Expanding India’s Corporate Bond Market‘CRISIL A’ Rated Companies – An Emerging Opportunity

Roopa Kudva

Managing Director and Chief Executive Officer

CRISIL

March 7, 2012

1

Key messages

Building blocks for A rated debt issuances falling in place, though gradually– CRISIL has significantly expanded ratings coverage to over 8500 companies

– Stable default and transition performance information over a decade enhances confidence

– This is leading to increasing debt issuances over the past few years, though slowly

‘CRISIL A’ rated companies display healthy credit quality– ‘CRISIL A’ rated portfolio has over 500 companies and is well-diversified

– Established businesses and cost-efficient operations reflect business strengths

– Well-experienced management teams that have negotiated several business cycles

– Moderate debt levels enhance their resilience to downturns

‘CRISIL A’ rated papers offer higher risk-adjusted returns– Adjusted for default risk, ‘CRISIL A’ rated companies provide excess returns of 110 basis points

Regulatory support and usage of CDS can further expand issuance

2

Building blocks for ‘A’ rated debt issuances falling in place, though gradually

33

Significantly expanded ratings coverage in ‘CRISIL A’ category

CRISIL’s rated portfolio has expanded to over 8500 companies today from 344 as on March 31, 2007

‘CRISIL A’ rated portfolio has increased to over 500 from 16 as on March 31, 2007

Expanded ratings coverage fulfills a critical need of information availability and performance track record for the investors

CRISIL’s rated portfolio has expanded to over 8500 companies today from 344 as on March 31, 2007

‘CRISIL A’ rated portfolio has increased to over 500 from 16 as on March 31, 2007

Expanded ratings coverage fulfills a critical need of information availability and performance track record for the investors

Increase in number of 'CRISIL A' rated entities

Shift in CRISIL's rating distribution

1636

244

354

447

507

0

100

200

300

400

500

600

Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Jan-12

4

0%

10%

20%

30%

40%

50%

AAA AA A BBB BB B C D

Mar/07 Jan/12

More than a decade of low default rates and high stability rates

‘CRISIL A’ rated credits have displayed low default rates over the past 11 years

Steady improvement in stability rates of ‘CRISIL A’ rated credits to nearly 90%

Long track record of stable ratings performance provides comfort to investors

Default rate 1 year 2 year 3 year

2000-2011 0.28% 0.83% 1.75%

* Stability rate indicate the probability of ratings remaining in the same rating category over a 1-year period

Trend in Stability rates of 'CRISIL A' rated borrowers

85%

86%

87%

88%

89%

90%

91%

2000-2007 2000-2008 2000-2009 2000-2010 2000-2011

5

‘CRISIL A’ category ratings: Credit quality on an upward trend

Upgrade rate of ‘CRISIL A’ ratings has been higher than downgrade rate for the past five years

Higher proportion of positive outlooks in ‘CRISIL A’ category reflect continued expectation of positive bias in the rating transition going forward

Upgrade rate of ‘CRISIL A’ ratings has been higher than downgrade rate for the past five years

Higher proportion of positive outlooks in ‘CRISIL A’ category reflect continued expectation of positive bias in the rating transition going forward

Upward bias in 'CRISIL A' category ratingsHigher proportion of positive outlook in

'CRISIL A' category ratings

0%

2%

4%

6%

8%

10%

12%

14%

A+ A A-

Upgrade rate Downgrade rate

9%3%

86%91%

5% 6%

0%

20%

40%

60%

80%

100%

CRISIL A Portfolio

Positive Stable Negative

6

Increasing share of issuances in the debt market, though still low

Source: Prime Database

Share of bond issues rated in ‘A’ and ‘BBB’ categories have seen a positive trend in the last few years

Overall share still remains around 10% of bond issues

Share of bond issues rated in ‘A’ and ‘BBB’ categories have seen a positive trend in the last few years

Overall share still remains around 10% of bond issues

New bond issuances in 'A' and 'BBB' categories

7

0%

3%

6%

9%

12%

FY 2007 FY 2008 FY 2009 FY 2010 FY 2011

‘CRISIL A’ rated entities that issued bonds in the last three years

S.No. Name of company Sector

1 PVR Ltd. Media

2 Tata Teleservices Ltd. Telecommunication Services

3 Meghmani Organics Ltd. Chemicals

4 Diamond Power Infrastructure Ltd. Electronic Components

5 DLF Ltd. Diversified Real Estate Development

6 Andhra Pradesh Power Finance Corp. Ltd. Financial Institution

Year New Issuances

2009-10 64

2010-11 71

8

‘CRISIL A’ rated companies display healthy credit quality

99

Well diversified portfolio of ‘CRISIL A’ rated players

Rating distribution of ‘CRISIL A’ rated category‘CRISIL A’ rated portfolio is well diversified

across sectors

No of ratings in ‘CRISIL A’ category: 507

10

Successfully negotiated business cycles

11

Healthy revenue growth and resilientoperating margins

Prudent working capital management

* Working capital cycle = Debtor days + Inventory days – Creditor days

Fairly large average revenue base of Rs.5 billion, growing at 24 per cent annually, indicates established market position

Relatively steady margins across business cycles indicate resilience in profitability

Prudent working capital management indicates efficient operations

Despite these strengths, challenges of moderate bargaining power and relatively higher concentration risks exist

– Around one-third of the companies have high concentration risks, while the rest have moderate to low concentration risks.

Fairly large average revenue base of Rs.5 billion, growing at 24 per cent annually, indicates established market position

Relatively steady margins across business cycles indicate resilience in profitability

Prudent working capital management indicates efficient operations

Despite these strengths, challenges of moderate bargaining power and relatively higher concentration risks exist

– Around one-third of the companies have high concentration risks, while the rest have moderate to low concentration risks.

11

Gaining on financial strength

* Adjusted gearing = Adjusted debt / Adjusted networth

12

Healthy and improving capital structure Stable capital intensity

Healthy capital structure with a gearing of 0.5 times as on March 31, 2011

Strengthening financial profile indicated by consistent improvement in gearing

Moderate and stable capital intensity should aid in sustaining financial strength

Healthy capital structure with a gearing of 0.5 times as on March 31, 2011

Strengthening financial profile indicated by consistent improvement in gearing

Moderate and stable capital intensity should aid in sustaining financial strength

12

The median values have not seen a significant deviation despite the financial downturn witnessed in 2008

The median values have not seen a significant deviation despite the financial downturn witnessed in 2008

Healthy financial metrics

Medians of Financial Parameters* Unit 2006-2008 2009-2011

Operating margin % 12.6 - 13.0 12.3 - 13.3

Return on capital employed % 21.1 - 21.5 17.9 - 19.3

PAT margins % 5.8 - 6.4 4.7 - 6.6

Adjusted debt / Adjusted net worth Times 0.6 - 0.7 0.5 - 0.6

Net cash accruals / Total debt Times 0.32 - 0.33 0.29 - 0.37

PBDIT /Interest and Finance charges Times 6.7 - 7.1 5.0 - 7.9

Capex / Cash Flow from Operations Times 2.0 – 3.0 1.0 - 2.3

Gross current assets Days 165 - 170 162 - 173

* The above numbers represent the range of the medians of the various parameters during the three year period

13

Demonstrated management track record over business cycles

14

62% of the ‘CRISIL A’ rated companies were established before economic liberalisation

62% of the ‘CRISIL A’ rated companies were established before economic liberalisation

14

Typical characteristics of ‘CRISIL A’ rated players

15

Business risk profile – Sustained through cycles

Business risk profile – Sustained through cycles

Financial risk profile – Gaining strength

Financial risk profile – Gaining strength

Well established market position albeit not sector leading

Well established market position albeit not sector leading

Management competency - Long track record

Management competency - Long track record

Stable capital intensity and healthy capital structure

Stable capital intensity and healthy capital structure

Improving financial flexibility to raise funds

Improving financial flexibility to raise funds

Established presence with a track record

Established presence with a track record

Strong support from group or parent

Strong support from group or parent

Cost efficient operations offset limited pricing flexibility

Cost efficient operations offset limited pricing flexibility

‘CRISIL A’ rated portfolio

‘CRISIL A’ rated portfolio

Improving diversification offsets concentration risks

Improving diversification offsets concentration risks

15

‘CRISIL A’ rated papers offer higher risk-adjusted returns

1616

‘CRISIL A’ rated entities offer higher risk-adjusted returns

Excess return over required yield is 110 bps for ‘CRISIL A’ category and is higher than that for ‘CRISIL AA’ category

Risk adjusted return based on:

– Robust and extensive default database covering 25 years of rating performance

– Factors market yields, expected losses emanating from potential defaults and return on capital maintained by investors

Excess return over required yield is 110 bps for ‘CRISIL A’ category and is higher than that for ‘CRISIL AA’ category

Risk adjusted return based on:

– Robust and extensive default database covering 25 years of rating performance

– Factors market yields, expected losses emanating from potential defaults and return on capital maintained by investors

Market yield refers to a three-month average of daily quoted spreads in CRISIL bond matrix- a widely used benchmark for valuation of debt investments

Required yield refers to the yield required to cover expected and unexpected loss, including default risk

Risk-adjusted returns on 3-year paper

9.89

10.56

9.229.46

8.00

9.00

10.00

11.00

12.00

AA AMarket yield Required yield

0.67% 1.10%

17

The way forward

1818

Regulators can lead the way forward

Regulations need to permit investments in ‘A’ category instruments

– IRDA regulations currently permit insurance companies to take board approval to invest in ‘A+’ rated debt

– Stronger long-term performance should provide confidence to regulators to allow investors to expand their investment basket

Credit Default Swap (CDS) can catalyse investor interest in lower rated bonds

– Represents a tool to offset additional risks

– RBI has taken the first step by issuing regulations

– Other regulators need to follow suit to allow insurance companies, pension funds, provident funds and mutual funds to use CDS effectively

Investors need to show active interest in credits rated below ‘AA’

19

CRISIL Limitedwww.crisil.com

Market leader in niche industriesEstablished market position

Manugraph India Ltd Manugraph India Ltd

(CRISIL A+/Stable/CRISIL A1+)

Established player in single-width web offset printing machines; Strong market position in both domestic and export markets

Market leader in the domestic market with a share of 60%

Acquisition of US-based Dauphin in 2006 has enabled it to achieve strong market position globally

Manugraph India Ltd Manugraph India Ltd

(CRISIL A+/Stable/CRISIL A1+)

Established player in single-width web offset printing machines; Strong market position in both domestic and export markets

Market leader in the domestic market with a share of 60%

Acquisition of US-based Dauphin in 2006 has enabled it to achieve strong market position globally

Well established market position but may not be sector leading

21

VIP Industries Ltd VIP Industries Ltd

(CRISIL A+/Stable/CRISIL A1)

World’s fifth largest luggage manufacturer

Domestic market share of 75% in economy segment and 15% in premium segment

Only major Indian brand in the largely fragmented luggage market

VIP Industries Ltd VIP Industries Ltd

(CRISIL A+/Stable/CRISIL A1)

World’s fifth largest luggage manufacturer

Domestic market share of 75% in economy segment and 15% in premium segment

Only major Indian brand in the largely fragmented luggage market

Netafim Irrigation India Pvt Ltd Netafim Irrigation India Pvt Ltd

(CRISIL A+/Positive/CRISIL A1+)

One of the leading players in the micro-irrigation industry in India

Enjoys market share of 15-20%; market position supported by wide distribution network of 600 dealers

Established market position in AP, Gujarat and Maharashtra; expected to improve its penetration in Tamil Nadu, Karnataka and Punjab

Netafim Irrigation India Pvt Ltd Netafim Irrigation India Pvt Ltd

(CRISIL A+/Positive/CRISIL A1+)

One of the leading players in the micro-irrigation industry in India

Enjoys market share of 15-20%; market position supported by wide distribution network of 600 dealers

Established market position in AP, Gujarat and Maharashtra; expected to improve its penetration in Tamil Nadu, Karnataka and Punjab

Piaggio Vehicles Ltd Piaggio Vehicles Ltd

(CRISIL A+/Stable/CRISIL A1+)

Leading player in the domestic three-wheeler market

Enjoys a strong market position with a domestic market share of 37%

Strong market position backed by pan-India distribution network and diverse product offerings

Piaggio Vehicles Ltd Piaggio Vehicles Ltd

(CRISIL A+/Stable/CRISIL A1+)

Leading player in the domestic three-wheeler market

Enjoys a strong market position with a domestic market share of 37%

Strong market position backed by pan-India distribution network and diverse product offerings

21

Cost efficient operations offset limited pricing flexibility

22

Titagarh Wagons Ltd Titagarh Wagons Ltd

(CRISIL A+/Positive/CRISIL A1+)

Established wagon manufacturer

Healthy operating profit margins (17.1% in 2010-11) supported by integrated operations, cost reduction initiatives and strong relationships with suppliers

Strong operating efficiency partially offsets low pricing power due to bid-based orders from Indian Railways and low product differentiation

Titagarh Wagons Ltd Titagarh Wagons Ltd

(CRISIL A+/Positive/CRISIL A1+)

Established wagon manufacturer

Healthy operating profit margins (17.1% in 2010-11) supported by integrated operations, cost reduction initiatives and strong relationships with suppliers

Strong operating efficiency partially offsets low pricing power due to bid-based orders from Indian Railways and low product differentiation

Lanco Tanjore Power Company Limited Lanco Tanjore Power Company Limited

(formerly Aban Power Company Ltd ; CRISIL A+/Stable)

Independent power producer

Enjoys high operating efficiency with plant load factor of 75% and high performance efficiency parameters better than benchmarks set in the PPA.

Performance linked recovery of fixed costs results in healthy RoCE; High operating efficiency and comfortable liquidity partly offsets counter party risks related to TNEB

Lanco Tanjore Power Company Limited Lanco Tanjore Power Company Limited

(formerly Aban Power Company Ltd ; CRISIL A+/Stable)

Independent power producer

Enjoys high operating efficiency with plant load factor of 75% and high performance efficiency parameters better than benchmarks set in the PPA.

Performance linked recovery of fixed costs results in healthy RoCE; High operating efficiency and comfortable liquidity partly offsets counter party risks related to TNEB

Amar Ujala Publications Ltd Amar Ujala Publications Ltd

(CRISIL A/Stable/CRISIL A1)

Leading player in publications business; Flagship publication is among the top four Hindi dailies

Enjoys healthy operating profitability (at 17.3% in 2010-11) due to cost efficient operations

Strong operating profitability emanates from economies of scale, owned facilities and adequate printing capabilities

Amar Ujala Publications Ltd Amar Ujala Publications Ltd

(CRISIL A/Stable/CRISIL A1)

Leading player in publications business; Flagship publication is among the top four Hindi dailies

Enjoys healthy operating profitability (at 17.3% in 2010-11) due to cost efficient operations

Strong operating profitability emanates from economies of scale, owned facilities and adequate printing capabilities

Eastern Condiments Pvt Ltd Eastern Condiments Pvt Ltd

(CRISIL A/Stable/CRISIL A1)

Leading player selling spices under the Eastern brand Enjoys healthy operating efficiencies driven by its raw

material sourcing network and ability to manage its receivables efficiently; operating profit margins averaged at a healthy 15% over the past five years

This has enabled the company to manage the volatile raw material prices and moderately intensive working capital requirements

Eastern Condiments Pvt Ltd Eastern Condiments Pvt Ltd

(CRISIL A/Stable/CRISIL A1)

Leading player selling spices under the Eastern brand Enjoys healthy operating efficiencies driven by its raw

material sourcing network and ability to manage its receivables efficiently; operating profit margins averaged at a healthy 15% over the past five years

This has enabled the company to manage the volatile raw material prices and moderately intensive working capital requirements

22

Improving levels of diversificationWell diversified players

Improving diversification levels offsets concentration risks

23

Rashtriya Chemicals & Fertilisers Ltd Rashtriya Chemicals & Fertilisers Ltd

(CRISIL A+/Positive/CRISIL A1+)

Manufactures urea, complex fertilisers and industrial products

Well diversified revenue mix – Urea (42%); Complex fertilizer (20%); Industrial products (9%) and trading (28%) in 2010-11

While urea is completely regulated, complex fertilisers segment is partly regulated and industrial products segment is fully market-driven. Diversity in product profile protects it from unfavorable conditions in any one of the segments.

Rashtriya Chemicals & Fertilisers Ltd Rashtriya Chemicals & Fertilisers Ltd

(CRISIL A+/Positive/CRISIL A1+)

Manufactures urea, complex fertilisers and industrial products

Well diversified revenue mix – Urea (42%); Complex fertilizer (20%); Industrial products (9%) and trading (28%) in 2010-11

While urea is completely regulated, complex fertilisers segment is partly regulated and industrial products segment is fully market-driven. Diversity in product profile protects it from unfavorable conditions in any one of the segments.

INOX India Ltd INOX India Ltd

(CRISIL A+/Stable/CRISIL A1)

Leading manufacturer of cryogenic tanks Diversification levels (both product and geography) improved

with the acquisition of US based Cryogenic Vessels Alternative (CVA) in December 2009; CVA has its manufacturing units at Texas with presence in Canada and China

Acquisition helped it to diversify product profile and geographic spread

INOX India Ltd INOX India Ltd

(CRISIL A+/Stable/CRISIL A1)

Leading manufacturer of cryogenic tanks Diversification levels (both product and geography) improved

with the acquisition of US based Cryogenic Vessels Alternative (CVA) in December 2009; CVA has its manufacturing units at Texas with presence in Canada and China

Acquisition helped it to diversify product profile and geographic spread

Century Enka Ltd Century Enka Ltd

(CRISIL A+/Stable/CRISIL A1+)

Manufactures industrial and textile yarn fabric

Diversified revenue profile – Nylon tyre cord fabric (36%); Nylon filament yarn (24%); and Partially oriented yarn (40%) in 2010-11

Diversified product portfolio insulates profits from downturn in any one division

Century Enka Ltd Century Enka Ltd

(CRISIL A+/Stable/CRISIL A1+)

Manufactures industrial and textile yarn fabric

Diversified revenue profile – Nylon tyre cord fabric (36%); Nylon filament yarn (24%); and Partially oriented yarn (40%) in 2010-11

Diversified product portfolio insulates profits from downturn in any one division

Luminous Power Technologies Ltd Luminous Power Technologies Ltd

(CRISIL A+/Positive/CRISIL A1)

Leading manufacturer of Inverters, UPS and batteries in India

France-based Schneider Electric SA acquired 74% in Luminous for Rs. 14 billion in June 2011

Acquisition will enable Luminous to leverage synergies with the parent and diversify into home electrical space

Luminous Power Technologies Ltd Luminous Power Technologies Ltd

(CRISIL A+/Positive/CRISIL A1)

Leading manufacturer of Inverters, UPS and batteries in India

France-based Schneider Electric SA acquired 74% in Luminous for Rs. 14 billion in June 2011

Acquisition will enable Luminous to leverage synergies with the parent and diversify into home electrical space

23

Ability to raise funds through multiple avenuesStable capital intensity and healthy capital

structure

Financial risk profile : Gaining strength

24

PVR Ltd PVR Ltd

(CRISIL A+/Stable)

Strong player in film exhibition business

Raised equity of Rs. 1.9 billion over the past three years; this is in addition to its IPO of Rs.1.28 billion in 2005-06

Ability to raise equity during the growth phase has enabled the company to maintain comfortable gearing at less than 0.6 times (over the past 3 years)

PVR Ltd PVR Ltd

(CRISIL A+/Stable)

Strong player in film exhibition business

Raised equity of Rs. 1.9 billion over the past three years; this is in addition to its IPO of Rs.1.28 billion in 2005-06

Ability to raise equity during the growth phase has enabled the company to maintain comfortable gearing at less than 0.6 times (over the past 3 years)

Sharda Motor Industries Limited Sharda Motor Industries Limited

(CRISIL A/Stable/CRISIL A1)

Established auto ancillary player with a strong presence in exhausts and suspension products

Prudently halved its capex during the 2008-09 downturn

Prudent capex management has enabled the company to maintain its capital structure at around 1 time despite steep fall in profitability

Sharda Motor Industries Limited Sharda Motor Industries Limited

(CRISIL A/Stable/CRISIL A1)

Established auto ancillary player with a strong presence in exhausts and suspension products

Prudently halved its capex during the 2008-09 downturn

Prudent capex management has enabled the company to maintain its capital structure at around 1 time despite steep fall in profitability

Ashoka Buildcon LtdAshoka Buildcon Ltd

(CRISIL A+/Stable/CRISIL A1)

Established player in construction business

Raised Rs. 2.25 billion through IPO in October 2010; this accounted for 65% of reported networth as on March 31, 2010

Equity infusion coupled with healthy performance has enabled gearing to improve to 0.52 times as on March 31, 2011 from 1.18 times as on March 31, 2008

Ashoka Buildcon LtdAshoka Buildcon Ltd

(CRISIL A+/Stable/CRISIL A1)

Established player in construction business

Raised Rs. 2.25 billion through IPO in October 2010; this accounted for 65% of reported networth as on March 31, 2010

Equity infusion coupled with healthy performance has enabled gearing to improve to 0.52 times as on March 31, 2011 from 1.18 times as on March 31, 2008

Walchandnagar Industries LtdWalchandnagar Industries Ltd

(CRISIL A+/Positive/CRISIL A1+)

Well established and diversified heavy engineering project execution company

Healthy financial risk profile with gearing of 0.5 times as of March 31, 2011

Prudent capital intensity has enabled the company to maintain gearing that has never exceeded 0.6 times over the past three years

Walchandnagar Industries LtdWalchandnagar Industries Ltd

(CRISIL A+/Positive/CRISIL A1+)

Well established and diversified heavy engineering project execution company

Healthy financial risk profile with gearing of 0.5 times as of March 31, 2011

Prudent capital intensity has enabled the company to maintain gearing that has never exceeded 0.6 times over the past three years

24

Strong group/ parent supportDemonstrated track record

Established management competency with demonstrated track record and strong support

Other subsidiaries of Volkswagen AG in India include Volkswagen Group Sales India Pvt Ltd ( rated CRISIL A+/Positive/CRISIL A1) and Skoda Auto India Pvt Ltd(rated CRISIL A+/Positive).

25

Volkswagen India Pvt Ltd Volkswagen India Pvt Ltd

(CRISIL A+/Positive/CRISIL A1)

Subsidiary of Volkswagen AG, second largest global car player with revenues of Eur 159 billion in 2011

Strong support from parent in all aspects - product development, financial and marketing

Strong parent support has enabled Volkswagen group to achieve 5% market share in the intensely competitive domestic passenger car industry

Volkswagen India Pvt Ltd Volkswagen India Pvt Ltd

(CRISIL A+/Positive/CRISIL A1)

Subsidiary of Volkswagen AG, second largest global car player with revenues of Eur 159 billion in 2011

Strong support from parent in all aspects - product development, financial and marketing

Strong parent support has enabled Volkswagen group to achieve 5% market share in the intensely competitive domestic passenger car industry

Tata Sky Ltd Tata Sky Ltd

(CRISIL A/Stable/CRISIL A1)

Subsidiary of Tata Sons Ltd (‘CRISIL AAA/FAAA/Stable/A1+’)

Enjoys strong operational and financial support from parent – Tata Sons Ltd

Second largest player in Direct-To-Home market; strong support from parent has enabled the company to pursue aggressive growth plans

Tata Sky Ltd Tata Sky Ltd

(CRISIL A/Stable/CRISIL A1)

Subsidiary of Tata Sons Ltd (‘CRISIL AAA/FAAA/Stable/A1+’)

Enjoys strong operational and financial support from parent – Tata Sons Ltd

Second largest player in Direct-To-Home market; strong support from parent has enabled the company to pursue aggressive growth plans

Camlin Ltd Camlin Ltd

(CRISIL A+/Stable/CRISIL A1)

Established player in branded stationery segment

Set up in 1931 by Mr. Digambar Dandekar

In May 2011, Kokuyo & Co – a leading 100-year old Japanese company – acquired majority stake in Camlin from the Dandekar family

Camlin Ltd Camlin Ltd

(CRISIL A+/Stable/CRISIL A1)

Established player in branded stationery segment

Set up in 1931 by Mr. Digambar Dandekar

In May 2011, Kokuyo & Co – a leading 100-year old Japanese company – acquired majority stake in Camlin from the Dandekar family

Lokmat Media Pvt Ltd Lokmat Media Pvt Ltd

(CRISIL A+/Positive/CRISIL A1+)

Established in 1918; one of the oldest publication companies.

Flagship publication ‘Lokmat’ is the sixth largest read daily in India

Enjoys largest readership in Maharashtra

Lokmat Media Pvt Ltd Lokmat Media Pvt Ltd

(CRISIL A+/Positive/CRISIL A1+)

Established in 1918; one of the oldest publication companies.

Flagship publication ‘Lokmat’ is the sixth largest read daily in India

Enjoys largest readership in Maharashtra

25