MIRA INFORM REPORT

Report Date :

26.06.2013

IDENTIFICATION DETAILS

Name :	PUDHARI PUBLICATIONS PRIVATE LIMITED
Registered Office :	Pudhari Bhavan, 2318-C, Bhausingji Road, Kolhapur-416002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.04.2004
Com. Reg. No.:	25-019095
Capital Investment/ Paid-up Capital:	Rs.78.000 Millions
CIN No.: [Company Identification No.]	U22121PN2004PTC019095
TAN No.: [Tax Deduction & Collection Account No.]	KLPP01388C
Legal Form :	Private Limited Liability Company
Line of Business :	Publishers of Newspapers
No. of Employees:	105 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a successor of partnership concern started in the year 1938 and later in the year 2004 it got converted into private limited company. Management has failed to file the latest financial as on 2012 with the government department. As per available at 2011, financial position of the company appears to be sound. However, trade relations are reported to be fair. Business is active. Payment terms are regular. In view of reputed promoters and directors 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 3
Rating Explanation	Above average credit quality and low credit risk.
Date	26.10.2012

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.

INFORMATION PARTED BY

Name :	Mr. Deepak Khot
Designation :	Finance Manager
Contact No.:	91-8805007015
Date :	24.06.2013

LOCATIONS

Registered Office :	Pudhari Bhavan, 2318-C, Bhausingji Road, Kolhapur-416002, Maharashtra, India
Tel. No.:	91-231-2543111
Fax No.:	91-231-2543124
E-Mail :	deepak.khot@pudhari.co.in
Website :	www.pudhari.com
Area :	10000 sq. ft.
Location :	Owned
Branch Offices :	Located At: · Mumbai · New Delhi · Pune · Pimpri · Ahmednagar · Aurangabad · Sangli · Satara · Karad · Solapur · Pandharpur · Ratnagiri · Sindhudurga · Goa · Belgaum

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Pratapsingh Ganpatrao Jadhav
Designation :	Chairman cum Managing Director
Address :	Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra, India
Date of Birth/Age :	05.11.1944
Date of Appointment :	05.04.2004
Din No.:	00580012
Name :	Mr. Yogesh Pratapsingh Jadhav
Designation :	Whole Time Director
Address :	Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra, India
Date of Birth/Age :	03.02.1978
Date of Appointment :	05.04.2004
Din No.:	01676519
Name :	Mrs. Geetadevi Pratapsingh Jadhav
Designation :	Whole Time Director
Address :	Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra, India
Date of Birth/Age :	03.12.1951
Date of Appointment :	05.04.2004
Din No.:	00580285
Name :	Mrs. Sheetal Mandar Patil
Designation :	Director
Address :	37, Buenamonte NCL CHS, Pashan, Pune-411008, Maharashtra, India
Date of Birth/Age :	09.09.1975
Date of Appointment :	05.04.2004
Din No.:	00839700
Name :	Mrs. Smita Yogesh Jadhav
Designation :	Whole Time Director
Address :	Plot No. 30, Indra Niwas, Nagala park, Kolhapur-416003, Maharashtra, India
Date of Birth/Age :	17.02.1981
Date of Appointment :	30.09.2010
Din No.:	02623032

KEY EXECUTIVES

Name :	Mr. Shivaji
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Pratapsingh Ganpatrao Jadhav	4525000
Yogesh Pratapsingh Jadhav	2062000
Pratapsingh Ganpatrao Jadhav HUF	40600
Geetadevi Pratapsingh Jadhav	995000
Sheetal Mandar Patil	175600
Mandar Madhukar Patil	600
Subhash Lahusing Atigre	600
Nikhil Subhash Atigre	600
Total	7800000

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Publishers of Newspapers.
Imports :
Products :	Newspapers
Countries :	· Canada · Russia · Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailer and End Users

No. of Employees :

105 [Approximately]

Bankers :

· The Saraswat Co-Operative Bank Limited, CS No. 1716, E Ward, Rajarampuri, 7^th Lane, Kolhapur-416008, Maharashtra, India

Contact Person : Mr. Gawade (91-231-2521550)

Branch Manager : Mr. V. M. Changadkar

Relation with Bank : Good

· IDBI Bank Limited

· The Ratnakar Bank Limited

· Rajaram Bapu Bank

· Shree Warana Sahakari Bank Limited

Facilities :

Cash Credit: Rs.180.000 Millions and TIL: Rs.350.000 Millions (from The Saraswat Co-Operative Bank Limited)

SECURED LOAN	As on 31.03.2011 [Rs. In Millions]	As on 31.03.2010 [Rs. In Millions]
Rupee term loans banks secured	87.956	107.800
Foreign currency loans banks secured	264.102	84.070
Working capital loans banks secured	114.552	173.785
Loans taken for vehicles secured	7.927	0.672
Total	474.537	366.327

UNSECURED LOAN	As on 31.03.2011 [Rs. In Millions]	As on 31.03.2010 [Rs. In Millions]
Rupee term loans others unsecured	10.000	10.000
Other debt unsecured	194.077	218.066
Total	204.077	228.066

Banking Relations :	--
Auditors :
Name :	P.D. Diwan and Company Chartered Accountants
Address :	3/4, Tradfe Centre, 334 E Ward, Station Road, Kolhapur-416001, Maharashtra, India
Pan No.:	AAFFP3276N
Associates/Subsidiaries :	· Mahalaxmi Enterprises · Shree Chatrapati Press

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7800000	Equity Shares	Rs.10/- each	Rs.78.000 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		78.000	78.000	60.000
2] Share Application Money		0.000	0.000	30.000
3] Reserves & Surplus		935.197	882.708	848.873
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1013.197	960.708	938.873
LOAN FUNDS
1] Secured Loans		474.537	366.327	271.652
2] Unsecured Loans		204.077	228.066	152.048
TOTAL BORROWING		678.614	594.393	423.700
DEFERRED TAX LIABILITIES		5.724	5.723	2.384
TOTAL		1697.535	1560.824	1364.957
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1243.168	1143.740	1079.723
Capital work-in-progress		43.923	21.963	16.315
INVESTMENT		0.966	0.966	0.966
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.810	26.642	34.615
	Sundry Debtors	336.051	298.148	217.797
	Cash & Bank Balances	170.239	168.214	129.307
	Other Current Assets	3.606	3.833	0.000
	Loans & Advances	22.933	14.695	22.985
Total Current Assets		575.639	511.532	404.704
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	146.677	99.043	116.696
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	19.484	18.334	20.055
Total Current Liabilities		166.161	117.377	136.751
Net Current Assets		409.478	394.155	267.953
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1697.535	1560.824	1364.957

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TOTAL REVENUE		1346.184	1031.275	843.561
	TOTAL EXPENES		NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		98.974	118.938	90.595
Less	FINANCIAL EXPENSES		30.901	42.677	33.443
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		68.073	76.261	57.152
Less/ Add	DEPRECIATION/ AMORTISATION		15.583	26.837	19.991
	PROFIT BEFORE TAX		52.490	49.424	37.161
Less	TAX		10.461	15.589	10.469
Less	MAT REVERSED		(10.461)	0.000	0.000
	PROFIT AFTER TAX		52.490	33.835	26.692
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		52.490	33.835	26.692
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	81.549	NA
	Earnings Per Share (Rs.)		6.73	4.34	4.45

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	1640.000	1500.000

Expected Sales (2013-14): Rs.1800.000 Millions

The above information has been parted by Mr. Deepak Khot.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.89	2.98	2.50
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.04
Debt Equity Ratio (Total Liability/Networth)		0.84	0.74	0.60
Current Ratio (Current Asset/Current Liability)		3.46	4.36	2.95

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Rs. in Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	146.677	99.043	116.696

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last five years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	Yes

FINANCIAL REVIEW:

THE COMPANY REPORTED A VERY GOOD PERFORMANCE DURING THE YEAR:

1. Total Revenue has increased by 30% from Rs.1031.275 Millions to Rs.1346.184 Millions.

2. PBT increased 6% from Rs.49.424 Millions to Rs.52.489 Millions.

3. Net profit increased 55% from Rs.33.835 Millions to Rs.52.489 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U22121PN2004PTC019095
Name of the company	PUDHARI PUBLICATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Pudhari Bhavan, 2318-C Ward, Bhausinghji Road, Kolhapur-416002, Maharashtra, India Email: deepak.khot@pudhari.in
This form is for	Creation of charge
Type of charge	Immovable Property Any interest in immovable property
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email: vivek.naladkar@icicibank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of entry (first time mortgage by deposit of title deeds with ICICI bank).
Date of instrument Creating the charge	31.03.2012
Amount secured by the charge	Rs.1900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Base Rate+ Margin Of 3.50% ( Presently Base Rate 10.00% + 3.50%= 13.50% P.A.) Terms of Repayment Period : 96 months i.e. 8 years Repayment: monthly installments of Rs.0.326 Millions Margin NA Extent and Operation of the charge: Exclusive First Charge On Immovable Property Of The Company And Any Interest Thereon By Way Of Mortgage As Per The Loan Agreement To Secure Term Loan Of Rs 19.000.Millions Others: Guarantee To Be Provided By The Directors Of The Company
Short particulars of the property charged	Immovable Property Being Office Unit No. A-4, B-4, C-4, Fourth Floor, Vasant Plaza, Rajaram Road, Kolhapur Admeasuring 6355 SQ. MTS.

FIXED ASSETS:

• Goodwill
• Lands and Plots
• Office Premises
• Deposit Lease Hold Land
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles Premises

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.59.70
UK Pound	1	Rs.92.25
Euro	1	Rs.78.38

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.