MIRA INFORM REPORT

Report No. :	339335
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	D.B. CORP LIMITED [w.e.f.01.12.2005]
Formerly Known As :	MULTI-TECH ENERGY LIMITED
Registered Office :	Plot No. 280, Sarkhej-Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380051, Gujarat
Tel No.:	91-79-39888850
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	27.10.1995
Com. Reg. No.:	04-047208
Capital Investment / Paid-up Capital :	Rs. 1836.492 Million
CIN No.: [Company Identification No.]	L22210GJ1995PLC047208
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is in the business of publishing newspapers, radio broadcasting, event management and also providing integrated internet and mobile interactive services.
No. of Employees :	10076 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects well-established position of DB Corp Limited [DBCL] in the print media industry, geographically diversified presence with leadership positions in various territories, long track record and strong brand name. Further rating also reflects company’s healthy financial risk profile and decent profitability levels 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities (Fund Based) = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	November 04, 2014

Rating Agency Name	CARE
Rating	Commercial paper (standalone) = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	November 04, 2014

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.: 91-79-39888850, 755-3988884]

LOCATIONS

Registered Office / Printing Press :	Plot No. 280, Sarkhej-Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380051, Gujarat, India
Tel No.:	91-79-39888850
Fax No.:	91-79-39814001
E-Mail :	csbpl2008@yahoo.co.in bdcs@bhaskarnet.com dbcs@dainikbhaskargroup.com
Website :	http://www.bhaskarnet.com
Head Office :	Dwarka Sadan, 6, Press Complex, M.P. Nagar Zone I, Bhopal - 462011, Madhya Pradesh, India
Tel No.:	91-755-3988884
Fax No.:	91-755-2675190
Corporate Office :	501, 5th Floor, Naman Corporate Link, Opposite Dena Bank, C-31, G-Block, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India
Tel No.:	91-22-39888840
Fax No.:	91-22-39804793/ 26597217

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Ramesh Chandra Agarwal
Designation :	Chairman
Name :	Mr. Sudhir Agarwal
Designation :	Managing Director
Name :	Mr. Girish Agarwal
Designation :	Non-Executive Director
Date of Birth/Age :	10.07.1971
Qualification :	Commerce Graduate
Date of Appointment :	27.10.1995
DIN No.:	00051375
Name :	Mr. Pawan Agarwal
Designation :	Dy. Managing Director
Date of Birth/Age :	31.07.1974
Qualification :	Bachelor’s Degree in Industrial Engineering, USA
Date of Appointment :	10.12.2005
DIN No.:	00465092
Name :	Mr. Piyush Pandey
Designation :	Independent Director
Date of Birth/Age :	05.09.1955
Qualification :	Holds Master’s Degree in Arts
Date of Appointment :	28.11.2007
DIN No.:	00114673
Name :	Mr. Kailash Chandra Chowdhary
Designation :	Independent Director
Date of Birth/Age :	08.05.1940
Qualification :	Bachelor’s Degree in Commerce and Chartered Accountant
Date of Appointment :	28.11.2007
DIN No.:	01687337
Name :	Mr. Harish Bijoor
Designation :	Independent Director
Date of Birth/Age :	03.06.1961
Qualification :	Masters in Commerce
Date of Appointment :	28.11.2007
DIN No.:	01640485
Name :	Mr. Ashwani Kumar Singhal
Designation :	Independent Director
Date of Birth/Age :	31.10.1961
Qualification :	Bachelor’s Degree in Commerce (Hons)
Date of Appointment :	28.11.2007
DIN No.:	01973769

KEY EXECUTIVES

Name :	Ms. Anita Gokhale
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	% of Shareholding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	86894680	47.31
Bodies Corporate	41595057	22.64
Sub Total	128489737	69.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	128489737	69.95
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14283821	7.78
Financial Institutions / Banks	1324	0.00
Foreign Institutional Investors	33968082	18.49
Sub Total	48253227	26.27
(2) Non-Institutions
Bodies Corporate	4964973	2.70
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1273729	0.69
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	663686	0.36
Any Others (Specify)	42941	0.02
Clearing Members	3606	0.00
Non Resident Indians	37931	0.02
Overseas Corporate Bodies	1404	0.00
Sub Total	6945329	3.78
Total Public shareholding (B)	55198556	30.05
Total (A)+(B)	183688293	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	183688293	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	PEACOCK TRADING AND INVESTMENT PVT LTD	1,85,48,647	10.10	0	0.00	0.00	10.10
2	PAWAN AGARWAL	1,50,00,000	8.17	9500000	63.33	5.17	8.17
3	SUDHIR AGARWAL	1,50,00,000	8.17	12000000	80.00	6.53	8.17
4	BHASKAR INFRASTRUCTURE PRIVATE LIMITED	1,21,12,420	6.59	2501100	20.65	1.36	6.59
5	GIRISH AGARWAL	1,15,00,000	6.26	11000000	95.65	5.99	6.26
6	GIRISH AGARWAL	1,05,82,256	5.76	4087000	38.62	2.22	5.76
7	PAWAN AGARWAL	1,01,47,214	5.52	7600000	74.90	4.14	5.52
8	SUDHIR AGARWAL	86,76,449	4.72	2643410	30.47	1.44	4.72
9	NAMITA AGARWAL	65,42,200	3.56	0	0.00	0.00	3.56
10	BHOPAL FINANCIAL SERVICES PRIVATE LIMITED	56,57,190	3.08	0	0.00	0.00	3.08
11	JYOTI AGARWAL	49,48,007	2.69	0	0.00	0.00	2.69
12	NITIKA AGARWAL	34,77,000	1.89	0	0.00	0.00	1.89
13	BHASKAR PUBLICATIONS AND ALLIED INDUSTRIES PRIVATE LIMITED	30,17,800	1.64	0	0.00	0.00	1.64
14	DEV FISCAL SERVICES PRIVATE LIMITED	16,59,000	0.90	0	0.00	0.00	0.90
15	RAMESH CHANDRA AGARWAL	8,21,758	0.45	0	0.00	0.00	0.45
16	STITEX GLOBAL LIMITED	6,00,000	0.33	0	0.00	0.00	0.33
17	RAMESH CHANDRA AGARWAL	1,00,001	0.05	0	0.00	0.00	0.05
18	KASTURI DEVI AGARWAL	99,795	0.05	0	0.00	0.00	0.05
	Total	12,84,89,737	69.95	49331510	38.39	26.86	69.95

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	NALANDA INDIA EQUITY FUND LIMITED	14582902	7.94	7.94
2	AMANSA HOLDINGS PRIVATE LIMITED	5561188	3.03	3.03
3	HDFC TRUSTEE COMPANY LTD - A/C HDFC MID - CAPOPPORTUNITIES FUND	3750000	2.04	2.04
4	GOVERNMENT OF SINGAPORE	2570070	1.40	1.40
5	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	2317955	1.26	1.26
	Total	28782115	15.67	15.67

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	NALANDA INDIA EQUITY FUND LIMITED	14582902	7.94	7.94
	Total	14582902	7.94	7.94

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	VISUAL INTERACTIVE MAURITIUS LIMITED	1,404	0.00
2	RAJKUMAR KONERU	435	0.00
3	SUNDERBABU VENUGOPAL	316	0.00
	Total	2,155	0.00

BUSINESS DETAILS

Line of Business :	Subject is in the business of publishing newspapers, radio broadcasting, event management and also providing integrated internet and mobile interactive services.
Products/Services	Publishing Newspapers
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

10076 (Approximately)

Bankers :

Bank Name:	IDBI Bank Limited
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Foreign currency loans from financial institution	505.444	726.808
SHORT TERM BORROWINGS
Buyers’ credit from banks	477.380	362.418
Total	982.824	1089.226

Note:

LONG-TERM BORROWINGS

Foreign currency loans from financial institution

The loan carries interest rate @ LIBOR plus 0.68%. The loan is repayable in 18 consecutive half yearly installments. The loan is secured by first pari passu charge with other lenders on plant and machinery and other project assets acquired from the said loan.

SHORT-TERM BORROWINGS

(a) Secured buyers’ credit facilities are provided by various lenders. They are secured by first charge on the current assets of the Company. In some cases, the lenders also hold second charge over the plant and machinery or moveable fixed assets of the Company. Interest rates for buyers’ credit are multiline rates ranging between 0.66% p.a. and 1.09% p.a. (March 31, 2014: between 0.84% p.a. and 1.20% p.a.) (as mutually agreed).

(b) The unsecured buyers’ credit facilities are provided by various lenders. Interest rates for unsecured buyers’ credit are multiline rates ranging between 0.80% p.a. and 0.99% p.a. (March 31, 2014: between 1.18% p.a. and 1.21% p.a.) (as mutually agreed).

Auditors 1 :
Name :	S R Batliboi and Associates LLP Chartered Accountants
Address :	12^th Floor, The Rubby 29, Senapati Bapat Marg Dadar (West), Mumbai - 400028, Maharashtra, India
Tel No.:	91-22-61920000
Fax No.:	91-22-61921000
Auditors 2 :
Name :	Gupta Navin K. and Company Chartered Accountants
Address :	Near Inderganj Square, SDM Road, Gwalior - 474009, Madhya Pradesh, India
Tel No.:	91-751-2378302, 2457333
Subsidiaries :	· I Media Corp Limited · Divya Prabhat Publications Private Limited (up to June 30, 2013) DB Infomedia Private Limited (with effect from February 16, 2015) ·
Enterprises owned or significantly influenced by key management personnel or their relatives :	· Abhivyakti Kala Kendra · Bhaskar Printing Press- MPCG · Bhaskar Printing Press- CPH2 · Bhaskar Samachar Seva · Bhaskar Publication and Allied Industries Private Limited. · Bhaskar Infrastructure Private Limited [Formerly known as Bhaskar Infrastructure Limited] · Bhaskar Industries Private Limited · Decore Exxoil Private Limited · Bhaskar Venkatesh Products Private Limited · D B Malls Private Limited · D B Power Limited · DB Infrastructure Private Limited · R.C. Printer - Raipur · Writers and Publishers Private Limited · Diligent Hotel Corporation Private Limited · Peacock Trading and Investments Private Limited · Chambal Tradings Private Limited · Dev Fiscal Service Private Limited · Stitex Global Limited · Bhopal Financial Services Private Limited Aarkey Investments Private Limited Divya Dev Developers Private Limited Divine Housing Development Company Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
249000000	Equity Shares	Rs. 10/- each	Rs. 2490.000 Million
1000	Non-Convertible Redeemable Preference Shares	Rs. 10000/- each	Rs. 10.000 Million
	Total		Rs. 2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
183649258	Equity Shares	Rs. 10/- each	Rs. 1836.492 Million

RECONCILIATION OF NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR

EQUITY SHARES	31.03.2015
	Nos.	Rs. In Million
At the beginning of the year	183485501	1834.855
Issued during the year – Employee Stock Option Schemes [ESOS]	163757	1.637
Outstanding at the end of the year	183649258	1836.492

PREFERENCE SHARES	31.03.2015
	Nos.	Rs. In Million
At the beginning of the year	--	--
Share redeemed during the year	--	--
Outstanding at the end of the year	--	--

TERMS/ RIGHT ATTACHED TO EACH CLASS OF SHARES

(i) Equity shares

The Company has only one class of equity shares having a par value Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2015, the amount of per share dividend recognised as distributions to equity shareholders is Rs.7.25 per share (March 31, 2014: Rs.7.25 per share).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

(ii) Preference shares

The Company has class of 1 Zero % non-convertible redeemable preference shares having value of Rs.10,000 per share. These preference shares are redeemable at par at on October 17, 2013. Accordingly, as per the provisions of the Act, a transfer of Rs. 0.010 Million was made to Capital Redemption Reserve out of the surplus in the statement of profit and loss.

AGGREGATE NUMBER OF BONUS SHARES ISSUED, SHARES ISSUED FOR CONSIDERATION OTHER THAN CASH, SHARES ISSUED PURSUANT TO THE SCHEME OF ARRANGEMENT DURING THE PERIOD OF FIVE YEARS IMMEDIATELY PRECEDING THE REPORTING DATE:

	31.03.2015 Nos.
EQUITY SHARES:
Allotted as fully paid up pursuant to ESOS	402153
Allotted as share issued in pursuant to the scheme of arrangement	1732500
	2134653

DETAIL OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES OF THE COMPANY

Name of Shareholders	31.03.2015
	Nos.	% of holding
Equity shares of Rs. 10/- each fully paid
Pawan Agarwal	25147214	13.69
Sudhir Agarwal	23676449	12.89
Girish Agarwal	22082256	12.02
Peacock Trading and Investments Private Limited	18548647	10.10
Nalanda India Equity Fund Limited	14582902	7.94
Bhaskar Infrastructure Private Limited	12112420	6.60

Shares reserved for issue under options

For detail of shares reserved for issue under the Employee Stock Option Schemes (‘ESOS’) of the Company.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1836.492	1834.855	1833.748
(b) Reserves & Surplus	11028.317	9609.178	8910.101
(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)	12864.809	11444.033	10743.849
(3) Non-Current Liabilities
(a) long-term borrowings	505.444	726.808	878.017
(b) Deferred tax liabilities (Net)	831.974	885.131	833.737
(c) Other long term liabilities	377.475	346.385	310.248
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1714.893	1958.324	2022.002
(4) Current Liabilities
(a) Short term borrowings	477.380	536.930	495.849
(b) Trade payables	1214.294	1116.829	958.482
(c) Other current liabilities	1547.854	1558.617	1565.085
(d) Short-term provisions	1205.567	1048.350	941.347
Total Current Liabilities (4)	4445.095	4260.726	3960.763
TOTAL	19024.797	17663.083	16726.614
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7922.818	8248.728	7595.618
(ii) Intangible Assets	213.389	234.910	294.151
(iii) Capital work-in-progress	44.470	22.242	70.248
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	697.396	735.161	1584.094
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3074.362	1855.192	983.796
(e) Other Non-current assets	32.460	48.505	64.389
Total Non-Current Assets	11984.895	11144.738	10592.296
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1401.956	1732.340	1298.195
(c) Trade receivables	3449.858	3274.165	3038.928
(d) Cash and cash equivalents	1763.044	1120.444	1247.277
(e) Short-term loans and advances	409.174	375.526	534.048
(f) Other current assets	15.870	15.870	15.870
Total Current Assets	7039.902	6518.345	6134.318
TOTAL	19024.797	17663.083	16726.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	20090.202	18562.085	15788.596
		Other Income	256.581	238.621	247.328
		TOTAL	20346.783	18800.706	16035.924
Less	EXPENSES
		Cost of Materials Consumed	6475.650	6324.193	5425.922
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.361	(6.353)	0.275
		Employees benefits expense	3457.131	3021.766	2683.489
		Foreign Exchange Loss	14.805	32.998	35.364
		Other expenses	4510.556	4192.865	3775.981
		TOTAL	14461.503	13565.469	11921.031
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5885.280	5235.237	4114.893
Less	FINANCIAL EXPENSES		75.568	75.344	104.396
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5809.712	5159.893	4010.497
Less/ Add	DEPRECIATION/ AMORTISATION		880.779	641.529	573.070
	PROFIT/ (LOSS) BEFORE TAX		4928.933	4518.364	3437.427
Less	TAX		1759.150	1455.525	1131.368
	PROFIT/ (LOSS) AFTER AX		3169.783	3062.839	2306.059
Less	APPROPRIATIONS
	Transfer to General Reserve		317.000	310.000	235.000
	Total		317.000	310.000	235.000
	EARNINGS IN FOREIGN CURRENCY
		Advertisement Income	212.931	128.653	0.000
	IMPORTS
		Raw Materials	1497.562	2361.799	2107.952
		Stores & Spares	60.304	70.519	24.498
		Capital Goods	19.233	0.000	78.048
	TOTAL IMPORTS		1577.099	2432.318	2210.498
	Earnings Per Share (Rs.)
	Basic		17.27	16.70	12.58
	Diluted		17.24	16.68	12.56

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	252.722	242.270	219.504
Cash generated from operations	5938.663	4091.751	3546.281
Net cash flow from operating activity	4253.070	2590.400	2507.113

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Type	1^st Quarter
Net Sales	4733.110
Total Expenditure	3508.090
PBIDT (Excl OI)	1225.020
Other Income	68.110
Operating Profit	1293.130
Interest	21.480
Exceptional Items	0.00000
PBDT	1271.650
Depreciation	207.500
Profit Before Tax	1064.150
Tax	392.920
Provisions and contingencies	0.000
Profit After Tax	671.230
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	671.230

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	15.78	16.50	14.61
Operating Profit Margin (PBDIT/Sales)	(%)	29.29	28.20	26.06
Return on Total Assets (PBT/Total Assets}	(%)	26.96	26.75	22.83
Return on Investment (ROI) (PBT/Networth)		0.38	0.39	0.32
Debt Equity Ratio (Total Debt/Networth)		0.10	0.13	0.15
Current Ratio (Current Asset/Current Liability)		1.58	1.53	1.54

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs.309.40/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1833.748	1834.855	1836.492
Reserves & Surplus	8910.101	9609.178	11028.317
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	10743.849	11444.033	12864.809
long-term borrowings	878.017	726.808	505.444
Short term borrowings	495.849	536.930	477.380
Current maturities of long-term debts	219.504	242.269	252.722
Total borrowings	1593.370	1506.007	1235.546
Debt/Equity ratio	0.148	0.132	0.096

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	15788.596	18562.085	20090.202
		17.566	8.232

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	15788.596	18562.085	20090.202
Profit	2306.059	3062.839	3169.783
	14.61%	16.50%	15.78%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NATURE OF OPERATIONS

Subject is in the business of publishing newspapers, radio broadcasting, event management and providing integrated internet and mobile interactive services. The major brands in publishing business are 'Dainik Bhaskar' and Business Bhaskar' (Hindi dailies). Divya Bhaskar' and Saurashtra Samachar' (Oujarati dailies), Divya Marathi' (Marathi daily).-DNA English'. (English daily) and monthly magazines such as 'Aha Zindagi'. Bal Bhaskar1, etc. Presently, the Company's radio station is on air in 17 cities under the brand name 'My FM" The frequency allotted to the Company's radio station is 94.3. The internet business includes the websites of Dainik Bhaskar. Divya Bhaskar and Divya Marathi having newspapers in e-paper category and dainikbhaskar.com, dKryabnaskar.com, dailybhaskar.com and drvyamarathi.com.

The Company derives its revenue mainly from the sale of its publications and advertisements published in the publications, aired on radio, displayed on websites and portal and mobile interactive services.

SCHEME OF ARRANGEMENT

A) Demerger of Integrated Internet and Mobile Interactive Services business of I Media Corp Limited (IMCL) and merger with the Company:

The Company along with its subsidiary IMCL had filed a Scheme for demerger of Integrated Internet and Mobile Interactive Services business of IMCL and merger with the Company.

The Scheme of Arrangement was approved by the Honorable High Court of Madhya Pradesh. Principal seat at Jabaipur. vide their order dated March 27,2014 which was filed with the Registrar of Companies on April 08, 2014. Accordingly the Scheme became effective on April 08, 2014 with appointed date April 01, 2013.

As prescribed in the Scheme, all assets and liabilities of integrated Internet and Mobile Interactive Services business of IMCL as at 31.03.2013 were transferred to and the Company at their respective book value and the deficit after considering the reduction of the Company’s investments in IMCL is charged against the general reserve as under:

Particulars	Amount in Million
Fixed assets [net of accumulated depreciation]	35.937
Current assets [net of provision for doubtful trade receivable Rs. 1.302 Million]	58.497
Total Assets	94.434
Current liabilities and provisions	29.956
Long term borrowing from Holding Company	350.000
Unsecured loans	137.199
Total Liabilities	517.155
Net Liabilities	(422.721)
Less: Reduction in the value of investments held in IMCL [the remaining value of investments in IMCL reflects the fair value of the net assets of IMCL as at date of demerger]	405.695
Deficit charges against general reserve	(828.416)

As per Clause 46 of the Scheme, the unabsorbed depreciation and brought forward losses related to IMCL (against which IMCL had not recognised deferred tax assets) till March 31, 2013 aggregating to Rs. 439.544 Million has been transferred to the Company which has been set off by the Company while computing the Current Tax provision for the year ended March 31. 2014. This has resulted in a net reduction of Rs. 149.401 Million in the current tax expense.

REVIEW OF PERFORMANCE

During the FY 2014-15, Indian economy showed some improvement over last year, but it continued to grow at a slower pace. As per the Reserve Bank of India (RBI)’s latest update on Macro Economics and Monetary Developments 2014-15, released on April 1, 15, the real GDP growth at factor cost for FY 2014-15 is projected at 5.5%, against 4.7% last year. Although a demanding fiscal, your Company has delivered better growth in revenues, supported by well devised growth and marketing strategies and more efficient operations and cost management. Performance highlights of your Company during the year under consideration are as follows:

• Standalone sales and other income crossed the 20 billion mark to reach Rs. 20347.000 million witnessing a growth of 8.2% as compared to Rs. 18801.000 million in the previous year due to growth in circulation and advertisement revenue.

• Standalone advertising revenue grew at 7% to Rs. 15170.000 million, which also includes revenue from the internet and digital media business. Circulation revenue grew at 16.2% to Rs. 3,755 million.

· Standalone Profit After Tax (PAT) for the year under review was Z Rs. 3170.00 million. Last year’s PAT of Rs. 3063.000 million included Rs. 149.000 million towards tax benefit on account of accumulated tax losses of Internet business. Thus, normal PAT (excluding the tax benefit) was Rs. 2914.000 million for FY 2013- 14. This year your Company achieved 8.8% growth in PAT despite of starting various new operations.

• The consolidated gross revenue of your Company increased to `Rs. 20353.00 million from Rs. 18836.000 million in the previous year, whereas the consolidated PAT stood at Rs. 3163.000 million as against Rs. 2917.000 million of the previous year (after excluding one-time tax gain of Rs. 149.000 million on account of demerger of internet business).

Print business: Advertising revenues increased from Rs. 13254.000 million to Rs. 13909.000 million, reflecting a growth of 4.9% YoY. Overall print advertisement market grew by 8.5%, as per FICCI-KPMG Report 2015. Though this year’s growth of 4.9% is lower than overall industry average, it is significant since it is on a higher base which grew at 17% last year against industry average of 8.7%.

· Circulation revenues grew from ` 3,232 million to ` 3,755 million at a growth of approx.16.2% YoY.

· Print business EBITDA margins stand at approx. 29%, with ` 5,482 million EBIDTA, a growth of 11.7% YoY.

· Print business normal PAT stands at ` 2,976 million with 16% PAT margin, a growth of 5.4% YoY.

• EBITDA margin of Print Business Matured Editions stands at 34.5%.

OPERATIONAL HIGHLIGHTS AND FUTURE OUTLOOK

Print Business

· Dainik Bhaskar continues to be the largest read newspaper of urban India, retaining its market position in legacy markets, while also strengthening presence in emerging regions.

· Audit Bureau of Circulations result for six months period (July ’14 - Dec ’14) declared Dainik Bhaskar as India’s largest circulated national daily.

· Dainik Bhaskar has not only maintained its leadership in key regional Indian markets, but also retains a substantial lead over the #2 player. These regional markets have been witnessing higher GDP growth with better per capita income and consumption, enabling the organisation to grow at a faster pace than industry average.

• Dainik Bhaskar is the largest read newspaper of urban India. It has retained its leadership position in legacy markets, including Madhya Pradesh, Chhattisgarh, Chandigarh, Punjab, Haryana (CPH), urban Rajasthan and urban Gujarat and also continues to strengthen presence in emerging regions of Maharashtra, Bihar and Jharkhand, which continue to report strong progress.

· Dainik Bhaskar has been voted the Most Trusted Brand in the category of Hindi newspaper, revealed by the Brand Trust Report India study 2015. TRA is the publisher of The Brand Trust Report and India’s Most Attractive Brands. This year’s report has been mined from 3 million data points collected through a primary research conducted across 16 Indian cities.

DBCL has pioneered a significant change in the attitude and stance of news publishing. ‘No Negative Monday’ is a new endeavour initiated by Dainik Bhaskar to encourage a more optimistic environment and usher in every new week with greater enthusiasm and positivity. Already being implemented across all 58 editions in 14 states, every Monday, Bhaskar will highlight positive news in the front page, desh-videsh, state and city sections and segregate other news under a clear header. The effort has garnered significant appreciation from associates, as well as lauded by Hon’ble Prime Minister Mr. Narendra Modi.

· DBCL is also among the first few companies in India to take active steps towards the initiative of establishing a ‘Whistle Blowing Mechanism’ to encourage employees to report irregularities in operations. This is a vigil mechanism to be adopted as a statutory requirement under the Companies Act 2013. D. B. Corp has appointed Ernst & Young to assist the Company in establishing systems and procedures and has also associated with InTouch MCS to attend to any reports from whistle blowers.

· Breakthrough industry events like the ‘Unmetro – The markets driving India’ conclaves have reiterated DBCL’s thought leadership position. The Unmetro event conclave in its 7th edition was recently brought to Delhi and Mumbai and has been attracting marketing professionals and industry stalwarts representing some of India’s largest companies and have compelled organisations to analyse and appreciate the latent economic and consumption potential of Tier II and Tier III cities that are poised to become key growth centres in the near future.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY OUTLOOK – FUTURE AHEAD

India’s M&E industry is expected to grow at a CAGR of 13.9%, growing from Rs. 1,026 billion in FY 2014 to reach 1,964 billion by FY 2019. This estimated growth is almost double, compared to the global M&E industry. India’s M&E industry shall continue to benefit from the country’s favourable demographics - being one of the youngest nations in the world, high content consumption, strong content generating capabilities and an evolving, pro-growth regulatory environment.

Newspapers are expected to remain a popular vehicle for advertisers to reach out to a large consumer base in the country. In India, the estimated share of digital ad spends is likely to be around 20% of the total media ad spends by FY 2019. Higher consumer earnings, better lifestyle aspirations and a renewed local focus by advertisers have continued to drive up spending on radio advertising.

OVERVIEW:

Subject (DBCL) is India’s largest print media company, publishing six newspapers. The Company publishes 37 editions of Dainik Bhaskar, seven editions of Divya Bhaskar, seven editions of Divya Marathi with 199 sub-editions in four languages (Hindi, Gujarati, English and Marathi) across 14 Indian states. DBCL’s flagship newspapers, Dainik Bhaskar (in Hindi), established in 1958, Divya Bhaskar and Saurashtra Samachar (in Gujarati) have a combined average daily readership of Rs.19.800 million. This makes it one of the most widely read newspaper groups in India, with presence in Madhya Pradesh, Chhattisgarh, Rajasthan, Haryana, Punjab, Chandigarh, Himachal Pradesh, Uttarakhand, Delhi, Gujarat, Maharashtra, Bihar, Jharkhand and Jammu.

• Dainik Bhaskar continues to be the largest read newspaper of urban India, retaining its market position in legacy markets while also strengthening presence in emerging regions.

• Audit Bureau of Circulations result for six months period (July ’14 - Dec ’14) declared Dainik Bhaskar as India’s largest circulated national daily.

• Over the last few years, Dainik Bhaskar has not only maintained its leadership in key regional Indian markets, but also retained a substantial lead over the #2 player. These regional markets have been witnessing higher GDP growth with better per capita income and consumption, enabling the organisation to grow at a faster pace than industry average.

• In the Indian print media space, the Company shareholder books reflect a high quality mix of FII and Indian institutions, occupying a sizable share of minority shareholding with long-term perspective.

• DBCL’s execution skills, implementation / launch track record, quality of senior management, content innovation and best-in-class infrastructure have resulted in the Company’s strong competitive positioning.

• At an overall organisation level, CARE (Credit Analysis and Research Limited) has assigned the highest CARE AAA (Triple A) ratings to the Company’s long-term banking facilities. The ratings are a positive reflection of DBCL’s talented management team, the Company’s leadership position in Indian print media industry and strong brand equity across all its regional markets.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

(RS. IN MILLION)

SR. NO.	PARTICULARS	(Quarter Ended)
		30.06.2015 Unaudited
	PART I
1.	Income from Operations
	a) Net Sales / Income from Operations	4664.870
	b) Other Operating Income	68.240
	Total Income from Operations (net)	4733.110
2.	Expenditure
	a) Raw materials consumed	1447.420
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.860
	d) Employee benefits expense	926.690
	e) Depreciation and amortisation expense	207.500
	f) Other expenses	1133.120
	Total Expenses	3715.590
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	1017.520
4.	Other Income	68.110
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	1085.630
6.	Finance Costs	21.480
7.	Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	1064.150
8.	Exceptional items	-
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	1064.150
10.	Tax expenses	392.920
11.	Net Profit / (Loss) from ordinary activities after tax (9-10)	671.230
12.	Extraordinary items	-
13.	Net Profit / (Loss) for the period (11+12)	671.230
14.	Paid-up equity share capital (Face Value of Rs. 10 per share)	183688
15.	Reserve excluding Revaluation reserve
16.	Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each)
	a) Basic	3.65
	b) Diluted	3.64
17.	Dividend per share (per value Rs. 10/- each, fully paid)
	Interim Dividend	-
	Final Dividend	-
	Total Dividend	-
	PART II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	55198556
	- Percentage of Shareholding	3005
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	49331510
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	38.39
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	26.86
	b) Non Encumbered
	- Number of Shares	79.158227
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	61.61
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	43.09

PARTICULARS	Quarter Ended 30.06.2015
B INVESTORS COMPLAINTS [Nos.]
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed during the quarter	2
Remaining unresolved at the end of the quarter	Nil

NOTES:

1.The statement of unaudited standalone financial results for the quarter ended June 30, 2015 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on July 16, 2015. The Statutory Auditors have conducted a "Limited Review" of these results in terms of Clause 41 of the

listing agreement. There are no qualifications in the report issued by the auditors.

2. The figures for the quarter ended March 31, 2015 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2015 and the unaudited published year-to-date figures up to December 31, 2014, being the date of the end of the third quarter of the financial year which were subjected to limited review by the statutory auditors.

3. In accordance with the provisions of Schedule II of the Companies Act, 2013, the Company revised the estimated useful lives of certain group of fixed assets with effect from April 01, 2014. As per the provisions of Schedule II, depreciation of Rs. 63.320 million (Rs. 95.930 million net of deferred tax effect of Rs. 32.610 million) was charged against the General Reserve during the quarter ended June 30, 2014.

4. Other expenses include

SR. NO.	PARTICULARS	QUARTER ENDED
		30.06.2015	31.03.2015
		Unaudited	Unaudited
1	Foreign exchange loss [Net]	9.37	(1.58)
2	Foreign exchange loss on buyers credit from banks [net]	9.46	(3.53)
	Total	9.83	(5.11)

5. Other income includes

SR. NO.	PARTICULARS	QUARTER ENDED
		30.06.2015	31.03.2015
		Unaudited	Unaudited
1	Interest Income	41.99	25.14
2	Advances written back	-	40.53
3	Liabilities / provisions written back	20.83	14.86
4	Miscellaneous Income	5.29	16.52
	Total	68.11	97.05

Since the segment information as per Accounting Standard 17- Segment Reporting, specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Company (Accounts) Rules, 2014, is provided on the basis of consolidated financial results, the same is not provided separately for the standalone financial results

STANDALONE OF ASSETS AND LIABILITYS

(Rs In Million)

SOURCES OF FUNDS	30.06.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1836.880
(b) Reserves & Surplus	11705.520
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	13542.400
(3) Non-Current Liabilities
(a) long-term borrowings	514.700
(b) Deferred tax liabilities (Net)	823.900
(c) Other long term liabilities	394.890
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	1733.490
(4) Current Liabilities
(a) Short term borrowings	549.130
(b) Trade payables	1062.730
(c) Other current liabilities	1692.850
(d) Short-term provisions	1260.980
Total Current Liabilities (4)	4565.690
TOTAL	19841.580
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8342.700
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	742.370
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	3110.610
(e) Other Non-current assets	28.500
Total Non-Current Assets	12224.180
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1473.160
(c) Trade receivables	3606.800
(d) Cash and cash equivalents	2001.270
(e) Short-term loans and advances	509.220
(f) Other current assets	26.950
Total Current Assets	7617.400
TOTAL	19841.580

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10167258	21/07/2009	1,778,500,000.00	AGCO FINANCE GMBH	C/O RABO INDIA FINANCE LTD, FORBES BUILDING, 2ND FLOOR, CHANDRAJIT RAI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A66107731
2	10032516	12/10/2011 *	1,750,000,000.00	IDBI BANK LIMITED	6, MALVIA NAGAR, BHOPAL, MADHYA PRADESH - 462003,  INDIA	B24276289

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Buyers’ credit from banks	0.000	174.513
Total	0.000	174.513

FIXED ASSETS:

Tangible assets

· Land

-Freehold

-Leasehold

· Buildings

-Freehold

-Leasehold

· Leasehold improvements

· Plant and machinery

· Office equipments

· Vehicles

· Furniture and fixtures

· Electric fitting, fans and coolers

· Computers

Intangible assets

· Computer Software

· Goodwill

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. 66.16
UK Pound	1	Rs. 101.22
Euro	1	Rs. 74.61

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		74

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.