MIRA INFORM REPORT

Report No. :	303409
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	PURNIMA ADVERTISING AGENCY PRIVATE LIMITED
Registered Office :	No. 5, Shweta Park Society, Near Manekbaug Hall, Ambawadi, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.10.1994
Com. Reg. No.:	04-023380
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U74310GJ1994PTC023380
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP9266G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is act as a Advertising Agency.
No. of Employees :	17 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

NOT AVAILABLE

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 PARTED BY

Name :	Mr. Hitesh
Designation :	Accounts Manager
Contact No.:	91-9377724663
Date :	15.01.2015

LOCATIONS

Registered Office :	No. 5, Shweta Park Society, Near Manekbaug Hall, Ambawadi, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26601150
Mobile No.:	91-9377724663 (Mr. Hitesh)
Fax No.:	Not Available
E-Mail :	hitesh@purnimaadvt.com
Branch Office :	Siddhivinayak Tample, Next to Kohin 218/ Prabhadevi Industrial Estate, Prabhadevi, Mumbai – 400025, Maharashtra, India Also Located At: Kolkata Hyderabad Bangalore Delhi

DIRECTORS

As on 30.09.2014

Name :	Ashok Shantilal Soni
Designation :	Director
Address :	303, Manekbaug Co. Op. Hsg. Society Limited, Near Manekbaug Hall, Ambawadi, Ahmedabad, Gujarat, India
Date of Birth/Age :	23.02.1950
Date of Appointment :	21.10.1994
DIN No.:	00102110
Name :	Kalpana Ashok Soni
Designation :	Director
Address :	303, Manekbaug Co. Op. Hsg. Society Limited, Near Manekbaug Hall, Ambawadi, Ahmedabad, Gujarat, India
Date of Birth/Age :	13.09.1952
Date of Appointment :	21.10.1994
DIN No.:	00102523
Name :	Manan Ashok Soni
Designation :	Director
Address :	303, Manekbaug Co. Op. Hsg. Society Limited, Near Manekbaug Hall, Ambawadi, Ahmedabad, Gujarat, India
Date of Birth/Age :	30.12.1977
Date of Appointment :	29.09.2011
DIN No.:	00451555
Name :	Jayendra Shantilal Soni
Designation :	Director
Address :	10, Tirth Bunglows, B/h. Dharnidhar Derasar, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	22.05.1944
Date of Appointment :	29.09.2011
DIN No.:	00102236
Name :	Rajendra Shantilal Soni
Designation :	Director
Address :	21, Bansidhar Society, Paldi Bhattha, Ahmedabad, Gujarat, India
Date of Birth/Age :	11.08.1948
Date of Appointment :	01.12.2001
DIN No.:	00102283
Name :	Swati Manan Soni
Designation :	Director
Address :	303, Manekbaug Co. Op. Hsg. Society Limited, Near Manekbaug Hall, Ambawadi, Ahmedabad, Gujarat, India
Date of Birth/Age :	07.06.1977
Date of Appointment :	29.09.2011
DIN No.:	01629365

KEY EXECUTIVES

Name :	Mr. Hitesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Ashok S. Soni	48000
Kalpana A. Soni	48000
Manan A. Soni	48000
Swati M. Soni and Manan A. Soni	48000
Ashok Shantilal Soni (HUF)	46010
Rajendra S. Soni and Ranjan R. Soni	43000
Maulin R. Soni	43000
Ranjan R. Soni	32000
Bhoomi M. Soni	32000
Rajendra S. Soni (HUF)	18010
Ashok Soni as a partner of Prithvi Associates	44960
Jayendra Soni as a partner of Jay Publicity	10
Purni Ad Infrastructure Private Limited	9000
Ashok Family Holding Private Limited	40000
Rukshmaniben S. Zaveri	10
Total	500000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is act as a Advertising Agency.

Products :

Item Code No. (ITC Code)	Product Description
99836320	Sale of TV and radio advertising time

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

17 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Ashram Road, Near Income Tax Circle, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Naimish N. Shah and Company Chartered Accountants
Address :	Shree Ganesh, B/3, Trupti Apartment, B/H. Old Gujarat High Court, Navrangpura, Ahmedabad, Gujarat, India
PAN No.:	AKYPS878IJ
Memberships :	Not Available
Collaborators :	Not Available
Others :	Ashok Famiy Holding Pvt Ltd Prithvi Associates

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	165.700	129.381	108.924
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	170.700	134.381	113.924
(3) Non-Current Liabilities
(a) long-term borrowings	33.439	52.460	68.459
(b) Deferred tax liabilities (Net)	1.039	1.049	1.076
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	34.478	53.509	69.535
(4) Current Liabilities
(a) Short term borrowings	43.100	45.276	146.145
(b) Trade payables	322.250	298.014	436.689
(c) Other current liabilities	107.658	93.445	48.257
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	473.008	436.735	631.091
TOTAL	678.186	624.625	814.550
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.426	13.015	14.025
(ii) Intangible Assets	0.919	1.225	1.634
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.840	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.273	80.803	197.924
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	48.458	95.043	213.583
(2) Current assets
(a) Current investments	21.016	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	445.564	398.185	455.347
(d) Cash and cash equivalents	8.048	5.417	104.011
(e) Short-term loans and advances	16.568	11.262	15.781
(f) Other current assets	138.532	114.718	25.828
Total Current Assets	629.728	529.582	600.967
TOTAL	678.186	624.625	814.550

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
TAX	NA	NA	NA
PROFIT/ (LOSS) AFTER TAX	36.319	20.456	18.969

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	0.45	0.73	1.88
Current Ratio (Current Asset/Current Liability)	1.33	1.21	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	108.924	129.381	165.700
Net worth	113.924	134.381	170.700
long-term borrowings	68.459	52.460	33.439
Short term borrowings	146.145	45.276	43.100
Total borrowings	214.604	97.736	76.539
Debt/Equity ratio	1.884	0.727	0.448

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS = NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	Yes
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	No
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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 1317 of 2009 To TAX APPEAL No. 1318 of 2009

Status: PENDING	( Converted from : ST/2184/2009 ) CCIN No :001092200901317
Last Listing Date:	09/03/2011
Coram	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-III	MR NITIN K MEHTA for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	PURNIMA ADVERTISING AGENCY PVT LTD	MRS SWATI SOPARKAR for :Opponent(s)  1

Presented On	: 26/06/2009	Registered On	: 26/06/2009
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 199 times
Stage Name	: FOR REGULAR ADMISSION (SPL.)

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2009	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	-	MRS SWATI SOPARKAR:1
2	15/08/2009	VAKALATNAMA	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	-	MS PAURAMI B SHETH:1
3	04/04/2011	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	5	MRS SWATI SOPARKAR:1
4	09/05/2012	APPEARANCE NOTE	MS PAURAMIB SHETH ADVOCATE for PETITIONER(s)  1	-	MS PAURAMI B SHETH:1
5	01/03/2014	APPEARANCE NOTE	MR NITIN K MEHTA ADVOCATE for PETITIONER(s)  1	0	MR NITIN K MEHTA(3286) for P:1
Linked Matters

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/1318/2009	PENDING	-	- HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	09/03/2011	10	-	FOR REGULAR ADMISSION (SPL.)	FIXED RULE / ADMIT	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/847/2009	HONOURABLE MR.JUSTICE D.A.MEHTA HONOURABLE MS.JUSTICE HARSHA DEVANI	15/04/2010	N	JUDGMENT	N N N N N	Y
2	TAX APPEAL/1317/2009	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI	09/03/2011	N	ORDER	-	Y
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNAM BHATT	ORDINARY	10/03/2011	O/8969-8970/2011	09/03/2011	16/03/2011	17/03/2011	Delivered	ORDER

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10138277	23/01/2009	130,000,000.00	NIMA SPECIFIC FAMILY TRUST	NIRMA HOUSE, ASHRAM ROAD,, AHMEDABAD, Gujarat - 380009, INDIA	A54978358
2	10127108	30/12/2013 *	330,000,000.00	THE KALUPUR COMMERCIAL CO-OP. BANK LTD.	"KALUPUR BANK BHAVAN" NR, INCOME TAX CIRCLE,, ASHRAM ROAD,, AHMEDABAD, Gujarat - 380006, INDIA	B96826490
3	10028465	03/01/2014 *	50,000,000.00	THE KALUPUR COMMERCIAL CO-OP. BANK LTD.	HEAD OFFICE, "KALUPUR BANK BHAVAN",, NEAR INCOMETAX CIRCLE, ASHRAM ROAD,, AHMEDABAD, Gujarat - 380014, INDIA	B93222842

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from others	0.000	1.297
Other loans and advances	33.439	51.163
SHORT TERM BORROWINGS
Loans repayable on demand from others	43.100	45.276
Total	76.539	97.736

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.61.75
UK Pound	1	Rs.94.01
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.