MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	NEUTRAL PUBLISHING HOUSE LIMITED (w.e.f. 23.12.1994)
Formerly Known As :	NEUTRAL PUBLISHING HOUSE PRIVATE LIMITED
Registered Office :	Prabhat Khabar, 1^st Floor, 3, Dacres Lane, 1^st Floor, Kolkata – 700 069, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.10.1989
Com. Reg. No.:	21-047715
Capital Investment / Paid-up Capital :	Rs.200.574 millions
CIN No.: [Company Identification No.]	U22219WB1989PLC047715
PAN No.: [Permanent Account No.]	AABCN0482B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Printing and Publishing of Newspaper.
No. of Employees :	Information declined by the Management

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 2330000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management has filed the latest financials of 2013 but the same are not available with us. As per the indirect source, the company has recorded huge losses during 2013. Overall position appears to be decent. The ratings also take into consideration the relatively small size of the company vis-à-vis its competitors, stiff competition and volatility in newsprint prices. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of long and established track record, strong promoter group and strong position of its Hindi daily “Prabhat Khabar” (PK) in Jharkhand, the company can be considered normal for business dealings at usual trade terms and conditions. Note: The latest financials of 2013 are taken from indirect source i.e. CARE.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 29, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 29, 2013

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 (GENERAL DETAILS)

Name :	Mr. Ashutosh C.
Designation :	Company Secretary
Contact No.:	91-651-3053100
Date :	17.10.2013

LOCATIONS

Registered Office :	Prabhat Khabar, 1^st Floor, 3, Dacres Lane, 1^st Floor, Kolkata – 700 069, West Bengal, India
Tel. No.:	91-33-22437244/ 30229877/ 78
Fax No.:	91-33-30229879
E-Mail :	info@prabhatkhabar.in ashutosh.choubey@prabhatkhabar.in
Website :	http://www.prabhatkhabar.com
Location :	Owned
Corporate Office/ Printing Press :	Prabhat Khabar, 15-P, Kokar Industrial Area, Post Kokar, Ranchi – 834 001, Jharkhand, India ,
Tel. No.:	Reception: 91-651-3053100/ 2544009 Advertisement: 91-651-3053105 (National)/ 91-651-3053149 (Local) City Office: 91-651-2215144 Circulation: 91-651-3053104/ 3053152 Events and Outdoor Division: 91-651-3053108 Brand Division: 91-651-3053123 Accounts: 91-651-3053109/ 3053156 Purchase: 91-651-3053136/ 3053154 Stores: 91-651-3203521 Editorial: 91-651-3053131/ 3053140
Fax No.:	91-651-2544006
E-Mail :	advt.ranchi@prabhatkhabar.in
Published From :	Located at: · Ranchi · Jamshedpur · Dhanbad · Deoghar · Patna · Kolkata · Silliguri · Muzaffarpur · Bhagalpur · Gaya · FM Radio at: Ranchi and Jamshedpur
Business Offices :	Located at: · Ahmedabad · Bhubaneswar · Chennai · Chandigarh · Coimbatore · Deheradun · Guwahati · Gwalior · Hyderabad · Indore · Jaipur · Nagpur · Pune · Raipur · Visakhapatnam

DIRECTORS

AS ON 26.07.2013

Name :

Mr. Kamal Kumar Goenka

Designation :

Managing Director

Address :

406, Uma Shanti Apartment, Kanke Road, Ranchi – 834 008, Jharkhand, India

Date of Birth/Age :

17.09.1962

Qualification :

CA

Date of Appointment :

29.03.2010

DIN No.:

02815329

Other Directorship:

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	U22219WB1989PLC047715	NEUTRAL PUBLISHING HOUSE LIMITED	Managing director	29/03/2010	16/11/2009	-	Active	NO
2	AAA-3867	LOYAL ENTERPRISES LLP	Designated Partner	22/02/2011	22/02/2011	-	Active	NO

Name :

Mr. Rajeev Brij Kishore Jhawar

Designation :

Director

Address :

Flat No.4C and 5C, Arjun Enclave, 12C Judges Court Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

11.11.1964

Qualification :

Graduation

Date of Appointment :

24.08.2010

DIN No.:

00086164

Other Directorship:

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	U65993WB1989PLC046716	USHA MARTIN FINANCE LIMITED	Director	14/12/1993	14/12/1993	-	Amalgamated	NO
2	L31400WB1986PLC091621	USHA MARTIN LIMITED	Managing director	19/05/2008	19/05/1998	-	Active	NO
3	L31300WB1997PLC085210	USHA MARTIN EDUCATION AND SOLUTIONS LIMITED	Director	04/03/2000	04/03/2000	-	Active	NO
4	U28999WB2003PLC095883	GUSTAV WOLF SPECIALITY CORDS LIMITED	Director	30/04/2003	30/04/2003	13/08/2011	Active	NO
5	U27106WB2006PTC109694	PENGG USHA MARTIN WIRES PRIVATE LIMITED	Director	31/05/2006	31/05/2006	23/12/2006	Active	NO
6	U72900WB2007PLC119210	KGVK RURAL ENTERPRISES LIMITED	Director	29/12/2007	29/12/2007	-	Active	NO
7	U74999WB2008PLC126847	USHA MARTIN POWER AND RESOURCES LIMITED	Director	24/06/2008	24/06/2008	06/12/2010	Active	NO
8	U13203WB2007PTC168604	BHARAT MINEX PRIVATE LIMITED	Director	23/09/2009	23/07/2008	10/11/2010	Active	NO
9	U72900WB2000PTC092735	REDTECH NETWORK INDIA PRIVATE LIMITED	Director	16/09/2009	18/04/2009	-	Active	NO
10	U22219WB1989PLC047715	NEUTRAL PUBLISHING HOUSE LTD	Director	24/08/2010	16/11/2009	-	Active	NO
11	U74140WB2010PTC142701	JHAWAR VENTURE MANAGEMENT PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
12	U45203DL1969PLC116581	USHA BRECO LIMITED	Director	24/09/2010	30/03/2010	-	Active	NO
13	U63040DL2005PLC138150	USHA BRECO REALTY LIMITED	Director	10/09/2010	30/03/2010	-	Active	NO
14	U74999WB2010PTC154297	PARS CONSULTANCY AND SERVICES PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
15	U93000WB2011NPL171499	KGVK SOCIAL ENTERPRISES LIMITED	Director	29/12/2011	29/12/2011	-	Active	NO
16	U26940OR2011PLC013933	ORIENT CEMENT LIMITED	Director	13/08/2012	13/08/2012	-	Active	NO

Name :

Mr. Bihari Lal Santhalia

Designation :

Director

Address :

52A, Sabhunath Pandit Street, Kolkata – 700 025, West Bengal, India

Date of Birth/Age :

08.04.1941

Date of Appointment :

08.12.1989

DIN No.:

00179528

Other Directorship:

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	U27101WB1986PTC040207	USHA COMMERCIAL PVT LTD	Director	20/02/1986	20/02/1986	-	Active	NO
2	U17299WB1946PLC013438	M H I CABLE AND CONDUCTORS LIMITED	Director	03/03/1986	03/03/1986	-	Amalgamated	NO
3	U22219WB1989PLC047715	NEUTRAL PUBLISHING HOUSE LIMITED	Director	08/12/1989	08/12/1989	-	Active	NO
4	U67120WB1992PTC055401	PERK CREDIT AND PROPERTIES PRIVATE LIMITED	Director	11/05/1992	11/05/1992	-	Active	NO
5	U67120WB1994PLC065643	UMIL SHARE AND STOCK BROKING SERVICES LIMITED	Director	03/08/1999	03/08/1999	30/07/2007	Active	NO
6	U65993WB1989PLC046716	USHA MARTIN FINANCE LIMITED	Director	07/03/2001	07/03/2001	-	Amalgamated	NO
7	U27105WB2002PLC094860	U-TOR CONSTRUCTION STEEL LIMITED	Director	09/07/2002	09/07/2002	-	Amalgamated	NO
8	U27109WB2002PLC094863	U-TOR ROLLING MILLS LIMITED	Director	10/07/2002	10/07/2002	-	Amalgamated	NO
9	U70101WB2005PTC105877	UCT PROPERTIES PRIVATE LIMITED	Director	14/10/2005	14/10/2005	17/04/2007	Active	NO
10	U67120WB1974PTC029463	BASANT HOLDINGS PRIVATE LIMITED	Additional director	30/03/2007	30/03/2007	-	Amalgamated	NO
11	U72900WB2007PLC119210	KGVK RURAL ENTERPRISES LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO

Name :

Mr. Samir Lohia

Designation :

Director

Address :

502, Ridhiman Apartment, Vasant Bihar, Kanke Road, Ranchi – 834 008, Jharkhand, India

Date of Birth/Age :

14.10.1968

Qualification :

B. Com

Date of Appointment :

24.08.2010

DIN No.:

00655736

Other Directorship:

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	U27104WB1988PTC045790	L.R.FERRO ALLOYS PRIVATE LIMITED	Director	20/12/1988	20/12/1988	-	Active	NO
2	U00064JH1993PTC005646	ELLAR COMMERCIAL PRIVATE LIMITED	Director	30/12/1993	30/12/1993	-	Active	NO
3	U67120WB1995PTC067691	LOHIA HOLDINGS PRIVATE LIMITED	Director	20/01/1995	20/01/1995	-	Active	NO
4	U51909WB1985PTC039359	NAGARJUN TEXTILES (INDIA) PRIVATE LIMITED	Director	26/02/2005	26/02/2005	-	Active	NO
5	U51392WB1991PTC050663	PRANAMI ESTATES PRIVATE LIMITED	Director	26/04/2006	26/04/2006	-	Active	NO
6	U13203WB2007PTC168604	BHARAT MINEX PRIVATE LIMITED	Alternate director	23/07/2008	03/07/2007	10/11/2010	Active	NO
7	U22219WB1989PLC047715	NEUTRAL PUBLISHING HOUSE LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO

Name :

Mr. Ranjit Kumar Dutta

Designation :

Director

Address :

99/3 Upper Burdwan Compound, Lalpur, Ranchi – 834 001, Jharkhand, India

Date of Birth/Age :

27.10.1964

Qualification :

B.Sc., PGDPM and IR

Date of Appointment :

24.08.2010

DIN No.:

02759198

Other Directorship:

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	U22219WB1989PLC047715	NEUTRAL PUBLISHING HOUSE LIMITED	Director	24/08/2010	16/11/2009	-	Active	NO
2	AAA-3867	LOYAL ENTERPRISES LLP	Designated Partner	22/02/2011	22/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashutosh Choubey
Designation :	Secretary
Address :	Near SBI Officiers Colony, Devi Mandap Road, Ranchi – 834 001, Jharkhand, India
Date of Birth/Age :	23.06.1969
Date of Appointment :	01.08.2005
PAN No.:	ADCPC9941K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.07.2013

Names of Shareholders	No. of Shares
Basant Kumar Jhawar	54415
Rajeev Jhawar	719015
Brij Kishore Jhawar	1268415
Prashant Jhawar	3433605
Peterhose Investment India Limited, India	1335700
Usha Martin Ventures Limited, India	3050000
Umil Share and Stock Broking Services Limited, India	6376290
Femina Stock Management Company Limited, India	350000
Riteswari Trading and Investments	350000
Equal Projects Private Limited, India	350000
Khushi Commotrade Private Limited, India	350000
Core Resource Finance Limited, India	200000
Sahayata Commerce Private Limited, India	300000
Sahayata Merchandise Private Limited, India	200000
Atash Suppliers Private Limited	700000
Vico Syntex Private Limited, India	40000
Bancon Resources Private Limited, India	40000
Remix Dealers Private Limited, India	40000
Extrlinks Tie up Private Limited, India	40000
Vincasu Resources Private Limited, India	40000
One Stop Commosale Private Limited, India	40000
Greenview Developers Private Limited, India	10000
Sargam Lefins Private Limited, India	40000
Arohit Syntex Private Limited, India	40000
Bharat Finance and Industries Limited, India	40000
Jyoti Vanijya Private Limited, India	40000
Mina Commotrade Private Limited, India	40000
Rachna Tradelink Private Limited, India	40000
Spider Commotrade Private Limited, India	40000
Brajdham Mercantile Private Limited, India	700000
Chetna Trading Private Limited, India	40000
Sunlight Goods Private Limited, India	40000
Canny Properties Private Limited, India	40000
Total	20387440

AS ON 26.07.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	71.42
Directors or relatives of directors	3.44
Other top fifty shareholders	25.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Printing and Publishing of Newspaper.

Products/ Services :

Item Code No. (ITC Code)	49021001
Product Description	Newspaper and Advertising

Imports :

Products :

• Paper

Countries :

• Russia
• European Countries

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit (Depend)

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	2011-2013
Product	Newspaper and Periodicals
Unit	Number
Licensed Capacity	Not Applicable
Installed Capacity	30000 copies per hour for each unit (as certified by the management of the company)
Actual Production	172792639 copies

GENERAL INFORMATION

Customers :

Others

No. of Employees :

Information declined by the Management

Bankers :

• State Bank of India, SME Branch, Ranchi – 834 002, Jharkhand, India
• State Bank of India, Jamshedpur
• State Bank of India, Dhanbad
• State Bank of India, Deoghar
• State Bank of India, Patna
• State Bank of India, Bhagalpur
• State Bank of India, Muzaffarpur
• State Bank of India, Gaya
• State Bank of India, Kolkata
• State Bank of India, Silliguri
• HDFC Bank Limited, Ranchi
• HDFC Bank Limited, New Delhi

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	294.306	319.490
SHORT-TERM BORROWINGS
Working capital loans from banks	14.260	48.749
Loans repayable on demand from banks	80.698	(0.820)
Total	389.264	367.419

Banking Relations :	--
Auditors :
Name :	R.K. Garodia and Company Chartered Accountants
Address :	202 , Sai Apartment, Kutchery Road, Ranchi, Jharkhand, India
PAN No.:	ADEPG6009L

CAPITAL STRUCTURE

AS ON 26.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20877440	Equity Shares	Rs.10/- each	Rs.208.774 millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20057440	Equity Shares	Rs.10/- each	Rs.200.574 millions

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	200.574	167.274
(b) Reserves & Surplus	306.823	322.013
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	75.200	0.000
Total Shareholders’ Funds (1) + (2)	582.597	489.287
(3) Non-Current Liabilities
(a) Long-term borrowings	327.761	352.945
(b) Deferred tax liabilities (Net)	16.291	14.540
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	9.909	0.000
Total Non-current Liabilities (3)	353.961	367.485
(4) Current Liabilities
(a) Short term borrowings	94.958	47.929
(b) Trade payables	157.158	64.950
(c) Other current liabilities	129.368	139.289
(d) Short-term provisions	0.000	1.813
Total Current Liabilities (4)	381.484	253.981
TOTAL	1318.042	1110.753
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	615.090	557.047
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	22.286
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.016	0.016
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	119.253	132.901
Total Non-Current Assets	734.359	712.250
(2) Current assets
(a) Current investments	10.000	0.000
(b) Inventories	155.491	97.866
(c) Trade receivables	191.564	204.124
(d) Cash and cash equivalents	181.915	50.889
(e) Short-term loans and advances	24.666	26.023
(f) Other current assets	20.047	19.601
Total Current Assets	583.683	398.503
TOTAL	1318.042	1110.753

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		167.274
2] Share Application Money		0.000
3] Reserves & Surplus		320.430
4] (Accumulated Losses)		0.000
NETWORTH		487.704
LOAN FUNDS
1] Secured Loans		129.898
2] Unsecured Loans		0.000
TOTAL BORROWING		129.898
DEFERRED TAX LIABILITIES		0.000
TOTAL		617.602
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		209.342
Capital work-in-progress		8.166
INVESTMENT		54.058
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	92.016
	Sundry Debtors	169.212
	Cash & Bank Balances	67.641
	Other Current Assets	3.159
	Loans & Advances	175.090
Total Current Assets		507.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.871
	Other Current Liabilities	75.163
	Provisions	56.274
Total Current Liabilities		190.308
Net Current Assets		316.810
MISCELLANEOUS EXPENSES		29.226
TOTAL		617.602

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1337.726	1048.109	822.066
		Other Income	43.368	34.384	48.733
		TOTAL (A)	1381.094	1082.493	870.799
Less	EXPENSES
		Cost of materials consumed	850.486	533.943	688.274
		Employee benefit expense	218.734	166.534
		Other expenses	460.516	292.699
		Exceptional items	11.666	0.000
		TOTAL (B)	1541.402	993.176	688.274
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(160.308)	89.317	182.525
Less	FINANCIAL EXPENSES (D)		73.086	31.760	10.363
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(233.394)	57.557	172.162
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.392	47.370	29.124
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(311.786)	10.187	143.038
Less	TAX (H)		1.751	7.103	48.109
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(313.537)	3.084	94.929
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		163.848	160.764	65.835
	BALANCE CARRIED TO THE B/S		(149.689)	163.848	160.764
	C.I.F. VALUE OF IMPORTS		91.228	NA	NA
	Earnings / (Loss) Per Share (Rs.)
	- Basic		(18.19)	0.18	NA
	- Diluted		(16.58)	0.18	NA

Particulars	31.03.2013
Total Income	1575.000
Net Profit/ (Loss)	71.000

Note:

The latest financials of 2013 are taken from indirect source i.e. CARE.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(22.70)	0.28	10.90
Net Profit Margin (PBT/Sales)	(%)	(23.31)	0.97	17.40
Return on Total Assets (PBT/Total Assets}	(%)	(23.66)	0.94	19.96
Return on Investment (ROI) (PBT/Networth)		(0.54)	0.02	0.29
Debt Equity Ratio (Total Debt/Networth)		0.73	0.82	0.27
Current Ratio (Current Asset/Current Liability)		1.53	1.57	2.66

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	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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last four years	Yes
12) Profitability for last four 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	No
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	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Non-convertible debentures others	33.455	33.455
Total	33.455	33.455

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90255491	08/05/2012 *	782,300,000.00	STATE BANK OF INDIA	SME BRANCH, DORANDA, RANCHI, JHARKHAND - 834002, INDIA	B41895301

* Date of charge modification

GENERAL REVIEW

Financial:

The operations result have shown a remarkable growth during the financial year in spite of severe challenges. The company's turnover crossed Rs.1380.000 millions mark for the first time and recording a growth of 28% as compared to previous financial year. This was possible because of increase in Circulation revenue by 59% Advertisement revenue by 16% during the year. In spite of stiff competition company has shown a growth, which is remarkable under the present circumstances.

Company Performance and Future outlook

The company is facing very tough competition from other newspapers. In spite of severe competition, the company has registered reasonable growth in the turnover and the circulation of newspaper copies has recorded a remarkable increase. As per the reports of IRS released during the period 2011-2012 ‘Prabhat Khabar' has recorded growth rate of 34.49% as per AIR and 38.58% as per TR in readership. Presently there are ten editions of ‘Prabhat Khabar' published from Ranchi, Jamshedpur, Dhanbad, Deoghar, Patna, Muzaffarpur, Bhagalpur, Gaya, Kolkata and Siliguri. In the financial year the Gaya edition was launched in Bihar and publication started from 21.10.2011. In addition to that the Company has ventured into publication of a Hindi fortnightly 'Panchayatnama' a tabloid containing news and valuable information relating to rural areas. Its publication started from 16.02.2012. It is expected that the company will also start few more editions in near future from Bihar and Jharkhand as well as nearby states to counter the competition.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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 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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.