BUSINESS INFORMATION REPORT

1. Summary Information

		Country	India
Company Name	TIMES VPL LIMITED	Principal Name 1	Mr. Anand V. Sankeshwar
Status	Satisfactory	Principal Name 2	Mr. Ravindra Dhariwal
		Registration #	08-32182
Street Address	Du Parc Trinity, 9^th Floor, No.17, M. G. Road, Bangalore-560 001, Karnataka, India
Established Date	01.07.2003	SIC Code	--
Telephone#	91-80-40695014 / 25550000	Business Style 1	Publisher
Fax #	91-80-40695011 / 25328112	Business Style 2	-
Homepage	-	Product Name 1	Print Media and Electronic Media
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.200,000,000/-	Product Name 3	-
Shareholders	Bodies corporate:- 100%	Banking	Sri Basaveshwara Sahakari Bank
Public Limited Corp.	NO	Business Period	7 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	441,787,000	Current Liabilities	339,199,000
Inventories	75,845,000	Long-term Liabilities	0,000
Fixed Assets	256,691,000	Other Liabilities	50,810,000
Deferred Assets	0,000	Total Liabilities	390,009,000
Invest& other Assets	301,246,000	Retained Earnings	485,560,000
		Net Worth	685,560,000
Total Assets	1,075,569,000	Total Liab. & Equity	1,075,569,000
Total Assets (Previous Year)	1228,526,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	1196,324,000	Net Profit	230,674,000
Sales(Previous yr)	1580,663,000	Net Profit(Prev.yr)	257,294,000

MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	TIMES VPL LIMITED
Formerly Known As :	VIJAYANAND PRINTERS LIMITED
Registered Office :	Du Parc Trinity, 9^th Floor, No.17, M. G. Road, Bangalore - 560 001, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.07.2003
Com. Reg. No.:	08-32182
Capital Investment / Paid-up Capital :	Rs.200.000 millions
CIN No.: [Company Identification No.]	U02212KA2003PLC032182
Legal Form :	A closely held public limited liability company.
Line of Business :	Publisher of News Paper.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Du Parc Trinity, 9^th Floor, No.17, M. G. Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-40695014 / 25550000
Fax No.:	91-80-40695011 / 25328112
E-Mail :	sharath.iyengar@timesgroup.com

DIRECTORS

As on 07.06.2010

Name :	Mr. Anand V. Sankeshwar
Designation :	Director
Address :	120-125, Lalith Mahal, Naveen Park, Kusugal, Road, Hubli-580 023, Karnataka, India
Date of Birth/Age :	14.11.1974
Date of Appointment :	01.07.2003
DIN No.:	00217773

Other Directorship

S.No.	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
1	U02212KA2003PLC032182	Times VPL Limited	Director	18-08-06	01-07-03	11-08-10	Active	NO
2	U26941KA2007PLC041534	VRL Cements Limited	Director	22-01-07	22-01-07	-	Active	NO
3	U60210KA1983PLC005247	VRL Logistics Limited	Managing director	01-04-09	19-06-07	-	Active	NO
4	U92113KA2007PLC043480	VRL Media Limited	Managing director	06-08-11	26-07-07	-	Active	NO
5	U67120MH2007PLC172753	VRL Securities Limited	Director	31-07-07	31-07-07	-	Active	NO

Name :	Mr. Ravindra Dhariwal
Designation :	Director
Address :	Aashray Farm Sub P. O. SP School Bhatti Mines Asola Village, New Delhi-110 030, Delhi, India
Date of Birth/Age :	11.09.1952
Date of Appointment :	18.08.2006
DIN No.:	00003922

Other Directorship

S.No.	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
1	U22120MH1913PLC000391	Bennett Coleman And Company Limited	Whole-time director	11-09-10	01-01-02	-	Active	NO
2	U80302DL1984NPL019475	Times Centre For Media And Management Studies	Director	08-11-02	08-11-02	-	Active	NO
3	L92140MH1999PLC120516	Entertainment Network (India) Limited	Director	31-12-02	31-12-02	-	Active	NO
4	U22121DL2004PLC126751	Times Journal India Limited	Director	02-06-04	02-06-04	03-06-10	Active	NO
5	U22120MH1985PLC036799	Vardhaman Publishers Limited	Director	07-06-06	07-06-06	-	Active	NO
6	U65990MH1983PLC029209	Banhem Estates and It Parks Limited	Director	07-06-06	07-06-06	-	Active	NO
7	U02212KA2003PLC032182	Times VPL Limited	Director	03-10-07	18-08-06	-	Active	NO
8	U32109MH1986PLC168454	Times Global Broadcasting Company Limited	Director	13-09-06	13-09-06	-	Active	NO
9	U74899DL1982GAP144061	Times for India Org	Director	12-09-07	16-10-06	03-06-10	Active	NO
10	U99999DL1951PLC002023	The Indian Newspaper Society.	Director	27-10-06	27-10-06	-	Active	NO
11	U72900MH2002PLC134966	Times Infotainment Media Limited	Director	04-12-06	04-12-06	-	Active	NO
12	U24999MH1948NPL006309	Audit Bureau Of Circulations	Director	19-01-07	19-01-07	-	Active	NO
13	U74140DL2007PLC162846	Bennett Advisory Services Limited	Director	03-05-07	03-05-07	03-06-10	Active	NO
14	U74999DL2007PLC165200	Times Yoga Limited	Director	26-06-07	26-06-07	03-06-10	Active	NO
15	L22121GJ1943PLC000183	The Sandesh Limited	Director	20-09-07	30-07-07	-	Active	NO
16	U74999DL1999PLC135531	Times Internet Limited	Director	07-09-09	29-12-08	-	Active	NO
17	U01229DL2007PTC194698	Aquagri Processing Private Limited	Director	29-09-10	16-11-09	-	Active	NO
18	U74992MH2006PLC163048	Zoom Entertainment Network Limited	Director	30-09-10	25-11-09	-	Active	NO
19	U99999MH2005PLC157078	Times Innovative Media Limited	Director	07-09-10	18-01-10	-	Active	NO
20	U80904DL2010NPL200262	Times School OF Marketing and Management	Director	16-03-10	16-03-10	-	Active	NO
21	U80900DL2010NPL200366	Times School Of Journalism	Director	18-03-10	18-03-10	-	Active	NO
22	U92412MH2010PLC202021	Zoom Movies (TV) Limited	Director	13-04-10	13-04-10	-	Active	NO
23	U74999DL2010PTC203419	TIM Delhi Airport Advertising Private Limited	Director	01-06-10	01-06-10	05-08-10	Active	NO
24	U92412MH2010PLC208138	Media Network and Distribution (India) Limited	Director	24-09-10	24-09-10	-	Active	NO

Name :	Mr. Chinnen Nalapat Das
Designation :	Director
Address :	Vishwas House, 50 Lavelle Road, Bangalore-560 001, Karnataka, India
Date of Birth/Age :	08.01.1953
Date of Appointment :	18.08.2006
DIN No.:	00928194

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U02212KA2003PLC032182	Times VPL Limited	Director	21-09-09	18-08-06	Active	NO

Name :	Mr. Bhaskar Das
Designation :	Director
Address :	C-1, Queens View, 28/30 Walkeshwar Road, Mumbai-400 006, Maharashtra, India
Date of Birth/Age :	08.05.1953
Date of Appointment :	18.08.2006
DIN No.:	00055594

Other Directorship

S.No.	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
1	U22120MH2003PTC142239	Worldwide Media Private Limited	Director	03-12-04	03-12-04	-	Active	NO
2	U91200MH1985GAP037820	The Advertising Standards Council Of India	Director	12-08-05	12-08-05	-	Active	NO
3	U74899DL2000PLC103722	Optimal Media Solutions Limited	Director	25-09-06	25-05-06	-	Amalgamated	NO
4	U02212KA2003PLC032182	Times VPL Limited	Director	03-10-07	18-08-06	-	Active	NO
5	U99999MH1994NPL076530	Media Research Users Council	Director	29-09-06	29-09-06	-	Active	NO
6	U74992MH2006PLC163048	Zoom Entertainment Network Limited	Director	18-06-07	28-05-07	-	Active	NO
7	U65990MH1983PLC029209	Banhem Estates and IT Parks Limited	Director	10-09-07	27-06-07	-	Active	NO
8	L65920MH1989PLC054398	Times Guaranty Limited	Director	12-09-07	28-06-07	-	Active	NO
9	U18109MH1992PLC068085	Surge Enterprises Limited	Director	28-09-07	29-06-07	-	Active	NO
10	U22120MH1985PLC036799	Vardhaman Publishers Limited	Director	28-09-07	29-06-07	-	Active	NO
11	U70102MH2007PLC167606	Planet 'M' Retail Limited	Additional director	29-06-07	29-06-07	02-11-07	Active	NO
12	U99999DL1951PLC002023	The Indian Newspaper Society.	Director	19-09-07	19-09-07	24-10-08	Active	NO
13	U22120MH1913PLC000391	Bennett Coleman And Company Limited	Whole-time director	06-09-10	07-12-07	-	Active	NO
14	U92100MH2008PLC179750	Bennett Broadcasting and Distribution Services Limited	Director	04-09-09	05-03-08	-	Active	NO
15	U74140MH2008NPL187724	Centre for Excellence in Management Training and Development	Director	22-10-08	22-10-08	-	Active	NO
16	U74990MH2009PTC190636	Mind Games Shows Private Limited	Director	26-08-10	27-02-09	-	Active	NO
17	U74300MH2008PLC184669	Brand Equity Treaties Limited	Director	15-09-09	31-03-09	-	Active	NO
18	U32109MH1986PLC168454	Times Global Broadcasting Company Limited	Director	03-06-10	30-09-09	-	Active	NO
19	U74999MH1924NPL001128	Bombay Chamber Of Commerce And Industry	Director	09-06-10	09-06-10	-	Active	NO
20	U74300MH1991GAP062428	India Chapter Of International Advertising Association.	Director	27-08-10	27-08-10	-	Active	NO
21	U70100MH2006PLC160896	Aryabhata Properties Limited	Director	19-07-11	18-11-10	-	Active	NO

Name :	Mr. Mohith Jain
Designation :	Director
Address :	11-C/87, Nehru Nagar, Ghaziabad-201 001, Uttar Pradesh, India
Date of Birth/Age :	22.09.1966
Date of Appointment :	10.09.2007
DIN No.:	01315482

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999DL1951PLC002023	The Indian Newspaper Society	Director	29-09-05	29-09-05	Active	NO
2	U02212KA2003PLC032182	Times VPL Limited	Director	03-10-07	10-09-07	Active	NO
3	L65929DL1947PLC001240	P N B Finance And Industries Limited	Director	26-06-08	09-10-07	Active	NO
4	U93098DL2006PLC148520	Jacaranda Corporate Services Limited.	Director	03-08-10	08-04-08	Active	NO
5	U52110DL1972PLC006380	Punjab Mercantile And Traders Limited	Director	03-08-10	08-04-08	Active	NO
6	U45101DL1972PLC006172	Punjab Properties Limited	Director	03-08-10	08-04-08	Active	NO
7	U74999DL2007PLC165200	Times Yoga Limited	Director	30-06-10	03-06-10	Active	NO

Name :	Mr. Sanjay Singh
Designation :	Director
Address :	C-142, 1^st Floor, Manu Apartments, Mayur Vihar, Phase- I, Delhi-110 091, India
Date of Birth/Age :	05.10.1964
Date of Appointment :	08.10.2008
DIN No.:	02349382

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U02212KA2003PLC032182	Times VPL Limited	Director	08-10-08	08-10-08	Active	NO
2	U70101DL2010PLC209333	Ativeer Properties Limited	Director	30-04-11	11-01-11	Active	NO
3	U70100DL2010PLC209471	Nandeeshwar Properties Limited	Director	05-05-11	11-01-11	Active	NO

Name :	Mr. Shankar Narayan Ranganathan
Designation :	Director
Address :	103, Solitaire, Hiranandani Gardens, powai-400 076, Mumbai, Maharashtra, India
Date of Birth/Age :	19.07.1959
Date of Appointment :	15.09.2009
DIN No.:	02804788

Other Directorship

S.No.	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
1	U02212KA2003PLC032182	Times VPL Limited	Director appointed in casual vacancy	15-09-09	15-09-09	-	Active	NO
2	U65990MH2008PLC178673	Artha Financial Services Limited	Nominee director	14-10-09	14-10-09	-	Active	NO
3	U51109DL2008PLC184883	a2zShopping Limited	Director	24-05-10	10-11-09	-	Active	NO
4	U72900DL2008PLC185013	Timesmobile Limited	Director	24-05-10	10-11-09	-	Active	NO
5	U72200DL2008PLC184870	Times Websol Limited	Director	24-05-10	10-11-09	-	Active	NO
6	U74999DL1999PLC135531	Times Internet Limited	Director	23-07-10	16-11-09	-	Active	NO
7	U70100MH2006PLC160897	Aadidev Properties Limited	Director	21-05-10	14-12-09	-	Active	NO
8	U70100MH2006PLC160898	Anagha Estates Limited	Director	21-05-10	14-12-09	-	Active	NO
9	U70100MH2006PLC160899	Shubhan Properties Limited	Director	21-05-10	14-12-09	-	Active	NO
10	U70100MH2006PLC160900	Suryashankar Properties Limited	Director	21-05-10	14-12-09	-	Active	NO
11	U45203MH2006PLC160915	Vaidehi Estates Limited	Director	21-05-10	14-12-09	-	Active	NO
12	U70100MH2006PLC160895	Sushena Properties Limited	Director	21-05-10	14-12-09	-	Active	NO
13	U70100MH2006PLC160896	Aryabhata Properties Limited	Director	21-05-10	14-12-09	18-11-10	Active	NO
14	U92100DL2005PLC173555	TIMES Business Solutions Limited	Director	30-06-11	23-07-10	-	Active	NO
15	U70101DL2010PLC209333	Ativeer Properties Limited	Director	30-04-11	18-10-10	-	Active	NO
16	U70100DL2010PLC209471	Nandeeshwar Properties Limited	Director	05-05-11	22-10-10	-	Active	NO
17	U70102MH2010PLC211087	Bennett Property Holdings Company Limited	Director	18-12-10	18-12-10	-	Active	NO

Name :	Mr. Sunil Rajeshekhar
Designation :	Whole time Director
Address :	C-16, 3^rd Floor, Paschimi Marg, Vasant Vihar, New Delhi-110 057, Delhi, India
Date of Birth/Age :	17.07.1955
Date of Appointment :	21.09.2009
DIN No.:	01720175

Other Directorship

S.No.	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
1	U51109DL2008PLC184883	a2zShopping Limited	Director	14-11-08	14-11-08	-	Active	NO
2	U72200DL2008PLC184870	Times Websol Limited	Director	14-11-08	14-11-08	-	Active	NO
3	U72900DL2008PLC185013	Timesmobile Limited	Director	18-11-08	18-11-08	-	Active	NO
4	U22110DL2006PTC154933	Webnotions Books India Private Limited	Nominee director	01-01-09	01-01-09	11-10-10	Active	NO
5	U02212KA2003PLC032182	Times VPL Limited	Whole-time director	06-10-09	21-09-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K N Srivathsan
Designation :	Company Secretary
Address :	Flat No.201, Silver Sands CHS, Plot No.15, Sector-40, Nerul (West), Navi Mumbai-400 706, Maharashtra, India
Date of Birth/Age :	02.07.1965
Date of Appointment :	12.08.2008
PAN No.:	AAVPS8335B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.06.2010

Names of Shareholders	No. of Shares
Banhem Estates and IT Parks Limited	9797500
Vardhaman Publishers Limited	10200000
Chinnen Das Jointly Held With Banhem	500
K. R Ramesh Jointly held with Benhem	500
Franklyn James Jointly held with Banhem	500
N Lakshminarayanan Jointly held with Banhem	500
D V Dwarkanath Jointly held with Banhem	500
Total	20000000

As on 07.06.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Publisher of News Paper.

Products :

Item Code No. (ITC Code)	4902
Product Description	Print Media and Electronic Media

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Sri Basaveshwara Sahakari Bank, Main Market, Rajkot - 587101,Karnataka, India

Banking Relations :	-
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	New No.28, Old No.72, O Chesney Town House, Ethiraj Salai, Chennai-600 008, Tamilnadu, India
Tel. No.:	91-44-28251155
Fax No.:	91-44-28251157
E-Mail :	chennai@lodhaco.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- Each	Rs.200.000 millions
3000000	4% Redeemable non cumulative preference shares	Rs.100/- Each	Rs.300.000 millions
	Total		Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- Each	Rs.200.000 millions

Note:

Includes 10200000 shares held by Varshaman Publishers Limited the Holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 (8 Months)	31.07.2009 (12 Months)	31.07.2008
SHAREHOLDERS FUNDS
1] Share Capital		200.000	450.000	450.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		485.560	254.886	(2.408)
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		685.560	704.886	447.592
LOAN FUNDS
1] Secured Loans		0.000	40.000	120.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	40.000	120.000
DEFERRED TAX LIABILITIES		27.254	32.960	0.000
TOTAL		712.814	777.846	567.592
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.691	282.502	333.286
Capital work-in-progress		0.000	0.000	5.794
INVESTMENT		301.246	270.114	116.276
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.845	60.058	81.617
	Sundry Debtors	353.806	545.521	364.290
	Cash & Bank Balances	61.704	44.676	48.838
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.277	25.655	53.316
Total Current Assets		517.632	675.910	548.061
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	239.030	347.695	323.441
	Other Current Liabilities	100.169	97.670	93.236
	Provisions	23.556	5.315	19.148
Total Current Liabilities		362.755	450.680	435.825
Net Current Assets		154.877	225.230	112.236
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		712.814	777.846	567.592

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 (8 Months)	31.07.2009 (12 Months)	31.07.2008
	SALES
		Income	1196.324	1580.663	1626.648
		Other Income	51.358	78.726	87.557
		TOTAL (A)	1247.682	1659.389	1714.205
Less	EXPENSES
		Production and Other Expenses	782.627	1192.819	1201.506
		TOTAL (B)	782.627	1192.819	1201.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		465.055	466.570	512.698
Less/ Add	DEPRECIATION/ AMORTISATION		25.083	40.105	41.298
	PROFIT BEFORE TAX		439.972	426.465	471.400
Less	TAX		209.298	169.171	78.110
	PROFIT AFTER TAX		230.674	257.294	393.290
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		254.886	(2.408)	395.698
	BALANCE CARRIED TO THE B/S		485.560	254.886	(2.408)
	Earnings Per Share (Rs.)		11.53	12.86	--

KEY RATIOS

PARTICULARS		31.03.2010 (8 Months)	31.07.2009 (12 Months)	31.07.2008
PAT / Total Income	(%)	18.49	25.70	27.50
Net Profit Margin (PBT/Sales)	(%)	36.78	26.98	28.98
Return on Total Assets (PBT/Total Assets}	(%)	56.82	60.50	56.49
Return on Investment (ROI) (PBT/Networth)		0.64	0.27	0.29
Debt Equity Ratio (Total Liability/Networth)		0.53	1.11	1.05
Current Ratio (Current Asset/Current Liability)		1.43	1.50	1.26

LOCAL AGENCY FURTHER INFORMATION

Sales:

The various measures that the Company took in the previous year to combat the recessionary impact led to a significant drop in circulation of Vijay Karnataka during 2009 - 10. Consequently, they undertook to relaunch Vijay Karnataka.

From a low of 5.15 Lac copies pre relaunch, the sales have touched 5.68 Lac copies as on March, 201 0 i.e. Point to point growth of 0.53 Lac copies. As the relaunch happened in Nov'09, the impact and the subsequent growth will be reflected in Jan - June ABC 20 1 0

Response

Vijay Karnataka's prime positioning as market leader contributed greatly in ensuring15% growth over the previous year. Various Response 'Connect' initiatives were under taken. Customized solutions offered to clients led to increase advertising spends. Many new clients hitherto using only English print and Television began to advertise in Vijay Kamataka for the first time.

The Company's market share in Karnataka regional language advertising revenues is at an all time high of 50% and expects to consolidate its leadership position in the coming years. Maximizing revenues and thereby maximizing advertisers objectives would be their continuous endeavor.

Finance:

During the period, the Company paid off the balance loan from BNP Paribas Bank. The Company is now debt free.

Preference Share Capital was redeemed and a Capital Redemption Reserve was created.

Effective use of Corporate Banking services for collections and payouts resulted in generation of surplus funds which in turn were invested in Debt based Mutual Funds. These funds have yielded an income of Rs.6.200 millions.

SAP ISMSD was implemented for managing the circulation billing, recovery and customer relationship management.

Bankers Charges Report as per Registry

Name of the company

VIJAYANAND PRINTERS LIMITED

Presented By

Sundaram Finance Limited, No.21, Patullos Road, Chennai-600 002, Tamilnadu, India

1) Date and description of instrument creating the change

Loan agreement dated 31.08.2005

Cont No.: AB-2248

2) Amount secured by the charge/amount owing on the securities of charge

Finance Amount : Rs.0.358 Million

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

On the security of 1 no. Plant and Machinery. Identify No.: SR/ CWT4V1/0605/01

4) Gist of the terms and conditions and extent and operation of the charge.

Rs.0.390 million is repayable in 17 monthly installment as under:

Installments	Amount
1	0.023
2-17	0.023
Rate of Interest	12.1%
1^st Installment falls due on	22.09.2005

5) Name and Address and description of the person entitled to the charge.

Sundaram Finance Limited, No.21, patullos road, Chennai-600 002, Tamilnadu, India

6) Date and brief description of instrument modifying the charge

Not applicable

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.

Not applicable

This form is for	Modification of charge
Corporate identity number of the company	U02212KA2003PLC032182
Name of the company	VIJAYANAND PRINTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Du Parc Trinity, 9^th Floor, No.17, M. G. Road, Bangalore-560 001, Karnataka, India
Type of charge	Movable Property
Particular of charge holder	BNP Paribas, Landmark Building, 3^rd Floor, 21/15, M. G. Road, Bangalore-560 001, Karnataka, India
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement dated 22^nd December, 2006
Date of instrument Creating the charge	22.12.2006
Amount secured by the charge	Rs.160.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be notified by the bank from time to time Terms of Repayment The borrower hereby promises to and agrees with the Bank to repay the credit facilities as per the terms of sanction and agrees with the Bank that the balance due to it, on the said credit facilities at any time, shall be paid on demand, at the office of the Bank. Margin As may be notified by the bank. Minimum Asset Cover of 1.25X Extent and Operation of the charge First charge on pari-passu basis with other banks.
Short particulars of the property charged	First charge on pari-passu basis with the other banks whole of the moveable properties of the Borrower including its moveable plant and machinery, machinery spares, tools and accessories and other moveable, both present and future, whether installed or not and whether now lying loose or in cases or which are now lying or stored or be in or about all the Borrower's factories, premises and godowns situate or wherever else the same may be held.

Fixed Assets:

· Land and Building

· Free Hold Land building

· Plant and Machinery

· Office Equipment

· Computer

· Vehicle

· Furniture and Fixture

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.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.