MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	DB CORP LIMITED
Registered Office :	Plot No. 280, Sarkhej Gandhi Nagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380 051, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.10.1995
Com. Reg. No.:	04-47208
CIN No.: [Company Identification No.]	L22210GJ1995PLC047208
Capital Investment / Paid-up Capital :	Rs.1833.093 Millions
TAN No.: [Tax Deduction & Collection Account No.]	RKTD01424D / PTLD12325F
PAN No.: [Permanent Account No.]	AACCM5772G
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Publishers of Newspaper, Periodicals, Magazines, Pamphlets, Journals, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 38393432
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is engaged in printing and publications of newspapers. Well known for its dailies. It is an established company having fine track. Financial position of the company appears to be sound. 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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Highest Degree of Safety, It Carry Lowest Credit Risk.
Date	09.10.2012

Rating Agency Name	CARE
Rating	AA+ (Long Term Facilities)
Rating Explanation	High Degree of Safety, It Carry Low Credit Risk.
Date	09.10.2012

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.

LOCATIONS

Registered Office / Printing Press :	Plot No. 280, Sarkhej Gandhi Nagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380 051, Gujarat, India
Tel No.:	91-79-39888850
Fax No.:	91-79-39814001
E-Mail :	csbpl2008@yahoo.co.in bdcs@bhaskarnet.com
Website :	http://www.bhaskar.com
Area :	3 Acre + Printing Press
Location :	Owned
Head Office :	Dwarka Sadan, 6, Press Complex, M.P. Nagar, Bhopal-462011, Madhya Pradesh, India
Tel No.:	91-755-3913292/ 3988884
Fax No.:	91-755-2552080
Corporate Office :	501, 5th Floor, Naman Corporate Link, Opp. Dena Bank, C-31, G- Block, Bandra Kurla Complex, Bandra - East, Mumbai – 400051, Maharashtra, India
Tel No.:	91-22-39888840
Fax No.:	91-22-39804793
Administrative Office :	D-143, Sector-63, Noida-201301, Uttar Pradesh
Tel. No.:	91-120-3341200
E mail :	scontact@imct.co.in
Location:	Owned
Branch Office:	G-3A/4-6, Kasmanwala Chambers, New Udyog Mandir- 2, Mogul Lane, Mahim, West, Mumbai- 400016, Maharashtra

DIRECTORS

As on 30.09.2012

Name :	Mr. Ramesh Chandra Agarwal
Designation :	Chairman
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	15.06.1944
Date of Appointment :	10.12.2005
Name :	Mr. Sudhir Agarwal
Designation :	Managing Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	20.07.1967
Qualification :	Bachelor's degree in science
Experience :	Mr. Sudhir Agarwal is having approximately 22 years of experience in the publishing and newspaper business and has been employed with the organization for all of this period. He is responsible for the long term vision and strategy and is heading many new initiatives undertaken by the company.
Date of Appointment :	10.12.2005
Other Directorship :	· Bhaskar Venkatesh Products Private Limited · Bhaskar Foods Private Limited · Bhaskar Industries Limited · Bhaskar Publications and Allied Ind. Private Limited · Bhaskar Bio-fuels Private Limited · Bhaskar Exxoils Private Limited · DB Malls Private Limited · Diligent Media Corporation Limited · I Media Corp Limited · Saurashtra Samachar Private Limited · Shourya Diamonds Limited · Surge Developers Private Limited · Synergy Media Entertainment Limited · Writers and Publishers Private Limited · DB Energy Private Limited · India Interactive Technologies Limited · Hathway Bhaskar Multinet Private Limited · DB Publications Private Limited · Diva oil and Gas Limited · Vindhya Solvent Private Limited · Aarkey Aditya Developers Private Limited · Delta Coal and Mining Private Limited · Ample Power Limited (Formerly known as DB Power (Orissa) Limited) · DB Power (Chhattisgarh) Limited · Vastu Mines Private Limited · Dolby Mining and Power Private Limited · Vista Natural Resources Private Limited · Bhaskar News Media Limited · Bhaskar Entertainment and Media Private Limited · DB Power (Jharkhand) Private Limited · DB Energy and Foods Private Limited · Demeurer Developers Private Limited · Le Soleil Developers Private Limited · Sharda Solvent Limited · Daksh Energy Private Limited · Vindhya Power Private Limited · Deligent Hotel Corporation Private Limited
Name :	Mr. Girish Agarwal
Designation :	Non-Executive Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	10.07.1971
Date of Appointment :	27.10.1995
Name :	Mr. Pawan Agarwal
Designation :	Non-Executive Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	31.07.1974
Date of Appointment :	10.12.2005
Name :	Mr. Ajay Gopikisan Piramal
Designation :	Independent Director
Address :	41/42 4^th Floor, Benzer Terrace, Worli Sea Face, Worli, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	03.08.1955
Date of Appointment :	28.11.2007
Name :	Mr. Piyush Pandey
Designation :	Independent Director
Address :	1^st Floor Krishna Kunj Road No. 5, opposite Cadell Road Mahim, Mumbai – 400 016, Maharashtra, India.
Date of Birth/Age :	05.09.1955
Date of Appointment :	28.11.2007
Name :	Mr. Kailash Chandra Chowdhary
Designation :	Independent Director
Address :	F No. 405, Anand Bhawan 577, MG Road, Indore – 452 001, Madhya Pradesh, India.
Date of Birth/Age :	08.05.1940
Date of Appointment :	28.11.2007
Name :	Mr. Harish Bijoor
Designation :	Independent Director
Address :	D – 47, Golden Enclave , Airport Road, Bangalore – 560 017, Karnataka, India
Date of Birth/Age :	03.06.1961
Date of Appointment :	28.11.2007
Name :	Mr. Ashwin Kumar Singhal
Designation :	Independent Director
Address :	Flat No. 509, Mittal Park, 44 Janardan Mhatre Marg, Juhu, Mumbai – 400049, Maharashtra, India.
Date of Birth/Age :	03.06.1961
Date of Appointment :	28.11.2007

KEY EXECUTIVES

Name :	Mrs. Anita Gokhale
Designation :	Secretary
Address :	Flat No. D 602 Keshav Kunj CHS Sector 30, Vashi, Navi Mumbai 400705, Maharashtra, India
Date of Birth/Age :	03.12.1964
Date of Appointment :	01.10.2011

MAJOR SHAREHOLDERS

As On 31.12.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	95909922	52.31
Bodies Corporate	41595057	22.69
Sub Total	137504979	74.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	137504979	74.99
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11917594	6.50
Financial Institutions / Banks	3861	0.00
Foreign Institutional Investors	24435083	13.33
Sub Total	36356538	19.83
(2) Non-Institutions
Bodies Corporate	7791693	4.25
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1066384	0.58
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	476069	0.26
Any Others (Specify)	157370	0.09
Overseas Corporate Bodies	1404	0.00
Non Resident Indians	124701	0.07
Clearing Members	22540	0.01
Trusts	8725	0.00
Sub Total	9491516	5.18
Total Public shareholding (B)	45848054	25.01
Total (A)+(B)	183353033	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	183353033	100.00

BUSINESS DETAILS

Line of Business :	Publishers of Newspaper, Periodicals, Magazines, Pamphlets, Journals, etc.
Brand Names :	· Divya Bhaskar · Dainik Bhaskar

PRODUCTION STATUS AS ON (31.03.2011)

Installed Capacity : (as certified by the management and relied upon by the auditors, it being a technical matter).

Type of Machine	No. of Machines	Total Capacity (Impression per hour)
Cold Set Machines	61	2274000
Heat Set Machines	5	120000

Actual Production

Production	No. of Copies
News Paper	1396530119

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ABN Amro Bank N V 74, Shekhar Bhawan, 7^th Floor, Nariman Point, Mumbai- 400021, Maharashtra, India.

· State Bank of Hyderabad Overseas branch, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai- 400039, Maharashtra, India.

· UCO Bank, E-4/75, Arera Colony Branch (1453), Bhopal 462016, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-Term Loans :
Indian Rupee Loan from Banks		300.000
Foreign currency Loans from Financial Institutions	1028.578	1084.238
Short-Term Loans
Buyers Credit from Bank	576.690	285.168
Cash Credit facilities for banks		51.612
Total	1605.268	1721.018
Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Buyers Credit from Bank	195.559	0.000
Total	195.559	0.000
Note: Indian Rupee loans from Banks IDBI Bank Exclusive charge on the plant and machinery being acquired out of the financial assistance. First pari passu charge with other lenders on up gradation project assets. Second charge on immovable housing property of writers and publishers private limited at various units. Second charge on all the fixed assets of the company. The loan carries interest @ 12.75% p.a. the loan is repayable in equal quarterly installment but the same has been completely repaid during the current financial year. UCO Bank Exclusive first charge on the fixed assets to be acquired from the proposed term loan. Personal guarantee of directors aggregating to Rs. 93.439 (Shri Ramesh C Agarwal, Shri Sudhir Agarwal.) The loan carries interest @ 14.75% p.a. the loan is repayable in equal quarterly installment but the same has been completely repaid after the reporting date. . Foreign Currency loans from financial institutions Agco Finance GmbH: The loan carries interest rate @ LIBOR plus 0.68%. the loan is repayable in 18 consecutive half yearly installments. The loan is secured against first pari passu charge with other tenders on up gradation project assets. Cash Credit Facilities are secured by: State Bank of Hyderabad and Bank of Maharashtra First charge on the entire current assets and Second charge on the movable properties (other than current assets) of the company Personal guarantee of directors aggregating to Rs. Nil (Shri Ramesh C Agarwal, Shri Sudhir Agarwal, Shri Girish Agarwal and Shri Pawan Agarwal) Corporate guarantees of writers and publisher private limited. Interest rates for cash credit are @12.75%p.a. and @13.00% p.a. for state bank of Hyderabad and bank of Maharashtra respectively. Buyers credit facilities are secured by: Standard chartered bank: first charge on the current assets of the company. HSBC Bank: first pari passu charge over current assets of the company second charge over plant and machinery of the company and corporate guarantee of writers and publishers private limited. DBS Bank: first paripassu charge on current assets of the company. Second paripassu charge on movable fixed assets. Interest rates for buyers credits are multiline rate.

Financial Institute:

3i Infotech Trusteeship Services Limited- 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai- 400703, Maharashtra

Banking Relations :

--

Auditors :

Name 1

S R Batliboi and Associates

Chartered Accountant

Address :

19^th Floor, Express Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-22876485 / 22876401

Name 2

Gupta Navin and Company

Chartered Accountant

Address :

Near Inderganj Square, SDM Road, Gwalior- 474009, Madhya Pradesh, India

Tel. No.:

91-751-2328302

Fax No:

91-751-4076611

Subsidiaries :

· Synergy Media Entertainment Limited

(CIN No. : U92132MP2005PLC018039)

· I Media Corp Limited

(CIN No. : U64202MP2006PLC018676)

· Divya Prabhat Publications Private Limited* (w.e.f 01.10.2011)

Enterprises owned or significantly influenced by key management personnel or their relatives :

· All Season Events (P) Limited

· D B Partners Enterprises Private Limited

· Writers and Publishers Private Limited

· Bhaskar Phototype Setter - Bhopal*

· Bhaskar Printing Press - Rajasthan

· Bhaskar Printing Press - MPCG

· Bhaskar Printing Press- CPH2

· Bhaskar Printing Press - Gujarat

· RC Phototype Setter- Raipur*

· R.C. Printer - Raipur

· Bhaskar Publication and Allied Industries Private Limited.

· New Era Publications Private Limited

· Bhaskar Infrastructure Limited

· Bhaskar Industries Limited

· Bhaskar Multinet Limited

· Bhaskar Exxoil Private Limited

· Diligent Media Corporation Limited

· Direct (OOH) Media Private Limited

· Stitex Global Limited

· Divya Prabhat Publications Private Limited

· Bhaskar Venkatesh Products Private Limited

· Sharda Solvent Limited

· D B Malls Private Limited

· Bhaskar Samachar Seva

· Jaipur Printing Press*

· Bikaner Printing Press*

· Jaipur Phototype Setter*

· Ajmer Printing House*

· Udaipur Printing Setter*

· New Jodhpur Printer*

· New Kota Printers*

· Bhaskar Process House*

· India Interactive Technologies Limited

· DB Publication Private Limited

· Abhivyakti Kala Kendra

· Bhaskar Food Private Limited

* Up to March 31, 2010

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
249000000	Equity Shares	Rs.10/- Each	Rs.2490.000 Millions
1000	0% Non Convertible Redeemable Preference Shares	Rs. 10000/- Each	Rs.10.000 Millions
	TOTAL		Rs. 2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
183338089	Equity Shares	Rs.10/- Each	Rs.1833.380 Millions
1	0% Non Convertible Redeemable Preference Shares	Rs.10000/- Each	Rs.0.010 Million
	TOTAL		Rs.1833.390 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
249000000	Equity Shares	Rs.10/- Each	Rs.2490.000 Millions
1000	0% Non Convertible Redeemable Preference Shares	Rs. 10000/- Each	Rs.10.000 Millions
	TOTAL		Rs. 2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
183308354	Equity Shares	Rs.10/- Each	Rs.1833.083 Millions
1	0% Non Convertible Redeemable Preference Shares	Rs.10000/- Each	Rs.0.010 Million
	TOTAL		Rs.1833.093 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1833.093	1832.842	1815.156
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7765.265	6720.368	5476.371
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9598.358	8553.210	7291.527
LOAN FUNDS
1] Secured Loans		1605.268	1721.018	2728.631
2] Unsecured Loans		195.559	0.000	241.009
TOTAL BORROWING		1800.827	1721.018	2969.640
DEFERRED TAX LIABILITIES		745.798	694.597	608.763
Stock Options Outstanding		0.000	0.000	12.966
TOTAL		12144.983	10968.825	10882.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7447.051	6651.613	5061.088
Capital work-in-progress		449.639	412.921	614.283
INVESTMENT		827.674	520.329	910.786
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1183.838	728.033	721.615
	Sundry Debtors	2446.283	2385.688	1834.818
	Cash & Bank Balances	1867.895	1657.819	1869.378
	Other Current Assets	105.865	113.627	0.000
	Loans & Advances	1397.444	1322.593	1668.817
Total Current Assets		7001.325	6207.760	6094.628
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1073.945	761.066	1093.742
	Other Current Liabilities	1668.898	1522.615	444.892
	Provisions	837.863	540.117	384.952
Total Current Liabilities		3580.706	2823.798	1923.586
Net Current Assets		3420.619	3383.962	4171.042
MISCELLANEOUS EXPENSES		0.000	0.000	125.697
TOTAL		12144.983	10968.825	10882.896

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	14418.107	12564.636	2250.709
		Income from Event Management	0.000	0.000	111.096
		Advertisement Income	0.000	0.000	7775.851
		Other Operating Income	230.520	215.841	123.721
		Other Income (Interest Income)	0.000	0.000	176.545
		TOTAL (A)	14648.627	12780.477	10437.922
Less	EXPENSES
		Raw Material Consumed	5070.579	3839.083	3278.676
		Increase / (Decrease) in stock	(0.415)	(0.604)	(0.016)
		Event Expenses	140.466	148.803	102.433
		Employee benefit Expenses	2351.143	1790.276	0.000
		Foreign Exchange Loss / (Gain)net	101.155	(0.475)	0.000
		Operating Expenses	1635.728	1307.782	1155.736
		Personal Expenses	0.000	0.000	1153.578
		General and Administration Expenses	885.189	776.736	512.485
		Selling and Distribution Expenses	807.068	672.450	597.646
		TOTAL (B)	10990.913	8534.051	6800.538
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3657.714	4246.426	3637.384
Less	FINANCIAL EXPENSES (D)		92.261	149.031	323.388
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3565.453	4097.395	3313.996
Less/ Add	DEPRECIATION/ AMORTISATION (F)		500.023	427.636	266.412
	PROFIT BEFORE TAX (E-F) (G)		3065.430	3669.759	3047.584
Less	TAX (I)		980.700	996.528	1057.161
	PROFIT AFTER TAX (G-I) (J)		2084.730	2673.231	1990.423
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2180.841	764.285
Less	APPROPRIATIONS
		Interim Dividend	NA	363.083	136.136
		Proposed Final Dividend	NA	366.596	226.908
		Tax on Dividend	NA	119.775	60.823
		Transfer to General Reserve	NA	300.000	150.000
	BALANCE CARRIED TO THE B/S		NA	3704.618	2180.841
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	0.667
	IMPORTS
	Raw Materials		1718.412	714.929	931.968
	Stores & Spares		39.835	17.149	6.887
	Capital Goods		1.852	0.000	155.452
	TOTAL IMPORTS		1760.099	732.078	1094.307
	Earnings Per Share (Rs.) Basic Diluted		11.37 11.36	14.73 14.70	11.56 11.55

QUARTERLY RESULTS

Particulars	30.06.2012	30.09.2012	31.12.2012
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	3742.000	3740.800	4345.900
Total Expenditure	2957.100	2912.300	3141.600
PBIDT (Excl OI)	785.000	828.400	1204.300
Other Income	45.900	86.400	40.300
Operating Profit	830.900	914.800	1244.600
Interest	16.800	18.800	18.600
Exceptional Items	0.000	0.000	0.000
PBDT	814.100	896.000	1226.000
Depreciation	133.300	141.600	149.200
Profit Before Tax	680.800	754.400	1076.900
Tax	222.100	250.500	351.300
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	458.700	503.900	725.500
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	458.700	503.900	725.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.23	20.91	19.07
Net Profit Margin (PBT/Sales)	(%)	21.26	29.20	30.06
Return on Total Assets (PBT/Total Assets}	(%)	21.21	28.53	27.32
Return on Investment (ROI) (PBT/Networth)		0.31	0.42	0.42
Debt Equity Ratio (Total Debt/Networth)		0.18	0.20	0.67
Current Ratio (Current Asset/Current Liability)		1.95	2.19	3.17

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	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	--
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	No
31) PAN of Proprietor/Partner/Director, if available	--
32) Passport No of Proprietor/Partner/Director, if available	--
33) Voter ID No of Proprietor/Partner/Director, if available	--
34) External Agency Rating, if available	Yes

NATURE OF OPERATIONS

The company is in the business of publishing newspapers, radio broadcasting, event management, internet and wind energy. The major brands in publishing business are 'Dainik Bhaskar* and 'Business Bhaskar¹ (Hindi dailies). 'Divya Bhaskar* and 'Saurashtra Samachar¹ (Gujarati dailies), 'Divya Marathi' {Marathi daily),'DNA English', {English daily) and monthly magazines such as 'Aha Zindagi', 'Bal Bhaskar¹, etc. Presently, the Company is on air In 17 cities under the brand name 'My FM*. The frequency allotted to the Company is 94.3. The Company derives its revenue mainly from the sale of these publicalions and advertisements published in the publications and aired on radio.

REVIEW OF PERFORMANCE:

The Company has achieved admirable figures during the year under review inspite of general economic slowdown. Performance highlights of the company during the year are as follows:

• The Sales and other income reached Rs 14648 millions witnessing a growth of 15%, as compared to Rs. 12780 Million in the previous year due to significant growth in advertisement revenue.

• The profit after tax for the year under review was Rs. 2085 Million, as against Rs,.2673 Million in the previous year.

• The consolidated gross revenue of the company increased to Rs. 14755 millions from Rs. 12794 millions in the previous year whereas the consolidated PAT stood at Rs. 2023 Million as against Rs. 2587 Million of the previous year

REVIEW OF PERFORMANCE OF EMERGING EDITIONS:

The past experience in the industry indicates that any new edition launched by the Company takes about 3-4 years Tor stabilization and for earnings. Hence tor analysing the performance of the company, we furnish the following information about the emerging and other editions, in me light of business potential of the Company;

Review of Performance of Emerging Editions
Summary Financials
Particulars	Emerging Editions	Others	TOTAL
	FT 2011-12
TURNOVER
- Advt Revenue	805	10.476	11281
- Sales	334	2.224	2 608
- Others	52	698	750
TOTAL INCOME	1.242	13397	14639
Newsprint Cost	891	4189	5080
Opex	1119	4889	6009
TOTAL COST	2010	9077	11089
EBIDTA	(768)	4319	3550
EBIDTA %	-62%	32%	24%
Interest	6	34	40
Depreciation	40	466	506
PBT	(814)	3,820	3006
PBT%	-66%	29%	21%

The long term results of the corporate growth strategy would be seen in the forthcoming years post stabilization of the emerging editions.

OPERATING RESULTS AND FUTURE OUTLOOK:

The company was on expansion path and was also able to deliver the sustained growth m tough and challenging economic environment. In the year 2011-12. Company successfully established its footprints in central Maharashtra by launching Marathi newspaper – “Divya Marathi”

INDIAN MEDIA AND ENTERTAINMENT INDUSTRY

Year 2011 has been a quite challenging year not just for the Indian Media and Entertainment (M&E) Industry and Indian economy, but for the world economy as a whole. Challenges faced by key global economies were reflected in the US sovereign rating downgrade and continued weakness in the Euro zone impacted India through a trickledown effect. In addition to global woes, structural problems in India like High Inflation, the RBI's interest rate hikes to battle inflation, regulatory issues that limited the reforms process and investment growth and the depreciating Rupee against Dollar impacted GDP growth.

The Central Statistical Organization's (CSO's) estimates indicate a 6.5% real GDP growth rate for the year 2011-12. This is lower than the actual growth of 8.4% in 2010-11 and substantially lower than the 9 % growth for 2011-12 projected by the finance minister in the union budget in February, 2011. Inspite of tough conditions prevailing in entire fiscal year, M&E Industry continued to maintain its growth trajectory. “The Indian M&E Industry grew from INR 652 billion in 2010 to INR 728 billion in 2011, registering an overall growth of 12% while print media industry grew by 9% and Radio Industry grew by 15%. Print media continued as the largest contributor (46%) to advertisement pie in Media and Entertainment sector. The advertisement spends across all Media grew by 13% while print media advertisement growth was 11%.” (Source: FICCI-KPMG Report, 2012)

India's growth momentum is continued to be lead by emerging and upcoming Tier 2 and Tier 3 towns as Consumption in India is dominated by Tier 2 and Tier 3 towns which account for 73% of India's urban consumption. (Source: Spotlight on India's Entertainment Economy, Ernst & Young, 2011.)

Realising the changing dynamics of consumption pattern in India, Advertisers are shifting spends to these regional towns to capitalize on increasing consumer spending amid growing saturation in the major metros (Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad). "Between 1999 and 2009, the share of English-language newspapers in print advertising declined from 39% to 32% in favour of Hindi and regionallanguage newspapers. (Source: M&E newsreel, Ernst & Young, February, 2011.)"

"Backed by strong consumption in Tier 2 and Tier 3 cities, continued growth of regional media and fast increasing new media businesses, the industry is estimated to achieve a growth of 13 % in 2012 to touch INR 823 billion. (Source: FICCI-KPMG Report, 2012)"

A relaxed and liberal approach of the Government towards the M&E Industry in the past like increase in FDI limits for key sectors (FDI for FM Radio increased from 20% to 26%), keeping print media in negative service tax lists, etc. augurs well for the sector. Thus, growing importance of regional markets, increasing consumption in Tier 2 and Tier 3 cities, favourable regulatory changes, more focused consumer research, innovation in content, marketing and delivery platforms to serve different niches, all point towards a very positive future for the industry.

OPERATIONS AT GLANCE:

Year 2011-12 has added another feather in the growing glory of the company. During the year under review, company successfully chartered into new territories - both in terms of language and area. It launched "Divya Marathi" a Marathi language newspaper in Central Maharashtra. Starting with Aurangabad in May, 2011, the Company successfully covered the entire Central Maharashtra till the dawn of current financial year - Nasik in July, 2011, Jalgaon in September, 2011, Ahmednagar in October, 2011 and Solapur in March, 2012. An independent survey by IMRB indicates that Divya Marathi has highest readership in Aurangabad and is ahead of its nearest competitor by 25%.

Now credentials of the company counts on having 65 editions in four languages (Hindi, Gujarati, English and Marathi) in 13 states in India.

During the year 2011-12, the Company not only grew organically by establishing new units, it also adopted the route of inorganic growth to enlarge its area of operations and presence.

Acquisition of State-of-the-Art Printing facilities for Job work:

During the year, the Company acquired M/s M. P. Printers from one of the group companies engaged in the job work printing having high quality and state-of-the-art printing facility. The objective of acquisition was two folds: To utilise M. P. Printer's Technical, Marketing and Innovation expertise in procuring and timely executing local printing jobs for the Company and to offer the Company's existing clients, the specialised printing requirements

for Magazines, Journals, Books, Annual Reports etc.

Acquisition of 51% stake in Divya Prabhat Publications Private Limited (DPPPL):

The Company acquired 51% shareholding of DPPPL which is engaged in publication of "Prabhat Kiran", an afternoon newspaper from Indore (M.P.), from one of the promoters of the Company.

FUTURE OUTLOOK:

Management feels that forthcoming financial year 2012-13 will continue to remain challenging for Indian Economy in view of structural issues on policy fronts, persistent high inflation and resulting dictated high rate of interest, Euro-zone contagion and depreciating currency and all these factors will weigh heavily on economic growth of the country.

However, with continuous efforts on providing readers with well researched content. Focused working towards the target consumers, innovative solutions to advertisers fraternity and cost rationalisation, management feels that the Company will be able to deliver the desired results on both Top line and Bottom line fronts.

FIXED ASSETS:-

· Land

· Building

· Leasehold Improvements

· Plant and Machinery

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Electric Fitting, Fans and Coolers

· Computers

· D G Sets

D B Corp to buy remaining shares in two units for Rs 379.700 millions

Agencies : Mumbai, Tue Dec 04 2012, 22:48 hrs

Media group D B Corp today said it will acquire remaining shares of its two subsidiaries -- I Media Corp Ltd (IMCL) and Synergy Media Entertainment Ltd (SMEL) -- from other existing shareholders for Rs 379.700 millions. "The company has taken a decision to acquire remaining shares of its two subsidiaries, viz IMCL and SMEL from other existing shareholders so as to make them wholly-owned subsidiaries of D B Corp," it said in a filing to the BSE.

D B Corp is engaged in printing and publication of Newspaper in four languages across 13 states, in radio business with 'My FM' Radio station in 7 states and 17 cities along with strong web presence in India. Based on the valuation exercise performed, D B Corp will be paying Rs 356.000 millions for acquiring 45 per cent stake in IMCL, it added.

IMCL provides integrated internet and mobile interactive services. It has in its gamut the Dainik Bhaskar and Divya Bhaskar websites as well as Indiainfo.com.

D B Corp will pay an additional Rs 23.700 millions for acquiring 43.10 per cent stake in SMEL, the filing said.

SMEL, which runs radio station under the MY FM brand on the 94.3 frequency, has licenses for operations in Indore, Bhopal, Jabalpur and Gwalior in Madhya Pradesh; Raipur and Bilaspur in Chhatisgarh; and Jaipur, Jodhpur, Udaipur, Kota and Ajmer in Rajasthan.

It also has licences for some cities in Gujarat, Punjab and Maharashtra. D B Corp shares today closed marginally up at Rs 219 apiece on the BSE. 0.27 per cent on the BSE.

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.54.88
UK Pound	1	Rs.83.54
Euro	1	Rs.70.90

INFORMATION DETAILS

Report Prepared by :

PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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.