1. Summary Information

		Country	India
Company Name	METROPOLITAN MEDIA COMPANY LIMITED	Principal Name 1	Mr. Sanjeev Vohra
Status	Moderate	Principal Name 2	Mr. Benoy Roychowdhury
		Registration #	55-153618
Street Address	10, Daryaganj, New Delhi- 110002, Delhi
Established Date	12.09.2006	SIC Code		--
Telephone#	91-11-42512153	Business Style 1		Printing
Fax #	91-11-41508666	Business Style 2		Publication
Homepage	--	Product Name 1		Newspapers
# of employees	--	Product Name 2		Periodicals
Paid-up capital	Rs.55,900,000/-	Product Name 3		--
Shareholders	Bodies corporate – 100%	Banking		Not Available
Public Limited Corp.	NO	Business Period		5 Years
IPO	NO	International Ins.		--
Public Enterprise	NO	Rating		Ca (11)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	34,399,000	Current Liabilities	51,355,000
Inventories	16,000	Long-term Liabilities	0,000
Fixed Assets	10,377,000	Other Liabilities	0,000
Deferred Assets	78,469,000	Total Liabilities	51,355,000
Invest& other Assets	0,000	Retained Earnings	494,100,000
		Net Worth	71,906,000
Total Assets	123,261,000	Total Liab. & Equity	123,261,000
Total Assets (Previous Year)	126,975,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	0,000	Net Profit	(3,408,000)
Sales(Previous yr)	5,695,000	Net Profit(Prev.yr)	(6,995,000)

MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	METROPOLITAN MEDIA COMPANY LIMITED (w.e.f. 25.10.2011)
Formerly Known As :	METROPOLITAN MEDIA COMPANY PRIVATE LIMITED
Registered Office :	10, Daryaganj, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.09.2006
Com. Reg. No.:	55-153618
Capital Investment / Paid-up Capital :	Rs.55.900 Millions
CIN No.: [Company Identification No.]	U22121DL2006PLC153618
TAN No.: [Tax Deduction & Collection Account No.]	DELM13915G
PAN No.: [Permanent Account No.]	AAECM7899Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of Printing and Publication of Newspapers and Periodicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No Business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As per available details there is no business activity in the year 2010-11. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	10, Daryaganj, New Delhi- 110002, India
Tel. No.:	91-11-42512153
Fax No.:	91-11-41508666
E-Mail :	bhavyaa.kedia@timesgroup.com sidhant.khosla@timesgroup.com
Corporate Office:	1^st Floor, Express Building, 9-10, Bahadurshah Zafar Marg, New Delhi- 110002, India.
Tel. No.:	91-11-42512257
Fax No.:	91-11-41508666

DIRECTORS

As on 15.07.2011

Name :

Mr. Sidhant Khosala

Designation :

Director

Address :

1901 B, Beverly Park 2, Gurgaon- Mehrauli Road, DLF city, Phase- 2, Gurgaon- 122002, Haryana, India.

Date of Birth/Age :

06.12.1957

Date of Appointment :

16.10.2006

DIN No.:

00799885

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U22121DL2006PLC153618	Metropolitan Media Company Limited	Director	20/07/2007	16/10/2006	-	Active	NO
U74899DL1994PLC144062	Fourth Estate Limited	Director	31/07/2007	21/06/2007	-	Active	NO
U51109DL1994PLC158456	Matrix Merchandise Limited	Director	25/07/2008	17/07/2007	-	Active	NO
L70109DL1980PLC169318	Camac Commericial Company Limited	Director	28/07/2009	20/10/2008	-	Active	NO
U99999DL1984PLC163934	T. M. Investments Limited	Director	14/07/2009	5/11/2008	-	Active	NO
U80302DL1984NPL019475	Times Centre for Media and Management Studies	Director	4/01/2010	4/01/2010	-	Active	NO
U80904DL2010NPL200262	Times School of Marketing and Management	Director	16/03/2010	16/03/2010	-	Active	NO
U80900DL2010NPL200366	Times School of Journalism	Director	18/03/2010	18/03/2010	-	Active	NO
U74899DL2000PLC103722	Optimal Media Solutions Limited	Director	22/06/2010	31/03/2010	-	Amalgamated	NO
U70101DL2010PLC201847	Nandavrat Properties and Developers Limited	Director	22/04/2010	22/04/2010	-	Active	NO
U92100DL2005PLC173555	Times Business Solutions Limited	Director	30/06/2011	23/07/2010	-	Active	NO
U92200DL1959NPL003169	United News of India	Additional director	28/10/2011	1/10/2010	-	Active	NO

Name :

Mr. Sanjeev Vohra

Designation :

Director

Address :

S- 181, Greater Kailash Part- 1, New Delhi- 110048, India

Date of Birth/Age :

01.11.1958

Date of Appointment :

16.10.2006

DIN No.:

00811621

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U22121DL2006PLC153618	Metropolitan Media Company Limited	Director	20/07/2007	16/10/2006	-	Active	NO

Name :

Mr. Benoy Roychowdhury

Designation :

Director

Address :

1603 B, Beverly Park 2, DLF city, Phase- 2, Gurgaon- 122002, Haryana, India.

Date of Birth/Age :

17.09.1960

Date of Appointment :

04.12.2006

DIN No.:

00816822

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U22121DL2006PLC153618	Metropolitan Media Company Limited	Director	20/07/2007	4/12/2006	19/08/2011	Active	NO
L21090BR1918PLC000013	Hindustan Media Ventures Limited	Whole-time director	4/06/2010	6/01/2010	-	Active	NO
U99999DL1951PLC002023	The Indian Newspaper Society	Director	9/12/2010	9/12/2010	-	Active	NO
U91200MH1985GAP037820	The Advertising Standards Council of India	Director	1/02/2011	1/02/2011	-	Active	NO

Name :

Mr. Piyush Kumar Gupta

Designation :

Director

Address :

G – 124, Ashok Vihar Phase – I, New Delhi – 110052, India

Date of Birth/Age :

08.12.1969

Date of Appointment :

19.08.2010

DIN No.:

03155591

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U22121DL2006PLC153618	Metropolitan Media Company Limited	Director	15/07/2011	19/08/2010	19/08/2011	Active	NO
U92131DL2005PLC142194	HT Music and Entertainment Company Limited	Additional director	31/10/2011	31/10/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2011

Names of Shareholders	No. of Shares
Bennett Coleman and Company Limited, India	2794800
HT Media Limited, India	2795000
Mr. Gopal Mohan Jointly with Bennett Coleman and Company Limited, India	100
Mr. Ashok Talwar Jointly with Bennett Coleman and Company Limited, India	100
Total	5590000

Equity Share Break up (Percentage of Total Equity)

As on 15.07.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Printing and Publication of Newspapers and Periodicals.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO
Printing/ Publication of Newspaper	490210.01

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	2009-10
Actual Production	Pages	59284848
Actual Production	Copies	3705303

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	K N Gutgutia and Company Chartered Accountants
Address :	11K and 11B, Gopala Tower, 25, Rajendra Place, New Delhi- 110008, India.
PAN.:	AACFK6448G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5590000	Equity Shares	Rs.10/- each	Rs.55.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		55.900	55.900	55.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		494.100	494.100	494.100
4] (Accumulated Losses)		(478.094)	(474.686)	(467.691)
NETWORTH		71.906	75.314	82.309
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		71.906	75.314	82.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.377	13.638	19.179
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		78.469	78.469	78.469
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.016	0.157	1.026
	Sundry Debtors	16.872	16.726	40.111
	Cash & Bank Balances	14.590	14.910	37.314
	Other Current Assets	2.197	2.197	2.017
	Loans & Advances	0.740	0.878	1.616
Total Current Assets		34.415	34.868	82.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	51.355	51.661	95.996
	Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	1.427
Total Current Liabilities		51.355	51.661	97.423
Net Current Assets		(16.940)	(16.793)	(15.339)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		71.906	75.314	82.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	5.695	186.631
		Other Income	0.005	13.668	1.137
		TOTAL	0.005	19.363	187.768
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Other Expenses
		Financial Expenses
		Depreciation
		TOTAL	3.413	26.358	500.049
	PROFIT/ (LOSS) BEFORE TAX		(3.408)	(6.995)	(312.281)
Less	TAX		0.000	0.000	(0.635)
	PROFIT AFTER TAX		(3.408)	(6.995)	(312.916)
	Earnings/ (Loss) Per Share (Rs.)		(0.61)	(1.25)	(195.46)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	(36.12)	(166.65)
Net Profit Margin (PBT/Sales)	(%)	0.00	(122.82)	(167.32)
Return on Total Assets (PBT/Total Assets}	(%)	(7.61)	(14.42)	(8132.32)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.09)	(3.79)
Debt Equity Ratio (Total Liability/Networth)		0.71	0.68	1.18
Current Ratio (Current Asset/Current Liability)		0.67	0.67	0.84

LOCAL AGENCY FURTHER INFORMATION

Note : The registered office of the company has been shifted from Times House, 4^th Floor, 7, Bahadurshah Zafar Marg, New Delhi- 110002, India to the present address with effect from 13.08.2009

RESUMPTION OF PUBLICATION OF NEWSPAPER “METRO NOW”

The publication of the Company’s Weekly English Newspaper “METRO NOW” was being temporarily suspended w.e.f. Saturday, 19th December, 2009 due to adverse market and financial considerations.

Considering the ripe market conditions and the possibilities of revival of the customer base, the publication of the Newspaper has been started on fortnightly basis effective June 12, 2010.

FIXED ASSETS

• Furniture and Fixtures
• Computers
• Office Equipments

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.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.