC106044	VINDHYACHAL HYDRO POWER LIMITED	Director	14/08/1999	14/08/1999	-	Active	NO
10	L25200MH1968PLC013914	V I P INDUSTRIES LIMITED	Director	22/05/2000	22/05/2000	-	Active	NO
11	U72100MH2000PLC127887	ANYUSER TELECOM (INDIA) LIMITED	Director	24/07/2000	24/07/2000	14/12/2007	Active	NO
12	U35110MH2000PLC127953	DIGHI PORT LIMITED	Managing director	1/4/2009	27/07/2000	-	Active	NO
13	U99999MH1997NPL111379	BOWLING AND BILLIARDS ASSOCIATION OF INDIA	Director	5/1/2001	5/1/2001	-	Active	NO
14	L99999MH1988PLC047408	MAN INDUSTRIES (INDIA) LIMITED	Director	15/02/2001	15/02/2001	3/2/2011	Active	NO
15	U74300MH1997PTC105548	LAQSHYA MEDIA PRIVATE LIMITED	Director	15/01/2002	15/01/2002	27/03/2012	Active	NO

Name :

Mr. Ajay Mittal

Designation :

Director

Address :

Flat #343, 3^rd Block, 4th Floor, Ranka Park Aparttments, Lalbagh Road, Bangalore - 560027, Karnataka, India

Date of Birth/Age :

07.08.1968

Date of Appointment :

26.03.2008

DIN No.:

00084644

Other Directorship

S.No.	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
1	U30007AP1991PTC036801	CYBERMOTION TECHNOLOGIES PRIVATE LIMITED	Nominee director	26/03/2001	26/03/2001	24/01/2008	Active	NO
2	U72200AP1997PLC033030	SEMANTICSPACE TECHNOLOGIES LIMITED	Nominee director	29/09/2006	1/4/2006	-	Active	NO
3	L30006TN1995PLC031651	ZYLOG SYSTEMS LIMITED	Nominee director	28/02/2007	28/02/2007	29/01/2010	Active	NO
4	U74300MH1997PTC105548	LAQSHYA MEDIA PRIVATE LIMITED	Nominee director	29/09/2008	26/03/2008	-	Active	NO
5	U64201KA1977PLC003168	DEEPAK CABLES (INDIA) LIMITED	Director	4/6/2008	4/6/2008	22/03/2010	Active	NO
6	U74300MH2006PTC166404	LAQSHYA DIGITAL MEDIA PRIVATE LIMITED	Nominee director	20/06/2008	17/06/2008	-	Active	NO
7	U74140MH2007PTC176824	ERGOFORM CONSULTING PRIVATE LIMITED	Nominee director	10/12/2008	17/06/2008	31/03/2010	Active	YES
8	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Nominee director	13/11/2008	17/06/2008	-	Active	NO
9	U74140MH2004PTC148144	LAQSHYA AIRPORT MEDIA PRIVATE LIMITED	Nominee director	29/09/2008	17/06/2008	-	Active	NO
10	U67190KA2008PTC047386	ALTIUS CAPITAL INDIA PRIVATE LIMITED	Director	6/8/2008	6/8/2008	-	Active	NO
11	U74140KA2008PTC047396	ASCENT CAPITAL ADVISORS INDIA PRIVATE LIMITED	Director	11/8/2008	11/8/2008	25/08/2008	Active	NO
12	U72200TN2005PLC058451	ZYLOG SYSTEMS (INDIA) LIMITED.	Director	23/09/2009	25/06/2009	29/01/2010	Active	NO
13	U65999KA1995PTC019281	PRIMUS RETAIL PRIVATE LIMITED	Nominee director	12/12/2009	12/12/2009	11/4/2011	Active	NO
14	U45203PY2006PTC001945	KARAIKAL PORT PRIVATE LIMITED	Alternate director	3/11/2011	3/11/2011	-	Active	NO

Name :

Mr. Leo Puri

Designation :

Director

Address :

501, Belmont Condominium, Napean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

03.01.1961

Date of Appointment :

17.06.2008

DIN No.:

01764813

Other Directorship

S.No.	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
1	U74140MH2004PTC145467	WARBURG PINCUS INDIA PRIVATE LIMITED	Managing director	11/6/2007	11/6/2007	31/03/2011	Active	NO
2	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Additional director	11/10/2011	21/12/2007	-	Active	NO
3	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	16/09/2008	17/05/2008	17/06/2011	Active	NO
4	U74140MH2004PTC148144	LAQSHYA AIRPORT MEDIA PRIVATE LIMITED	Nominee director	29/09/2008	17/06/2008	6/7/2011	Active	NO
5	U74300MH2006PTC166404	LAQSHYA DIGITAL MEDIA PRIVATE LIMITED	Nominee director	20/06/2008	17/06/2008	6/7/2011	Active	NO
6	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Nominee director	13/11/2008	17/06/2008	6/7/2011	Active	NO
7	U74140MH2007PTC176824	ERGOFORM CONSULTING PRIVATE LIMITED	Nominee director	10/12/2008	17/06/2008	31/03/2010	Active	YES
8	U74300MH1997PTC105548	LAQSHYA MEDIA PRIVATE LIMITED	Nominee director	29/09/2008	17/06/2008	6/7/2011	Active	NO
9	U66000DL2008PLC182918	MAX BUPA HEALTH INSURANCE COMPANY LIMITED	Director	1/5/2012	5/9/2008	-	Active	NO
10	U74899DL2000PLC106723	MAX NEW YORK LIFE INSURANCE COMPANY LIMITED	Additional director	1/2/2012	11/12/2009	-	Active	NO
11	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Additional director	23/05/2012	23/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Ritcha Rawat-Atmakuri
Designation :	Secretary
Address :	Flat #501, Plot #304, Haveli Chs Limted, Sher-E-Punjab, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	15.07.1977
Date of Appointment :	17.01.2008
PAN NO.:	AAHWPR7505E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Anup Jalan		188650
Manju Jalan		531205
Alok Jalan		3359854
Amazing Entertaiment Private Limited, India (Formerly: Laqshya Entertainment Private Limited)		1780000
Mansarovar Outdoors Private Limited, India (Formerly: Laqshya Outdoors Private Limited)		860000
Unit Trust Of India Investement Advisory Services Limited A/C Ascent India Fund, India		1208230
Clearview Investments Limited, Mauritius		1333340
Total		9261279

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.44
Bodies corporate	28.50
Directors or relatives of Directors	42.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Outdoor Media Services

GENERAL INFORMATION

No. of Employees :

180 (Approximately)

Bankers :

YES Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Axis Bank Limited, Fort Branch, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India

Union Bank of India Veer N Ariman Road Branch, 84, Raj Mahal, Veer Nariman Road, Churchgate, Mumbai 400020, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)209.176	205.924
Working capital loans banks secured	(B)390.320	423.969
Loans taken for vehicles secured	(C)1.267	0.000
Total	600.763	629.893
Footnotes (A) For Notes on Security refer [402500] Notes - Other Disclosures. (B) 4. Yes Bank Rs.18.665 Millions: - Secured by sub-servient charge on current assets and further secured by sub-servient charge on general fixed assets which are not charged exclusively to other lenders of the Company. This is further secured by personal guarantee of Chairman and Managing Director of the Company. (C) 2. Secured against underlying asset.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	(A)5.250	0.000
Other debt unsecured	(B)12.430	12.430
Total	17.680	12.430
(A) Repayable within one year NIL (2010: NIL). (B) Repayable within one year NIL (2010: NIL).


Banking Relations :	--

Auditors :
Name :	BSR And Associate Chartered Accountants
Address :	212/C Plot No.31 Manish Chaitali C.H.S. Limited J.P. Road, Manish Nagar Andheri (W) Mumbai 400053,Maharshtra, India
PAN.:	AADFB6889R

Subsidiaries :	Laqshya Airport Media Private Limited (CIN No: U74140MH2004PTC148144) Laqshya Digital Media Private Limited (CIN No, : U74300MH2006PTC166404) Laqshya Hyderabad Airport Media Private Limited (CIN No: U74300MH2007PTC176612) Laqshya Ooh Media Private Limited (CIN No: U74300MH2005PTC155335) Laqshya Media International Mauritius

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	JALAN CAPITALS PRIVATE LIMITED (CIN No.: U67120MH2004PTC146133)

Related Party :	Gulf Media Holding Airport Media Holding Laqshya Lanka Private Limited Arab Media Holding

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

45000000	Equity Shares	Rs.10/- each	Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9261279	Equity Shares	Rs.10/- each	Rs.92.613 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		92.613	92.613	92.613
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2397.463	2397.464	2397.464
4] (Accumulated Losses)		(1292.861)	(1251.311)	(880.187)
NETWORTH		1197.215	1238.766	1609.890
LOAN FUNDS
1] Secured Loans		600.763	629.893	514.805
2] Unsecured Loans		17.680	12.430	0.000
TOTAL BORROWING		618.443	642.323	514.805
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1815.658	1881.089	2124.695

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		258.339	268.410	277.148
Capital work-in-progress		8.525	6.075	40.440

INVESTMENT		126.046	126.046	448.111
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	366.783	391.851	434.899
	Cash & Bank Balances	31.963	121.174	182.835
	Other Current Assets	0.083	0.530	0.000
	Loans & Advances	1548.754	1431.898	1037.270
Total Current Assets		1947.583	1945.453	1655.004
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	489.297	406.177	248.754
	Other Current Liabilities	29.739	52.495	42.567
	Provisions	5.799	6.223	4.687
Total Current Liabilities		524.835	464.895	296.008
Net Current Assets		1422.748	1480.558	1358.996

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1815.658	1881.089	2124.695

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1002.658	946.535	905.340
		Other Income
		TOTAL	1002.658	946.535	905.340

Less	EXPENSES
		Office Expenses
		Administrative Expenses	945.319	979.789	1004.704
		Advertising Expenses
		TOTAL	945.319	979.789	1004.704

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		57.339	(33.254)	(99.364)

Less	FINANCIAL EXPENSES		84.772	70.316	49.131

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(27.433)	(103.570)	(148.495)

Less/ Add	DEPRECIATION/ AMORTISATION		43.422	49.362	37.511

	Exceptional Items		(27.481)	209.233	829.987

	PROFIT / (LOSS) BEFORE TAX		(43.374)	(362.165)	(1015.993)

Less	TAX		(1.824)	8.958	14.202

	PROFIT/ (LOSS) AFTER TAX		(41.550)	(371.123)	(1030.195)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1251.311)	(880.188)	150.007

	BALANCE CARRIED TO THE B/S		1292.861	1251.311	(880.188)

	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	107.549	92.979	38.135
		Other Earnings		0.629	0.000
	TOTAL EARNINGS		107.549	93.608	38.135

	IMPORTS
		Capital Goods	1.901	6.627	10.635
	TOTAL IMPORTS		1.901	6.627	10.635

	Earnings Per Share (Rs.)		(4.49)	(40.07)	(115.48)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(4.14)	(39.21)	(113.79)

Return on Total Assets (PBT/Total Assets}	(%)	(1.97)	(16.36)	(52.58)

Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.29)	(0.53)

Debt Equity Ratio (Total Liability/Networth)		0.95	0.89	0.50

Current Ratio (Current Asset/Current Liability)		3.71	4.18	5.59

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NOTE:

Registered office of the company has been shifted from Unit No.17, Andheri Industrial Estate, Off Veers Desai Road,Near Janki Centre, Andheri (West),Mumbai - 400053,Maharashtra to the present address w.e.f. 09.12.2010.

PERFORMANCE REVIEW AND FUTURE OUTLOOK

2010-11 saw the market emerging slowly but surely out of the previous recessionary period. The entire OOH industry grew by about 10 to 12% based on different estimates. This growth in the industry came from higher spends in upcountry markets and an increase in media occupancy. However, prices continued to remain subdued as did spends by traditional segments like telcos and financial. In this environment, Laqshya saw more stability than previous year. Overall occupancy of display formats definitely improved though rates did not show any significant increase. In this scenario, new projects were selected with utmost care to ensure optimum utilization of limited resources without sacrificing opportunities. Thus, we participated in tenders and EOI and secured concessions for 99 bus shelters in Chennai and also for street furniture in 2 key zones in Delhi. Both of these are work in progress.

Our OOH Solutions business has successfully retained 95%+ clients during the year compared to previous year, which is a very creditable record when viewed against large scale client turnover experienced by the network agencies. The effort is now being directed towards new client acquisition and business development.

Laqshya took steps to implement cutting edge monitoring solutions for Clients who embark on campaigns in upcountry markets – where accounting for media has always been a point of contention. With this, Laqshya becomes one of the first companies in the country to adopt latest GPRS – GPS based technology for tamper-proof monitoring of displays with capability of photographs reaching clients practically on real-time basis. This, together with our investments on continuous research and tracking of OOH usage across top 20 cities, continues to position Laqshya amongst the top few knowledge leaders in this industry.

The overall stability of operations and team during 2010-11 has paved the way for higher growth in the coming year. The market is also stable - though the exuberance and high spend patterns of 2006-07 are missing. Laqshya’s client portfolio is also very stable and consists of clients whose own performances have been good and growing. Hence, 2011-12 should see Laqshya in a reasonable revenue growth phase but with higher profitability. Costs have been pared down to sustainable levels. Overall, while the most difficult phase in the economy is over, the recovery and spends growth in outdoor advertising is steady but slow. In this scenario, Laqshya is likely to also see stable growth in 2011-12.

BACKGROUND

Laqshya Media Private Limited ('Laqshya" or "the Company"* was. incorporated on 31 January 1997 under the Companies Act. 1956 One Act "I at Mumbai Laqshya is engaged in offering Out of Home (OOH) / Outdoor Media Services. Laqshya offers to enhance the brand recall value and awareness of the client's product through optimal utilization of allocated resources in the outdoor medium by offering personalliaed solutions. The company plans, strategize, buy, place and finally, monitor the outdoor media plans and operations across the country.

CONTINGENT LIABILITY

Rs, In Millions

Particular	31.03.2011	31.03.2010
(a) Claims against the Company not acknowledged as debt in respect of:
i) Show cause cum demand notice from service tax department on account of denial of service credits	1.551	1.551
ii) Demand from service tax department pursuant to special audit	0.843	0.843
iii) Demand of penalty under Punjab Vat Act, 2005	1.8700	0.000
(b) Corporate guarantees*	878.820	1062.250

*include corporate guarantee given in foreign currency of AED 51 Million (2010: AED 51 Million)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74300MH1997PTC105548
Name of the company	OUTDOOR MEDIA INTEGRATED DIVISION OF LAQSHYA MEDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Jaganlaxmi, Laqshya House, Next to Rameshwar Temple, Saraswati Baug Society Road, Jogeshwari (East), Mumbai 400060, Maharashtra, India corporate@laqshyagroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10075264
Type of charge	Book debts Movable property (not being pledge) Floating Charge
Particular of charge holder	Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India Avinash.Bahutule@sc.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation (SDH) dated 29.03.2011
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs.111.810 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank form time to time Terms of Repayment As agreed by and with the Bank form time to time Margin As applicable, if any Extent and Operation of the charge 1) The Bank is having first pari passu charge on stocks and bookdebts given by the Borrower, as described in sr. no. 15 below. 2) The Bank is having subservient charge on the movable fixed assets given by the Company, as described in sr. no. 15 below.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Hypothecation by way of first pari passu charge on: a) all present and future book debts, o/s money receivables, claims and bills b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise. (as more described in Schedule of enclosed agreement) 2) Hypothecation by way of subservient charge on all present and future of the movable properties of the borrower including without limitation its movable plant & machinery, furniture & fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables........ (as more described in Schedule of enclosed agreement)
Date of instrument modifying the charge	22.08.2008
Particulars of the present modification	1) The existing charge amt of Rs.150.000 Millions reduced to Rs.111.810 Millions against the security of hypothecation by way of first pari passu charge on: a) all present and future book debts, o/s money receivables, claims and bills b) All present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise. 2) The charge amt of Rs.111.809 Millions shall also now secured with subservient charge on all present and future of the movable properties.

FIXED ASSETS

Hoardings/disply rights
Softwares
Office premises
Furnitue and Fixtures
Computers
Motor Vehicles
Office Equipments

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.56.42
UK Pound	1	Rs.87.38
Euro	1	Rs.69.95

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.

MIRA INFORM REPORT

0.000

366.783

31.963

0.083

1548.754

1947.583

29.739

5.799

524.835

1422.748

(4.14)

(1.97)

(0.04)

0.95

3.71

Unit