MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Name :	TIMES INNOVATIVE MEDIA LIMITED (w.e.f. 15.03.2007)
Formerly Known As :	TIMES INNOVATIVE MEDIA PRIVATE LIMITED
Registered Office :	4^th Floor, 'A' Wing, Matulya Mills Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.10.2005
Com. Reg. No.:	11-157078
Capital Investment / Paid-up Capital :	Rs.383.492 millions
CIN No.: [Company Identification No.]	U99999MH2005PLC157078
TAN No.: [Tax Deduction & Collection Account No.]	MUMT12686C
PAN No.: [Permanent Account No.]	AACCT3354P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The principal activity of the Company is Outdoor Media Advertising Business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3061000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 :	4^th Floor, 'A' Wing, Matulya Mills Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-67536983/ 40983000/ 66620600
Fax No.:	91-22-67536900/ 66615030
E-Mail :	mehul.shah@timesgroup.com
Website :	www.timesoohmedia.com
Corporate Office :	Trade Gardens, Ground Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013, Maharashtra, India
Tel. No.:	9]- 22-67536983
Fax No.:	91-22-67536800/ 900

DIRECTORS

As on 30.08.2011

Name :

Mr. Ravindra Dhariwal

Designation :

Director

Address :

Aashray Farm, Bhatti Mines, Asola Village, New Delhi – 110 030, India

Date of Birth/Age :

11.09.1952

Date of Appointment :

18.01.2010

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	01-04-11	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	U65990MH1983PLC029209	Banhem Estates and IT Parks Limited	Director	07-06-06	07-06-06	-	Active	NO
6	U22120MH1985PLC036799	Vardhaman Publishers 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	26-09-11	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. Narayanan Kumar

Designation :

Director

Address :

No.1, George Avenue, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

28.01.1950

Date of Appointment :

31.03.2006

DIN No.:

00007848

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	L26942TN1946PLC000931	The India Cements Limited	Director	27-08-90	27-08-90	15-09-07	Active	NO
2	U73100TN1991NPL020495	Madhuram Narayanan Centre For Exceptional Children	Director	27-03-91	27-03-91	-	Active	NO
3	U72200TN1999PLC041976	Indchem Software Technologies Limited	Director	26-02-99	26-02-99	07-06-08	Active	NO
4	U71309TN1987PTC014470	Madhura Kumar Properities Private Limited	Director	07-06-99	07-06-99	-	Active	NO
5	U74140TN2000PLC044962	Silkroute Indchem Limited	Director	17-05-00	17-05-00	07-06-08	Active	NO
6	U72200TN2000PTC045316	EG Innovations Private Limited	Director	05-07-00	05-07-00	-	Active	NO
7	U72200TN2000PTC044317	APA Engineering Private Limited	Director	08-09-00	08-09-00	24-04-06	Active	NO
8	L74899DL1995PLC070609	Bharti Airtel Limited	Director	16-11-01	16-11-01	-	Active	NO
9	U70101TN2000PTC045897	Cubbon Road Properties Private Limited	Director	01-11-02	01-11-02	-	Active	NO
10	L25111TN1960PLC004306	MRF Limited	Director	29-07-03	29-07-03	-	Active	NO
11	U45203TN1999GOI043322	Ennore Port Limited	Director	15-02-04	15-02-04	15-02-07	Active	NO
12	U72200KA2000PTC026466	Vaakya Technologies Private Limited	Director	19-08-04	19-08-04	12-05-09	Active	NO
13	L92140MH1999PLC120516	Entertainment Network (India) Limited	Director	05-11-05	05-11-05	-	Active	NO
14	U74990TN1991PTC021361	N K Trading and Consultancy Private Limited	Director	06-02-06	06-02-06	-	Active	NO
15	U91120TN2005NPL057561	Nani Palkhivala Arbitration Centre	Director	25-02-06	25-02-06	-	Active	NO
16	U99999MH2005PLC157078	Times Innovative Media Limited	Director	31-03-06	31-03-06	-	Active	NO
17	L63090TN2000PLC046338	Take Solutions Limited	Director	02-12-06	02-12-06	-	Active	NO
18	U92190MH2007PLC175549	Alternate Brand Solutions (India) Limited	Director	31-10-07	31-10-07	15-05-08	Active	NO
19	U64201DL2006PLC156038	Bharti Infratel Limited	Director	22-07-08	29-04-08	-	Active	NO
20	U63032KL1972GOI002414	Cochin Shipyard Limited	Nominee director	18-07-08	18-07-08	17-07-11	Active	NO
21	U80904DL2007NPL161078	Singapore - India Partnership Foundation(India)	Director	05-12-11	05-12-11	-	Active	NO

Name :

Amba Preetham Parigi

Designation :

Director

Address :

Tahnee Heights CHS Limited, 66, Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

15.07.1949

Date of Appointment :

27.10.2005

DIN No.:

00087586

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	U74999DL1999PLC135531	Times Internet Limited	Director	10-07-00	10-07-00	25-08-09	Active	NO
2	U67190MH2000PLC126353	Timesofmoney Limited	Director	11-07-00	11-07-00	-	Active	NO
3	L92140MH1999PLC120516	Entertainment Network (India) Limited	Director	07-09-10	01-08-00	-	Active	NO
4	U72900MH2002PLC134966	Times Infotainment Media Limited	Director	30-09-10	09-09-02	-	Active	NO
5	U99999MH1994NPL076530	Media Research Users Council	Additional director	16-09-03	16-09-03	-	Active	NO
6	U22120MH2003PTC142239	Worldwide Media Private Limited	Director	03-12-04	03-12-04	-	Active	NO
7	U74899DL2000PLC103722	Optimal Media Solutions Limited	Director	25-09-06	04-08-05	-	Amalgamated	NO
8	U99999MH2005PLC157078	Times Innovative Media Limited	Director	27-10-05	27-10-05	-	Active	NO
9	U32109MH1986PLC168454	Times Global Broadcasting Company Limited	Director	13-09-06	13-09-06	-	Active	NO
10	U92120MH2007PLC167123	Mirchi Movies (India) Limited	Director	18-01-07	18-01-07	03-02-11	Active	NO
11	U74992MH2006PLC163048	Zoom Entertainment Network Limited	Director	18-06-07	28-05-07	31-03-10	Active	NO
12	U22120MH1913PLC000391	Bennett Coleman and Company Limited	Director	23-10-07	14-09-07	-	Active	NO
13	U92190MH2007PLC175549	Alternate Brand Solutions (India) Limited	Director	31-10-07	31-10-07	-	Active	NO
14	U65990MH2008PLC178673	Artha Financial Services Limited	Nominee director	18-08-08	13-08-08	-	Active	NO
15	U51109DL2008PLC184883	A2zshopping Limited	Director	14-11-08	14-11-08	25-08-09	Active	NO
16	U72200DL2008PLC184870	Times Websol Limited	Director	14-11-08	14-11-08	25-08-09	Active	NO
17	U72900DL2008PLC185013	Timesmobile Limited	Director	18-11-08	18-11-08	25-08-09	Active	NO
18	L99999MH1994PLC080502	Eros International Media Limited	Managing director	04-12-09	01-10-09	11-02-10	Active	NO
19	U74999TN1987PLC014976	Accel Media Ventures Limited	Additional director	03-09-10	03-09-10	-	Active	NO
20	L30007KL1986PLC004485	Accel Transmatic Limited	Additional director	27-09-11	27-09-11	26-12-11	Active	NO
21	L30006TN1995PLC031736	Accel Frontline Limited	Additional director	29-09-11	29-09-11	-	Active	NO

Name :

Mr. Sivakumar Sundaram

Designation :

Director

Address :

6, Shankar Sagar, Sophia College Lane, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

23.07.1966

Date of Appointment :

27.10.2005

DIN No.:

00105562

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	L65920MH1989PLC054398	Times Guaranty Limited	Director	30-07-98	30-07-98	-	Active	NO
2	U67190MH2000PLC126353	Timesofmoney Limited	Whole-time director	22-04-09	11-07-00	-	Active	NO
3	U72900MH2002PLC134966	Times Infotainment Media Limited	Director	21-02-02	21-02-02	-	Active	NO
4	U99999MH2005PLC157078	Times Innovative Media Limited	Director	27-10-05	27-10-05	-	Active	NO
5	U92120MH2007PLC167123	Mirchi Movies (India) Limited	Director	18-01-07	18-01-07	-	Active	NO
6	U67190MH2007PLC172704	Artha Broking Services Limited	Director	30-07-07	30-07-07	14-07-08	Active	NO
7	U67200MH2007PLC172680	Artha Insurance Broking Services Limited	Director	30-07-07	30-07-07	14-07-08	Active	NO
8	U74990MH2007PLC174688	Artha Forex Services Limited	Director	08-04-08	03-10-07	28-04-08	Active	NO
9	U74990MH2007PLC174687	Artha Distribution Services Limited	Director	08-04-08	03-10-07	28-04-08	Active	NO
10	U74900MH2007PLC175148	Artha Commodities Limited	Director	18-10-07	18-10-07	28-04-08	Active	NO
11	U92190MH2007PLC175549	Alternate Brand Solutions (India) Limited	Director	31-10-07	31-10-07	-	Active	NO
12	U65900MH2007PLC175861	Timesofmoney Financial Services Limited	Director	12-11-07	12-11-07	-	Strike off	NO
13	U65990MH2008PLC178673	Artha Financial Services Limited	Director	08-02-08	08-02-08	13-08-08	Active	NO
14	U92100MH2008PLC179750	Bennett Broadcasting and Distribution Services Limited	Director	04-09-09	05-03-08	-	Active	NO
15	U66010MH2007PLC169110	Aegon Religare Life Insurance Company Limited	Nominee director	22-07-08	31-05-08	-	Active	NO
16	U74300MH2008PLC184669	Brand Equity Treaties Limited	Director	15-09-09	15-07-08	-	Active	NO
17	U74140MH2008NPL187724	Centre for Excellence in Management Training and Development	Director	22-10-08	22-10-08	-	Active	NO
18	U70102MH2010PLC211087	Bennett Property Holdings Company Limited	Director	27-09-11	18-12-10	-	Active	NO

Name :

Sunder Hemrajani

Designation :

Managing Director

Address :

C-121, Ground Floor, Defence Colony, New Delhi – 110 024, India

Date of Birth/Age :

27.05.1955

Date of Appointment :

12.11.2007

DIN No.:

01935048

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	U99999MH2005PLC157078	Times Innovative Media Limited	Managing director	09-01-08	12-11-07	Active	NO
2	U91900MH2007NPL172975	Indian Outdoor Advertising Association	Nominee director	31-05-10	31-05-10	Active	NO
3	U74999DL2010PTC203419	TIM Delhi Airport Advertising Private Limited	Director	01-06-10	01-06-10	Active	NO
4	U74999DL2011PTC215733	Zen Training Partners Private Limited	Director	18-03-11	18-03-11	Active	NO
5	U55203HR2011PTC043891	Livinlite Foods Private Limited	Director	15-09-11	15-09-11	Active	NO

Name :

Mr. Balachandra Lakshmiah Naidu

Designation :

Director

Address :

A1302, Sukhda Building, Pochkanwawala Road, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

05.10.1973

Date of Appointment :

08.06.2011

DIN No.:

02183258

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	L65999DL2006PLC153373	PTC India Financial Services Limited	Director	25-09-09	29-04-08	13-12-10	Active	NO
2	L45203MH2000PLC129790	IL and FS Transportation Networks Limited	Alternate director	13-08-08	13-08-08	22-09-09	Active	NO
3	U51909MH2007PTC170877	M. Pallonji Enterprises Private Limited	Director	11-09-09	13-01-09	-	Active	NO
4	U66010KA2001PLC028883	Metlife India Insurance Company Limited	Alternate director	31-08-09	31-08-09	03-09-09	Active	NO
5	U31200MH1974PLC017538	Sterling and Wilson Limited	Director	13-02-10	29-09-09	-	Active	NO
6	U99999MH2005PLC157078	Times Innovative Media Limited	Director	30-08-11	20-10-09	-	Active	NO
7	U72900KA2000PLC026980	Tejas Networks Limited	Additional director	12-08-11	12-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Harshita Pradip Ashar
Designation :	Secretary
Address :	A503, Swapna Sangeet, Swapna Nagari, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	21.06.1985
Date of Appointment :	31.01.2011
PAN No.:	AKOPA7877P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2011

Names of Shareholders	No. of Shares
Bennett, Coleman and Company Limited, India (BCCL)	31999995
A.P. Parigi jointly with BCCL	1
S. Sivakumar jointly with BCCL	1
Prashant Panday jointly with BCCL	1
P. M. Rao jointly with BCCL	1
N. Subramanian jointly with BCCL	1
GS Strategic Investments Limited, Mauritius	3174604
LB India Holdings Mauritius II Limited, Mauritius	3174604
Total	38349208

As on 30.08.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.56
Bodies corporate	83.44
Total	100.00

BUSINESS DETAILS

Line of Business :

The principal activity of the Company is Outdoor Media Advertising Business.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans banks secured	0.000	(A) 240.000
Interest accrued due other debt secured	0.000	0.054
Total	0.000	240.054

Footnotes:

(A) (Previous Year Loan are Secured against creation of charge on first and exclusive charge over present and future plant and machinery, stock of raw material, stock-in-process, stores, semi-finished and finished goods and tools, book-debts, outstanding, monies receivable, claims due to, contract, engagements, securities, bills which are not due and owing or which may at any time hereafter during the continuance of this security become due or owing on loan taken from HSBC Bank Limited)

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans others unsecured	(A) 700.000	(B) 195.000
Total	700.000	195.000

Footnotes:

(A) From Holding Company - Bennett, Coleman and Company Limited

(B) From Holding Company (upto 29^th December, 2010) - Entertainment Network (India) Limited

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN No.:	AADFP9359C
Holding Company :	Bennett, Coleman and Company Limited (BCCL) CIN No.: U22120MH1913PLC000391 Times of India Building, Dr. D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India
Subsidiaries :	TIM Delhi Airport Advertising Private Limited, India CIN No.: U74999DL2010PTC203419
Fellow Subsidiaries :	Vardhaman Publishers Limited, India CIN No.: U22120MH1985PLC036799 Times Internet Limited, India CIN No.: U74999DL1999PLC135531 Times Global Broadcasting Company Limited, India CIN No.: U32109MH1986PLC168454 Times Business Solutions Limited, India CIN No.: U92100DL2005PLC173555 Zoom Entertainment Network Limited, India CIN No.: U74992MH2006PLC163048 Optimal Media Solutions Limited, India CIN No.: U74899DL2000PLC103722 Artha Distribution Services Limited, India CIN No.: U74990MH2007PLC174687 Times VPL Limited, India CIN No.: U02212KA2003PLC032182 Mirchi Movies (India) Limited, India CIN No.: U92120MH2007PLC167123 Alternate Brand Solutions (India) Limited, India CIN No.: U92190MH2007PLC175549 Worldwide Media Private Limited, India CIN No.: U22120MH2003PTC142239 Banhem Estates and IT Parks Limited, India CIN No.: U65990MH1983PLC029209

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38349208	Equity Shares	Rs.10/- each	Rs.383.492 millions

Of the above 32,000,000 Equity Shares of Rs.10/- each are held by Entertainment Network (India) Limited, the Holding Company and its nominees upto 29^th December, 2010. Of the above 32,000,000 Equity Shares of Rs.10/- each are held by Bennett, Coleman and Company Limited, the Holding Company and its nominees w.e.f 30^th December, 2010.

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		383.492	383.492	383.492
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1923.651	1923.651	1923.651
4] (Accumulated Losses)		(1541.881)	(1496.740)	(1106.738)
NETWORTH		765.262	810.403	1200.405
LOAN FUNDS
1] Secured Loans		0.000	240.054	380.137
2] Unsecured Loans		700.000	195.000	187.767
TOTAL BORROWING		700.000	435.054	567.904
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1465.262	1245.457	1768.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		596.222	556.732	540.997
Capital work-in-progress		6.935	27.735	116.016
INVESTMENT		150.250	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	16.562
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	414.531	586.658	539.619
	Cash & Bank Balances	49.072	36.702	31.407
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	767.401	481.136	1031.657
Total Current Assets		1231.004	1104.496	1602.683
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	377.564	367.280	385.995
	Other Current Liabilities	133.785	70.281	117.922
	Provisions	7.800	5.945	4.032
Total Current Liabilities		519.149	443.506	507.949
Net Current Assets		711.855	660.990	1094.734
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1465.262	1245.457	1768.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1659.450	1561.132	1484.334
		Other Income	26.945	2.038	9.817
		TOTAL (A)	1686.395	1563.170	1494.151
Less	EXPENSES
		Production Expenses	98.441	91.956	87.512
		Licence Fees	1057.241	1195.931	1566.613
		Employee related expenses	131.278	128.395	140.077
		Administrative selling other expenses	279.435	292.185	288.383
		TOTAL (B)	1566.395	1708.467	2082.585
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		120.000	(145.297)	(588.434)
Less	INTEREST FINANCIAL CHARGES (D)		53.325	74.687	47.481
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.675	(219.984)	(635.915)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		111.815	153.457	121.545
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(45.140)	(373.441)	(757.460)
Less	TAX (H)		0.000	16.562	2.800
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(45.140)	(390.003)	(760.260)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1496.741)	(1106.738)	(346.478)
	BALANCE CARRIED TO THE B/S		(1541.881)	(1496.741)	(1106.738)
	EARNINGS IN FOREIGN CURRENCY		32.394	49.254	6.438
	IMPORTS
		Capital Goods	NA	7.547	11.258
	TOTAL IMPORTS		NA	7.547	11.258
	Earnings/ (Loss) Per Share (Rs.)		(1.18)	(10.17)	(19.82)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(2.68)	(24.95)	(50.88)
Net Profit Margin (PBT/Sales)	(%)	(2.72)	(23.92)	(51.03)
Return on Total Assets (PBT/Total Assets}	(%)	(2.47)	(22.48)	(35.33)
Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.46)	(0.63)
Debt Equity Ratio (Total Liability/Networth)		1.59	1.08	0.90
Current Ratio (Current Asset/Current Liability)		2.37	2.49	3.16

LOCAL AGENCY FURTHER INFORMATION

NATURE OF OPERATIONS:

The Company was incorporated in India on October 26, 2005. The principal activity of the Company is Outdoor Media Advertising Business.

FINANCIAL PERFORMANCE

Total income of the Company has increased by about 8% from Rs.1563.170 millions in the previous year to Rs.1686.395 millions in the financial year. The loss after tax stood at Rs.45.140 millions in the financial year.

OPERATIONS

During the financial year, while the first half saw consolidation from the deceleration of the previous financial year ended March 31, 2010, there was a significant improvement in the economic environment in the second half of the year. This, coupled with booming financial markets and stable global environment, led to the Out of Home (OOH) industry growing by 20% to reach Rs.16500.000 millions. In this environment, TIML strengthened its leadership position and increased market share to reach 12.8% and continued to maintain its leadership position in the markets it operates such as Delhi and Mumbai.

Revenues for the year grew by 8% on standalone basis and 39% on consolidated basis. The year was marked by TIML bagging the rights to T3 and creating a new joint venture for 20 years with Delhi International Airport Private Limited The performance of the JV is ahead of the business plans. Higher penetration levels in the market with new categories and clients contributing approximately 20% of the revenues led the overall performance of the business. Key sectors leading the growth are BFSI, Real Estate, Automobiles and Telecom.

The year was marked by tighter control on costs and focus on leveraging operational efficiencies of the business to generate incremental returns. Efficient utilization of current assets and focus on increased productivity marked the year. The manpower productivity has improved by 18% during the year to reach Rs.18.000 millions per employee.

HOLDING COMPANY

The Company is now a subsidiary of Bennett, Coleman and Company Limited (BCCL) consequent to transfer of 83.44% of Company’s Paid-up Equity Share Capital held by Entertainment Network (India) Limited (ENIL) to BCCL on December 29, 2010.

SUBSIDIARY COMPANIES

During the year, a company in the name of TIM Delhi Airport Advertising Private Limited (TIMDAA) was incorporated on June 1, 2010 as a special purpose vehicle in which the company holds 50.1% Shares. TIMDAA is engaged in the business of developing, setting up, operating, maintaining, marketing and managing the advertising sites and display of advertisements etc. at various locations of Indira Gandhi International Airport, New Delhi.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)
Guarantees issued by banks on behalf of the Company Rupees	203.986

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U99999MH2005PLC157078
Name of the company	TIMES INNOVATIVE MEDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	4^th Floor, 'A' Wing, Matulya Mills Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Others [Entire immovable fixed assets (except any land)]
Particular of charge holder	The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: janardhanbhat@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	03.02.2009
Amount secured by the charge	Rs.500.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As mutually agreed with the bank. Terms of Repayment: As mutually agreed with the bank. Margin: As applicable, if any. Extent and Operation of the charge: The bank is having a first and exclusive charge on the security offered by the borrower.
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over a) present and future plant and machinery; b) present and future stock of raw materials, stock-in-process, stores, semi-finished and finished goods and tools; c) present and future book-debts, outstanding, monies receivable, claims due to, contracts, engagements, securities, bills which are not due and owing or which may at any time hereafter during the continuance of this security become due or owing.

FIXED ASSETS:

v Plant Machinery

v Office Equipments

v Computer Equipments

v Furniture Fixtures

v Vehicles

v Leasehold Improvements

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.48.92
UK Pound	1	Rs.77.31
Euro	1	Rs.64.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.