1. Summary Information

		Country	India
Company Name	D.B. CORP LIMITED	Principal Name 1	Mr. Ramesh Chandra Agarwal
Status	Good	Principal Name 2	Mr. Sudhir Agarwal
		Registration #	04-47208
Street Address	Plot No. 280, Sarkhej Gandhi Nagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380 051, Gujarat
Established Date	27.10.1995	SIC Code	--
Telephone#	91-79-39888850	Business Style 1	Publishers
Fax #	91-79-39814001	Business Style 2	--
Homepage	http://www.bhaskar.com	Product Name 1	Newspaper
# of employees	Not Available	Product Name 2	Periodicals
Paid up capital	Rs.1,833,093,000/-	Product Name 3	Magazines
Shareholders	Shareholding of Promoter and Promoter Group 74.99%, Public Shareholding 25.01%	Banking	State Bank of Hyderabad
Public Limited Corp.	Yes	Business Period	18 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	A (66)
Related Company
Relation	Country	Company Name	CEO
Subsidiary Company	--	Synergy Media Entertainment Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	5,817,490,000	Current Liabilities	2,742,843,000
Inventories	1,183,839,000	Long-term Liabilities	1,800,828,000
Fixed Assets	7,447,051,000	Other Liabilities	1,583,662,000
Deferred Assets	000	Total Liabilities	6,127,333,000
Invest& other Assets	1,277,313,000	Retained Earnings	7,765,266,000
		Net Worth	9,598,360,000
Total Assets	15,725,693,000	Total Liab. & Equity	15,725,693,000
Total Assets (Previous Year)	13,792,626,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	14,418,107,000	Net Profit	2,084,730,000
Sales(Previous yr)	2,291,469,000	Net Profit(Prev.yr)	2,673,231,000

MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	D.B. 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 38300000
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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
Date of Appointment :	10.12.2005
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 31.03.2013

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	52.30
Bodies Corporate	41595057	22.68
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	10067886	5.49
Financial Institutions / Banks	3861	0.00
Foreign Institutional Investors	26311908	14.35
Sub Total	36383655	19.84
(2) Non-Institutions
Bodies Corporate	6993759	3.81
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1606854	0.88
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	617033	0.34
Any Others (Specify)	267564	0.15
Overseas Corporate Bodies	1404	0.00
Non Resident Indians	193963	0.11
Clearing Members	63472	0.03
Trusts	8725	0.00
Sub Total	9485210	5.17
Total Public shareholding (B)	45868865	25.01
Total (A)+(B)	183373844	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)	183373844	0.00

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)

Long-Term Borrowings

Foreign currency Loans from Financial Institutions

1028.579

Short-Term Borrowings

Buyers Credit from Bank

576.690

Cash Credit facilities for banks

0.000

Total

1605.269

Unsecured Loans

31.03.2012

(Rs. in Millions)

Short-Term Borrowings

Buyers Credit from Bank

195.559

Total

195.559

NOTES:

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.

Secured Loans	31.03.2011 (Rs. in Millions)
Term Loans :
Rupee Loan from Banks	480.000
Rupee Loans from Financial Institutions	0.000
Foreign currency Loans from Financial Institutions	1264.945
Working Capital Loans :
Cash Credit facilities from Banks	51.612
Buyers Credit from Banks	285.168
Total	2081.725
Unsecured Loans	31.03.2011 (Rs. in Millions)
Security Deposit Received	290.349
Total	290.349

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

NOTE: * 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
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1833.094
(b) Reserves & Surplus	7765.266
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
(3) Non-current liabilities
(a) long-term borrowings	1028.579
(b) Deferred tax liabilities (Net)	745.798
(c) Other long term liabilities	292.421
(d) long-term provisions	30.708
(4) Current liabilities
(a) Short term borrowings	772.249
(b) Trade payables	1073.945
(c) Other current liabilities	1376.477
(d) Short-term provisions	807.156
TOTAL	15725.693
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7130.397
(ii) Intangible Assets	316.654
(iii) Capital work-in-progress	449.639
(iv) Intangible assets under development	0.000
(b) Non-current Investments	827.674
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	872.701
(e) Other Non-current assets	89.996
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1183.839
(c) Trade receivables	2446.284
(d) Cash and cash equivalents	1867.896
(e) Short-term loans and advances	524.743
(f) Other current assets	15.870
TOTAL	15725.693

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1832.842	1815.156
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		6691.449	5476.371
4] (Accumulated Losses)		0.000	0.000
NETWORTH		8524.291	7291.527
LOAN FUNDS
1] Secured Loans		2081.725	2728.631
2] Unsecured Loans		290.349	241.009
TOTAL BORROWING		2372.074	2969.640
DEFERRED TAX LIABILITIES		694.598	608.763
Stock Options Outstanding		28.919	12.966
TOTAL		11619.882	10882.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6651.614	5061.088
Capital work-in-progress		680.090	614.283
INVESTMENT		520.328	910.786
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	728.033	721.615
	Sundry Debtors	2385.689	1834.818
	Cash & Bank Balances	1661.621	1869.378
	Other Current Assets	0.000	0.000
	Loans & Advances	1055.424	1668.817
Total Current Assets		5830.767	6094.628
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1216.560	1093.742
	Other Current Liabilities	416.066	444.892
	Provisions	540.118	384.952
Total Current Liabilities		2172.744	1923.586
Net Current Assets		3658.023	4171.042
MISCELLANEOUS EXPENSES		109.827	125.697
TOTAL		11619.882	10882.896

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	14418.107	2291.469	2250.709
		Income from Event Management	0.000	151.469	111.096
		Advertisement Income	0.000	10030.346	7775.851
		Other Operating Income	230.520	143.091	123.721
		Other Income (Interest Income)	0.000	164.975	176.545
		TOTAL (A)	14648.627	12781.350	10437.922
Less	EXPENSES
		Raw Material Consumed	5070.579	3839.083	3278.676
		Event Expenses	140.466	148.803	102.433
		Operating Expenses	1635.728	1307.782	1155.736
		Personal Expenses	0.000	1790.276	1153.578
		General and Administration Expenses	885.189	773.328	512.485
		Selling and Distribution Expenses	807.068	672.450	597.646
		Employee benefit Expenses	2351.143	--	--
		Foreign Exchange Loss / (Gain)net	101.155	--	--
		Increase / (Decrease) in stock	(0.415)	(0.604)	(0.016)
		TOTAL (B)	10990.913	8531.118	6800.538
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3657.714	4250.232	3637.384
Less	FINANCIAL EXPENSES (D)		92.261	152.837	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		11.37	14.73	11.56
	Diluted		11.36	14.70	11.55

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	3742.000	3740.800	4345.900	3959.900
Total Expenditure	2957.100	2912.300	3141.600	2994.100
PBIDT (Excl OI)	785.000	828.400	1204.300	965.800
Other Income	45.900	86.400	40.300	130.200
Operating Profit	830.900	914.800	1244.600	1096.000
Interest	16.800	18.800	18.600	21.600
PBDT	814.100	896.000	1226.000	1074.400
Depreciation	133.300	141.600	149.200	149.000
Profit Before Tax	680.800	754.400	1076.900	925.400
Tax	222.100	250.500	351.300	307.500
Profit After Tax	458.700	503.900	725.500	617.900
Net Profit	458.700	503.900	725.500	617.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.23	20.92	19.07
Net Profit Margin (PBT/Sales)	(%)	21.26	29.42	30.06
Return on Total Assets (PBT/Total Assets}	(%)	21.21	29.40	27.32
Return on Investment (ROI) (PBT/Networth)		0.31	0.43	0.42
Debt Equity Ratio (Total Debt/Networth)		0.18	0.27	0.41
Current Ratio (Current Asset/Current Liability)		1.95	2.68	3.17

LOCAL AGENCY FURTHER INFORMATION

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
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

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013

Rs. in Millions

Sr. No.	Particular	Quarter Ended		Year Ended
		31.03.2013	31.12.2012	31.03.2013
		Audited	Unaudited	Audited
1.	Net Sales/Income from Operations	3693.720	4104.270	14784.740
	Other Operating Income	266.220	241.600	1003.860
	Total Income From Operations (Net)	3959.940	4345.870	15788.600
2.	Expenditure
	Cost of materials consumed	133.253	1441.128	5425.920
	Changes in inventories of finished goods, work in progress and stock in trade	(0.480)	0.560	0.280
	Employee benefits expenses	661.660	694.970	2683.490
	Depreciation and amortization expenses	149.030	149.160	573.070
	Other expenses	992.320	1004.750	3835.960
	Total Expenses	3135.060	3290.568	12518.720
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	824.880	1055.150	3269.880
4.	Other Income	122.110	40.290	247.330
5.	Profit Before Interest and Exceptional Items (3+4)	946.990	1095.440	3517.210
6.	Interest	21.600	18.590	79.780
7.	Profit After Interest but before Exceptional Items (5-6)	925.390	1076.850	3437.430
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	925.390	1076.850	3437.430
10.	Tax Expense
	a) Current tax	213.400	364.500	1043.430
	b) Deferred tax	94.070	(13.160)	87.940
	Total	307.470	351.340	1131.370
11.	Net Profit from Ordinary Activities after Tax (9-10)	617.920	725.510	2306.060
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	617.920	725.510	2306.060
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	1833.740	1833.530	1833.740
15.	Reserves Excluding Revaluation Reserve	--	--	8910.100
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	3.37	3.96	12.58
	b) Basic and diluted EPS after extraordinary items	3.37	3.96	12.56
17.	Public Shareholding
	-Number of Shares	45868865	45868865	45868865
	- Percentage of Shareholding	25.01	25.01	25.01
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	49740626	65435055	49740626
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	36.17	47.59	36.17
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	27.13	35.69	27.13
	b) Non Encumbered
	- Number of Shares	87764353	72069924	87764353
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	63.83	52.41	63.83
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	47.86	39.30	47.86

Particulars	Quarter Ended March 31, 2013
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

Rs. in Millions

PARTICULARS	31.03.2013
Equity and liabilities
Shareholders' fund
Share capital	1833.750
Reserve & surplus	8910.100
Sub-total - Shareholders' funds	10743.850
Non - current liabilities
Long term borrowings	878.020
Deferred tax liability (net)	833.740
Long term provisions	322.980
Sub-total - Non-current liabilities	2034.740
Current liabilities
Short term borrowings	495.850
Trade payables	958.480
Other current liabilities	1552.360
Short term provisions	941.350
Sub-total - Current liabilities	3948.040
Total - Equity & Liabilities	16726.630
Assets
Non-current assets
Fixed assets	7960.040
Non-current investment	1584.090
Long term loans & advances	983.800
Other non-current assets	64.390
Sub-total - Non-current Assets	10592.320
Current assets
Inventories	1298.200
Trade receivables	3038.930
Cash & bank balances	1160.620
Short term loans & advances	534.050
Other current assets	102.510
Sub-total - Current Assets	6134.310
Total – Assets	16726.630

NEWS:

DB CORP'S OFFER FOR SALE RECEIVES FULL SUBSCRIPTION

MAY 11, 2012

Jyoti Agarwal, promoter of media firm DB Corp, on Thursday received good response to her offer for sale (OFS) of nine million shares at a minimum price of Rs 196 a share.

The OFS received bids for 9.3 million shares, data on the Bombay Stock Exchange (BSE) website showed. Agarwal could raise at least Rs. 1760.000 millions by selling nine million shares. DB Corp's shares closed down 1.93 per cent to Rs 198.45 on Thursday on the BSE.

After Oil and Natural Gas Corp and Wipro, DB Corp is the third company whose promoter has used the OFS route to reduce stake. In January, the Securities and Exchange Board of India introduced the OFS route to help promoters reduce their stakes to comply with the regulator's minimum public shareholding norms.

D.B. CORP'S OFFER-FOR-SALE SAILS THROUGH

MAY 10, 2012

Media-conglomerate D.B. Corp's offer for sale that opened on Thursday met with a good response. Ninety lakh shares were offered at a floor price of Rs 196 per share. The offer for sale was open for only one day.

"This is the first successful issue for an offer for sale since the ONGC and Wipro issues," said Mr Arun Kejriwal, Founder, KRIS Research. The ONGC and Wipro offer for sale had barely scraped through. Only 71 per cent of the 3.5 crore shares on offer by Wipro were subscribed, while ONGC's offer for sale was salvaged by LIC's purchase of shares worth Rs 110000.000 millions.

Bids were received for 93.09 lakh shares at Rs196 a share. "The response to the offer was encouraging. It saw more of HNI and institutional investors than retail participants," said Mr. Sudip Bandyopadhyay, Managing Director and CEO of Destimoney Securities.

The offer for sale was initiated by one of the company's promoters Ms Jyoti Agarwal, who offloaded 90 lakh shares. Her stake prior to this was 10.84 per cent and would come down to 5.93 per cent post the sale.

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.58.74
UK Pound	1	Rs.91.99
Euro	1	Rs.78.70

INFORMATION DETAILS

Report Prepared by :

TPT

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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.