MIRA INFORM REPORT

Report No. :	320325
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	AMAR UJALA PUBLICATIONS LIMITED

Registered Office :	1101, 11th Floor, Antriksh Bhawan, 22, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001
Tel. No.:	91-11-23736873

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.03.2001

Com. Reg. No.:	55-159705

Capital Investment / Paid-up Capital :	Rs. 54.878 Million

CIN No.: [Company Identification No.]	U22121DL2001PLC159705

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCA0275H

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Publishing newspapers

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6400000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track record. The rating reflect the strong market position of AUPL’s flagship daily, Amar Ujala supported by healthy operational risk profile and decent operational performance of the company. Rating also reflects company’s healthy financial risk profile market by adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating (A)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April 13 2015

Rating Agency Name	CRISIL
Rating	Commercial Paper Programme (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	April 13 2015

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.

LOCATIONS

Registered Office :	1101, 11th Floor, Antriksh Bhawan, 22, Kasturba Gandhi Marg, Connaught Place, New Delhi-110001
Tel. No.:	91-11-23736873
Fax No.:	91-11-23736873
E-Mail :	harpals@del.amarujala.com dipankard@del.amarujala.com shaship@ned.amarujala.com
Website :	www.amarujala.com

Corporate Office :	C-21,22, Sector 59, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-2583354
Fax No.:	91-120-2587325

DIRECTORS

As on: 02.07.2014

Name :	Mr. Probal Ghosal
Designation :	Whole-Time Director
Address :	E-503, Embassy Towers, Royal Residency, D-11, Sector-44, Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	15.05.1957
Date of Appointment :	02.07.2014
DIN No.:	00005739

Name :	Mr. Deepak Bansal
Designation :	Director
Address :	E-102/2, Naraina Vihar, New Delhi, 110028, Delhi, India
Date of Birth/Age :	04.08.1959
Date of Appointment :	09.12.2014
DIN No.:	00060726

Name :	Mr. Rahul Khare
Designation :	Director
Address :	C-511, Chittranjan Park, New Delhi, 110019, Delhi, India
Date of Birth/Age :	14.01.1957
Date of Appointment :	25.09.2010
DIN No.:	00088522

Name :	Mr. Rajul Maheshwari
Designation :	Managing Director
Address :	E-121, Sector-52, Noida, 201301, Uttar Pradesh, India
Date of Birth/Age :	25.05.1961
Date of Appointment :	01.01.2014
DIN No.:	00312121

Name :	Mr. Tanmay Maheshwari
Designation :	Whole-Time Director
Address :	H No 1, Shambhu Nagar, Baghpat Road, Meerut, 250002, Uttar Pradesh, India
Date of Birth/Age :	01.01.1986
Date of Appointment :	01.01.2014
DIN No.:	02258517

Name :	Ms. Shashi Lata Maheshwari
Designation :	Director
Address :	65 Yashoda Kunj, Mawana Road, Meerut, 250001, Uttar Pradesh, India
Date of Birth/Age :	05.09.1949
Date of Appointment :	22.10.2011
DIN No.:	03532617

Name :	Mr. Virendra Kumar Dangwal
Designation :	Director
Address :	189/A, Civil Lines, Bareilly, 243001, Uttar Pradesh, India
Date of Birth/Age :	05.08.1947
Date of Appointment :	22.10.2011
DIN No.:	03634739

KEY EXECUTIVES

Name :	Mr. Probal Ghosal
Designation :	Chief Finance Executive
Address :	E-503, Embassy Towers, Royal Residency, D-11, Sector-44,Gautam Budh Nagar, Noida, 201301, Uttar Pradesh, India
Date of Appointment :	10.09.2014
PAN No.:	ACLPG6107F

Name :	Mr. Dipankar Dutta
Designation :	Secretary
Address :	B-332, 1st Floor, New Ashok Nagar, New Delhi, 110096, Delhi, India
Date of Appointment :	20.03.2015
PAN No.:	ASMPD1125F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 02.07.2014

Names of Shareholders		No. of Shares
Antarctica Finvest Priavet Limited, India		1589984
Ashok Kumar Agarwal		286867
Daya Agarwal		20000
Manu Anand		462431
Pun Undertakings Network Private Limited, India		987805
Rajul Maheshwari		1042860
Sneh Lata Maheshwari		1042858
Tanmay Maheshwari		27501
Varun Maheshwari		27200
Total		5487806

Equity Share Break up (Percentage of Total Equity)

As on: 02.07.2014

Category	Percentage
Bodies corporate	46.97
Directors or relatives of Directors	39.00
Other top fifty shareholders	14.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Publishing newspapers

Products :

Item Code No.	Product Description
49021010	newspapers, journals and periodicals, whether or noti illustrated or containing advertising material
99836310	Other professional, technical and business services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

DBS Bank Limited, Capitol Point, Baba Kharak Singh Marg, Connaught Place, New Delhi - 110001, India

ING Vysya Bank Limiteda-361,Sector-19,, Gautambudhnagar, Noida - 201301, Uttar Pradesh, India

State Bank of India, Church Mission Road, Fatehpur, Chandani Chowk, Delhi - 110006, India

Bank of Baroda, Sector-29, Noida - 201301, Uttar Pradesh, India

State Bank of Patiala, Commercial Branchy, Chandralok Building, 2nd Floor, 36, Janpath, New Delhi - 110001, India

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai-400013, Maharashtra, India

Oriental Bank of Commerce, B-31, Sector-62, Noida - 201301, Uttar Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	202.196	98.876
Deferred payment for acquisition of fixed	15.835	4.893
Short-term borrowings
Working capital loans from banks	150.000	0.000
Loans repayable on demand from others	0.000	49.100
Other loans and advances, others	651.922	509.442
Total
LONG-TERM BORROWINGS A) From Oriental Bank of Commerce Rs. 0.000 From Bank of Baroda Rs. 71.686 Million From State Bank of India Rs. 57.692 Million from HDFC Rs. 72.818 Million) During the year ended on 31st March, 2014,HDFC Bank took over Term Loan earlier disbursed and undisbursed by Oriental bank of commerce. Term Loan so taken over and further disbursed by HDFC Bank are secured by way of first pari passu charge on all stock, debtors and movable and immovable fixed assets of the company both present and future. The loan is also secured by way of personal guarantee of Mr. Rajul Maheshwari -Managing Director and Mr. Tanmay Maheshwari - Whole Time dierctor (excluding their shareholding in the company and M/s Antarctica Finvest Private Limited) II) Term loans from Bank of Baroda is secured by way of First pari passu charge on the entire plant, machinery & other assets of the company including Land & Building at Khasra no. 137,Manpur west ,Rampur Road, Haldwani, District Nanital and office purchased at 2D, second floor, everest house, premises no. 46C, Jawaharlal Nehru Road, Kolkata and are further secured as collateral security by extension of pari passu charge on immovable properties of the company. The said loan is also secured by way of personal guarantee of Mr. Rajul Maheshwari -Managing Director and Mr. Tanmay Maheshwari - Whole Time dierctor (Excluding their shareholding in the company) III) Corporate Loan from State Bank Of India is secured by way of First Pari Passu charge on all movable Fixed assets (Both Present & Future ) of the company and also secured by way of Pari Passu First charge on Immovable Fixed assets of the company by way of equitable mortgage except immovable properties situated at Panchkula and Rohtak. The said corporate loan is also secured by personal guarantee of Mr. Rajul Maheshwari -Managing Director and Mr. Tanmay Maheshwari - Whole Time dierctor (excluding their shareholding in the company and M/s Antarctica Finvest Private Limited) (B) From Oriental Bank of Commerce Rs. 12.633 Million From Bank of Baroda Rs. 59.053 Million From State Bank of India Rs. 27.200 Million From HDFC00 The company has acquired lease hold land from U.P State Industrial Development Corporation Limited (UPSIDC) on deferred payment liability basis. The outstanding amount of deferred liability shall remain as a first charge on the demised premises and building and machinery built upon or affixed thereto II) The company has acquired free hold land from Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC) on deferred payment liability basis and is secured by the land so acquired SHORT TERM BORROWING (A) Cash Credit : Rs. 651.922 Million a) Cash credit / Working Capital Facilities from Bank of Baroda ( Rate of Interest 12.25%) are secured by first pari passu charge on the entire stocks and book debts of the company and are further secured by way of collateral security by extension of First Pari passu charge on the immovable properties of the company. The said facility is also secured by way of personal guarantee of Mr. Rajul Maheshwari -Managing Director and Mr. Tanmay Maheshwari - Whole Time dierctor (Excluding their shareholding in the company) b) Cash Credit limit from State bank of India (@0.90% above base rate i.e 10.90% P.A -floating) is secured by way of first pari passu charge on all stock, book debts and all other current assets of the company, present and future with other working capital lenders and pari paasu second charge on immovable properties. The said limit is also secured by way of personal guarantee of Mr. Rajul Maheshwari -Managing Director and Mr. Tanmay Maheshwari - Whole Time dierctor (Excluding their shareholding in the company and M/s Antarctica Finvest Private Limited) c) During the year Cash credit facilities granted by Oriental Bank of Commerce were taken over by HDFC Bank. Cash credit / Working Capital Facilities from HDFC Bank (Rate of Interest 11.25%) are secured by way of First pari passu charges on stocks & book debts first pari passu charges on all movable & immovable fixed assets of the comapny and pari passu charges on equitable mortgage over the entire present & future land & buildning. The said facility is also secured by way of personal guarantee of Mr. Rajul Maheshwari -Managing Director and Mr. Tanmay Maheshwari - Shareholder (except their shareholding in the company and M/s Antarctica Finvest Private Limited) (B) Cash Credit : Rs. 509.442 Million


Auditors :
Name :	Dooger and Associates Chartered Accountant
Address :	13, Community Centre, East Of Kailash, New Delhi-110065, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD8728L

Memberships :	Not Available

Collaborators :	Not Available

Enterprises over which key management personnel and their relatives are able to exercise significant influence	Antarctica Finvest Private Limited AUPL Group ratuity Scheme Amar Ujala Foundation

CAPITAL STRUCTURE

After As on 02.07.2014

Authorized Capital: Rs. 550.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 109.756 Million

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount

16,500,000	Equity Shares	Rs.10/- each	Rs. 165.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

5,487,806	Equity Shares	Rs.10/- each	Rs. 54.878 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	54.878	54.878	54.878
(b) Reserves & Surplus	2179.897	1969.836	1777.071
(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)	2234.775	2024.714	1831.949

(3) Non-Current Liabilities
(a) long-term borrowings	218.031	103.769	13.884
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	305.704	193.476	173.134
(d) long-term provisions	74.056	62.276	54.032
Total Non-current Liabilities (3)	597.791	359.521	241.050

(4) Current Liabilities
(a) Short term borrowings	801.922	558.542	552.752
(b) Trade payables	664.992	395.776	529.440
(c) Other current liabilities	361.356	288.850	199.407
(d) Short-term provisions	6.462	6.050	4.691
Total Current Liabilities (4)	1834.732	1249.218	1286.290

TOTAL	4667.298	3633.453	3359.289

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2135.833	1831.841	1813.698
(ii) Intangible Assets	9.700	6.020	5.690
(iii) Capital work-in-progress	29.518	47.408	13.840
(iv) Intangible assets under development	0.000	0.777	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	25.465	15.347	3.839
(d) Long-term Loan and Advances	494.733	268.057	118.102
(e) Other Non-current assets	8.241	6.417	0.732
Total Non-Current Assets	2703.490	2175.867	1955.901

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	471.746	328.300	454.048
(c) Trade receivables	1067.455	798.424	736.733
(d) Cash and cash equivalents	241.422	202.833	168.837
(e) Short-term loans and advances	176.243	121.747	43.191
(f) Other current assets	6.942	6.282	0.579
Total Current Assets	1963.808	1457.586	1403.388

TOTAL	4667.298	3633.453	3359.289

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6357.989	5409.908	5224.512
		Other Income	40.830	31.595	29.995
		TOTAL (A)	6398.819	5441.503	5254.507

Less	EXPENSES
		Cost of Materials Consumed	3191.071	2611.395	2390.690
		Purchases of Stock-in-Trade	(4.955)	(0.889)	0.000
		Employees benefits expense	1103.625	942.281	859.099
		Other expenses	1471.651	1305.340	1160.818
		TOTAL (B)	5761.392	4858.127	4410.607

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		637.427	583.376	843.900

Less	FINANCIAL EXPENSES (D)		118.980	99.467	102.758

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		518.447	483.909	741.142

Less/ Add	DEPRECIATION/ AMORTISATION (F)		181.317	170.784	177.919

	PROFIT BEFORE TAX (E-F) (G)		337.130	313.125	563.223

Less	TAX (H)		118.653	110.525	182.858

	PROFIT AFTER TAX (G-H) (I)		218.477	202.600	380.365

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.879	0.689	0.000
	TOTAL EARNINGS		12.879	0.689	0.000

	IMPORTS
		Raw Materials	435.452	432.230	430.087
		Capital Goods	15.742	0.000	0.000
	TOTAL IMPORTS		451.194	432.230	430.087

	Earnings Per Share (Rs.)		39.81	36.92	69.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.44	3.74	7.28

Operating Profit Margin (PBIDT/Sales)	(%)	10.03	10.78	16.15

Return on Total Assets (PBT/Total Assets}	(%)	7.31	8.77	16.85

Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.31

Debt Equity Ratio (Total Debt /Networth)		0.46	0.33	0.31

Current Ratio (Current Asset/Current Liability)		1.07	1.17	1.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	54.878	54.878	54.878
Reserves & Surplus	1777.071	1969.836	2179.897
Net worth	1831.949	2024.714	2234.775

long-term borrowings	13.884	103.769	218.031
Short term borrowings	552.752	558.542	801.922
Total borrowings	566.636	662.311	1019.953
Debt/Equity ratio	0.309	0.327	0.456

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5224.512	5409.908	6357.989
		3.549	17.525

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5224.512	5409.908	6357.989
Profit	380.365	202.600	218.477
	7.28%	3.74%	3.44%

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	No
34]	External Agency Rating, if available	Yes

Note: Registered office of the company has been shifted from “H-39/D, SFS, Saket, New Delhi-110017” to the present address.

PERFORMANCE:

Launched last year. Public responses of both these new products of business were overwhelming which itself tells the story of strong brand image of Amar Ujala all over India. During the financial year 2013-14 the Company's combined circulation from 19 editions viz. Agra, Allahabad, Jhansi, Varanasi, Meerut, Bareilly, Moradabad, Dehradun, Nainital, Noida, Kanpur, Jallandhar, Panchkula, Jammu, Dharamshala, Aligarh, Gorakhpur, Lucknow and Rohtak was Rs. 927.902 Million copies as against Rs. 855.859 Million copies during the previous financial year showing an increase of 8.42% in circulation. The total turnover including other income increased to Rs. 6398.819 million in 2013-14 from Rs. 5441.503 million in 2012-13 registering a growth of 17.59 %. The advertisement revenue increased to Rs. 4311.997 million in 2013-14 from Rs. 3625.939 million in 2012-13 registering a growth of 18.92%. The Company’s sale of newspaper (including magazine) revenue increased to Rs. 1799.221 million in 2013-14 from Rs. 1610.473 million in 2012-13 registering a growth of Rs. 11.72 %.

PROFITABILITY

The profit before depreciation, interest and tax is Rs. 637.427 million in 2013-14, as against Rs. 583.376 million during 2012-13. after providing for Financial Costs, it amounted to Rs. 518.447 million (Previous Year Rs. 483.909 million). Depreciation is Rs. 181.317 million (Previous Year Rs. 170.784 million) and provision for taxation is Rs. 118.653 million including deferred tax liability (previous Year Rs. 110.525 million). The profit after tax is Rs 218.477 million in 2013 -14 as against net profit of Rs. 202.600 million during 2012-13.

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10502231	09/10/2014 *	250,000,000.00	ING VYSYA BANK LIMITED	A-361,SECTOR-19, GAUTAMBUDHNAGAR, NOIDA - 201301, UTTAR PRADESH, INDIA	C31987951
2	10472630	09/10/2014 *	250,000,000.00	DBS BANK LIMITED	CAPITAL POINT, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	C30938815
3	10389030	09/10/2014 *	500,000,000.00	STATE BANK OF INDIA	CHURCH MISSION ROAD, FATEHPUR, CHANDANI CHOWK, DELHI - 110006, INDIA	C31017189
4	10364113	09/10/2014 *	200,000,000.00	BANK OF BARODA	MID CORPORATE NOIDA BRANCH, N 10 & 11, FIRST FLOOR, SECTOR - 18, NOIDA -201301, UTTAR PRADESH, INDIA	C31648967
5	10364114	13/10/2014 *	1,915,000,000.00	BANK OF BARODA	MID CORPORATE NOIDA BRANCH, N 10 & 11, FIRST FLOOR, SECTOR - 18, NOIDA -201301, UTTAR PRADESH, INDIA	C30342117
6	10364112	09/10/2014 *	250,000,000.00	BANK OF BARODA	MID CORPORATE NOIDA BRANCH, N 10 & 11, FIRST FLOOR, SECTOR - 18, NOIDA -201301, UTTAR PRADESH, INDIA	C31649817
7	10250537	09/10/2014 *	515,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W., MUMBAI - 400013, MAHARASHTRA, INDIA	C30062228

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014

Liability in respect of pending defamation cases	54.164
Liability in respect of income tax demands under appeal by or against the company before appropriate authority	135.102
Liability in respect of entry tax matters	1.073
Liability under section 33 of the Indian Stamp Act, 1899 in respect of stamp duty payable	0.480
Total	190.819

FIXED ASSETS:

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Computer software
Copyrights, patents and other operating rights

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Analysis Done by :	KRN

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.

MIRA INFORM REPORT

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