MIRA INFORM REPORT

Report Date :

15.05.2008

IDENTIFICATION DETAILS

Name :	LIVING MEDIA INDIA LIMITED
Registered Office :	K-9 Block, Connaught Circus, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	09.05.1962
Com. Reg. No.:	55-3714
CIN No.: [Company Identification No.]	U92132DL1962PLC003714
TAN No.: [Tax Deduction & Collection Account No.]	DELL02162G
PAN No.: [Permanent Account No.]	AAACL0087H
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Publishers of Magazines and Books Like “India Today’, ‘Business Today’, ‘Target’, ‘Computers Today’ and Journal of Applied Medicines etc

RATING & COMMENTS

MIRA’s Rating :

Aa

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

Maximum Credit Limit :	USD 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of well known India Today Group having strong presence in media. Financial position is good. Payments are usually correct and as per commitments. The company is doing very well. It can be considered good for any normal business dealings. It can be regarded as a strong business partner on a medium to long – run

LOCATIONS

Registered Office :	K-9 Block, Connaught Circus, New Delhi – 110 001, INDIA
Tel. No.:	91-11-2332 1273 / 332 1323 / 23713405
Fax No.:	91-11-2371 3405/ 23712998
Telex No.:	031-62634
E - mail:	rakesh@intoday.com
Warehouse :	W 18 & 19, Sector 11, Noida, Dist. Ghaziabad, Uttar Pradesh, India
Factory :	q P. O. Box 706, Faridabad – 121 007, Haryana, India Tel. No. 91-129-2285520 (5 Lines) Fax No. 91-129-2284511 Telex . 031-75414 q B-315, Okhla Industrial Area, Phase-I, New Delhi – 110 020, India Tel. No. 91-11-2681 8915 /2681 8920 /2681 2998 / 2688675 Fax No.91-11-2681 8670 Telex. 031-75414
Branches :	q 28-A & B, Jolly Maker Chamber – 11, Nariman Point, Mumbai – 400 021, Maharashtra, India Tel. No. 91-22-2202 6152 Fax No. 91-22-2202 6164 Telex . 011-85373 THOM IN q IInd Floor, 98-A, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamil Nadu, India q 12C Everest, 46-C, Chowringghee Road, Kolkata – 700 071, West Bengal, India q 201/204, Richmond Towers, 12 Rich Mond Road, Bangalore – 560 025, Karnataka, India q Somajiguda, Hyderabad – 500 482, Andhra Pradesh, India Tel. No. 91-842-2211649 / 2211657 Telex 0845-2217 INTO IN q B-315, Okhla Phase – 1, New Delhi – 110 020, India Tel. No. 91-11-2681 8915 /2681 8920 / 2681 2998 / 2681 8675 Fax No. 91-11-2681 8670 Telex 31-75414

DIRECTORS

Name :	Mr. Mehra Anil
Designation :	Managing Director
Address :	B-223, Greater Kailash Part – I, New Delhi – 110 048, India
Date of Birth/Age :	05.09.1944
Other Directorships	· The All India Film Corporation Private Limited, India · Intergrated Database India Limited, India
Date of Appointment:	08.04.1986
Name :	Mrs. Malhotra Neera
Designation :	Director
Address:	M-11, Greater Kailash Part – I, New Delhi – 110 048, India
Date of Birth/Age :	15.06.1955
Date of Appointment:	27.10.1984
Name :	Mr. Ahluwalia Karan
Designation :	Director
Address:	S-366, Panchsheela Park, New Delhi – 110 017, India
Date of Birth/Age :	20.10.1950
Date of Appointment:	13.06.2001

KEY EXECUTIVES

Name :	Mr. A. K. Nair
Designation :	General Manager – Finance
Date of Birth/Age :	61 years
Qualification :	B.Sc. (Eco.) Hons., C.A. (England & Wales)
Experience :	33 years
Previous Employment	Jagajit Industries Limited, India
Name :	Mr. C. V. Vidyalingam
Designation :	General Manager-Sales
Date of Birth/Age :	49 years
Qualification :	B.Sc.
Experience :	28 years
Previous Employment	Eve’s Weekly Limited, India
Name :	Mr. Aroon Purie
Designation :	Chief Editor
Date of Birth/Age :	53 years
Qualification :	B.Sc. (Eco.) University of London, F.C.A. (England & Wales) A.C.S. Associate Member of ICSI
Experience :	29 years
Previous Employment	Thomson Press India Limited, India
Name :	Mr. Dilip Bobb
Designation :	Executive Editor
Date of Birth/Age :	51 years
Qualification :	B.A. (History)
Experience :	28 years
Previous Employment	Duncan Brothers Limited, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Aroon Purie	9,188	4.19
Mrs. Rekha Purie	3,062	1.39
Mr. Fawcett Purie Mandira	6,125	2.80
Ms. Madhu Trehan	6,125	2.80
The All India Investment Corporation Limited	29,225	13.34
Mast. Purie Ankoor	6,125	2.80
World Media Limited	158,150	72.21
Mr. Aroon Purie (HUF)	1,000	0.45
Total:	219000	100.00

Equity Shares Breakup (Percentage of Total Equity):

Sr No.	Category	Percentage
1	Foreign Holdings (Foreign Institutional Investor(s), Foreign Companie(S), Foreign Financial Institution(s), Non Resident Indian(s) Or Overseas Corporate Bodies Or Others	2.80
2	Bodies corporate	85.60
3	Other top fifty (50) shareholders	11.60

BUSINESS DETAILS

Line of Business :

Publishers of Magazines and Books Like “India Today’, ‘Business Today’, ‘Target’, ‘Computers Today’ and Journal of Applied Medicines etc

Products :

· Video News Magazines- ‘Newstrack’,

· Recorded Music Cassettes Etc

Products	ITC Code No.:
Journals & Periodicals	490290.02

Brand Names :

India Today, Business Today, Target, Computers Today, Journal of Applied Medicines.

Exports to :

UK, USA, Middle East and South East Asia

Imports from :

UK, USA and Germany

Terms :

Selling :

Cash, L/C and Credit upto 30 days terms

Purchasing :

Cash, Contract and Credit upto 30 to 60 days terms.

PRODUCTION STATUS AS ON 31.03.2006:-

Particulars	Installed Capacity	Actual Production
Periodicals – Own	NA	58,226,426 Nos.
Video, Audio Cassettes & CDs	NA	434,657 Nos.
Books (Including Diaries, Address Book)	NA	57,210Nos.
Print Sale	451,580,000 Std. Imp.	99,760,000 Std. Imp.

GENERAL INFORMATION

Suppliers :

Thomson Press (India) Limited, Faridabad, Haryana State, India

Customers :

Wholesalers, Manufacturers and Retailers.

No. of Employees :

500

Bankers :

· Canara Bank, Connaught Place, New Delhi – 110 001, India

· ABN Amro Bank NV

Address: Hansalaya Building, 15, Barkhamba Road, New Delhi – 110 001,

Email ID: jaganath@cpspl.net

· UCO Bank, Connaught Place, New Delhi – 110 001.

· State Bank of Tranvancore

3, Bhikaji Cama Place, Ansal Chamber – 1, R. K. Puram, New Delhi – 110 066.

Facilities :

Secured Loan	31.03.2006 Amount (In Millions)
From Banks
Cash Credit: Secured by Hypothecation of raw Materials and Book Debts, both Present & future by way of first charge ranking pari-passu between participating Banks and by Corporate Guarantees given by World Media Private Limited, the holding company to some of the Banks against utilization of Rs. 74.881 Millions (Pervious Year Rs. 150.133 Millions) includes interest accrued and due of Rs. 0.005 Millions (Previous Year Rs. 0.015 Millions.)	124.429
Term Loan
Canara Bank: Secured by Hypothecation of Specific items of Machinery acquired against the loan and by a Corporate Guarantee given by World Media Private Limited, the holding Company Rs. 6.000 Millions repayable with in a year (Previous year Rs. 6.000 Millions)	10.000
Unsecured Loans
Fixed Deposits	31.460
Short Term Loans and Advances
From Bank	0.063
Other Loans and Advances
Term Loan from Canara Bank Repayable with in a year Rs. 100.000 Millions (Previous year NIL.)	100.000
From Others
Repayable with in a year Rs. 20.000 Millions (Previous year NIL.) Repayable on demand Rs. 23.400 Millions (Previous year Rs. 16.580 Millions.)	43.400
Total:	309.352

Banking Relations :	Satisfactory
Auditors :	Price warehouse Chartered Accountant
Address1:	P-1, Adithya Vihar, Saldulajab, Opposite D-Block, Saket Mehrauli Badarpur Raod, New Delhi – 110 030, India.
Address 2:	Building 8, 7^th and 8^th Floor, Tower – B, DLF, Cyber Ctiy, Gurgaon – 122 002, Haryana
Tel. No.:	91-11-41250000
Fax No.:	91-11-41250250
Associates:	· All India Finance & Commerce Private Limited, India · All India Investment Corporation Limited, India · Nodia Security Printers Private Limited · Active Media Technologies Private Limited · Thomson Press India Limited - (62.22%) · Integrated Databases India Limited · The All India Film Corporation Private Limited
Subsidiaries :	· Living Media International Limited · Radio Today Broadcasting (Delhi) Limited · Radio Today Broadcasting (Mumbai) Limited · Radio Today Broadcasting (Kolkata) Limited · TV Today Network Business Limited · Harper Collins Publishers India Limited · World Media International Limited · Universal Learn Today Limited · India Today Online Limited · Radio Today Broadcasting Limited · Thomson Digital (Mauritius) Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity shares	Rs. 10/- each	Rs. 2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65900	Equity shares	Rs. 10/- each	Rs. 0.659 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.659	0.700	0.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		960.805	960.200	807.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		961.464	960.900	807.800
LOAN FUNDS
1] Secured Loans		433.770	198.300	258.600
2] Unsecured Loans		232.105	134.900	61.900
TOTAL BORROWING		665.875	333.200	320.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1627.339	1294.100	1128.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		495.468	416.400	367.500
Capital work-in-progress		4.607	0.000	0.000
INVESTMENT		909.345	349.300	299.900
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	291.007	330.200	198.600
	Sundry Debtors	712.184	494.100	454.200
	Cash & Bank Balances	221.103	480.900	109.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	285.169	693.400	950.800
Total Current Assets		1509.463	1998.600	1712.700
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1208.058	1123.900	976.200
	Provisions	83.486	346.300	275.900
Total Current Liabilities		1291.544	1470.200	1252.100
Net Current Assets		217.919	528.400	460.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.300
TOTAL		1627.339	1294.100	1128.300

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		2821.300	2347.608	2018.003
Other Income		194.000	36.77	156.524
Total Income		3015.300	2384.378	2174.527
Profit/(Loss) Before Tax		28.100	212.321	96.624
Provision for Taxation		26.700	58.555	11.100
Profit/(Loss) After Tax		1.400	153.766	85.524
Export Value		NA	36.770	38.653
Expenditures :
	Raw Material Consumed	674.800	480.713	365.643
	Purchases made for re-sale	0.000	55.805	52.399
	Consumption of stores and spares parts	0.000	0.082	0.497
	Increase / Decrease in Stock	[11.100]	0.000	0.000
	Salaries, Wages, Bonus, etc.	579.300	400.647	335.810
	Managerial Remuneration	0.000	3.996	5.862
	Payment to Auditors	0.000	1.786	1.900
	Interest	57.400	39.680	33.782
	Insurance Expenses	0.000	9.964	6.319
	Power & Fuel	18.000	15.333	15.181
	Depreciation & Amortization	66.000	52.351	52.163
	Other Expenditure	1602.800	1413.794	1247.000
Total Expenditure		2987.200	2474.151	2116.556

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	0.05	6.44	3.93
Net Profit Margin (PBT/Sales)	(%)	1.00	9.04	4.78
Return on Total Assets (PBT/Total Assets}	(%)	1.40	8.79	4.64
Return on Investment (ROI) (PBT/Networth)		0.03	0.22	0.11
Debt Equity Ratio (Total Liability/Networth)		2.03	1.87	1.94
Current Ratio (Current Asset/Current Liability)		1.16	1.35	1.36

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Corporation identity number or foreign company registrations number of the company

U92132DL1962PLC003714

Name of the company

LIVING MEDIA INDAI LIMITED

Address

K-9 Block, Connaught Circus, New Delhi – 110 001

This Form is for

Modification of charge

Type of Charges

· Book debts

· Others

Particular of the charge holder

ABN Amro Bank NV

Address: Hansalaya Building, 15, Barkhamba Road, New Delhi – 110 001,

Email ID: jaganath@cpspl.net

Nature or description of the instrument creating charge

Supplemental facility cum hypothecation agreement

Date of the instrument creating charge

14.03.2007

Amount Secure by the charge

Rs. 30.000 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of interest:

At the interest Rate as negotiated with ABN Amro Bank NV and payable monthly in arrears

Term of repayments;

OD/CC	Repayable on demand
STPLR	Maximum 12 months

Margin:

Stocks of paper and paper in process - 20%

Debtors (advertising and sales not exceeding 120 days) -30%

Extent and operation of charge :

Banks first on a pari passu basis with Canara bank , UCO Bank, state Bank of Tranvancore, The Hongkong and shanghai Banking Corporation Limited, standard Chartered Bank and ICICI Bank Limited, New Delhi

Short P articulars of the Property charged

First hypothecation charge over the stocks of paper, paper in transit and paper in process and book debts (advertising and Sales not exceeding 120 days) of the company on a pari passu with Canara bank, UCO bank, State Bank of Tranvancore, The Hongkong and the Shanghai Banking corporation Limited, standard Chartered Bank and ICICI Bank Limited, New Delhi

Particulars of the present modification

The above charge is to secure total facility of Rs. 50.000 millions (Enhanced from Rs. 30.000 ,millions to Rs. 32.500 millions to Rs. 35.000 millions to Rs. 50.000 millions. Banks first charge on a pari passu basis over stock of paper, paper in transit and paper in process and book debts (advertising and Sales not exceeding 120 days) both present and future stored or ot be stored at the Company Godown or premises or wherever the same may be located, stands increased from Rs. 35.000 millions to Rs. 50.000 millions.

Name of the company	LIVING MEDIA INDIA LIMITED
Presented By	Mr. Anil Mehra , director
1) Date and description of instrument creating the change	Facility cum hypothecation agreement dated 15.03.2003 and registered on 09.04.2003
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 30.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stocks of paper, paper in process and book debts (Advertising and sales) not exceeding 120 days (present and future)
4) Gist of the terms and conditions and extent and operation of the charge.	First charge a pari passu basis with Canara Bank , state bank of Tranvancore , the Hong Kong and Shanghai Banking Corporation UCO Bank, new Delhi
5) Name and Address and description of the person entitled to the charge.	ABN Amro Bank Address: Hamsalaya Building, 15 Barakhamba Road, New Delhi – 110 001
6) Date and brief description of instrument modifying the charge	Supplemental Faciltiy Cum hypothecation agreement dated 18.07.2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The fund based working capital Limit has been increased from Rs. 32.500 millions to Res. 35.000 millions secured by stocks of paper , paper in process and book debts, advertising and sales) not exceeding 120 days (present and future) on a Pari passu with the Canara bank, state bank of Tranvancore, The Hong Kong and the shanghai Banking Corporation limited, standard Chartered Bank, UCO Bank and ICICI Bank, New Delhi

Fixed Assets:

· Land – Free hold

· Building

· Plant & Machinery

· Furniture & Fixtures

· Vehicles etc.

OTHER INFORMATION:

Donations And Contributions
 The Company made donation of Rs.0.025 Million to private trusts and bodies.

In December 1975, subject started a fortnightly English news-magazine, India Today, with a print order of 5,000 copies. Today, with a total readership of 15.9 million across all its editions, India Today is the most widely read magazine in the country and has made Living Media India the largest magazine publisher in the country. The group's success continues with a number of trusted titles in English as well as several Indian languages. Over the last few years, LMI's interests have come to include television programming, music, art and education.

Publications

India Today (English), with a circulation of  4,17,505 (July-Dec 1998, Audit Bureau of Circulation figures) is the highest read publication (Readership 5.9 million, Indian Readership Survey 99) in India in any language. The magazine focuses on politics and current affairs and has a lively back-of-the-book section that reports on art, music, people, sport, books, entertainment and social trends. An experienced and talented team of editors, journalists, photographers and designers at India Today maintains the highest standards of journalism in the country (frequency: weekly). India Today has four language editions: Hindi (circulation figures 2,87,530); Tamil (77,587), Telugu (68,743); Malayalam (80,711). India Today (combined) enjoys a weekly circulation of 9,32,079 and readership of over 15.9 million.

India Today International, launched in April 1982, caters to the Indian community abroad and incorporates special community sections. The North America, UK and Gulf editions are circulated in 109 countries. The North America Special Edition, launched in June 1992, covers USA and Canada. According to a readership survey conducted by Blackstone Market Facts India Private Limited in 1998, 81 percent respondents in the US said the magazine was the best source of news from India. Two out of five respondents have been reading it for over a decade.

Business Today, launched in January 1992, has captured 41 per cent of India's business magazine market, making it the country's largest selling magazine in its segment. It has a circulation of 1,27,378 (ABC figures, Jan-June 98). The magazine focuses on issues related to management, strategic thinking and analysis of business events (frequency: fortnightly).

Computers Today, launched in 1985, is India's highest read Infotech magazine with a readership figure of 5,25,000 (as per NRS 97). In 1998 Computers Today was revamped with a new logo and the frequency was changed to a fortnightly. The magazine covers the latest in the infotech industry and focuses on the trends and future events. It equips readers to stay in touch with the rapidly changing IT world.

Teens Today, launched in 1996, is the only magazine of its kind in India. The magazine, aimed at individualistic and demanding teenagers, keeps them updated on the latest trends in music, fashion, movies, books, sports, careers and everything that teens think about (frequency: monthly).

India Today Plus, launched in 1996 as a leisure and lifestyle magazine, is an authoritative guide to good living. The magazine has an international canvas and concentrates on subjects like exotic holidays, wines, cigars, luxury cruises, golf and tennis in addition to some of the best things that life has to offer. This bi-monthly publication has a circulation of 89,000.

Cosmopolitan, launched in 1996, is published under licence from Hearst Corporation, USA. The Indian edition has created a niche with the modern working woman in metropolitan India. Published monthly, the magazine has a circulation of 78,000 (ABC figures, Jan-June 98). Frequency: monthly

Chartered Accountant, published by Living Media India on behalf of the Institute of Chartered Accountants of India, is subscribed to by every qualified chartered accountant in India. The magazine is available on the newsstand as well (frequency: monthly).

TIME magazine, the world's leading newsmagazine, has been marketed and distributed in India by Living Media India since 1991. It has a circulation of 35,000 copies (frequency: weekly).

Harvard Business Review, brought out by Harvard Business School Publishing, a division of the world's premier business research and management training institution. HBR is marketed and distributed by LMI for the entire India, Nepal and Bhutan region.

Services
Syndications Today is the arm of Living Media India Limited that caters to the content demand of the media, publishers, websites, ad agencies, international databases, authors and researchers. It offers rights to clients to reproduce and redistribute text, photographs and illustrations - content that is generated by the LMI divisions.

Music
Music Today, launched in 1990, has played an important role in reviving public interest in Indian classical music. The music label has been meticulously recording the works of great Maestros of Hindustani music; it has used innovative and strong editorial concepts to offer thematic compilations; has ensured excellence in recording quality; and has encouraged the finest contemporary talent in Indian music.

Music Today's catalogue overflows with a shining galaxy of artistes who have found appeal in markets as diverse as Europe, the Middle East, Australia and USA. In 1997 Music Today signed an agreement with Alam Madina Music Productions, the music label of California-based sarod maestro Ustad Ali Akbar Khan. The result was an album, Legacy, which was nominated for two Grammy Awards.

Music Today also has a tie up with Warner which gives it an exclusive licence to access and market thousands of titles on Warner labels as well as its affiliates in 67 countries.

Humanitarian Assistance

Care Today

Over the last 25 years, India Today gradually realised simple reporting wasn’t enough. Whenever stories of disasters were published, offers for help from readers came flooding in, but there was never an opportunity to properly tap this wellspring of goodwill. On August 1999, the India Today group set up Care Today, a registered society. It’s mandate is simple: use financial contributions from readers of India Today to directly help people who need help, report back on the progress through the pages of the magazine, and now through its website. In less than a year, Care Today has launched three projects: the "Lest we Forget Fund" to rehabilitate 19 soldiers disabled in the Kargil conflict; the "Hope for Orissa Fund" to resettle victims of the 1999 supercylone in Orissa; and the "Fight the Drought Fund", to provide short and long-term help to victims of the 2000 drought.

Television
TV Today Network

The India Today Group's foray into the electronic medium was marked by the incorporation of TV Today Network (TVTN) in 1988. The success story of TVTN started with the launch of the first investigative video newsmagazine titled Newstrack. Since then, there has been an impressive list of programmes, all of which have managed to carve a niche for themselves.

TV Today Network pioneered the first Hindi news and current affairs programme, "Aaj Tak" in the year 1995. Aired at 10.00-p.m. daily on Doordarshan Metro channel, Aaj Tak became increasingly popular for its style and comprehensive coverage. Over 6 million viewers across India have been watching Aaj Tak as a daily habit, placing it way ahead of any other news and current affairs programme in the country. The key to Aaj Tak's popularity is its rapport with its audience. Whether it's been in selection or presentation of news, Aaj Tak has sought to be innovative, energetic and strived for a touch of flair.

The group has also established its credibility in successfully presenting some of the major live events like Union Budget'97 and Election Results Live'98 & 99.

To further the journalistic tradition of the Group and the brand value of its programme Aaj Tak, the group has launched a 24-hour Hindi news & current affairs channel. The prime objective of the channel is in line with the path the Group has followed since inception of TV Today Network. The group believes in creating a totally new

idiom in news television in India, which is completely different from the present fare that tends to be formal, traditional, serious, repetitive and boring. India is a vast and exciting country and we have a channel that captures the very essence of this happening country.

The aim of the channel is to capture the rapid transformation in India in all fields at the fastest pace in the most imaginative, memorable and accurate manner. To achieve the same, the channel has a dynamic team of over 300 professionals. A sizeable number of these are devoted to newsgathering and production across the country . An additional network of stringers further strengthens the channel's objective of providing continuous and timely news coverage round the clock. The newsgathering setup is complemented by state-of-art technology that includes lightweight cameras, on-line editing, newsroom automation & 3D-graphics. All these contribute to the dynamic look & feel of the channel. The channel has a live uplink facility from all the bureaus and OB vans to cover live breaking news.

Ever since its launch as a 24 Hour Channel on December 31,2000, Aaj Tak has been showing an upswing in viewership. According to the latest TAM reports Aaj Tak is all set to take the top slot amongst the news channels, with its prime time viewership overtaking that of Zee news. The audience share of Aaj Tak has gone up from 6% at the time of launch to 37% in little over 2 months as per the TAM report (Week ending March 17th). The share increases to 42% in the Hindi speaking markets. Aaj Tak garners the maximum audience share among news channels during the prime band.

The editorial expertise and network coupled with state-of-art technical infrastructure, has enabled the channel to live up to the viewers' expectation of being the first to deliver news in an impartial & unbiased manner.

Programming
Aaj Tak: On July 17, 1995, TV Today Network pioneered the first Hindi news and current affairs programme - Aaj Tak. Aired at 10.00 p.m. on weekdays on Doordarshan Metro, it has become increasingly popular for its style and comprehensive coverage. On January 14, 1999 Aaj Tak became the only news and current affairs programme by a private producer on Doordarshan to cross the 1000 episode mark. This is a proof of its popularity - a loyal viewer base of over 2 million across 9 Indian cities (AC Nielsen TAM ratings) and way ahead of other news & current affairs programmes.

Subah Aaj Tak: Launched in August 10, 1998, Subah Aaj Tak is telecast at 7.15 am Monday to Friday on DD Metro. This feel good show of 45 minutes, covers a range of issues like business, politics, sports, entertainment and human interest issues. Subah Aaj Tak also features interviews and studio discussions. The programme has already become the viewer’s choice in the morning band, with a viewership of as high as a million across 9 Indian cities (AC Nielsen TAM rating).

Art
Art Today, since its inception in 1994, has become the leading art gallery of the country with a spectacular showspace in the centre of Delhi. It has also held a host of exhibitions covering artists from all over India. These include senior masters like M.F. Hussain, Satish Gujral, Meera Mukherjee, Gogi Saroj Pal, A Ramachandran, Ranbir Kaleka, Ved Nayar, Ravinder Reddy and K.T.Shivaprasad as well as budding talent in the last year of art college from Delhi College of Art, J J School of Art and M S University, Baroda. It has also helped discover lesser-known talents from Bhopal, Indore, Gulbarga, Nagpur, Calcutta and Delhi.

The gallery has also opened stunning shows of two leading Chinese painters from Hong Kong, Victor Lai Ming Hoi and Yan Kwai Wong, sculptor Stephen Cox from UK and painter Paul Broekman from Holland and photographer Antonio Martinelli from France, all of whom travelled and worked in India. Art Today has also, for the first time in India, produced limited edition reproductions of great Indian masters, numbered and signed by the artists.

Book Club

India Today Book Club, the first of its kind in the subcontinent, was launched in April 1999 with the purpose of reaching high-quality books, to the doorsteps of book-lovers at unmatched prices. Each quarter, members receive a free all-colour magazine, Books Today which apart from exclusive articles and interviews, offers an exhaustive range of titles from all over the world, catering to varied interests. From this selection, members can choose the latest fiction, art and reference books, children's reading material and titles on cooking, gardening, fitness, religion and spirituality, information technology and medicine, to name a few. Apart from the convenience of a home delivery service, the Club on an average, offers discounts in the region of 25-60 per cent.

The idea of the Book Club has been extremely well received and it is hoped it will in the times to come, reach the far corners of India, where book-lovers have till now been starved of reading material.

Education
Vasant Valley School opened in 1990 with 200 students and a staff of 16 in New Delhi. By 1998 there were 1000 students and a staff of 105. The school believes that education is a preparation for life and is an enjoyable, interactive and ongoing process that equips students to be thinking, caring and confident young adults.

Vasant Valley is committed to developing constructive citizens who are sensitive, open minded, creative and aware. The school's objective is to define a positive attitude, to help imbibe social and moral values and to encourage original expression. The emphasis here is on learning and not on teaching. In order to realise this vision, Vasant Valley has created an ambiance where children want to learn.

Knowledge is not just imparted but students are trained to experiment, collate information, draw inferences and to arrive at their own conclusions. The longer working day enables the school to implement the Multiple Intelligence Theory. The student's individual interests are further developed in hobby programmes, which offer choices as divergent as carpentry and magic. The success of the school's system lies in careful planning of each lesson in the school year. The school's academic programme is geared not just towards CBSE examinations but goes beyond it.

For example, the English taught to the students upto class 12 goes beyond the parameters prescribed by the text. The school has seen four very successful batches of class 10 results and its first batch of class 12s preparing its first batch of students for the CBSE class 12.

In 1997, we opened a centre for children with special needs, with a multi-disciplinary team of six professionals. The objective was to train them in life skills and integrate them into regular school systems. From July 1999 a course on Main Streaming Education for Special Children is being conducted. The course duration is 9 months.

The Vasant Valley Centre was set up in 1998. The aim was to widen the scope of activities to outside the realm of the school – to the greater pursuit of education and to society at large. A team of qualified professionals have developed a series of workshops, modules and packages focussed on Teacher Development Programmes. Talks and discussions are held regularly to discuss issues of public importance. A set of text books are ready for publishing. These will enhance the learning patterns of primary children. The centre also runs evening classes for coaching for IIT and PMT entrance examinations. Classes for the National Open School are also held regularly.

Printing
Thomson Press has, in the last 30 years of operations, emerged as the largest commercial printer in South Asia. Thomson Press (India) Limited, which is a subsidiary of Living Media India Limited, continues to invest in the latest print technologies and sees some of the most eminent print buyers repose faith in its services and facilities. Its global customers include the best names in the publishing world amongst which are Elsevier, Gordon and Breach, Oxford University Press and Cambridge University Press. In India, the company services the demanding quality requirements of the India Today group, Reader's Digest and a host of major advertising agencies and corporate houses.

The company's range of services extend from scientific photo typesetting and digital imaging in the pre-press area to circulation management. The product range covers virtually all commercial print requirements on paper and board, from lottery tickets to bank instruments, calendars, diaries, books, corporate brochures, posters, folders, leaflets, magazines and photo typeset and colour separated films. This impressive range of services and products cover creative designing, copy and subject editing, complex scientific and mathematical photo typesetting, high quality scanning and image manipulation, sheet fed offset printing, heatset and coldset web offset printing and automated binding and finishing.

Reliable and state-of-the-art technologies and equipment developed by Scitex, Linotype-Hell, Roland, Mitsubishi, Harris, Muller Martini, Stahl, Camco, Brehmer and Shoei, Yoshino Rotor and Kolbus are used at Thomson Press to meet the print and finishing demands of clients. The company also runs a Training School for young aspiring printers. The four year programme has been meticulously developed to impart international standards of education in print technologies.

Others
Integrated Databases India Limited (IDIL) is a joint venture company promoted by the Living Media India group and SingTel Yellow Pages Pte Limited, a wholly owned subsidiary of Singapore Telecom. The company started its operation in 1993 and has offices at Delhi, Mumbai, Bangalore and Chennai. It is uniquely positioned to provide the state of the art directories in print and electronic medium, management of database information and direct marketing/sales. IDIL employs over 200 people.

It publishes two products 'Commercial & Industrial Guide and The Automobile Owner's Guide (TAG). Commercial & Industrial Guide is catering to the business needs of industries and has a circulation of over 2,40,000 in the cities and surrounding areas of Delhi, Mumbai, Chennai and Bangalore. TAG is in the third year of its publication and distributes 1,40,000 copies primarily in the cities of Mumbai & Delhi. The product is targeted at the automobile owner and provides information on selecting a new car, accessories, car repair and car maintenance. The Company hopes to bring out new niche directories to cater to the infrastructure industries.

India Today Group Online is the web enabler for Living Media India Limited. Rated among the top Indian websites, it is the only platform offering round the clock news updates along with reports over audio and video. While the group magazines are put up on this website, it also showcases the group's music titles and art collection.

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 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.42.33
UK Pound	1	Rs.82.31
Euro	1	Rs.65.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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