MIRA INFORM REPORT

Report Date :

29.05.2012

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) :	31.03.2011
Date of Incorporation :	15.09.2005
Com. Reg. No.:	11-156444
Capital Investment / Paid-up Capital :	Rs.50.644 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 720000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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 nimishpadia@gmail.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 :

Managing 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

· The Cosmos Co-op Bank Limited, Vile Parle Branch, Nehru Road,Vile Parle East, Mumbai – 400057, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Banks Secured	308.423	67.560
Working Capital Loans Banks Secured	5.897	1.904
Loans Taken For Vehicles Secured	0.000	(A) 0.168
Total	314.320	69.632
Note: (A) Motor Car Loan secured against hypothecation of Honda City, Qualis and Innova
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans Directors Unsecured	0.791	34.534
Other Debt Unsecured	194.565	287.150
Total	195.356	321.684

Banking Relations :	--
Auditors :
Name :	Joshi Nair and Associates Chartered Accountants
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 31.03.2011

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
5064390	Equity Share	Rs.10/- each	Rs.50.644 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		50.644	25.322	25.322
2] Share Application Money		0.00	0.000	0.000
3] Reserves & Surplus		129.643	123.516	102.844
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		180.287	148.838	128.166
LOAN FUNDS
1] Secured Loans		314.320	69.632	76.397
2] Unsecured Loans		195.356	321.684	48.470
TOTAL BORROWING		509.676	391.316	124.867
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		689.963	540.154	253.033
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.288	74.275	79.736
Capital work-in-progress		62.442	35.389	7.552
INVESTMENT		1.200	0.629	0.629
DEFERREX TAX ASSETS		2.209	1.477	0.270
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	1.664	0.924
	Sundry Debtors	446.369	267.114	205.730
	Cash & Bank Balances	15.255	5.355	3.526
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	230.501	261.710	42.720
Total Current Assets		692.125	535.843	252.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	145.141	86.561	55.420
	Other Current Liabilities	2.414	6.445	3.115
	Provisions	7.770	14.502	29.616
Total Current Liabilities		155.325	107.508	88.151
Net Current Assets		536.800	428.335	164.749
MISCELLANEOUS EXPENSES		0.024	0.049	0.097
TOTAL		689.963	540.154	253.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1324.039	611.913	615.312
		Other Income
		TOTAL	1324.039	611.913	615.312
Less	EXPENSES
		Office Expenses	1261.438	575.190	580.755
		Administrative Expenses
		Advertising Expenses
		TOTAL	1261.438	575.190	580.755
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		62.601	36.723	34.557
Less/ Add	DEPRECIATION/ AMORTISATION		6.077	6.042	6.243
	PROFIT BEFORE TAX		56.524	30.681	28.314
Less	TAX		17.438	10.009	12.069
	PROFIT AFTER TAX		39.086	20.672	16.245
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.684	44.012	27.767
	BALANCE CARRIED TO THE B/S		103.770	64.684	44.012
	Earnings Per Share (Rs.)		7.72	8.16	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.95	3.38	2.64
Return on Total Assets (PBT/Total Assets}	(%)	7.25	5.03	8.51
Return on Investment (ROI) (PBT/Networth)		0.31	0.21	0.22
Debt Equity Ratio (Total Liability/Networth)		3.69	3.35	1.66
Current Ratio (Current Asset/Current Liability)		4.46	4.98	2.87

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	No
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	No
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

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.

Bankers Charges Report as per Registry

This form is for	Creation of charge
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 E-mail : sudhir@joshinair.com
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	The Cosmos Co-op Bank Limited, Vile Parle Branch, Nehru Road,Vile Parle East, Mumbai – 400057, Maharashtra, India E-mail : suhas.chikode@cosmosbank.in
Nature of description of the instrument creating or modifying the charge	Composite Deed of Mortgage and Hypothecation
Date of instrument Creating the charge	13.06.2011
Amount secured by the charge	Rs.620.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit: 10.5% p.a. or at such rate as maybe fixed by the bank from time to time Terms of Repayment Cash credit: Repayable on demand/ review in 12 months Bank Guarantee: As per bank guarantee terms/ review in 12 months Margin 25% in bank's favour Extent and Operation of the charge Cash credit: Rs 600.000 Millions Bank Guarantee: Rs 20.000 Millions
Particulars of the present modification	Hypothecation of stocks and debtors more particularly described in schedule XVII attached herewith Mortgage all that piece and parcel of flat no 1101 situated on 11th floor and flat no 602 situated on 6th floor of building K to be known as Lakeview Apartment III situated at Marol Maroshi Mumbai more particularly described in schedule VII.All that piece and parcel of service apartment no 602 situated on the 6th floor of building Palms Island IV situated on the property bearing CTS no 1627(p), sno 169(p) of village Marol Maroshi situated in Aarey Milk Colony within the registration district and sub district of Mumbai City All piece and parcel of premises situated at Shalini Gardens on property bearingsno33/1/2 at Wadachiwad1 Pune, Flat no 4,7-14,17,18,20 all that piece and parcel of flat no 1002A and Flat no 1006 situated on the 10th floor in building to be known as Garden view apartment situated on the property bearing CTS no 162(p),S no 169(p) of village Marol Maroshi situated in Aarey Milk Colony all that piece and parcel of shop no 4 situated on the ground floor of wing A of the building Omega Orion situated on the property bearing CTS no 444,444/1,2,445 sno 41 of village Oshiwara in the Omega Star Complex situated opposite Cafe Gulshan S V Road Jogeshwari West Mumbai all that piece and parcel of flat no 4,situated in building no C in the Scheme Vidya Paradise bearing sno 60/1/2 situated at Wadawadi Pune

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.55.26
UK Pound	1	Rs.86.90
Euro	1	Rs.69.63

INFORMATION DETAILS

Report Prepared by :

BSN

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.