1. Summary Information

		Country	India
Company Name	KAL PUBLICATIONS PRIVATE LIMITED	Principal Name 1	Mr. Kalanithi Maran
Status	Satisfactory	Principal Name 2	Mrs. Kavery Kalanithi
		Registration #	18-57756
Street Address	No.229, Kutcherry Road, Mylappore, Chennai - 600 004, Tamilnadu
Established Date	07.10.2005	SIC Code
Telephone#	91-44-42209191	Business Style 1	Printing
Fax #	91-44-42209110	Business Style 2	Publishing
Homepage	http://www.dinakaran.com	Product Name 1	New Papers
# of employees	1200 (Approximately)	Product Name 2	--
Paid up capital	Rs.100,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	City Union Bank
Public Limited Corp.	No	Business Period	7 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Related Parties	--	Sun Direct TV Private Limited	--
			--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,258,697,000	Current Liabilities	656,396,000
Inventories	187,254,000	Long-term Liabilities	1,120,145,000
Fixed Assets	1,117,121,000	Other Liabilities	235,940,000
Deferred Assets	0,000	Total Liabilities	2,012,481,000
Invest& other Assets	9,684,000	Retained Earnings	395,275,000
		Net Worth	560,275,000
Total Assets	2,572,756,000	Total Liab. & Equity	2,572,756,000
Total Assets (Previous Year)	2,197,047,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	2,333,509,000(Including Other Income)	Net Profit	344,537,000
Total Income (Previous yr)	1,824,902,000	Net Profit(Prev.yr)	(231,638,000)

MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	KAL PUBLICATIONS PRIVATE LIMITED
Registered Office :	No.229, Kutcherry Road, Mylappore, Chennai - 600 004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.10.2005
Com. Reg. No.:	18-57756
Capital Investment / Paid-up Capital :	Rs.100.000 Million
CIN No.: [Company Identification No.]	U22121TN2005PTC057756
TAN No.: [Tax Deduction & Collection Account No.]	CHEK07745D
PAN No.: [Permanent Account No.]	AACCK6694D
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and Publishing of New Papers
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2240000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – 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 :	No.229, Kutcherry Road, Mylappore, Chennai - 600 004, Tamilnadu, India
Tel. No.:	91-44-42209191
Fax No.:	91-44-42209110 / 24643667
E-Mail :	balu@sunnetwork.in sangeeta@dinakaran.com govindaraju@dinakaran.com investors@sunnetwork.in pdydkn@dinakaran.co.in
Website :	http://www.dinakaran.com
Area :	1000 sq ft
Location :	Owned
Factory/ Printing Press :	Located at Chennai

DIRECTORS

As on 29.09.2011

Name :

Mr. Kalanithi Maran

Designation :

Director

Address :

4, Second Avenue, Boat Club Road, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

24.07.1965

Date of Appointment :

08.12.2005

DIN No.:

00113886

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	U72300TN2004PTC054000	D.K.ENTERPRISES PRIVATE LIMITED	Director	18-08-04	18-08-04	28-09-10	Active	NO
2	U92131TN2005PLC057755	KAL RADIO LIMITED	Director	07-10-05	07-10-05	-	Active	NO
3	U92131TN2005PLC057987	SOUTH ASIA FM LIMITED	Director	09-11-05	09-11-05	-	Active	NO
4	U65991TN1991PTC021710	KUNGUMAM NITHIYAGAM PRIVATE LIMITED	Director	05-12-05	05-12-05	-	Active	NO
5	U65991TN1992PTC023459	KAL INVESTMENTS (MADRAS) PRIVATE LIMITED	Director	05-12-05	05-12-05	-	Active	NO
6	U64202TN2003PTC051886	NETWORK CABLE SOLUTIONS PRIVATE LIMITED	Director	06-12-05	06-12-05	28-09-10	Active	NO
7	U92113TN2003PTC050763	KAL CABLES PRIVATE LIMITED	Director	07-12-05	07-12-05	28-09-10	Active	NO
8	U22121TN1978PTC007428	KUNGUMAM PUBLICATIONS PRIVATE LIMITED	Director	07-12-05	07-12-05	-	Active	NO
9	U92132TN2005PTC055398	SUN DIRECT TV PRIVATE LIMITED	Director	07-12-05	07-12-05	-	Active	NO
10	U92490TN1994PTC027431	UDAYA FM PRIVATE LIMITED	Director	08-12-05	08-12-05	-	Active	NO
11	U22121TN2005PTC057756	KAL PUBLICATIONS PRIVATE LIMITED	Director	08-12-05	08-12-05	-	Active	NO
12	U51909TN1989PTC017239	KAL COMM PRIVATE LIMITED	Director	08-12-05	08-12-05	-	Active	NO
13	L22110TN1985PLC012491	SUN TV NETWORK LIMITED	Managing director	15-12-10	15-12-05	-	Active	NO
14	U93000TN2009PTC072668	KAL MEDIA SERVICES PRIVATE LIMITED	Director	24-08-09	24-08-09	-	Active	NO
15	U62200TN2010PTC075601	KAL AIRWAYS PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
16	U65990TN2010PTC075596	KAL HOLDINGS PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
17	U92100TN2010PTC076775	Sun 18 Media Services South Private Limited	Director	29-07-10	29-07-10	12-01-11	Active	NO
18	U72900TN2010PTC077949	Sun Business Solutions Private Limited	Director	02-11-10	02-11-10	01-04-11	Active	NO
19	L51909TN1984PLC082330	Spicejet Limited	Director	29-09-11	15-11-10	-	Active	NO

Name :

Mrs. Kavery Kalanithi

Designation :

Director

Address :

4, Second Avenue, Boat Club Road, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

16.10.1969

Date of Appointment :

07.10.2005

DIN No.:

00113905

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	U51909TN1989PTC017239	KAL COMM PRIVATE LIMITED	Director	14-06-04	14-06-04	-	Active	NO
2	U92490TN1994PTC027431	UDAYA FM PRIVATE LIMITED	Director	18-10-04	18-10-04	-	Active	NO
3	U92132TN2005PTC055398	SUN DIRECT TV PRIVATE LIMITED	Director	16-02-05	16-02-05	-	Active	NO
4	U65991TN1991PTC021710	KUNGUMAM NITHIYAGAM PRIVATE LIMITED	Director	14-03-05	14-03-05	-	Active	NO
5	U65991TN1992PTC023459	KAL INVESTMENTS (MADRAS) PRIVATE LIMITED	Director	14-03-05	14-03-05	-	Active	NO
6	U92131TN2005PLC057755	KAL RADIO LIMITED	Director	07-10-05	07-10-05	-	Active	NO
7	U22121TN2005PTC057756	KAL PUBLICATIONS PRIVATE LIMITED	Director	07-10-05	07-10-05	-	Active	NO
8	L22110TN1985PLC012491	SUN TV NETWORK LIMITED	Whole-time director	15-12-10	07-10-05	-	Active	NO
9	U22121TN1978PTC007428	KUNGUMAM PUBLICATIONS PRIVATE LIMITED	Director	28-10-05	28-10-05	-	Active	NO
10	U92131TN2005PLC057987	SOUTH ASIA FM LIMITED	Director	09-11-05	09-11-05	-	Active	NO
11	U93000TN2009PTC072668	KAL MEDIA SERVICES PRIVATE LIMITED	Director	24-08-09	24-08-09	-	Active	NO
12	U62200TN2010PTC075601	KAL AIRWAYS PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
13	U65990TN2010PTC075596	KAL HOLDINGS PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
14	U92100TN2010PTC076775	Sun 18 Media Services South Private Limited	Director	29-07-10	29-07-10	12-01-11	Active	NO
15	U72900TN2010PTC077949	Sun Business Solutions Private Limited	Director	02-11-10	02-11-10	01-04-11	Active	NO
16	L51909TN1984PLC082330	Spicejet Limited	Director	29-09-11	15-11-10	-	Active	NO

Name :

Mr. Ramesh Ravilla Manu Ranganathan

Designation :

Managing Director

Address :

Plot No. 141, Senthamarai, Kannan Salai, Venkateshwara Nagar, Kottivakkam, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

04.12.1965

Date of Appointment :

22.12.2005

DIN No.:

00811887

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	U22121TN2005PTC057756	KAL PUBLICATIONS PRIVATE LIMITED	Managing director	19-06-09	22-12-05	-	Active	NO
2	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	18-09-06	18-09-06	-	Active	NO
3	U92132TN2005PTC055398	SUN DIRECT TV PRIVATE LIMITED	Director	24-09-09	15-11-08	-	Active	NO
4	U22121TN1978PTC007428	KUNGUMAM PUBLICATIONS PRIVATE LIMITED	Managing director	23-09-09	19-06-09	-	Active	NO
5	U92100TN2010PTC076775	Sun 18 Media Services South Private Limited	Director	12-01-11	12-01-11	-	Active	NO
6	U72900TN2010PTC077949	Sun Business Solutions Private Limited	Director	01-04-11	01-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Kalanithi Maran	9500000
Kavery Kalanithi	500000
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Printing and Publishing of New Papers

GENERAL INFORMATION

No. of Employees :

1200 (Approximately)

Bankers :

· City Union Bank, Mandivali Branch, Chennai

· Indian Bank

· Indian Overseas Bank

· Corporation Bank

· Kotak Mahindra Bank

· State Bank of India

· Tamilnadu Mercantile Bank

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans directors unsecured	1120.145	1144.145
Total	1120.145	1144.145

Banking Relations :	--
Auditors :
Name :	Karra and Company Chartered Accountant
Address :	Anugraha, New No. 28, Ground Floor, Murray’s Gate Road, Alwarpet, Chennai – 600018, Tamilnadu, India
PAN.:	AAAFK3000E
Related Parties (As on 31.03.2010) :	Sun Direct TV Private Limited Kal Radio Limited Kungumam Publication Private Limited Kal Cables Private Limited Kal Comm Private Limited South Asia FMM Private Limited S and S Textiles
Group Companies :	Sun Network Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 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		100.000	100.000	100.000
2] Share Application Money		65.000	125.000	125.000
3] Reserves & Surplus		395.275	107.262	1.363
4] (Accumulated Losses)		0.000	0.000	(238.638)
NETWORTH		560.275	332.262	(12.275)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1120.145	1144.145	1182.145
TOTAL BORROWING		1120.145	1144.145	1182.145
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1680.420	1476.407	1169.870
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1117.121	1105.209	1174.781
Capital work-in-progress		6.680	42.557	6.479
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	3.278
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.254	176.685	151.857
	Sundry Debtors	628.286	481.650	474.490
	Cash & Bank Balances	376.179	295.499	19.065
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	254.232	91.144	83.003
Total Current Assets		1445.951	1044.978	728.415
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	493.159	506.826	691.358
	Other Current Liabilities	163.237	132.463	0.000
	Provisions	235.940	81.350	51.726
Total Current Liabilities		892.336	720.639	743.084
Net Current Assets		553.615	324.339	(14.669)
MISCELLANEOUS EXPENSES		3.002	4.300	0.000
TOTAL		1680.420	1476.407	1169.870

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	2333.509	1824.902
		Other Income		111.954
		TOTAL	2333.509	1936.857
Less	EXPENSES
		Office Expenses	1853.511	2036.864
		Administrative Expenses
		Advertising Expenses
		TOTAL	1853.511	2036.864
	PROFIT(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		479.998	(100.007)
Less/ Add	DEPRECIATION/ AMORTISATION		109.320	124.239
	PROFIT/(LOSS) BEFORE TAX		370.678	(224.246)
Less	TAX		25.834	4.820
Less	Prior Period Adjustment		0.307	2.292
	PROFIT/(LOSS) AFTER TAX		344.537	(231.358)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(238.638)	(7.280)
	BALANCE CARRIED TO THE B/S		105.899	(238.638)
	EARNINGS IN FOREIGN CURRENCY		0.140	0.000
	IMPORTS		382.828	NA
	Earnings Per Share (Rs.)		NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	14.76	(11.95)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(12.29)
Return on Total Assets (PBT/Total Assets}	(%)	NA	17.24	(11.72)
Return on Investment (ROI) (PBT/Networth)		NA	0.66	(18.27)
Debt Equity Ratio (Total Liability/Networth)		3.59	5.61	60.54
Current Ratio (Current Asset/Current Liability)		1.62	1.45	0.98

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

· Land

· Building – Factory

· Building – Others

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Furniture and Fittings

· Computers

· Vehicles

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.51.16
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.