MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Principal Name 1	Mr. Viveck Ramnath Goenka
Status	Good	Principal Name 2	Mrs. Vaidahi Chintaman Thakar
		Registration #	11-11302
Street Address	1^st floor, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India
Established Date	25.02.1959	SIC Code	--
Telephone#	91-22-22022627	Business Style 1	Publisher
Fax #	91-22-43414110	Business Style 2	--
Homepage	www.indianexpress.com	Product Name 1	Newspaper
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 43,758,000/-	Product Name 3	--
Shareholders	Venture Capital (40.61%) Bodies corporate (54.03%) Directors or relatives of directors (2.82%) Other top Fifty (50) shareholders (2.54%)	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	53 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Associates	India	The Indian Express Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	227,569,000	Current Liabilities	901,422,000
Inventories	0,000	Long-term Liabilities	851,461,000
Fixed Assets	3,654,514,000	Other Liabilities	71,028,000
Deferred Assets	0,000	Total Liabilities	1,823,911,000
Invest& other Assets	197,127,000	Retained Earnings	2,211,541,000
		Net Worth	2,255,299,000
Total Assets	4,079,210,000	Total Liab. & Equity	4,079,210,000
Total Assets (Previous Year)	4,040,851,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	860,209,000	Net Profit	356,527,000
Sales(Previous yr)	488,019,000	Net Profit(Prev.yr)	408,619,000

MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED

Registered Office :	Express Towers, Nariman Point, Mumbai-400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	25.02.1959

Com. Reg. No.:	11-011302

Capital Investment / Paid-up Capital :	Rs. 43.758 Millions

CIN No.: [Company Identification No.]	U22120MH1959PLC011302

TAN No.: [Tax Deduction & Collection Account No.]	DELI03980E

PAN No.: [Permanent Account No.]	AADCR0899N

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Publisher of Daily News Papers and Offer Magazines

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is well established and reputed company having fine track. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can considered for normal 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	A (Long Term Rating)
Rating Explanation	This ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong
Date	09.08.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	1^st Floor, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22022627 /2284 5707 / 2288 5829 / 2288 6412 / 2282 2187/56301020 / 43414110 / 6740000 / 01 / 02 / 03
Fax No.:	91-22-43414110 / 22022139
E-Mail :	sandra.naz@expressindia.com ehc@vsnl.com rymond.pinto@expressindia.com editorialetw@expressindia.com surabhi.agarwal@expressindia.com iemumbai@express.indexp.co.in dillon.pereira@expresstowers.in
Website :	www.express.indexp.co.in www.expresstravelworld.com www.indianexpress.com
Location :	Owned

Corporate Office :	Located at: Delhi

Branches :	Located at: · Delhi · Ahmedabad · Bangalore · Chandigarh Chennai · Jammu · Kolkata · Lucknow · Pune

DIRECTORS

AS ON 18.06.2012

Name :	Mr. Viveck Ramnath Goenka
Designation :	Director Cum Chairman
Address :	Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India
Date of Birth/Age :	03.12.1957
Date of Appointment :	01.10.1985
DIN No.:	00015640

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1970PLC113628	INDIAN EXPRESS HOLDINGS AND ENTERPRISES LIMITED	Director	30/08/1985	15/04/1985	-	Active	NO
2	U22120MH1959PLC011302	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Director	05/01/2009	01/10/1985	-	Active	NO
3	U25209WB1981PTC034308	BHARAT KATHA PUBLICATIONS PRIVATE LIMITED	Director	14/10/1990	14/10/1990	27/06/2012	Active	NO
4	U22219WB1981PTC034416	BHARAT KATHA OFFSET PRIVATE LIMITED	Director	14/10/1990	14/10/1990	-	Active	NO
5	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	23/09/1992	23/09/1992	19/09/2008	Active	NO
6	U70101MH1993PTC075099	INDIAN EXPRESS PROPERTY PRIVATE LIMITED	Director	11/09/1995	11/09/1995	-	Active	NO
7	U99999MH1996PTC097842	THE INDIAN EXPRESS ONLINE MEDIA PRIVATE LIMITED	Director	18/04/1996	18/04/1996	-	Active	NO
8	U21013MH1970PTC014805	THE FINANCIAL EXPRESS PRINT MEDIA PRIVATE LIMITED	Director	26/03/1997	26/03/1997	-	Active	NO
9	U22120MH1970PTC014804	LOKASATTA PRIVATE LIMITED	Director	26/03/1997	26/03/1997	-	Active	NO
10	U27209TN1980PTC008419	BDG FABRICATIONS PRIVATE LIMITED	Director	29/09/1997	29/09/1997	11/12/2009	Strike off	NO
11	U22121MH1997PLC107921	THE INDIAN EXPRESS PRINT MEDIA LIMITED	Director	09/07/1999	27/02/1998	-	Active	NO
12	U67120MH1998PTC114201	SHRI DURGA HOLDINGS PRIVATE LIMITED	Director	27/03/1998	27/03/1998	-	Active	NO
13	U73200MH1998NPL117397	THE ECONOMY AND POLICY RESEARCH FOUNDATION	Director	09/12/1998	09/12/1998	-	Active	NO
14	U70200MH1993PLC075094	INDIAN EXPRESS COMMERCIAL VENTURES AND PROJECTS LIMITED	Director	23/02/1999	23/02/1999	-	Active	NO
15	U22120MH2003PLC142983	THE INDIAN EXPRESS LIMITED	Managing director	05/01/2011	05/11/2003	-	Active	NO
16	U91990MH2005NPL152660	RAMNATH GOENKA MEMORIAL FOUNDATION	Director	15/04/2005	15/04/2005	-	Active	NO
17	U92132MH1993PTC075093	INDIAN EXPRESS DIGITAL MEDIA PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
18	U22120MH1995PTC088656	INDIAN EXPRESS BUSINESS PUBLICATIONS PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
19	U70102MH1993PLC075098	GOENKA VENTURES (INDIA) LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
20	U01400UR2007PTC032402	GAJANAN AGRITECH PRIVATE LIMITED	Director	27/04/2007	27/04/2007	-	Active	NO
21	U80903DL2008PLC183209	NEWSCHOOL VENTURES LIMITED	Director	12/09/2008	12/09/2008	-	Active	NO
22	U91990MH1999NPL121424	SCREEN ACADEMY FOR EXCELLENCE IN MOTION PICTURES ARTS AND TEC	Director	30/09/2009	24/08/2009	-	Active	NO
23	U74300DL2011PTC224498	GLOBAL FAIRS AND MEDIA PRIVATE LIMITED	Director	29/06/2012	29/06/2012	-	Active	NO
24	U55204MH2012PTC236179	THE CHOCOLATE SPOON COMPANY PRIVATE LIMITED	Director	25/09/2012	25/09/2012	-	Active	NO

Name :	Mrs. Vaidehi Chintaman Thakar
Designation :	Director
Address :	303, Triveni Sanga 15A, Peddar Road, Mumbai-400021, Maharashtra, India
Date of Birth/Age :	19.09.1962
Date of Appointment :	30.03.2001
DIN No.:	00015587

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U73200MH1998NPL117397	THE ECONOMY AND POLICY RESEARCH FOUNDATION	Director	09/12/1998	09/12/1998	Active	NO
2	U92132MH1993PTC075093	INDIAN EXPRESS DIGITAL MEDIA PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
3	U25209WB1981PTC034308	BHARAT KATHA PUBLICATIONS PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
4	U22219WB1981PTC034416	BHARAT KATHA OFFSET PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
5	U22121MH1997PLC107921	THE INDIAN EXPRESS PRINT MEDIA LIMITED	Director	12/10/2000	12/10/2000	Active	NO
6	U22120MH1995PTC088656	INDIAN EXPRESS BUSINESS PUBLICATIONS PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
7	U70101MH1993PTC075099	INDIAN EXPRESS PROPERTY PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
8	U99999MH1996PTC097842	THE INDIAN EXPRESS ONLINE MEDIA PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
9	U22121MH1997PTC107923	JANSATTA PUBLICATIONS PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
10	U92132MH1993PTC075095	INDIAN EXPRESS TELEVISION PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
11	U70102MH1993PLC075098	GOENKA VENTURES (INDIA) LIMITED	Director	12/10/2000	12/10/2000	Active	NO
12	U74999MH1993PTC075096	I E MEDIA PRIVATE LIMITED	Director	12/10/2000	12/10/2000	Active	NO
13	U70200MH1993PLC075094	INDIAN EXPRESS COMMERCIAL VENTURES AND PROJECTS LIMITED	Director	12/10/2000	12/10/2000	Active	NO
14	U21013MH1970PTC014805	THE FINANCIAL EXPRESS PRINT MEDIA PRIVATE LIMITED	Director	16/12/2000	16/12/2000	Active	NO
15	U67120MH1998PTC114201	SHRI DURGA HOLDINGS PRIVATE LIMITED	Director	16/12/2000	16/12/2000	Active	NO
16	U22120MH1970PTC014804	LOKASATTA PRIVATE LIMITED	Director	16/12/2000	16/12/2000	Active	NO
17	U99999MH1970PLC113628	INDIAN EXPRESS HOLDINGS AND ENTERPRISES LIMITED	Director	19/04/2001	30/12/2000	Active	NO
18	U22120MH1959PLC011302	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Director	05/01/2009	30/03/2001	Active	NO
19	U91990MH1999NPL121424	SCREEN ACADEMY FOR EXCELLENCE IN MOTION PICTURES ARTS AND TEC	Director	29/10/2003	29/10/2003	Active	NO
20	U22120MH2003PLC142983	THE INDIAN EXPRESS LIMITED	Whole-time director	05/01/2011	05/11/2003	Active	NO
21	U91990MH2005NPL152660	RAMNATH GOENKA MEMORIAL FOUNDATION	Director	15/04/2005	15/04/2005	Active	NO
22	U80903DL2008PLC183209	NEWSCHOOL VENTURES LIMITED	Director	12/09/2008	12/09/2008	Active	NO
23	U74300DL2011PTC224498	GLOBAL FAIRS AND MEDIA PRIVATE LIMITED	Director	28/06/2012	02/09/2011	Active	NO

Name :	Mr. Sudarshan Vishwanath Bajoria
Designation :	Director
Address :	Flat No. B/ 702, 7^th Floor, Golden Square, Sunder Nagar, Kalina, Santacruz – East, Mumbai – 400 098, Maharashtra, India
Date of Birth/Age :	18.01.1974
Date of Appointment :	30.03.2009
DIN No.:	01853708

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28992WB1990PLC050028	TRANSAFE SERVICES LIMITED	Nominee director	24/11/2003	24/11/2003	19/10/2007	Active	NO
2	U70109KA2006PLC039709	I-VEN RESIDENTIAL PROPERTIES (MUMBAI) LIMITED	Director	28/09/2012	14/06/2006	-	Active	NO
3	U45202MH1999PLC164003	ENTERTAINMENT WORLD DEVELOPERS LIMITED	Director	01/12/2006	01/12/2006	16/11/2011	Active	NO
4	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Director	28/02/2007	28/02/2007	24/09/2008	Active	NO
5	U45200MH2007PTC168707	LODHA ELEVATION BUILDCON PRIVATE LIMITED	Nominee director	17/09/2007	20/07/2007	20/07/2009	Active	NO
6	U70109KA2006PTC039758	TSI HOMES (CHENNAI) PRIVATE LIMITED	Nominee director	10/08/2007	10/08/2007	03/11/2008	Active	NO
7	U70102PN2005PLC140660	KOLTE-PATIL I-VEN TOWNSHIPS (PUNE) LIMITED	Nominee director	27/08/2007	27/08/2007	-	Active	NO
8	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Additional director	29/08/2007	29/08/2007	24/09/2008	Active	NO
9	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Director	25/09/2007	30/08/2007	29/09/2011	Active	NO
10	L65493PN1990PLC058817	DELTA CORP LIMITED	Nominee director	19/05/2008	19/05/2008	-	Active	NO
11	U22120MH1959PLC011302	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Nominee director	30/09/2009	30/03/2009	-	Active	NO

Name :	Mrs. Vishakha Vivek Mulye
Designation :	Director
Address :	A-303, Atria, Akruti Niharika Complex, Professor N.S. Phadk Marg, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	04.02.1969
Date of Appointment :	30.06.2010
DIN No.:	00203578

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993MH2005PLC151296	GAS AND POWER INVESTMENT COMPANY LIMITED	Director	04/08/2006	12/08/2005	29/06/2007	Active	NO
2	U67120MH1992PLC069769	NATIONAL STOCK EXCHANGE OF INDIA LIMITED	Director	22/09/2006	02/09/2005	05/09/2007	Active	NO
3	L99999MH1937PLC002726	MUKAND LIMITED	Director	17/04/2006	17/04/2006	10/05/2007	Active	NO
4	U74899DL1993PLC054134	ICICI PRUDENTIAL TRUST LIMITED	Nominee director	25/09/2006	13/09/2006	01/06/2007	Active	NO
5	U67190MH1986PLC040506	STOCK HOLDING CORPORATION OF INDIA LIMITED	Additional director	27/01/2007	27/01/2007	01/06/2007	Active	NO
6	L67120MH1993PLC074411	3I INFOTECH LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO
7	U72900MH1993PLC131900	ICICI SECURITIES PRIMARY DEALERSHIP LIMITED	Director	17/07/2008	07/09/2007	-	Active	NO
8	U67200MH2000PLC129408	ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED	Additional director	28/11/2007	28/11/2007	20/04/2009	Active	NO
9	U72200MH1989PLC166901	ICICI VENTURE FUNDS MANAGEMENT COMPANY LIMITED	Managing director	21/04/2009	21/04/2009	-	Active	NO
10	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Director appointed in casual vacancy	10/07/2009	10/07/2009	29/09/2011	Active	NO
11	U22120MH1959PLC011302	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
12	U66010TN2005PLC056649	STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED	Nominee director	08/08/2011	08/08/2011	-	Active	NO
13	U67120AP1995PLC019877	KARVY STOCK BROKING LIMITED	Director	31/05/2012	27/12/2011	-	Active	NO

Name :	Mr. Omprakash Ramkrishna Srivastava
Designation :	Director
Address :	Flat No. 1001-B, Jagat Vidya Chembers, Kala Nagar, Bandra (West), Mumbai – 400051, Maharashtra, India
Date of Birth/Age :	19.06.1955
Date of Appointment :	19.09.2011
DIN No.:	01173036

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45202MH1999PLC164003	ENTERTAINMENT WORLD DEVELOPERS LIMITED	Nominee director	29/09/2007	01/12/2006	14/04/2008	Active	NO
2	U22120MH1959PLC011302	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED	Director	19/09/2011	19/09/2011	-	Active	NO
3	U70109KA2006PLC039709	I-VEN RESIDENTIAL PROPERTIES (MUMBAI) LIMITED	Director	28/09/2012	04/01/2012	-	Active	NO

Name :	Mr. Utsah Kohli
Designation :	Director
Address :	D 399, Defence Colony, New Delhi – 110024, India
Date of Birth/Age :	02.08.1979
Date of Appointment :	19.09.2011
DIN No.:	01064024

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.06.2012

Names of Shareholders	No. of Shares
Indian Express Commercial Ventures and Projects Limited, India	199738
Shekhar Gupta Jointly with Neelam Jolly	11096
Vaidehi Thakar – Nominee of Indian Express Commercial Ventures and Projects Limited	1
Viveck Goenka	12329
Poorvi Kamani - – Nominee of Indian Express Commercial Ventures and Projects Limited	1
IDBI Trusteeship Services Limited, India (India Advantage Fund III)	177714
I-Ven Residential Properties (Mumbai) Limited, India ICICI Venture Funds Management Company Limited, India	36699
TOTAL	437578

AS ON 18.06.2012

Equity Shares Break Up	Percentage of Holding
Venture Capital	40.61
Bodies corporate	54.03
Directors or relatives of Directors	2.82
Other top fifty shareholders	2.54
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Publisher of Daily News Papers and Offer Magazines

Products :

Item Code No. (ITC Code)	49021010
Product Description	Newspaper
Item Code No. (ITC Code)	NA
Product Description	Service (Advertisements in newspapers)
Item Code No. (ITC Code)	NA
Product Description	Service Industry (Renting of property)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, N. G. N. Vaidya Marg, Mumbai-400023, Maharashtra, India

· Oriental Bank of Commerce, A-30/33, Rajiv Chowk , New Delhi-110001, India

· Sangali Urban Co-Operative Bank Limited, 37/2/C, Mooli Mansion, Pune, Maharashtra, India

· United Bank Limited, 16, Hemanta Basu Sarain, Kolkata – 70001, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans
From Banks	851.461	1146.302

TOTAL	851.461	1146.302
Of the above: 1. a) Rs. 192.000 Millions (P Y 210.900 Millions) Loans carrying interest of 3.40% P.A. below BPLR (Presently 11.85% p.a.) maturing in July 2018. The Loan is repayable within 120 monthly installments of Rs. 3.502 Millions each including interest b) Rs. 224.200 Millions (P Y 263.300 Millions) Loans carrying interest of 1.50% P.A. below BPLR (Presently 13.75% p.a.) maturing in September 2015. The Loan is repayable within 84 monthly installments of Rs. 5.984 Millions each including interest c) (i) Rs. 148.400 Millions (P Y 124.500 Millions) Loans carrying interest of 2.75% P.A. below BPLR (Presently 12.50% p.a.) maturing in January 2017. The Loan is repayable within 84 monthly installments of Rs. 0.404 Million each including interest (ii) Rs. 20.700 Millions (P Y Nil) Loans carrying interest of 1.75% P.A. below BPLR (Presently 13.50% p.a.) maturing in January 2017. The Loan is repayable within 84 monthly installments of Rs. 0.404 Million each including interest (All the above loans (a, b, and c) are secured by way of pari passu charge by way of mortgage on the company’s immovable property and charge on the materials receivable from ten arts. Further, the loan has been guaranteed by an irrevocable corporate guarantee of one of the key shareholder namely Indian Express Holdings and Enterprises Limited) 2. a) Rs. 292.500 Millions (P Y 352.100 Millions) Loans carrying interest of 2.55% P.A. below SBAR (Presently 12.95% p.a.) maturing in March 2015. The Loan is repayable within 118 monthly installments of Rs. 8.101 Millions each including interest b) Rs. 78.900 Millions (P Y 99.200 Millions) Loans carrying interest of 2.55% P.A. below SBAR (Presently 12.95% p.a.) maturing in March 2015. The Loan is repayable within 118 monthly installments of Rs. 2.557 Millions each including interest c) Rs. 310.000 Millions (P Y 96.100 Millions) Loans carrying interest of 2.50% P.A. below SBMPLR (Presently 12.20% p.a.) maturing in November 2014. The Loan is repayable within 96 monthly installments of Rs. 2.737 Millions each including interest (All the above loans (a, b, and c) are secured by way of pari passu charge by way of mortgage on the company’s immovable property and charge on the materials receivable from ten arts. Further, the loan has been guaranteed by an irrevocable corporate guarantee of one of the key shareholder namely Indian Express Holdings and Enterprises Limited and personal guarantee of the Chairman, Mr. Viveck Goenka)


Banking Relations :	--

Auditors :
Name :	V Sankar Aiyar and Company Chartered Accountant
Address :	V. Shanker Aiyer and Company, 2-C, Court Chambers, 35, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22004465/ 22067440
Fax No.:	91-22-22000649
E-Mail :	Mumbai@vsa.co.in
PAN No.:	AAAFV0781D

Associates :	The Indian Express Limited

Other Related Parties :	· Indian Express Holdings and Enterprises Limited · Indian Advantage Fund III · I-Ven Residential Properties (Mumbai) Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

510000	Equity Shares	Rs.100/- each	Rs. 51.000 Millions
250000	Preference Shares	Rs.100/- each	Rs. 25.000 Millions
	TOTAL		Rs. 76.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

437578	Equity Shares	Rs.100/- each	Rs. 43.758 Millions

NOTES

a) Reconciliation of Shares (As on Reporting Date)	Numbers	Rs. In Millions
Opening Share Capital	448,278	44.828
Less : Buy Back of Shares	10,700	1.070
Closing Share Capital	437,578	43.758

List of shareholders having 5% or more shares (As on Reporting Date)	FY 2011-12
Name of Shareholders	In Nos.	In %
Indian Express Holdings and Enterprises Limited	199,740	45.65%
Indian Advantage Fund III	177,714	40.61%
I-Ven Residential Properties (Mumbai) Limited	36,699	8.39%
	414,153	94.65%

b) Terms / rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. Transfer of shares are subject to Tag along, drag along Right of first refusal as more elaborated in elaborated in Articles of Associates.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		43.758	44.828	46.069
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2211.541	2174.320	2056.423
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2255.299	2219.148	2102.492
LOAN FUNDS
1] Secured Loans		851.461	1146.302	1231.678
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		851.461	1146.302	1231.678
DEFERRED TAX LIABILITIES		10.374	6.763	1.740

TOTAL		3117.134	3372.213	3335.910

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3654.514	3605.443	3602.497
Capital work-in-progress		22.417	112.500	96.358

INVESTMENT		174.710	176.024	145.375
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	32.623	38.101	31.108
	Cash & Bank Balances	38.305	3.906	31.147
	Other Current Assets	61.735	0.000	0.000
	Loans & Advances	94.906	104.877	76.696
Total Current Assets		227.569	146.884	138.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.365	38.399	33.688
	Other Current Liabilities	887.057	630.108	568.690
	Provisions	60.654	0.131	44.893
Total Current Liabilities		962.076	668.638	647.271
Net Current Assets		(734.507)	(521.754)	(508.320)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		3117.134	3372.213	3335.910

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	860.209	488.019	411.474
		Other Income	24.598	467.230	440.519
		TOTAL (A)	884.807	955.249	851.993

Less	EXPENSES
		Payments to and provision made for employees	0.000	6.237	6.626
		Other Operating Expenses	261.929	266.775	285.255
		Employees benefits Expenses	6.809	0.000	0.000
		TOTAL (B)	268.738	273.012	291.881

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		616.069	682.237	560.112

Less	FINANCIAL EXPENSES (D)		132.179	124.379	130.911

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		483.890	557.858	429.201

Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.258	7.094	4.329

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		473.632	550.764	424.872

Less	TAX (H)		117.105	142.145	113.173

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		356.527	408.619	311.699

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	119.313	(32.939)

Less	APPROPRIATIONS
		Transfer to General Reserve	NA	1.241	31.170
		Interim Dividend	NA	0.000	101.351
		Proposed Dividend	NA	0.000	8.292
		Dividend Distribution Tax	NA	0.000	18.634
	BALANCE CARRIED TO THE B/S		NA	526.691	119.313

	IMPORTS
		Capital Goods	11.797	5.980	18.860
	TOTAL IMPORTS		11.797	5.980	18.860

	Earnings Per Share (Rs.)		805	905	724

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	40.29	42.78	32.58

Net Profit Margin (PBT/Sales)	(%)	55.06	112.86	103.26

Return on Total Assets (PBT/Total Assets}	(%)	12.20	14.68	11.36

Return on Investment (ROI) (PBT/Networth)		0.21	0.25	0.20

Debt Equity Ratio (Total Liability/Networth)		0.81	0.82	0.89

Current Ratio (Current Asset/Current Liability)		0.24	0.22	0.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

THE YEAR IN RETROSPECT

Commercial office market space in Mumbai has witnessed the recovery in calendar year 2011. However, in calendar year 2012, Commercial real estate market in Mumbai has shown some weakness with subdued investment and leasing activity mainly due to uncertain global environment.

The company was able to lease out about 75,000 sq ft to multiple clients achieving an average rental of Rs. 306 psft /prn (against an average rental of Rs. 250 - Rs.275 psft /prn for A Grade buildings in Nariman Point). Express Towers continues to attract significant number of enquires due to its professional management and the Repositioning and Re-branding exercise currently being carried out. It is gradually becoming a brand representing an "Elite Neighborhood" in the Nariman point. Current vacancy is in the building is about 12%.

FIXED ASSETS

· Building under Construction

· Goodwill

· Freehold Land

· Leasehold Land

· Building

· Factory Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Office Equipments

· Electrical Fittings

· AC Equipments

· Lift Installation

· Fire Fighting’s

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. 54.56
UK Pound	1	Rs. 87.45
Euro	1	Rs. 71.08

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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

0.000

0.000

32.623

38.101

38.305

3.906

61.735

0.000

94.906

104.877

227.569

14.365

38.399

887.057

630.108

60.654

0.131

962.076

(734.507)

(521.754)

40.29

42.78

55.06

112.86

12.20

14.68

0.21

0.25

0.81

0.82

0.24

0.22

Unit