MIRA INFORM REPORT

Report Date :

30.04.2007

IDENTIFICATION DETAILS

Name :	JAGRAN PRAKASHAN LIMITED
Registered Office :	Jagran Building 2, Sarvodya Nagar, Kanpur;208005, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	18.07.1975
Com. Reg. No.:	004147
CIN No.: [Company Identification No.]	L22219UP1975PLC004147
TAN No.: [Tax Deduction & Collection Account No.]	KNPJ01318C
PAN No.: [Permanent Account No.]	AAACJ3404A
Legal Form :	A closely held public limited liability company.Company’S shares are listed on the stock exchage.s
Line of Business :	Subject is engaged in printing and publishing of Hindi daily newspapers, books, periodicals, journals, magazines, pamphlets and other literary works.

RATING & COMMENTS

MIRA’s Rating :

A

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 19000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Jagran Building, 2 Sarvodaya Nagar, Kanpur-208 005
Tel. No.:	91-512-2216161-64
Mobile No.:
Fax No.:	91-512-2216972
E-Mail :	amitjaiswal@jagran.com jagran@lw1.vsnl.net.in jpl@jagran.com jpk@jagran.com
Website :	www.jagran.com
Area :	15000 sq. yds
Location :	owned
Printing centres at :	Meerut, Varanasi, Jalandhar, Jaipur, Agra, Bareily, Delhi, Noida, Kanpur and Lucknow
Business Representative at:	Kolkata, Bangalore, Hyderabad and Pune.
Branches :	Located at: Allahabad, Jalandhar, Jaipur, Agra, Bareily, Delhi, Noida, Kanpur and Lucknow

DIRECTORS

Name :	Mr. Mahendra Mohan Gupta
Designation :	Chairman and Managing Director
Date of Birth/Age :	65 Years
Qualification :	B.com
Experience :	45 Years
Name :	Mr. Sanjay Gupta
Designation :	Whole Time Director and CEO
Date of Birth/Age :	43 Years
Qualification :	B.Sc
Experience :	23 Years
Name :	Mr. Dhirendra Mohan Gupta
Designation :	Whole Tisme Director
Date of Birth/Age :	62 years
Qualification :	B.A
Experience :	40 Years
Name :	Mr. Sunil Gupta
Designation :	Whole Time Director
Date of Birth/Age :	44 Years
Qualification :	M.com
Experience :	24 Years
Name :	Mr. Shailesh Gupta
Designation :	Whole Time Director
Name :	Sir Anthony J. F. 0' Reilly
Designation :	Director
Name :	Mr. Gavin K. O'Reilly
Designation :	Director
Name :	Mr. Anuj Puri
Designation :	Director
Name :	Mr. Bharatji Agrawal
Designation :	Director
Name :	Mr. Kishore Biyani
Designation :	Director
Name :	Mr. Naresh Mohan
Designation :	Director
Name :	Mr. Rashid Mirza
Designation :	Director
Name :	Mr. Vijay Tandon
Designation :	Director
Name :	Mr. Vikram Bakshi
Designation :	Director
Audit Committee:
Name :	Mr. Vijay Tandon
Designation :	Chairman
Name :	Mr. Gavin K. O'Reilly
Designation :	Director
Name :	Mr. Kishore Biyani
Designation :	Director
Name :	Mr. Naresh Mohan
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Amit Jaiswal
Designation :	Company Secretary

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters and Promoters Group including persons acting in concert.	40156077	80.00
Mutual Funds & UTI	3388927	6.75
Banks, Financial Institutions, Insurance Companies, Central/ State Gov. Institutions/ Non-governmental Institutions, Venture Capital	901591	1.80
Foreign Institutional Investors (Flls)	1032094	2.06
Private Corporate Bodies	994752	1.98
Indian Public	3534810	7.04
NRIs/OCBs	14189	0.03
Clearing Members	172657	0.34

BUSINESS DETAILS

Line of Business :

Subject is engaged in printing and publishing of Hindi daily newspapers, books, periodicals, journals, magazines, pamphlets and other literary works.

Products :

Production Description	Item code No:
News Papers	490210-01
Periodicals	490290-02

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Newspaper	Copies	--	1257000 Per Hours	900.038
Supplementary			1070000 Per Hours	7.539
Magazines	Copies	--		0.595
Others				--

GENERAL INFORMATION

No. of Employees :

2700

Bankers :

Central Bank of India

Bank of Baroda

ICICI Bank Limited

Allahabad Bank

State Bank of India

Union Bank of India

Oriental Bank of Commerce

Facilities :

Secured loan	As on 31.03.2006 (Rs in Millions)
(A) DEBENTURES:-
7.25% Redeemable Cumulative Non Convertible
Debenture	150.000
B) WORKING CAPITAL FACILITIES:-
i Cash-Credit	494.339
ii Commercial Paper	100.000
(C)TERMLOANS:-
From Banks	418.102

NOTES:-

1 Debentures have tenure of five years, redeemable in three yearly instalments of 30%,30%,40% with Call/ Put option. The redemption has to commence and/or Cali/Putoption is exercisable after expiry of three years from the date of allotment i.e. 14.07.2004.

2 Debentures, Working Capital Facilities and Term Loans are secured by first charge ranking pari-passu between the Debenture Trustees, Central Bank of India, Bank of Baroda andCooperative Centrale Raiffeisen Boernleen Bank, B. A.

a) by way of Hypothecation of all movable assets including fixed assets,

stocks, book debts and other receivables both present and future.

b) by way of equitable mortgage of company's immovable properties,

both present and future.

3 Term Loan includes Rupee Term Loan from BOB for Rs.216.232 Millions

(Previous year FCNR B Loan Rs. 331.656Millions) and ECB Loan of Rs. 201.870 Millions (Previous year Rs.197.910 Millions).

4 Working Capital facilities from Central Bank of India and Term Loan from Bank

of Baroda are further secured by personal guarantees and equitable mortgage

of some of the propertiesof some of the directors and their relatives.

5 Amount payable with in a year Rs.192.290 Millions (previous year Rs. 125.000

Millions)

Unsecured loan	As on 31.03.2006 (Rs in Millions)
From Bank (due within a year NIL, Previous Year Rs.200.000 Millions)	0.00
From bodies corporate	0.00

Banking Relations :	Satisfactory
Auditors :
Name :	M/s J'. N. Sharma & Co., Chartered Accountants
Address :	58/4, Birhana Road, Post Box No. 389, Kanpur208001
Associates/Subsidiaries :	Subsidiaries: a) Jagmini Micro Knit Private Limited b) Classic Hosiery Private Limited c) Shakumbari Sugar and Allied Industries Limited d) Lakshmi Consultants Private Limited e) P.C. Overseas Private Limited f) Shri Puran Multimedia Limited (previously known as Shri Puran Finance & Leasing Limited) g) Kanchan Properties Limited h) Jagran Subscriptions Private Limited i) Om Multimedia Private Limited j) Jagran TV Private Limited k) B.K. Fincap Private Limited I) SPFL Securities Limited m) Rave Entertainment Private Limited n) Rave @ Moti Entertainment Private Limited o) Leet E-Sport Private Limited p) Jagran Investment Co. Associates: a) Jagran Limited b) Jagran Infotech Limited c) Jagran Publications Private Limited d) Jagran Prakashan (MPC) Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs,.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50195097	Equtiy Shares	Rs. 10/- each	Rs.501.950 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		501.950	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4365.360	586.690	680.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4867.310	686.690	780.700
LOAN FUNDS
1] Secured Loans		1162.441	1075.191	926.200
2] Unsecured Loans		0.000	223.117	43.100
TOTAL BORROWING		1162.441	1298.308	969.300
Deffered Credits		2.472	5.324	0.000
DEFERRED TAX LIABILITIES		368.200	284.000	0.000
TOTAL		6400.423	2274.322	1750.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1357.490	1062.337	950.900
Capital work-in-progress		240.532	192.684	136.300
INVESTMENT		1779.979	6.555	7.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	245.806	367.712	174.100
	Sundry Debtors	999.385	770.314	820.100
	Cash & Bank Balances	1745.590	112.734	115.700
	Other Current Assets	20.443	0.461	0.000
	Loans & Advances	327.855	159.376	124.400
Total Current Assets		3339.079	1410.597	1234.300
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	296.696	265.300	564.400
	Provisions	21.561	132.551	14.300
Total Current Liabilities		318.257	397.851	578.700
Net Current Assets		3020.822	1012.746	655.600
MISCELLANEOUS EXPENSES		1.600	0.000	0.200
TOTAL		6400.423	2274.322	1750.000

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		4781.629	3763.659	3096.700
Other Income		53.494	10.115	41.300
Increase /Decrease in sTocks		0.193	0.944	0.000
Total Income		4835.123	3774.718	3138.000
Profit/(Loss) Before Tax		457.700	19.900	224.100
Provision for Taxation		140.700	7.600	70.500
Profit/(Loss) After Tax		317.000	12.300	153.600
Imports :
	Raw Materials	742.271	1280.451	0.000
	Stores & Spares	806.100	644.300	0.000
	Capital Goods	36.607	9.167	0.000
Total Imports		1584.978	1933.918	0.000
Expenditures :
	Manufacturing Expenses	405.983	335.820	0.000
	Administrative Expenses	695.840	546.836	0.000
	Raw Material Consumed	2401.547	2172.962	0.000
	Raw Materials	0.000	0.000	1507.700
	Excise Duty	0.000	0.000	00.000
	Power & Fuel Cost	0.000	0.000	00.000
	Other Manufacturing Expenses	0.000	0.000	390.300
	Employee Cost	0.000	0.000	366.500
	Selling and Administration Expenses	0.000	0.000	242.000
	Miscellaneous Expenses	0.000	0.000	192.600
		0.000	0.000	0.000
	Payment to and Provison for Employees	566.910	449.808	0.000
Total Expenditure		4070.28	3505.426	2699.100

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2006	30.09.2006	31.12.2006
Type	1st Qtr	2nd Qtr	3rd Qtr
Sales Turnover	1366.800	1417.200	1561.300
Other Income	57.200	51.600	73.300
Total Income	1424.000	1468.800	1634.600
Total Expenditure	1022.500	1126.500	1291.000
Operating Profit	401.500	342.300	343.600
Interest	17.200	19.700	16.300
Gross Profit	384.300	322.600	327.300
Depreciation	47.900	56.300	58.300
Tax	107.400	90.900	92.000
Reported PAT	229.000	175.400	177.000

200606 Quarter 1 --------------- NOTES: 1.The above unaudited financial results were reviewed by the audit committee and taken on record by the Board of Directors at their meeting held on July 29 2006. 2.The company is primarily engaged in the business of Printing and Publishing Newspaper and Periodicals and there are no other reportable segments as per Accounting Standard 17 on Segment Reporting. 3.There is no qualificaition of auditors except the one regarding non-amortisation of the value of title 'Dainik Jagran' which in the opinion of management is not required to be amortised in view of its life being infinite and residual value being much higher than its cost. 4.No of investor complaints/queries outstanding at the beginning of the quarter was 11, no of complaints/queries received and disposed off during the quarter were 490 and 495 respectively and outstanding no. of complaints/queries at the end of the quarter was 6. 5.Utilisation of IPO Proceeds: Out of unspent amount of Rs.3014.600 Millions an amount of Rs.111.200 Millions has been spend in terms of th objects of the issue amount of Rs.27.100 Millions has been deposited as refundable security with BSE and remaining balance Rs.2876.300 Millions is temproraily invested as indicated in the prospectus. 6.The Board has recommended issue of one Bonus Share for every fixe existing Equity Shares.

200609 Quarter 2 --------------- Notes Expenditure Includes (Increase)/Decrease in stock in Trade Rs 0.051 million Consumption of Raw Material Rs 571.737 million Staff Cost Rs 165.417 million Other expenditure Rs 389.324 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter 06 Complaints Received during the quarter 93 Complaints disposed off during the quarter 95 Complaints unresolved at the end of the quarter 04 1. The above unaudited financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on October 30, 2006. 2. The Company is primarily engaged in the business of Printing and Publishing Newspaper and Periodicals and there are no other reportable segments as per Accounting Standard 17 on Segment Reporting. 3. There is no qualification of Auditors except the one regarding non-amortization of the value of title 'Dainik Jagran' which in the opinion of management is not required to be amortized in view of its life being infinite and residual value being much higher than its cost. 4. Utilisation of IPO Proceeds: Out of unspent amount of Rs 2903.40 million, an amount of Rs 134.90 million has been spent in terms of the Objects of the issue and remaining balance Rs 2768.50 million is temporarily invested as indicated in the Prospectus. 5. The shareholders approved the issue of Bonus Shares, in the ratio of one new equity share of Rs 10/- each for every five existing equity shares of Rs 10/- each at the Annual General Meeting held on September 29, 2006. Since Bonus Issue shall be effected after the record date i.e. November 03, 2006, EPS has been worked out without considering this isue.

200612 Quarter 3 --------------- Notes Expenditure Includes (Increase)/Decrease in stock in Trade Rs (3.286) million Consumption of Raw Material Rs 640.260 million Staff Cost Rs 178.366 million Other expenditure Rs 475.704 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter 04 Complaints Received during the quarter 44 Complaints disposed off during the quarter 45 Complaints unresolved at the end of the quarter 03 1. The above unaudited financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on January 30, 2007. These are subject to limited review by the Statutory Auditors. 2. The Company is primarily engaged in the business of Printing and Publishing Newspaper and Periodicals and there are no other reportable segments as per Accounting Standard 17 on Segment Reporting. 3. There is no qualification of Auditors except the one regarding non-amortization of the value of title 'Dainik Jagran' which in the opinion of management is not required to be amortized in view of its life being infinite and residual value beig much higher than its cost. However, the Company has sought opinion from Expert Advisory Committee of ICAI, which is awaited. 4. Utilisation of IPO Proceeds: Out of unspent amount of Rs 2768.50 million, an amount of Rs 412.00 million has been spent in terms of the objects of the issue and remaining balance Rs 2356.50 million is temporarily invested as indicated in the Prospectus. 5. Pursuant to the approval of the shareholders at Annual General Meeting held on September 9, 2006, the Company has allotted 1,00,39,020 Bonus Shares of Rs 10 each in the ratio of 1:5 on November 09, 2006. Consequently, Earning Per Share (EPS) has been calculated and adjusted for the past periods as well in terms of Accountin Standard _ 20 issued by ICAI. 6. An interim dividend of Rs 7.5 per equity share of face value of Rs 10 each has been declared for the financial year 2006-07 at the above board meeting. 7. Figures are re-grouped/re-cast, wherever necessary to make them comparable.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt-Equity Ratio	0.44	1.55	1.21
Long Term Debt-Equity Ratio	0.27	1.28	1.21
Current Ratio	1.98	1.59	2.04
TURNOVER RATIOS
Fixed Assets	2.23	2.15	2.09
Inventory	15.59	13.89	22.06
Debtors	5.40	4.73	4.21
Interest Cover Ratio	5.86	1.25	4.40
Operating Profit Margin(%)	15.75	7.33	14.17
Profit Before Interest And Tax Margin(%)	11.54	2.66	9.36
Cash Profit Margin(%)	10.84	5.00	9.77
Adjusted Net Profit Margin(%)	6.63	0.33	4.96
Return On Capital Employed(%)	13.76	5.36	18.65
Return On Net Worth(%)	11.41	1.68	21.79

STOCK PRICES

Face Value	Rs.10.00
High	Rs.430.00
Low	Rs.418.00

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS:

During the year under review their Company recorded an increase in total revenue of 28.10%, which was contributed by the increases in all revenue streams including advertisement revenue, which increased by 31.52% and circulation revenue which increased by 17.02% compared with the previous year as detailed in Management

Discussion and Analysis Report forming part of Annual Report.

As a result of growth in total revenue, EBIDTA, PBT and PAT have recorded manifold growth from the previous year. In relation to total revenue, EBIDTA increased from 7.13% to 15.82%, PBT increased from 0.53% to 9.47% and PAT increased from 0.33% to 6.56%. Networth of the Company after Foreign Direct Investment and Initial Public Offer has increased from Rs. 685.700 Millions as at 31.03.2005 to Rs. 4865.700 Millions as at 31.03.2006

FOREIGN DIRECT INVESTMENT:

Independent News & Media PLC, a Company based in Ireland and listed on London and Dublin Stock Exchanges

through its Wholly Owned Subsidiary, Independent News & Media Investments Limited (INMIL) has invested in the Equity to the extent of 26 % of their pre-issue capital pursuant to approval accorded by Ministry of Information and Broadcasting, Government of India. They are their strategic partners. Subsequent to Initial Public Offer (IPO), their shareholding is diluted to 20.8% of their Equity Share Capital.

CHANGE IN SHARE CAPITAL:

The Company's capital comprises 'of Equity shares of the face value of Rs.10/- each. The Authorised Share Capital of the Company was increased from Rs. 15,0.000 Millions to Rs.550.000 Millions Paid-up Equity Share Capital increased from Rs. 100.000 Millions to Rs.123.500 Millions on Foreign Direct Investment on subscription of 23,55,716 equity shares, then from Rs. 123.500 Millions to Rs. 401.500 Millions on issue of fully paid bonus shares (in the ratio of 2.25 new equity share for every one existing equity shares held); and then from Rs. 401.500 Millions to Rs. 501.900 Millions on allotment pursuant to IPO of 1,00,39,020 equity shares during the year.

Overview-Financial Year 2005-06:

The year 2005-06 was eventful. During the year, long awaited strategic partnership with Independent News & Media PLC (INM), a reputed media house of Europe publishing 175 titles of newspaper and magazines across four continents and 21 countries of the world, materialized. They believe that JPL is the first print media Company having an overseas strategic partner. In this year only, the value of Company was unlocked through the process of IPO and the Company moved from a closely held Company to a regime of Corporate Governance.

National Readership Survey (NRS) 2005, which was done after a gap of a few years, also acknowledged for the first time "Dainik Jagran" as No.1 newspaper of the country whereas Indian Readership Survey (IRS) continued to reaffirm the number one status of "Dainik Jagran" sixth time in a row. After NRS 2005, "Dainik Jagran" became first newspaper in the history of the Country to cross the 20 million thresholds.

To consolidate the position further in existing footprint area, three new editions viz. Muzzafarpur, Jammu and Dharamshala were launched during the year under report.

"Dainik Jagran" within a period of about 6 years from the entry into Punjab became number one newspaper for the first time in three crucial towns (viz. Jallandhar, Ludhiana and Amritsar) of the state in terms of readership (Source: IRS 2006 Round I.)

The year was also marked by more than expected performance registering a top line growth of over 28% and a complete turn around of bottom line as compared to the previous financial year. The largest contribution in growth was of advertisement revenue, which grew by about 32% as against overall industry's growth rate of approx 15% in the calendar year 2005. As per Pitch Madison Survey, this growth in advertisement revenue was far in excess of growth achieved by any English newspaper or any other competitor.

Given the expected growth in Indian economy, trend of growth achieved by the Company in the past, high potential for organic as well as inorganic growth in the industry, Company's initiatives in non-newsprint based activities and future plans, they expect that the growth of 20% in top line is sustainable in medium term.

Industry Structure:

The structure of the Indian print media industry is highly fragmented, with over 6500 daily newspapers. The Indian print media and its advertising clients use two indicators to evaluate the reach of a newspaper: circulation and readership. Circulation is "Net Paid Sales" of a publication as per ABC certificate. Readership consists of respondents who have read or looked at a publication in its periodicity (i.e., yesterday for a daily, in the last seven days for a weekly, in the last two weeks for a fortnightly and in the last month for a monthly).

Set forth below is a table showing a breakdown of the print media industry by total number of readers and the percentage of the population who are readers as per IRS 2006, Round 1.

	Urban and Rural		Urban		Rural
Base Population		%		%		%
Any Publication	184.37	23.50%	99.88	41.63%	84.49	15.51%
Any Daily	170.57	21.74%	93.90	39.14%	76.66	14.08%
Any Hindi Daily	62.80	8.00%	35.70	14.88%	27.10	4.98%
Any English Daily	17.45	2.22%	15.92	6.64%	1.53	0.28%
Any Magazine	57.42	7.32%	32.73	13.64%	24.69	4.53%

These figures indicate that a higher percentage of the population in the urban areas read any print media than their rural counterparts. The overwhelming majority (about 91%) of English-language newspaper readers are located in the urban area while the number of readers of Hindi-language and other Indian-languages newspapers are more evenly distributed between the urban and rural areas. The figures also show that a much lower percentage of rural residents are readers of print media in general which indicate potential.

(I) Media penetration In India:

As per IRS 2006 Round I data, the print media penetration in Urban as well as rural India is higher, percentagewise, among people in the upper socio-economic classes compared with those In the lower socio-economic classes. However, due to the sheer number of people who fall into the lower socio-economic classes, the number of readers in the lower socio-economic classes still outnumbers those in the upper socio-economic classes on an absolute basis, which indicates that there is plenty of potential for growth in readership numbers.

(ii) India Ad-spend:

Print accounted for the largest share of ad-spend in 2005 with 47.8%, followed by the television (42%) outdoor

advertising (8.7%), radio (1.7%), cinema advertising (0.30%) and Internet (0.90%). The total ad-spend in 2005

was estimated to be Rs. 119.15 billion, a 15.1% increase compared with 2004. Print media ad-spend increased

by 14.9% in 2005 (Source Pitch-Madison Survey). The volume of advertisements in Hindi newspapers is increasing at a faster rate than the volume of advertisements in English newspapers. The table below sets forth the English newspapers' space and the Hindi newspapers' space of the Indian newspaper advertisement market and the percentage increase in total volume for each in fiscal 2006. The table also shows that total space published in Hindi newspapers is over 81% of the total space published in English newspaper in 2006, which figure was 76% in 2005. However, due to higher rate per column centimeter inspite of lesser penetration, English newspapers continue to attract the highest advertising revenues, followed by Hindi- and other Indian-language newspapers.

	Space of Advertisements by Column Centimeters Published in Financial 2006	Space of Advertisements by Column Centimeters Published in Financial 2005	Growth in advertisements by Column Centimeters Published in Financial 2006 Compared with Financial 2005
English Newspapers	44002141	42298599	4%
Hindi Newspapers	35874720	32232267	11%

1. Strong National Brand:

Continued Number One position in terms of readership for past 6 successive rounds of IRS and constantly

increasing gap from the closest competitor (Source: IRS).

First publication in the history of country to cross mark of 20 million readers (Source NRS 2005).

Number one newspaper in terms of readership in almost all IRS categories considered important by the

advertisers.

Highest circulation among all daily newspapers (Source: ABC certified figures for July-December 2005).

The most credible newspaper brand in the country (Source: Globscan Survey commissioned by BBC and

Reuters made public in May 2006)

"Dainik Jagran" becoming one of the "SUPER BRANDS" of the country.

Fixed Assets

Land (Freehold)

Land (Leasehold)

Buildings

Plant And

Machinery"

Computers

Furniture

And Fixture

Vehicles

The company is in trade terms with :

Ministry of Publications, Government of India

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 records 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 records 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.40.91
UK Pound	1	Rs81.46
Euro	1	Rs.55.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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