MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED
Registered Office :	1^st Floor, Express Towers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.02.1959
Com. Reg. No.:	11-11302
Capital Investment / Paid-up Capital :	Rs. 44.828 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 8877000
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.

INFORMATION DECLINED BY

Name :	Kalpana
Designation :	Secretary
Contact No.:	91-22-67440000
Date :	01.12.2011
Name :	Vaidehi Thakkar
Designation :	Director
Contact No.:	91-22-67440000
Date :	01.12.2011

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.:	91-22-56301007 / 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
Printing and Administrative office :	E L 208, TTC Industrial Area, Mahape, Navi Mumbai, Maharashtra, India
Tel. No.:	91-22-27625800/ 27671825
Corporate Office :	Located at: Delhi
Branches :	Located at: · Delhi · Ahmedabad · Bangalore · Chandigarh Chennai · Jammu · Kolkata · Lucknow · Pune

DIRECTORS

As on 30.09.2011

Name :

Mr. Vivek 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	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	U99999MH1970PLC113628	Indian Express Holdings and Enterprises Limited	Director	30-08-85	15-04-85	-	Active	NO
2	U22120MH1959PLC011302	Indian Express Newspapers (Mumbai) Limited	Director	05-01-09	01-10-85	-	Active	NO
3	U22219WB1981PTC034416	Bharat Katha Offset Private Limited	Director	14-10-90	14-10-90	-	Active	NO
4	U25209WB1981PTC034308	Bharat Katha Publications Private Limited	Director	14-10-90	14-10-90	-	Active	NO
5	U99999DL1951PLC002023	The Indian Newspaper Society.	Director	23-09-92	23-09-92	19-09-08	Active	NO
6	U70101MH1993PTC075099	Indian Express Property Private Limited	Director	11-09-95	11-09-95	-	Active	NO
7	U99999MH1996PTC097842	The Indian Express Online Media Private Limited	Director	18-04-96	18-04-96	-	Active	NO
8	U22120MH1970PTC014804	Lokasatta Private Limited	Director	26-03-97	26-03-97	-	Active	NO
9	U21013MH1970PTC014805	The Financial Express Print Media Private Limited	Director	26-03-97	26-03-97	-	Active	NO
10	U27209TN1980PTC008419	BDG Fabrications Private Limited	Director	29-09-97	29-09-97	11-12-09	Strike off	NO
11	U22121MH1997PLC107921	The Indian Express Print Media Limited	Director	09-07-99	27-02-98	-	Active	NO
12	U67120MH1998PTC114201	Shri Durga Holdings Private Limited	Director	27-03-98	27-03-98	-	Active	NO
13	U73200MH1998NPL117397	The Economy and Policy Research Foundation	Director	09-12-98	09-12-98	-	Active	NO
14	U70200MH1993PLC075094	Indian Express Commercial Ventures & Projects Limited	Director	23-02-99	23-02-99	-	Active	NO
15	U22120MH2003PLC142983	The Indian Express Limited	Managing director	05-01-11	05-11-03	-	Active	NO
16	U91990MH2005NPL152660	Ramnath Goenka Memorial Foundation	Director	15-04-05	15-04-05	-	Active	NO
17	U92132MH1993PTC075093	Indian Express Digital Media Private Limited	Director	20-03-06	20-03-06	-	Active	NO
18	U70102MH1993PLC075098	Goenka Ventures (India) Limited	Director	20-03-06	20-03-06	-	Active	NO
19	U22120MH1995PTC088656	Indian Express Business Publications Private Limited	Director	20-03-06	20-03-06	-	Active	NO
20	U01400UR2007PTC032402	Gajanan Agritech Private Limited	Director	27-04-07	27-04-07	-	Active	NO
21	U80903DL2008PLC183209	Newschool Ventures Limited	Director	12-09-08	12-09-08	-	Active	NO
22	U91990MH1999NPL121424	Screen Academy for Excellence In Motion Pictures Arts and Technology	Director	30-09-09	24-08-09	-	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	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	U73200MH1998NPL117397	The Economy and Policy Research Foundation	Director	09-12-98	09-12-98	-	Active	NO
2	U92132MH1993PTC075093	Indian Express Digital Media Private Limited	Director	12-10-00	12-10-00	-	Active	NO
3	U70200MH1993PLC075094	Indian Express Commercial Ventures and Projects Limited	Director	12-10-00	12-10-00	-	Active	NO
4	U74999MH1993PTC075096	I E Media Private Limited	Director	12-10-00	12-10-00	-	Active	NO
5	U70102MH1993PLC075098	Goenka Ventures (India) Limited	Director	12-10-00	12-10-00	-	Active	NO
6	U92132MH1993PTC075095	Indian Express Television Private Limited	Director	12-10-00	12-10-00	-	Active	NO
7	U22121MH1997PTC107923	Jansatta Publications Private Limited	Director	12-10-00	12-10-00	-	Active	NO
8	U99999MH1996PTC097842	The Indian Express Online Media Private Limited	Director	12-10-00	12-10-00	-	Active	NO
9	U70101MH1993PTC075099	Indian Express Property Private Limited	Director	12-10-00	12-10-00	-	Active	NO
10	U22120MH1995PTC088656	Indian Express Business Publications Private Limited	Director	12-10-00	12-10-00	-	Active	NO
11	U22121MH1997PLC107921	The Indian Express Print Media Limited	Director	12-10-00	12-10-00	-	Active	NO
12	U22219WB1981PTC034416	Bharat Katha Offset Private Limited	Director	12-10-00	12-10-00	-	Active	NO
13	U25209WB1981PTC034308	Bharat Katha Publications Private Limited	Director	12-10-00	12-10-00	-	Active	NO
14	U22120MH1970PTC014804	Lokasatta Private Limited	Director	16-12-00	16-12-00	-	Active	NO
15	U67120MH1998PTC114201	Shri Durga Holdings Private Limited	Director	16-12-00	16-12-00	-	Active	NO
16	U21013MH1970PTC014805	The Financial Express Print Media Private Limited	Director	16-12-00	16-12-00	-	Active	NO
17	U99999MH1970PLC113628	Indian Express Holdings and Enterprises Limited	Director	19-04-01	30-12-00	-	Active	NO
18	U22120MH1959PLC011302	Indian Express Newspapers (Mumbai) Limited	Director	05-01-09	30-03-01	-	Active	NO
19	U91990MH1999NPL121424	Screen Academy for Excellence In Motion Pictures Arts and Technology	Director	29-10-03	29-10-03	-	Active	NO
20	U22120MH2003PLC142983	The Indian Express Limited	Whole-time director	05-01-11	05-11-03	-	Active	NO
21	U91990MH2005NPL152660	Ramnath Goenka Memorial Foundation	Director	15-04-05	15-04-05	-	Active	NO
22	U80903DL2008PLC183209	Newschool Ventures Limited	Director	12-09-08	12-09-08	-	Active	NO
23	U74300DL2011PTC224498	Global Fairs and Media Private Limited	Director	02-09-11	02-09-11	-	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	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	U28992WB1990PLC050028	Transafe Services Limited	Nominee director	24-11-03	24-11-03	19-10-07	Active	NO
2	U70109KA2006PLC039709	I-Ven Residential Properties (Mumbai) Limited	Nominee director	14-06-06	14-06-06	-	Active	NO
3	U45202MH1999PLC164003	Entertainment World Developers Limited	Director	01-12-06	01-12-06	16-11-11	Active	NO
4	U45201AP2006PTC072536	TSI Business Parks (Hyderabad) Private Limited	Director	28-02-07	28-02-07	24-09-08	Active	NO
5	U45200MH2007PTC168707	Lodha Elevation Buildcon Private Limited	Nominee director	17-09-07	20-07-07	20-07-09	Active	NO
6	U70109KA2006PTC039758	TSI Homes (Chennai) Private Limited	Nominee director	10-08-07	10-08-07	03-11-08	Active	NO
7	U45201KA2006PTC038699	Jubilee Hills Landmark Projects Private Limited	Additional director	29-08-07	29-08-07	24-09-08	Active	NO
8	U70100MH2003PLC143211	I-Ven Realty Limited	Director	25-09-07	30-08-07	29-09-11	Active	NO
9	L65493PN1990PLC058817	Delta Corp Limited	Nominee director	19-05-08	19-05-08	-	Active	NO
10	U22120MH1959PLC011302	Indian Express Newspapers (Mumbai) Limited	Nominee director	30-09-09	30-03-09	-	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	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	U65993MH2005PLC151296	Gas and Power Investment Company Limited	Director	04-08-06	12-08-05	29-06-07	Active	NO
2	U67120MH1992PLC069769	National Stock Exchange of India Limited	Director	22-09-06	02-09-05	05-09-07	Active	NO
3	L99999MH1937PLC002726	Mukand Limited	Director	17-04-06	17-04-06	10-05-07	Active	NO
4	U74899DL1993PLC054134	ICICI Prudential Trust Limited	Nominee director	25-09-06	13-09-06	01-06-07	Active	NO
5	U67190MH1986PLC040506	Stock Holding Corporation of India Limited	Additional director	27-01-07	27-01-07	01-06-07	Active	NO
6	L67120MH1993PLC074411	3I Infotech Limited	Director	25-07-07	25-07-07	-	Active	NO
7	U72900MH1993PLC131900	ICICI Securities Primary Dealership Limited	Director	17-07-08	07-09-07	-	Active	NO
8	U67200MH2000PLC129408	ICICI Lombard General Insurance Company Limited	Additional director	28-11-07	28-11-07	20-04-09	Active	NO
9	U72200MH1989PLC166901	ICICI Venture Funds Management Company Limited	Managing director	21-04-09	21-04-09	-	Active	NO
10	U70100MH2003PLC143211	I-Ven Realty Limited	Director appointed in casual vacancy	10-07-09	10-07-09	29-09-11	Active	NO
11	U22120MH1959PLC011302	Indian Express Newspapers (Mumbai) Limited	Director	30-06-10	30-06-10	-	Active	NO
12	U66010TN2005PLC056649	Star Health And Allied Insurance Company Limited	Nominee director	08-08-11	08-08-11	-	Active	NO

Name :

Mr. Om Prakash 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	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	U45202MH1999PLC164003	Entertainment World Developers Limited	Nominee director	29-09-07	01-12-06	14-04-08	Active	NO
2	U22120MH1959PLC011302	Indian Express Newspapers (Mumbai) Limited	Director	19-09-11	19-09-11	-	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

KEY EXECUTIVES

Name :	Mr. Shekhar Gupta
Designation :	Chief Executive Officer
Name :	Mr. Rak Kamal Jharaj Jha
Designation :	Senior Editor
Date of Birth/Age :	45 Years
Name :	Mr. Kumar Ketkar
Designation :	Senior Editor
Name :	Mr. Om Thanvi
Designation :	Senior Editor
Name :	Kalpana
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Indian Express Holdings and Nariman Point Building Services Limited, India	204611
Shekhar Gupta	11367
Vaidehi Thakar – Nominee of Indian Express Holdings and Nariman Point Building Services Limited, India	10
Viveck Goenka	12631
Harcharan Singh-Nominee of Indian Express Holdings and Nariman Point Building Services Limited, India	1
Poorvi Kamani – Nominee of Indian Express Holdings and Nariman Point Building Service Limited, India	1
Sandeep Khosla – Nominee of Indian Express Holdings and Nariman Point Building Services Limited, India	1
IDBI Trusteeship Services Limited, Idnia (India Advantage Find II)	179668
I Ven Residential Properties (Mumbai) Limited , India	39988
TOTAL	448278

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Venture Capital	40.08
Bodies corporate	54.56
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 :

• United Bank Limited, 16, Hemanta Basu Sarain, Kolkata – 70001, West Bengal, India
• State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Mumbai-400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Banks	1146.302	1231.678
Total	1146.302	1231.678
Notes: Secured loans outstanding as at the balance sheet dato to the extent of Rs. 1146.302 Millions are sucured by pari passu charge by way of mortgage on the company’s immovable property Express Towers and charge on the rentals receivable from tenants in Express Towers

Banking Relations :	--
Auditors :
Name :	V. Mohan Chartered Accountants
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.:	AAAFV0781D
Related Parties :	Indian Express Holding and Enterprise Limited Indian Advantages Fund lll I-Ven Residential Properties (Mumbai) Limited Mr. Vivek Goenka
Associates :	The Indian Express Limited

CAPITAL STRUCTURE

As on 31.03.2011

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
460688	Equity Shares (Includes 170000 Equity Shares issued as fully paid up bonus shares by capitalizing balance from revaluation reserve)	Rs.100/- each	Rs.46.069 Millions
Less : 12410	Equity Shares (Buy Back of Shares) (12410 fully paid up Equity Shares face value of Rs. 100 each at a premium of Rs. 17618 per shares)	Rs.100/- each	Rs.(1.241) Millions
	Total		Rs.44.828 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		44.828	46.069	42.354
2] Share Application Money		0.000	0.000	816.254
3] Reserves & Surplus		2174.320	2056.423	1137.537
4] (Accumulated Losses)		0.000	0.000	(4.988)
NETWORTH		2219.148	2102.492	1991.157
LOAN FUNDS
1] Secured Loans		1146.302	1231.678	1276.755
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1146.302	1231.678	1276.755
DEFERRED TAX LIABILITIES		6.763	1.740	0.095
TOTAL		3372.213	3335.910	3268.007
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3605.443	3602.497	3633.379
Capital work-in-progress		112.500	96.358	27.572
INVESTMENT		176.024	145.375	36.960
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	38.101	31.108	39.144
	Cash & Bank Balances	3.906	31.147	20.933
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	104.877	76.696	168.554
Total Current Assets		146.884	138.951	228.631
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.399	33.688	53.796
	Other Current Liabilities	630.108	568.690	436.167
	Provisions	0.131	44.893	168.572
Total Current Liabilities		668.638	647.271	658.535
Net Current Assets		(521.754)	(508.320)	(429.904)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3372.213	3335.910	3268.007

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Occupational Charges	488.019	411.474	383.461
		Other Income	467.230	440.519	317.932
		TOTAL (A)	955.249	851.993	701.393
Less	EXPENSES
		Payments to and provision made for employees	6.237	6.626	4.141
		Other Operating Expenses	266.775	285.255	161.482
		TOTAL (B)	273.012	291.881	165.623
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		682.237	560.112	535.770
Less	INTEREST AND FINANCIAL EXPENSES (D)		124.379	130.911	144.960
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		557.858	429.201	390.810
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.094	4.329	1.959
	PROFIT BEFORE TAX (E-F) (G)		550.764	424.872	388.851
Less	TAX (H)		142.145	113.173	109.347
	PROFIT AFTER TAX (G-H) (I)		408.619	311.699	279.504
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		119.313	(32.939)	(1358.294)
Add	LOSS OF PUBLICATION DIVISION TRANSFER TO RESULTING COMPANY AS PER THE SCHEME OF DEMERGER		0.000	0.000	183.407
Less:	BALANCE TO BE SET OFF AGAINST SHARE PREMIUM ACCOUNT AS PER THE SCHEME OF DEMERGER		0.000	0.000	1000.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1.241	31.170	27.950
		Interim Dividend	0.000	101.351	82.166
		Proposed Dividend	0.000	8.292	11.517
		Dividend Distribution Tax	0.000	18.634	15.922
	BALANCE CARRIED TO THE B/S		526.691	119.313	(2032.938)
	IMPORTS
		Capital Goods	5.980	18.860	14.008
	TOTAL IMPORTS		5.980	18.860	14.008
	Earnings Per Share (Rs.)		905.00	724.00	1067

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	42.78	32.58	39.85
Net Profit Margin (PBT/Sales)	(%)	112.86	103.26	101.41
Return on Total Assets (PBT/Total Assets}	(%)	14.68	11.36	10.07
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.20
Debt Equity Ratio (Total Liability/Networth)		0.82	0.89	0.97
Current Ratio (Current Asset/Current Liability)		0.22	0.21	0.35

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. in Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Other Creditors
Goods and Services	25.366	25.707	43.664
Capital Goods	0.000	0.558	3.056
Others	16.033	7.423	7.076
TOTAL	41.399	33.688	53.796

THE YEAR IN RETROSPECT

Against the challenging macro and micro environment, the company was able to lease out about 18250 Sq. ft to multiple clients achieving average rental of Rs 323 psftf pm. The company was also able to renegotiate with occupant holding LOC for about 45600 sqft achieving average rental of Rs 199 psft/pm, which was about 33% higher than the earlier rental and 15% higher than rental after agreed escalation. Since majority of the deals were done in the mid of the year, the full financial impact can be seen only in FY 2012. Express Towers continues to attract significant number of enquires due to the professional management and repositioning and re-branding exercise currently being carried out. It is gradually becoming a brand representing an Elite Neighbour hood” in the Nariman point. Company has a robust pipeline, wherein it is in the advanced stages of negotiations with multiple clients for about 36000 Sq. ft

As on March 31, 2011, average rental has moved up by about 18% as compared to the average rentals on March 31, 2010 and vacancy is about 5%.

CONTINGENT LIABILITY

Amount due by The Indian Express Limited, to Banks as at 31^st March 2011 of Rs. 790.606 Millions (Being common loan allocated to the Indian Express limited(TIEL) Pursuant to demerger) which are secured by extension of charge by way of mortgage on company’s immovable property viz. Express tower and charge on the rentals receivables from tenants in express towers. TIEL has been regular in paying its shares of loans.

FORM 8

Corporate identity number of the company	U22120MH1959PLC011302
Name of the company	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED
Address of the registered office or of the principal place of business in India of the company	Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India Email: dillon.pereira@expresstowers.in
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90244360
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Mumbai-400023, Maharashtra, India Email: dgm06070@sbi.co.in
Nature of instrument creating charge	Letter issued by Indian Overseas Bank, New Marine Kinesd Branch, Mumbai-400020 conveying repayment of all it’s dues by the company
Date of instrument Creating the charge	11.12.2009
Amount secured by the charge	Rs. 400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Not Applicable Terms of Repayment : Not Applicable Margin: Not Applicable Extent and Operation of charge : Charge is now exclusively available in favour of State Bank of India, Commercial Branch, Mumbai-400023 to the extent of Rs. 400.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the leasehold interest in piece and parcel of the land known as Plot No. 236 formerly bearing Plot Nos. 219, 220, 243 and 244 in Block III of the Backbay Reclamation Estate of the Government of Maharashtra within the City and Registration sub – District of Mumbai City containing by admeasuring 5918.11 Sq. Meters (7078 Sq. Yards) or thereabouts along with the building called Express Towers situate thereon consisting of basement, a ground plus 25 upper floor with the aggregate approximate 370000 Sq. Fts built up area on the 5^th Floor, as well as respective undivided interest, the leasehold interest thereto in the said land.
Date of instrument modifying the charge	24.08.2005
Particulars of the present modification	Indian Overseas Bank, New Marine Line Branch, Mumbai 400020 has released it’s charge over immovable properties (originally created on 30.04.2004), consequent to the repayment of Rs. 52.500 Millions by the company. However, the charge over immovable properties in favour of State Bank of India, Commercial Branch, Mumbai 400023 continues to remain secured to the extent of Rs. 400.000 Millions

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 Fightings

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.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

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	NO
--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.