MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	BENNETT COLEMAN AND COMPANY LIMITED	Principal Name 1	Mr. Samir Jain
Status	Good	Principal Name 2	Mr. Vineet Jain
		Registration #	11-000391
Street Address	The Times of India Building, N Road, Mumbai 400001, Maharashtra
Established Date	29.11.1913	SIC Code	--
Telephone#	91-22-22731271/ 22620271 / 56353535 / 66354460	Business Style 1	They are engaged into Printing and Publishing of Newspapers.
Fax #	91-22-22731482/ 22620144/ 22620401 / 22731737	Business Style 2	--
Homepage	www.timesofindia.indiatimes.com www.enil.co.in	Product Name 1	--
# of employees	8000 (approximately)	Product Name 2	--
Paid up capital	Rs. 318,839,000	Product Name 3	--
Shareholders	Bodies corporate (98.97)	Banking	HDFC Bank Limited United Bank of India
Public Limited Corp.	--	Business Period	98 years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	A (69)
Related Company
Relation - Associates/Subsidiaries	Country	Company Name	Vaidehi Estate Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	13,861,277,000	Current Liabilities	21,952,000,000
Inventories	2,979,859,000	Long-term Liabilities	4,683,922,000
Fixed Assets	17,287,435,000	Other Liabilities	2,169,000
Deferred Assets	--	Total Liabilities	26,638,091,000
Invest& other Assets	39,996,728,000	Retained Earnings	47,168,369,000
		Net Worth	47,487,208,000
Total Assets	74,125,299,000	Total Liab. & Equity	74,125,299,000
Total Assets (Previous Year)	75,800,557,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	24,765,481,000	Net Profit	3,866,033,000
Sales(Previous yr)	35,485,783,000	Net Profit(Prev.yr)	2,626,950,000

MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	BENNETT COLEMAN AND COMPANY LIMITED

Registered Office :	The Times of India Building, N Road, Mumbai 400001, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	29.11.1913

Com. Reg. No.:	11-000391

Capital Investment / Paid-up Capital :	Rs. 318.839 Millions

CIN No.: [Company Identification No.]	U22120MH1913PLC000391

TAN No.: [Tax Deduction & Collection Account No.]	MUMB11162E/ MUMB08208E/ DELB00141B

PAN No.: [Permanent Account No.]	AAACB4373Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	They are engaged into Printing and Publishing of Newspapers.

No. of Employees :	8000 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 189900000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a Flagship Company of times group. It is one of the oldest and highly respected Publishing House in the country. Financial position of the company is sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in medium to long term.

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

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

INFORMATION PARTED BY

Name :	Mr. M. Sridhar
Designation :	Vice President
Contact No. :	91-22-22731271

LOCATIONS

Registered Office :	The Times of India Building, N Road, Mumbai 400001, Maharashtra, India
Tel. No.:	91-22-22731271/ 22620271 / 56353535 / 66354460
Fax No.:	91-22-22731482/ 22620144/ 22620401 / 22731737
E-Mail :	toieditorial@bcclm.toi.co.in padmakar.rao@timesgroup.com vijay.devadiga@timesgroup.com
Website :	www.timesofindia.indiatimes.com www.enil.co.in
Location :	Owned

Printing Press :	Times of India Suburban Press, Western Express Highway, Kandivali (West), Mumbai – 400 101, Maharashtra

Sales Office :	Located At: v Kolkata v Lucknow v Kanpur v Meerut v Chandigarh v Bhopal v Madhya Pradesh v Baroda v Rajkot v Bhubaneshwar v Guwahati v Nagpur v Goa v Kochi

Overseas Office :	v P. B. No. 576, Glucester GL2 6DS, U.K.

Branches :	Located At: v New Delhi v Ahmedabad v Kolkata v Bangalore v Jaipur v Patna v Chennai v Pune v Hyderabad

DIRECTORS

AS ON 27.07.2010

Name :	Mr. Samir Jain
Designation :	Vice-Chairman and Managing Director
Address :	15, Moti Lal Nehru Marg, New Delhi - 110011, India
Date of Birth/Age :	22.06.1954
Qualification :	B.A.
Date of Appointment :	01.02.1985

Name :	Mr. Vineet Jain
Designation :	Managing Director
Address :	15, Moti Lal Nehru Marg, New Delhi - 110011, India
Date of Birth/Age :	12.02.1966
Qualification :	MBA (Marketing)
Date of Appointment :	27.06.1993

Name :	Dr. Ram S. Tarneja
Designation :	Director
Address :	4 – Pashmina, 33-A, Pedder Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	07.12.1931
Date of Appointment :	01.05.1979

Name :	Mr. Ravi Dhariwal
Designation :	Whole Time Director
Address :	Aashray Farm, Khasra No. 1523, Asola Village, New Delhi – 110030, Delhi , India
Date of Birth/Age :	11.09.1952
Date of Appointment :	01.01.2002

Name :	Mr. Aditya Mittal
Designation :	Director
Address:	39, Bloomfield Terrace, London, SW1W 8 PQ, UK
Date of Birth/ Age:	22.01.1976
Date of Appointment:	28.11.2005

Name :	Mrs. Amba Preetham Parigi
Designation :	Director
Address :	Tahnee Heights Chs Limited, 66, Nepean Sea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	15.07.1949
Date of Appointment :	14.09.2007

Name :	Mrs. Kalpana Jaisingh Morparia
Designation :	Director
Address :	B – 92, Ocean Gold Chs, Twin Tower Lane, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	30.05.1949
Date of Appointment :	14.09.2007

Name :	Mr. Haigreve Khaitan
Designation :	Director
Address :	1104 Sterling Seaface, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	13.07.1970
Date of Appointment :	27.07.2010

Name :	Mr. Bhaskar Das
Designation :	Whole Time Director
Address :	C-1, Queens View, 28/30m Walkeshwar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	08.05.1953
Date of Appointment :	07.12.2007

Name :	Mrs. Indu Jain
Designation :	Chairman
Address :	4 Tilak Marg, New Delhi – 110002, India
Date of Birth/Age :	08.09.1936
Date of Appointment :	13.05.1999

KEY EXECUTIVES

Name :	Mr. Padmakar Manjunath Rao
Designation :	Company Secretary
Address :	B-17/18, Shree Niketan, North Avenue, Santacruz (W), Mumbai-400054, Maharashtra, India
Date of Birth/Age :	23.05.1953
Date of Appointment :	02.06.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.07.2010

Names of Shareholders		No. of Shares
Sanmati Properties Limited, India		3109000
Bharat Nidhi Limited, India		7782400
PNB Finance and Industries Limited, India		2962872
Vineet Jain		182472
Samir Jain		800
Meera Jain		104800
Camac Commercial Company Limited, India		4240172
Arth Udyog Limited, India		2968872
Jacaranda Corporate Services Limited, India		2848000
T M Investments Limited		1899224
Ashok Viniyoga Limited		5745324
Trishla Jain		40000
Total		31883936

AS ON 27.07.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		98.97
Directors or relatives of directors		1.03
Total		100.00

BUSINESS DETAILS

Line of Business :	They are engaged into Printing and Publishing of Newspapers.

Products :	v Print Media v Electronic Media v Investment and lending
	v
Terms :
Selling :	L/C, Cash, Credit

Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Daillies

Pages

483710.17

Quantity (in lakh units)

Installed Capacity: Daillies : Capacity per hour 682.60 lakhs (706.80 lakhs) Standard Broadsheet Pages.

GENERAL INFORMATION

No. of Employees :

8000 (in office + in factory + in branches)

Customers :

· Group M (Media Agencies)

Suppliers :

· Amigo

Bankers :

United Bank of India, 25, Sir P M Road, Mumbai, Maharashtra, India
HDFC Bank Limited, Mumbai, Maharashtra, India
Bank of India, Mumbai, Maharashtra, India
Bank of Baroda, Mumbai, Maharashtra, India
Punjab National Bank, Mumbai, Maharashtra, India
Indian Bank, Mumbai, Maharashtra, India
Deutsche Bank, Mumbai, Maharashtra, India
Standard Chartered Bank, 90, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
BNP Paribas, Mumbai, Maharashtra, India
Banque Nationale De Paris
Citibank NA, Mumbai, Maharashtra, India
The Hong Kong and Shanghai Banking Corporation Limited, Hong Kong Bank Building, 52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Short Term Loans From :
Subsidiary Company	3419.433	2847.100
Commercial Paper	0.000	1000.000
Bank (including Buyer’s Credit Card)	1262.027	2023.680
Bodies Corporate	2.462	0.249
Total	4683.922	5871.029


Banking Relations :	--

Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40, Ambalala Doshi Marg, Mumbai-400023, Maharashtra, India
PAN.:	AABFL1893K

Associates/Subsidiaries :	Vaidehi Estate Limited (U45203MH2006PLC160915) Anagha Estates Limited (U70100MH2006PLC160898) Suryashankar Properties Limited (U70100MH2006PLC160900) Shubhan Properties Limited (U70100MH2006PLC160899) Sushena Properties Limited (U70100MH2006PLC160895) Aryabhata Properties Limited (U70100MH2006PLC160896) Aadidev Properties Limited (U70100MH2006PLC160897) Banhem Estates and IT Parks Limited (U65990MH1983PLC029209) Dharmayug Investment Limited (U65990MH1983PLC030615) Times Guaranty Limited (L65920MH1989PLC054398) Satyam Properties and Finance Limited (U70109DL1986PTC163888) Rajdhani Printers Limited (U74899DL1901PLC023944)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31883936	Equity Shares	Rs.10/- each	Rs.318.839 Millions

The above includes

309960 Ordinary shares allotted as fully paid for consideration other than cash in pursuance of a contract;

30883936 Ordinary shares issued as bonus shares by capitalisation of General Reserve.

As on 27.07.2010

Authorised Capital : Rs. 3000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 2869.554 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars

31.03.2011

Sales Turnover (Approximately)

40000.000

Expected Sales (2011-2012) : Rs. 45000.000 Millions

The above information has been parted by (Mr. M. Sridhar – Vice President)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (8^th Months)	31.07.2009 (12^th Months)	31.07.2008 (12^th Months)
SHAREHOLDERS FUNDS
1] Share Capital		318.839	318.839	318.839
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47168.369	44668.063	42210.081
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47487.208	44986.902	42528.920
LOAN FUNDS
1] Secured Loans		0.000	0.000	5208.667
2] Unsecured Loans		4683.922	5871.029	8304.553
TOTAL BORROWING		4683.922	5871.029	13513.220
DEFERRED TAX LIABILITIES		2.169	0.000	93.114

TOTAL		52173.299	50857.931	56135.254

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		17287.435	14985.833	11897.687
Capital work-in-progress		2871.933	4932.792	6810.057

INVESTMENT		37124.795	38121.038	37787.554
DEFERREX TAX ASSETS		0.000	2.846	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2979.859	4686.074	3404.610
	Sundry Debtors	1979.409	1502.584	1587.409
	Cash & Bank Balances	1536.437	1611.712	1793.727
	Other Current Assets	0.000	0.069	0.069
	Loans & Advances	10345.431	9957.609	14702.294
Total Current Assets		16841.136	17758.048	21488.109
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5933.291	5303.650	4616.102
	Other Current Liabilities	15721.102	19446.595	17017.683
	Provisions	297.607	192.381	214.368
Total Current Liabilities		21952.000	24942.626	21848.153
Net Current Assets		(5110.864)	(7184.578)	(360.044)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		52173.299	50857.931	56135.254

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (8^th Months)	31.07.2009 (12^th Months)	31.07.2008 (12^th Months)
	SALES
		Income	24765.481	35485.783	39440.276
		Other Income	759.596	8264.976	2582.574
		TOTAL (A)	25525.077	43750.759	42022.850

Less	EXPENSES
		Production and Other Expenses	18070.559	35742.068	26642.424
		TOTAL (B)	18070.559	35742.068	26642.424

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7454.518	8008.691	15380.426

Less	FINANCIAL EXPENSES (D)		249.704	1144.783	315.875

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7204.814	6863.908	15064.551

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1465.767	2104.618	1954.123

	PROFIT BEFORE TAX (E-F) (G)		5739.047	4759.290	13110.428

Less	TAX (H)		1873.014	2132.340	4424.388

	PROFIT AFTER TAX (G-H) (I)		3866.033	2626.950	8686.040

Less	TAX FOR EARLIER YEARS (NET)		1343.420	146.587	41.843

	NET PROFIT		2522.613	2480.363	8644.197

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.149	100.167	152.617

Less	APPROPRIATIONS
		Transfer to General Reserve	2500.000	2400.000	8674.266
		Dividend	19.130	19.130	19.130
		Tax on Dividend	3.177	3.251	3.251
	BALANCE CARRIED TO THE B/S		158.455	158.149	100.167

	EARNINGS IN FOREIGN CURRENCY
		Publication	16.999	44.060	29.129
		Cassettes/ CDs	3.174	5.326	5.969
		Advertisement Income	279.067	406.798	410.134
		Other income	9.818	22.327	17.381
		Subscription	0.000	1.831	15.877
	TOTAL EARNINGS		309.058	480.342	478.490

	IMPORTS
		Raw Materials	4189.116	12870.800	8251.315
		Stores & Spares	286.838	300.642	438.793
		Capital Goods	370.162	1357.507	3220.799
		Leisure and Retails Products	2.967	2.810	2.327
	TOTAL IMPORTS		4849.083	14531.759	11913.234

	Earnings Per Share (Rs.)		79.12	77.79	271.11

KEY RATIOS

PARTICULARS		31.03.2010 (8^th Months)	31.07.2009 (12^th Months)	31.07.2008 (12^th Months)
PAT / Total Income	(%)	15.15	6.00	20.66

Net Profit Margin (PBT/Sales)	(%)	23.17	13.42	33.24

Return on Total Assets (PBT/Total Assets}	(%)	16.82	6.28	39.27

Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.31

Debt Equity Ratio (Total Liability/Networth)		0.56	0.68	0.83

Current Ratio (Current Asset/Current Liability)		0.77	0.71	0.98

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject was incorporated on 29^thNovember, 1913 at Mumbai in Maharashtra having Company Registration Number 391.

The first edition of The Bombay Times and Journal of Commerce, later to be called The Times of India, was launched in Mumbai in 1838. After several years of change, evolution and growth in the paper’s character, the company, the proprietors of the Times of India Group, was established with the principal objective of publishing newspapers, journals, magazines and books.

Today, the company is India’s largest media house. The Times Group is a multi-edition, multi-product, multi-media organization, and has to its credit several leading publications. Among the publications are The Times of India, The Economic Times, Navbharat Times, Maharashtra Times, Femina and Filmfare. The Group also has interests in the entertainment and media industry in the form of Radio Mirchi, Planet Mall, Times Music and Times Multimedia.

In April 2000, Times Internet Limited, a wholly owned subsidiary of the company, was floated to handle the Group’s internet properties. Times Internet Limited’s mother brand is Indiatimes.

REVIEW OF OPERATION:

During the 8 months period ended 31^st March 2010, the flagship brand. The Times of India recorded a marginal decline of 3.6% in net sales with the average daily net sales at 39.9 lakhs copies compared to the corresponding earlier period (previous period’s average sales being 41.48 lakhs copies.) The editions recording growth were the Chennai edition at 10.2% (average daily sales in the current period being 2.49 lakhs copies versus 2.26 lakh copies. Ant the Hyderabad edition at 6.04%) (Average daily sales for the period being 2.34 lakh copies versus 2.20 lakh copies.)

The mirror editions held their ground, trailing the flagship brands in all the city markets, namely Mumbai, Bangalore, Ahmedabad and Pune.

The economic Times showed a decline in circulation of 8.5% over the previous periods with average daily net sles for the current year at 6.58 lakh copies (previous period 7.19 laks copies) in line with the sluggishness in the business environment and the Indian stock markets. However, it held its market share intact as the leading business daily.

The Time of India Crest edition had a highly successful launch at several centers during the period. The crest edition is now available form 7 major locations Delhi, Mumbai, Pune, Bangalore, Ahmedabad, Chennai and Hyderabad, and their respective satellite cities and upcountry markets. The crest editions in Mach 2010 clocked a combined net sales of nearly 5 laks copies across all centers.

The speaking Tree which was launched in the middle of March 2010 in the Mumbai, Delhi and Bangalore markets also had a highly successful launch.

There is sustained competitive pressure in the General Interest English Dailies, Business Dailies and Vemacular Markets. However the inherent strengths of the company brands coupled with the marketing strategies, should enable the company consolidate its position in the industry.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particular	As on 31.03.2010 (Rs. in Millions)	As on 31.07.2009 (Rs. in Millions)
Claims against the company no acknowledged as debts labour claims	38.921	35.108
Others excluding cases with remote probability as per legal opinion obtained.	243.684	183.296
Disputes sales tax matter (includes interest up to the date of demand.)	28.261	26.293
Corporate guarantees given to bankers for credit facilities availed by subsidiary companies	134.950	174.950
Uncalled liability on partly paid shares	9.000	9.125
Estimated amount of contracts remaining to be executed on capital account	12602.327	13603.144
Total	13057.143	14031.916

FIXED ASSETS:

Ø Land (Leased and Freehold)

Ø Land and Building (Leased and Freehold)

Ø Building

Ø Plant and machinery

Ø Furniture and Fixture And Office equipments

Ø Vehicles

Ø Drawing and Business commercial rights

Company Overview:

This major group includes investment tusts, investment companies, holding companies, and miscellaneous investment offices.

PRESS RELEASE

Bennett Coleman and Co. Ltd (The Times Group)

Posted by Admin on April 27th, 2009

Bennett, Coleman and Company Limited, is the flagship company of The Times Group, which has a heritage of over 150 years and is one of India’s leading media groups. The activities of The Times Group also include publishing newspapers and magazines, television broadcasting, running internet portals, creating and distributing multimedia products and music publishing and retailing.

The Times Group is the largest media services conglomerate in India. It is headed by brothers Samir and Vineet Jain. It reaches out from 11 publishing centers, 15 printing centers, 55 sales offices, over 7000 employees, 5 dailies including two of the largest in the country with approx 4.3 million copies circulated daily, 2 lead magazines, 29 niche magazines reaching 2468 cities and towns, 32 Radio Stations and turnover in excess of USD 700 million. (Figures as of 2008).

The Times of India publishes a daily newspaper in India. The company was founded in 1838 as The Bombay Times and Journal of Commerce and changed its name to The Times of India in 1861. The company is based in New Delhi, India. The Times of India is a subsidiary of Bennett, Coleman and Company Limited. The first edition of the newspaper appeared on November 3, 1838, then known as The Bombay Times and Journal of Commerce. The newspaper was published twice a week under editor J.E. Brennan. It was basically a city paper reflecting the interest of Bombay’s business community.

Its major brands include:

The Times of India, India’s largest English daily.
The Economic Times, India’s largest financial daily, and the world’s second largest after The Wall Street Journal.
Maharashtra Times, India’s largest Marathi daily and Maharashtra’s No.1 Newspaper.
Navbharat Times, the largest Hindi Daily in Delhi and Bombay.
Mumbai Mirror India’s largest circulated compact newspaper.
Pune Mirror.
Bangalore Mirror, Bangalore’s first morning compact daily.
The Times of India – Kannada.

Times Group’s subsidiary companies include:

Times Infotainment Media Limited (TIML) and Entertainment Network India Limited (ENIL) that together control:

Radio Mirchi – National network of Private FM stations.
360 Degrees – Event Management.
Times Outoors – Outdoor Advertising and Billboard Marketing.
Mirchi Movies Limited – Movie production, Entertainment.

Times Internet Limited (TIL), which has:

Indiatimes portal
Times of Money – an online payments portal specializing in remitting money to India and other parts of the world.

Times Global Broadcasting Limited - This was a Joint Venture with Reuters untill Reuters exited. The company heads:

Times Now – A News Channel
Zoom – A Lifestyle Channel
A new business channel which is the broadcast version of Economic Times is planned to be launched early in 2009.

Times Business Solutions controls:

TBSL – corporate website of TBSL.
Times Jobs – A jobs portal.
SimplyMarry – A matrimonial portal. (earlier known as Times Matri).
Magic Bricks – A real estate portal.
Yolist – Free classifieds portal.
Ads2Book – Online classifieds booking system for print publications.

World Wide Media – A magazine joint venture between BCCL and BBC magazines. WWM heads:

Filmfare
Filmfare Awards
Femina
Femina Miss India A Beauty Paegent
Top Gear India
Hello
BBC Good Homes

TIML Golden Square Limited which purchased Virgin Radio (soon to be called Absolute Radio) in the United Kingdom. This company is a direct subsidiary of BCCL (not through TIML or ENIL).

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	----------------------
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	----------------------
22) Litigations that the firm / promoter involved in	----------------------
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	----------------------
26) Buyer visit details	----------------------
27) Financials, if provided	Yes
28) Incorporation details, if applicable	----------------------
29) Last accounts filed at ROC	----------------------
30) Major Shareholders, if available	----------------------

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	No
--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		69

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.

MIRA INFORM REPORT

2979.859

4686.074

3404.610

1979.409

1502.584

1587.409

1536.437

1611.712

1793.727

0.000

0.069

0.069

10345.431

9957.609

14702.294

16841.136

17758.048

21488.109

5933.291

15721.102

19446.595

17017.683

297.607

192.381

214.368

21952.000

24942.626

21848.153

(5110.864)

(7184.578)

(360.044)

15.15

23.17

16.82

0.12

0.56

0.77

Bennett Coleman and Co. Ltd (The Times Group)

Unit