MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	GANASHAKTI PRINTERS PRIVATE LIMITED
Registered Office :	33, Alimuddin Street, Kolkata – 700016, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.12.1952
Com. Reg. No.:	21-020770
Capital Investment / Paid-up Capital :	Rs. 0.191 Million
CIN No.: [Company Identification No.]	U22121WB1952PTC020770
TAN No.: [Tax Deduction & Collection Account No.]	CALG02099G
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and Sale of Printed Materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 280000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	33, Alimuddin Street, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-21135775/ 22442258/ 22444442
Fax No.:	Not Available
E-Mail :	nandy_sumit@yahoo.co.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Biman Basu

Designation :

Director

Address :

171/ 2B, AJC Bose Road, Entally Beniapukur, Kolkata – 700014, WestBengal, India

Date of Birth/Age :

01.07.1940

Date of Appointment :

31.03.2006

DIN No.:

00368619

Voter ID No.:

WB-21-145-381628

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22121WB1952PTC020770	GANASHAKTI PRINTERS PRIVATE LIMITED	Director	31-03-06	31-03-06	-	Active	NO
2	U22121WB1943NPL011552	NATIONAL BOOK AGENCY PRIVATE LIMITED	Managing director	12-01-10	03-01-07	-	Active	NO

Name :

Mr. Taj Mohammad

Designation :

Director

Address :

41/2, Lakshmi Narayan, Tala Road, Hospital – Q, 39, Shibpur, Howrah - 711103, West Bengal, India

Date of Birth/Age :

21.11.1951

Date of Appointment :

27.08.2001

DIN No.:

00896322

Voter ID No.:

WB-34-165-945519

Name :

Mr. Narayan Datta

Designation :

Director

Address :

Block – L/ X Flat No.1, Old Dog Race Cource, LIG Housing Estate, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

15.06.1944

Date of Appointment :

27.08.2001

DIN No.:

01037171

Voter ID No.:

WB-21-145-281628

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Biman Basu	220
Taj Mohammad	30
Narayan Datta	100

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	15.00
Other top fifty shareholders	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Printing and Sale of Printed Materials.

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Booklets, Pamplets, Bulletin	Nos.	9795.192
Books and Covers	Nos.	22327.100
News Paper	Nos.	54950.860
Journal and Periodicals	Nos.	4720.135
Receipts, Coupons, Envelopes, Cards, Posters and Handbills	Nos.	10380.965

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Bank O/D with C.B.I. Rablndra Sarnin Br.	8.621	0.000
Total	8.621	0.000

Banking Relations :	---
Auditors :
Name :	D P Sen and Company Chartered Accountants
Address :	22, Aushutosh Chowdhury Avenue, 2^nd Floor, Flat No. 22, Kolkata – 700019, West Bengal, India
Tel. No.:	91-33-24615508
Fax. No.:	91-33-24615853
Email :	dpsen1949@airtelmail.in
PAN No.:	AACFD2962L

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500	Equity Shares	Rs.100/- each	Rs. 0.250 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1910	Equity Shares	Rs.100/- each	Rs. 0.191 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.191	0.191
(b) Reserves & Surplus	72.043	63.665
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	72.234	63.856
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.750	0.533
(c) Other long term liabilities	0.443	1.532
(d) long-term provisions	5.806	5.522
Total Non-current Liabilities (3)	6.999	7.587
(4) Current Liabilities
(a) Short term borrowings	8.621	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	14.615	9.468
(d) Short-term provisions	20.302	17.958
Total Current Liabilities (4)	43.538	27.426
TOTAL	122.771	98.869
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.961	19.778
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	52.749	45.606
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1.943	0.936
Total Non-Current Assets	71.653	66.320
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	26.084	7.188
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	4.228	5.924
(e) Short-term loans and advances	20.806	19.437
(f) Other current assets	0.000	0.000
Total Current Assets	51.118	32.549
TOTAL	122.771	98.869

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.191
2] Share Application Money		0.000
3] Reserves & Surplus		62.224
4] (Accumulated Losses)		0.000
NETWORTH		62.415
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.280
TOTAL		62.695
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.880
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.322
	Sundry Debtors	7.307
	Cash & Bank Balances	44.229
	Other Current Assets	0.000
	Loans & Advances	19.050
Total Current Assets		71.908
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.953
	Other Current Liabilities	6.274
	Provisions	21.866
Total Current Liabilities		32.093
Net Current Assets		39.815
MISCELLANEOUS EXPENSES		0.000
TOTAL		62.695

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	54.328	36.772	63.283
		Other Income	4.178	3.035	2.684
		TOTAL (A)	58.506	39.807	65.967
Less	EXPENSES
		Cost of Material Purchased	29.785	20.834
		Employees Benefit Expenses	9.993	10.580	51.753
		Other Expenses	2.435	3.550
		Changes in Inventories	2.363	(1.362)
		TOTAL (B)	44.576	33.602	51.753
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.930	6.205	14.214
Less	FINANCIAL EXPENSES (D)		0.143	0.000	0.818
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.787	6.205	13.396
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.849	3.348	3.893
	PROFIT BEFORE TAX (E-F) (G)		10.938	2.857	9.503
Less	TAX (H)		2.560	1.416	3.794
	PROFIT AFTER TAX (G-H) (I)		8.378	1.441	5.709
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.529	4.428	3.719
Less	APPROPRIATIONS
		Transfer to General Reserve	7.000	0.572	5.000
	BALANCE CARRIED TO THE B/S		6.675	5.297	4.428
	Earnings Per Share (Rs.)		4386.00	754.45	2989.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.32	3.62	8.65
Net Profit Margin (PBT/Sales)	(%)	20.13	7.77	15.02
Return on Total Assets (PBT/Total Assets}	(%)	15.62	5.36	10.02
Return on Investment (ROI) (PBT/Networth)		0.15	0.04	0.15
Debt Equity Ratio (Total Debt /Networth)		0.12	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.17	1.19	2.24

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80052575	05/06/2003 *	2,400,000.00	WEST BENGAL FINANCIAL CORPORATION	12A, NETAJI SUBASH ROAD, KOLKATA, West Bengal - 700001, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Building

· Plant and Machinery

· Printing and Allied Machine

· Electric Installation

· Air condition

· Air conditioning Plant

· Motor Vehicles

· Gas Installation

· Computer system

· Furniture

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 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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.