MIRA INFORM REPORT

Report Date :

01.11.2012

IDENTIFICATION DETAILS

Name :	WRITERS AND PUBLISHERS PRIVATE LIMITED (w.e.f. 06.03.2009)
Formerly Known As :	WRITERS AND PUBLISHERS LIMITED
Registered Office :	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad- 380501, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.01.1981
Com. Reg. No.:	04-47207
Capital Investment / Paid-up Capital :	Rs.683.655 Millions
CIN No.: [Company Identification No.]	U22210GJ1981PTC047207
TAN No.: [Tax Deduction & Collection Account No.]	AHMW00114C
PAN No.: [Permanent Account No.]	AAACW1376J
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and publishing of News Papers
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 10000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears a dip in the profitability of the company. However, networth of the company appear to be satisfactory. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management Non Co-operative

LOCATIONS

Registered Office :	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad-380501, Gujarat, India
Tel. No.:	91-79-39888850 / 25201000
Mobile No.:	91-9425378951 (Mr. Sushil Gaikwad)
Fax No.:	91-79-39814001
E-Mail :	csbpl2008@yahoo.co.in g_sushil@bhaskar.net.com s.sonali@bhaskarnet.com
Website :	www.imcl.in
Area :	2 Acres
Location :	Owned
Corporate Office :	6, Dwarka Sadan, Press Complex, MP Nagar, Bhopal – 462011, Madhya Pradesh, India
Tel No.:	91-755-3913290 / 2766247
Fax No.:	91-755-4270469
Location :	Owned

DIRECTORS

As on 14.09.2011

Name :	Ms. Jyoti Agarwal
Designation :	Director
Address :	E-1/79 Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	01.04.1971
Date of Appointment :	08.03.2005
DIN No.:	00051255
Name :	Mr. Ramesh Chandra Agarwal
Designation :	Director
Address :	E-1/79 Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	15.06.1944
Date of Appointment :	13.01.1981
DIN No.:	00051310
Name :	Mr. Girish Agarwal
Designation :	Director
Address :	E-1/79 Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	10.07.1971
Date of Appointment :	01.12.2007
DIN No.:	00051375
Name :	Mr. Sudhir Agarwal
Designation :	Director
Address :	E-1/79 Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	20.07.1967
Date of Appointment :	30.03.2009
DIN No.:	00051407
Name :	Ms. Namita Aarwal
Designation :	Director
Address :	E-1/79 Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	10.12.2005
Date of Appointment :	01.12.2002
DIN No.:	00465039
Name :	Mr. pawan Agarwal
Designation :	Director
Address :	E-1/79 Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	31.07.1974
Date of Appointment :	25.09.2000
DIN No.:	00465092

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Shri Ramesh Chandra Agarwal	205178
Bhaskar Industries Limited, India	14000
Shri Sudhir Agarwal	224914
Smt. Jyoti Agarwal	178972
Shri Girish Agarwal	224644
R. C. Agarwal (HUF)	10402
Bhaskar Infrastructure Limited, India	189090
Chambal Tradings Private Limited, India	106600
Smt. Namita Agarwal	82800
Shri Pawan Agarwal	217550
Smt. Nitika Agarwal	44000
Dev Fiscal Services Private Limited, India	21000
Bhaskar Multinet Limited, India	87400
Girish Agarwal (HUF)	210000
Sudhir Agarwal (HUF)	200000
Pawan Agarwal (HUF)	120000
Sunshine Solvent Private Limited, India	225000
Solvent Traders Private Limited, India	225000
Bhaskar Denim Limited, India	450000
Exxoils Enterprises Private Limited, India	225000
Bhaskar Exim Limited, India	400000
BFP Enterprises Private Limited, India	225000
BFP Traders Private Limited, India	225000
Stitex Global Limited, India	425000
Total	4536550

Names of Shareholders (Preference Shares)	No. of Shares
Ramesh Chandra. Agarwal	140000
Kasturi Devi Agarwal	105000
Bhaskar Infrastructure Limited, India	670000
Smt. Namita Agarwal	45000
Chambal Tradings Private Limited, India	141000
Shri Pawan Agarwal	9000
S.A. Trading & Investment Private Limited, India	670000
Dev Fiscal Services Private Limited, India	201000
Bhopal Financial Services Private Limited, India	303000
Bhaskar Multinet Limited, India	16000
Total	2300000

As on 14.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	62.12
Directors or relatives of Directors	37.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Printing and publishing of News papers

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

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

· Allahabad Bank, Area Colony, Bhopal – 462016, Madhya Pradesh, India

· UCO Bank

· State Bank of Indore, E-5/A, Grish Kunj, Paryavaran Parisar, Shahpura, Bhopal – 462016, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	185.616	138.724
Total	185.616	138.724
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	7015.758	6180.320
Total	7015.758	6180.320

Banking Relations :	--
Auditors :
Name :	Krishna Gupta and Company Chartered Accountants
Address :	105, Parikalp Singhal Tower, 1^st Floor, Above UCO Bank, Old High Court Road, Gwalior-474009, Madhya Pradesh, India
Tel. No.:	91-751-2628374/ 4086435/ 2328374
Mobile No.:	91-9827075044
Fax No.:	91-751-2328374/ 2628374
PAN.:	AAEFK3347G
Subsidiaries :	· Surge Developers Private Limited (U04520MP2006PTC018399) · India Interactive Technologies Limited (U72200MH2007PLC171849) · Diva Oil and Gas Limited (U11101MP2008PLC020377) · Bhaskar Infraventure Limited (U70109MP2008PLC021394)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions
2500000	Preferences Shares	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4536550	Equity Shares	Rs.100/- each	Rs.453.655 Millions
2300000	Preferences Shares	Rs.100/- each	Rs.230.000 Millions
	Total		Rs.683.655 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		683.655	683.655	336.827
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1867.986	1856.983	1891.241
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2551.641	2540.638	2228.068
LOAN FUNDS
1] Secured Loans		185.616	138.724	151.235
2] Unsecured Loans		7015.758	6180.320	4570.434
TOTAL BORROWING		7201.374	6319.044	4721.669
DEFERRED TAX LIABILITIES		103.124	89.845	87.821
TOTAL		9856.139	8949.527	7037.558
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1222.898	1248.733	982.671
Capital work-in-progress		14.368	9.410	0.000
INVESTMENT		5790.991	3420.848	2475.608
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.108	13.988	8.085
	Sundry Debtors	164.162	242.516	626.819
	Cash & Bank Balances	209.577	666.761	607.319
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9231.069	6411.700	5033.630
Total Current Assets		9621.916	7334.965	6275.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6586.884	2887.380	2538.200
	Other Current Liabilities	213.348	158.763	149.400
	Provisions	0.000	22.650	14.589
Total Current Liabilities		6800.232	3068.793	2702.189
Net Current Assets		2821.684	4266.172	3573.664
MISCELLANEOUS EXPENSES		6.198	4.364	5.615
TOTAL		9856.139	8949.527	7037.558

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		6129.961	2130.761
		Printing Job Charges	7194.985	319.996	236.022
		Contract Earning		41.000	0.000
		Other Income		251.462	97.522
		TOTAL (A)	7194.985	6742.419	2464.305
Less	EXPENSES
		Purchase for Trading		6129.520	2128.457
		Labour Charges to Contracts		21.328	0.000
		Stores Consumed		126.372	83.924
		Manufacturing Expenses		89.963	64.505
		Payments to and Provision for Employees		48.065	32.307
		Selling, Administrative and Other Expenses		112.450	50.830
		Transfer From Revaluation Reserves		(6.995)	(6.995)
		TOTAL (B)	7163.164	6520.703	2353.028
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial and Depreciation Expenses	221.716	111.277
Less	FINANCIAL EXPENSES (D)			68.200	2.997
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			153.516	108.280
Less/ Add	DEPRECIATION/ AMORTISATION (F)			49.447	38.324
	PROFIT BEFORE TAX (E-F) (G)		31.821	104.069	69.956
Less	TAX (H)		13.823	24.504	27.685
	PROFIT AFTER TAX (G-H) (I)		17.998	79.565	42.271
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.153	0.588	0.317
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	80.000	42.000
	BALANCE CARRIED TO THE B/S		8.151	0.153	0.588
	Earnings Per Share (Rs.)		2.63	74.48	39.57

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	1.18	1.72
Net Profit Margin (PBT/Sales)	(%)	NA	1.70	3.28
Return on Total Assets (PBT/Total Assets}	(%)	0.29	1.21	0.96
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		5.48	3.70	3.33
Current Ratio (Current Asset/Current Liability)		1.41	2.39	2.32

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due others	6586.884	2887.380	2538.200
Total	6586.884	2887.380	2538.200

Sr. No.	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	Yes
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	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 involved in	----------------------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U22210GJ1981PTC047207
Name of the company	WRITERS AND PUBLISHERS Private LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad-380501, Gujarat, India csbpl2008@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India ronak.rathod@kotak.com
Nature of instrument creating charge	Indenture of Mortgage
Date of instrument Creating the charge	03.09.2012
Amount secured by the charge	Rs.200.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be specified by the Bank from time to time Terms of Repayment As may be specified by the Bank from time to time Margin As may be specified by the Bank from time to time Extent and Operation of the charge First & exclusive charge by way of registered mortgage on immovable properties, being land & building situated at Divya Bhaskar, Near Toll Naka, RS No.805 Paikki At. Village Chhani, Vadodra 390002, State Gujarat and Divya Bhaskar, Plot no. 129-A and 129-B Paikki, Udhna Udhyog Nagar Sangh, Central Road, Udhna 394 210, Surat, Gujarat, in favour of the Bank, as security for repayment of financial facilities granted by the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Vadodra Property: All that piece and parcel of land admeasuring 11479.43 sq mtrs at Survey No 805(P), Village Chhani, Vadodra. 2. Surat Property: Plot no 129 a admeasuring 4180 sq mts and 129 B (Pakki) admeasuring 1135 sq mts total admeasuring 5315 sq mts Udhna Udhyog Nagar Shakari Sangh, Central Road Udhna Surat, Gujarat.

Fixed Assets:-

· Land (Freehold and Leasehold)

· Computers

· Vehicles

· Plant and Machinery

· Furniture and Fixtures

· Cable Wire

· Fans and Coolers

· Electric Fitting

· Office Equipment

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.54.12
UK Pound	1	Rs.87.08
Euro	1	Rs.70.15

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

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	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.