Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	PERCEPT LIMITED [w.e.f.17.01.2008]
Formerly Known As :	PERCEPT PICTURE COMPANY LIMITED [w.e.f.19.07.2007] PERCEPT PICTURE COMPANY PRIVATE LIMITED
Registered Office :	Percept House, P-22, Raghuvanshi Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.2002
Com. Reg. No.:	11-135806
Capital Investment / Paid-up Capital :	Rs. 41.947 Millions
CIN No.: [Company Identification No.]	U92120MH2002PLC135806
PAN No.: [Permanent Account No.]	AACCP5602Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of film production and distribution, celebrity management, event management, media services, public relations, consultancy and other related services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financial of 2013 with government department. As per financial of 2012, company has incurred loss from its operation. Rating also takes into consideration delays in debt servicing by the company. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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.

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based facilities = D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	May 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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-22-30448400]

LOCATIONS

Registered Office :	Percept House, P-22, Raghuvanshi Estate, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-30448400/ 30428855
Fax No.:	91-22-24911281/ 24941128
E-Mail :	ajay@perceptindia.in corporatecommunications@perceptindia.in rajneesh.bahl@perceptooh.com sanjay.pareek@perceptooh.com
Website :	http://www.perceptmedia.in http://www.perceptindia.in
New Delhi Office :	Percept House1 and 2, Sant Nagar, East of Kailash, New Delhi – 110065, India
Dubai Office :	DNIR Building, M-03, PO Box – 74248, Office no - 1307, 13th Floor, Althuraya - No.2, Media City, Dubai, U.A.E.
Tel. No.:	9714 3434674
Fax No.:	90714 3434673

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Harindra Pal Singh
Designation :	Managing director
Address :	31, Vijay Villa Apartment, Worli Sea Face, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	15.08.1960
Qualification :	Bachelors in Chemistry, Diploma in Hotel Management as well as Advertising and Public Relations
Date of Appointment :	08.05.2002
PAN No.:	AHHPS4254N
DIN No.:	00032181
Name :	Mr. Shailendra Singh
Designation :	Managing director
Address :	2^nd Floor, Buena Vista, 70 Sir Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	16.10.1965
Qualification :	B.Com
Date of Appointment :	08.05.2002
PAN No.:	AINPS9725M
DIN No.:	00032434
Name :	Mr. Ajay Upadhyay
Designation :	Whole-time director
Address :	B/3003, Avalon, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	19.12.1966
Qualification :	MBA, BA
Date of Appointment :	17.10.2007
PAN No.:	AALPU6276B
DIN No.:	00032046
Name :	Mr. Ram Krishan Om Namo Chaturvedi
Designation :	Director
Address :	B 2601, Ekta Meadows, Siddharth Nagar, Near Thakur Village, Borivali [East], Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	06.02.1968
Qualification :	B.Com & CA
Date of Appointment :	28.08.2003
DIN No.:	00032728
Name :	Mr. Atul Kapur
Designation :	Additional director
Address :	21, Holland PK, #074-21 Lien Towers, Singapore 249476
Date of Birth/Age :	22.06.1963
Date of Appointment :	21.01.2010
DIN No.:	01778935
Name :	Mr. Ajay Chandwani
Designation :	Additional director
Address :	Flat 2, Ajanta L.D. Ruparel Marg, Malabar Hills, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.11.1957
Qualification :	MBA
Date of Appointment :	02.02.2009
PAN No.:	AETPC1030M
DIN No.:	02566483
Name :	Rubin Tolaram Malkani
Designation :	Additional director
Address :	39, Shankar Sagar, 6th Floor, Sophia College Lane, Off. B.D. Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	27.05.1950
Date of Appointment :	01.09.2012
DIN No.:	05245103

KEY EXECUTIVES

Name :	Mrs. Samidha Manohar Bhagat
Designation :	Secretary
Address :	318/F Room No. 40, Kamat Chawl, Thakurdwar, J. S. S. Road, Charni Road, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	10.07.1982
Date of Appointment :	01.04.2011
PAN No.:	AMCPB5505B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Equity Shareholders	No. of Shares
Harindra Mangal Singh	5000
Shailendra Singh	5000
Saroj Mangal Singh	144
Sangeeta Harindra Singh	100
Nayana Shailendra Singh	100
Edelweiss Capital Limited, India	67843
Bennett Coleman and Company Limited, India	38545
Percept Finserve Private Limited, India	2177527
Percept Profile Private Limited, India	8360
P9 Integrated Private Limited, India	13916
Percept D’Mark [India] Private Limited, India	78233
Percept Talent Management Private Limited, India	3033
Perspectrum Consultancy Private Limited, India	7314
Percept Out of Home Private Limited, India	9991
Indivision India Partners, Mauritius	275308
Percept EMC Holdings Private Limited, India	22
Percept Holdings Private Limited, India	44
Navin Shah Jt. Bhavana Shah	3113
Ajay Upadhyay	1096
Total	2694689

Names of Preference Shareholder	No. of Shares
Passport India Investment, California	1500000
Total	1500000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.22
Bodies corporate	89.24
Directors or relatives of directors	0.42
Other top fifty shareholders	0.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of film production and distribution, celebrity management, event management, media services, public relations, consultancy and other related services.

Products/ Services :

ITC Code No.	Product Descriptions
37069000	Film production, distribution and other services

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· New India Co-Operative Bank Limited

New India Bhavan, Anant Vishram Nagwekar Marg, Babasaheb Worlikar Chowk, Prabhadevi,, Mumbai - 400025, Maharashtra, India

· Yes Bank Limited

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· State Bank of India

Mid Corporate Loan Administrative Unit, Shri Hari Biulding, Four Bunglow, Versova, Andheri (West), Mumbai - 400053, Maharashtra, India

· Export-Import Bank of India

Floor 21, Centre One Complex, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Industrial Development Bank of India Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	250.031	132.365
Total	250.031	132.365

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Mumbai – 400013, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB1234G
Holding company :	Percept Finserve Private Limited [U65920MH1995PTC086911]
Subsidiary company :	· Allied Media Network Private Limited [U92413MH2006PTC164568] Bollywood Corporation Private Limited [U92120MH2007PTC169266] Percept Hospitality Private Limited [U74990MH2009PTC196041]
Subsidiary of subsidiary company/ Step down subsidiaries :	· Bollywood Merchandise Private Limited [U51900MH2008PTC184530] Percept Investor Relation & Corporate Communications Private Limited [U74999MH2008PTC184524] PH Media Services Private Limited [U22222MH2010PTC208457]
Fellow Subsidiary company :	· Percept Holdings Private Limited [U84815MH1995PTC084815] Percept Out Of Home Private Limited [U72300MH1994PTC081292] Percept Profile Private Limited [U91120MH1995PTC094469]
Associate :	· PK Online Ventures Private Limited [U72900MH2007PTC173502] Subme RGE Entertainment Private Limited [U74990MH2009PTC193438] Media Aguncy Middle East
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· AMO Communications Private Limited [U74300MH2000PTC128320] H And H Communications Private Limited [U22120MH2001PTC131401] Hakuhodo Percept Private Limited [U74300MH1997PTC107576] IBD India Private Limited [U74300MH1987PTC150433] Mash Advertising Private Limited [U74300MH2000PTC126742] Media House India Private Limited [U72900MH1995PTC084832] P 9 Integrated Private Limited [U55101MH2003PTC142002] Percept Advertising Limited [U74300MH1995PLC094070] Percept D Mark (India ) Private Limited [U74300MH1999PTC120075] Percept D'Mark Gulf LLC Percept H Private Limited [U92199MH2001PTC132644] Percept Integrated Marketing Services Private Limited [U74300MH2002PTC136197] Percept Talent Management Private Limited [U74140MH2007PTC166780] Perspectrum Consultancy Private Limited [U74140MH2005PTC155451]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20,500,000	Equity Shares	Rs. 10/- each	Rs. 205.000 Millions
4,500,000	Preference Shares	Rs. 10/- each	Rs. 45.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,694,689	Equity Shares	Rs. 10/- each	Rs. 26.947 Millions
1,500,000	Preference Shares	Rs. 10/- each	Rs. 15.000 Millions
	Total		Rs. 41.947 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	41.947	41.947
(b) Reserves & Surplus	1087.389	1178.885
(c) Money received against share warrants	325.000	100.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1454.336	1320.832
(3) Non-Current Liabilities
(a) long-term borrowings	80.000	160.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	16.880	15.643
Total Non-current Liabilities (3)	96.880	175.643
(4) Current Liabilities
(a) Short term borrowings	635.709	509.901
(b) Trade payables	717.309	708.418
(c) Other current liabilities	498.007	466.215
(d) Short-term provisions	0.919	0.955
Total Current Liabilities (4)	1851.944	1685.489
TOTAL	3403.160	3181.964
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.957	26.942
(ii) Intangible Assets	83.345	169.891
(iii) Capital work-in-progress	14.096	0.000
(iv) Intangible assets under development	619.124	440.684
(b) Non-current Investments	74.607	10.206
(c) Deferred tax assets (net)	181.319	131.965
(d) Long-term Loan and Advances	272.370	210.132
(e) Other Non-current assets	0.137	0.805
Total Non-Current Assets	1269.955	990.625
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	1625.730	1714.454
(d) Cash and cash equivalents	22.730	22.292
(e) Short-term loans and advances	322.937	236.389
(f) Other current assets	161.808	218.204
Total Current Assets	2133.205	2191.339
TOTAL	3403.160	3181.964

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		41.947
2] Share Application Money		0.000
3] Reserves & Surplus		1253.577
4] (Accumulated Losses)		0.000
NETWORTH		1295.524
LOAN FUNDS
1] Secured Loans		348.739
2] Unsecured Loans		252.837
TOTAL BORROWING		601.576
DEFERRED TAX LIABILITIES		0.000
TOTAL		1897.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		218.130
Capital work-in-progress		639.918
INVESTMENT		12.076
DEFERRED TAX ASSETS		120.350
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	1499.631
	Cash & Bank Balances	10.248
	Other Current Assets	233.835
	Loans & Advances	262.934
Total Current Assets		2006.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	599.044
	Other Current Liabilities	487.688
	Provisions	13.290
Total Current Liabilities		1100.022
Net Current Assets		906.626
MISCELLANEOUS EXPENSES		0.000
TOTAL		1897.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	1863.406	1745.409	1316.483
		Other Income	50.396	51.256	52.266
		TOTAL	1913.802	1796.665	1368.749
Less	EXPENSES
		Employees benefits expense	297.109	267.408
		Other expenses	1595.290	1385.237
		TOTAL	1892.399	1652.645	1310.228
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.403	144.020	58.521
Less	FINANCIAL EXPENSES		4.910	14.976	15.096
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		16.493	129.044	43.425
Less/ Add	DEPRECIATION/ AMORTISATION		96.310	163.471	326.680
	EXCEPTIONAL ITEMS		(61.033)	(51.881)	(26.770)
	PROFIT/ [LOSS] BEFORE TAX		(140.850)	(86.308)	(310.025)
Less	TAX		(49.355)	(11.616)	(97.572)
	PROFIT/ [LOSS] AFTER TAX		(91.495)	(74.692)	(212.453)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8.681	24.157	15.456
	Earnings/ [Loss] Per Share (Rs.)		(33.95)	(27.72)	(78.91)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(4.78)	(4.16)	(15.52)
Net Profit Margin (PBT/Sales)	(%)	(7.56)	(4.94)	(23.55)
Return on Total Assets (PBT/Total Assets}	(%)	(5.60)	(3.32)	(13.94)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.07)	(0.24)
Debt Equity Ratio (Total Debt/Networth)		0.49	0.51	0.46
Current Ratio (Current Asset/Current Liability)		1.15	1.30	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	41.947	41.947
Reserves & Surplus	1178.885	1087.389
Money received against share warrants	100.000	325.000
Net worth	1320.832	1454.336
long-term borrowings	160.000	80.000
Short term borrowings	509.901	635.709
Total borrowings	669.901	715.709
Debt/Equity ratio	0.507	0.492

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1316.483	1745.409	1863.406
		32.581	6.760

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1316.483	1745.409	1863.406
Profit/ (Loss)	(212.453)	(74.692)	(91.495)
	(16.14%)	(4.28%)	(4.91%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Current maturities of long-term debt	80.000	40.000	NA

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date: 03.09.2013

Lodging No: ARBPL/1481/2013 Filing Date: 03.09.2013 Reg. No.: ARBP/220/2014 Reg. Date: 05.02.2014

Petitioner: EDELWEISS FINANCIAL SERVICES - Respondent: PERCEPT LIMITED

Petn. Adv : AZB & PARTNER (653)

District: MUMBAI

Bench: SINGLE

Status: Pre-Admission Category: ARBITRATION ACT

Next Date: 25.08.2014 Stage: ARBP – FOR ADMISSION U/S 34 FRESH (HOB)

Coram: HON’BLE SMT. JUSTICE R.S. DALVI

Last Date: 23.07.2014 Stage: ARBP – FOR ADMISSION U/S 34 FRESH (HOB)

Coram: HON’BLE SMT. JUSTICE R.S. DALVI

Act: Arbitration and Conciliation Act 1996 Under Section: 34

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10345052	06/03/2012	80,000,000.00	NEW INDIA CO-OPERATIVE BANK LIMITED	NEW INDIA BHAVAN, ANANT VISHRAM NAGWEKAR MARG, BABASAHEB WORLIKAR CHOWK, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA	B36095248
2	10180930	24/09/2009	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	A70894829
3	10086705	08/01/2008	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	A31757669
4	10032695	23/12/2006	55,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A08765737
5	10007033	25/05/2009 *	225,000,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMINISTRATIVE UNIT, SHRI HARI BLDG, FOUR BUNGLOW, VERSOVA, ANDHERI (W), MUMBAI,  MAHARASHTRA - 400053, INDIA	A63829568

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	80.000	160.000
SHORT TERM BORROWINGS
Intercorporate deposits	358.599	359.099
Loans and advances from related parties	27.079	18.437
Total	465.678	537.536

COMPANY OVERVIEW

Subject is incorporated in India under the Companies Act, 1956 (‘the Act’). The Company was incorporated on 8 May 2002 as Percept Picture Company Private Limited. The Company is promoted by Percept Finserve Private Limited which holds approximately 81% of the outstanding equity share capital of the Company as at 31 March 2012.

On 19 July 2007, the Company was converted from a private limited company to a public limited company and renamed as Percept Picture Company Limited. On 17 January 2008, the Company changed its name to Percept Limited.

The Company is inter-alia engaged in the business of film production and distribution, celebrity management, event management, media services, public relations, consultancy and other related services.

PERFORMANCE REVIEW AND FUTURE PROSPECTS OF THE COMPANY

The revenues of the Company increased to Rs. 1913.802 Millions from last years Rs. 1796.665 Millions registering a 6.51% growth. Thereby Company registered operating loss of Rs. (79.817) Millions and the loss after tax was (91.495) Millions in this year.

FIXED ASSETS:

· Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Leasehold improvements

Goodwill

Computer software

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. 61.12
UK Pound	1	Rs. 102.54
Euro	1	Rs. 81.87

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.