1. Summary Information

		Country	India
Company Name	BENNETT COLEMAN AND COMPANY LIMITED	Principal Name 1	Mr. Samir Jain
Status	Excellent	Principal Name 2	Mr. Vineet Jain
		Registration #	11-000391
Street Address	The Times of India Building, D N Road, Mumbai 400001, Maharashtra
Established Date	29.11.1913	SIC Code	--
Telephone#	91-22-66353535	Business Style 1	Service Provider
Fax #	91-22-22620144	Business Style 2	--
Homepage	www.timesofindia.indiatimes.com www.enil.co.in	Product Name 1	Newspapers
# of employees	8500 (Approximately)	Product Name 2	--
Paid up capital	Rs.2,869,554,000/-	Product Name 3	--
Shareholders	Bodies corporate 98.97%, Directors or relatives of directors 1.03%	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	100 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Aa (82)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries / Associates	India	21^st Century Constructions Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	14,542,728,000	Current Liabilities	20,232,082,000
Inventories	4,753,236,000	Long-term Liabilities	000
Fixed Assets	15,670,734,000	Other Liabilities	711,941,000
Deferred Assets	000	Total Liabilities	20,944,023,000
Invest& other Assets	42,951,835,000	Retained Earnings	54,104,956,000
		Net Worth	56,974,510,000
Total Assets	77,918,533,000	Total Liab. & Equity	77,918,533,000
Total Assets (Previous Year)	74,125,299,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	44,525,530,000	Net Profit	9,687,406,000
Sales(Previous yr)	24,765,481,000	Net Profit(Prev.yr)	3,866,033,000

MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	BENNETT COLEMAN AND COMPANY LIMITED
Registered Office :	The Times of India Building, D N Road, Mumbai 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.11.1913
Com. Reg. No.:	11-000391
Capital Investment / Paid-up Capital :	Rs.2869.554 Millions
CIN No.: [Company Identification No.]	U22120MH1913PLC000391
TAN No.: [Tax Deduction & Collection Account No.]	29060084369
PAN No.: [Permanent Account No.]	AAACB4373Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into Printing and Publishing of Newspapers.
No. of Employees :	8500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (82)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 227000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of times group. It is one of the oldest and highly respected publishing house in the country. Financial position of the company is sound. Fundamentals appears to be strong and healthy. The latest financials of the company are not made available. As per previous year’s record, the company has recorded a huge increase in the profitability of the company during the current year. Trade relations are reported to be praiseworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered excellent for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	23^rd July 2012

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	23^rd July 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.

INFORMATION DECLINED BY

Name :	Mr. Subramanium
Designation :	Deputy Manager
Contact No.:	91-9819128038

LOCATIONS

Registered Office :	The Times of India Building, D N Road, Mumbai 400001, Maharashtra, India
Tel. No.:	91-22-66353535 / 66354460 / 66354159
Mobile No.:	91-9819128038 (Mr. Subramanium)
Fax No.:	91-22-22620144/ 22731737
E-Mail :	padmakar.rao@timesgroup.com kausik.nath@timesgroup.com subramaniam.dharmarajan@timesgroup.com corporate.secretarial@timesgroup.com
Website :	www.timesofindia.indiatimes.com www.enil.co.in

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Samir Jain

Designation :

Vice-Chairman and Managing Director

Address :

15, Moti Lal Nehru Marg, New Delhi - 110011, India

Date of Birth/Age :

22.06.1954

Qualification:

B.A

Date of Appointment :

01.02.2010

Din No.:

00001337

PAN No.:

AEHPJ3016Q

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	U74899DL1982GAP144061	Times For India Org	Director	15-10-82	15-10-82	Active	NO
2	L65929DL1947PLC001240	P N B Finance And Industries Limited	Director	29-11-83	29-11-83	Active	NO
3	U22120MH1913PLC000391	Bennett Coleman And Company Limited	Managing director	01-02-10	01-02-85	Active	NO

Name :

Mr. Vineet Jain

Designation :

Managing Director

Address :

15, Moti Lal Nehru Marg, New Delhi - 110011, India

Date of Birth/Age :

12.02.1966

Qualification:

M.B.A (Mktg)

Date of Appointment :

27.06.2008

Din No.:

00003962

PAN No.:

AEHPJ3012L

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	Managing director	27-06-08	27-06-93	-	Active	NO
2	U74899DL1947PLC103246	The Press Trust Of India Limited	Director	09-12-96	09-12-96	-	Active	NO
3	U80302DL1984NPL019475	Times Centre For Media And Management Studies	Director	17-08-98	17-08-98	11-12-09	Active	NO
4	U74899DL1982GAP144061	Times For India Org	Director	23-10-98	23-10-98	-	Active	NO
5	U74999DL1999PLC135531	Times Internet Limited	Director	04-05-99	04-05-99	-	Active	NO
6	U99999DL1951PLC002023	The Indian Newspaper Society.	Director	20-09-99	20-09-99	06-12-06	Active	NO
7	L65920MH1994PLC080618	Hdfc Bank Limited	Nominee director	14-04-01	14-04-01	27-12-08	Active	NO
8	U72900MH2002PLC134966	Times Infotainment Media Limited	Director	31-12-02	31-12-02	-	Active	NO
9	L74899DL1942PLC000644	Bharat Nidhi Limited	Director	27-09-06	28-04-03	-	Active	NO
10	U22120MH2003PTC142239	Worldwide Media Private Limited	Director	08-03-04	08-03-04	-	Active	NO
11	U22121DL2004PLC126751	Times Journal India Limited	Director	02-06-04	02-06-04	03-06-10	Active	NO
12	U32109MH1986PLC168454	Times Global Broadcasting Company Limited	Director	31-03-05	31-03-05	-	Active	NO
13	U74899DL2000PLC103722	Optimal Media Solutions Limited	Director	25-09-06	25-05-06	-	Amalgamated	NO
14	L92140MH1999PLC120516	Entertainment Network (India) Limited	Director	03-09-07	19-01-07	-	Active	NO
15	U74992MH2006PLC163048	Zoom Entertainment Network Limited	Director	18-06-07	07-05-07	-	Active	NO
16	U51109DL2008PLC184883	A2zshopping Limited	Director	14-11-08	14-11-08	-	Active	NO
17	U72200DL2008PLC184870	Times Websol Limited	Director	14-11-08	14-11-08	-	Active	NO
18	U72900DL2008PLC185013	Timesmobile Limited	Director	18-11-08	18-11-08	-	Active	NO

Name :

Mr. Ravindra Dhariwal

Designation :

Whole Time Director

Address :

Aashray Farm, Khasra No. 1523, Asola Village, New Delhi – 110030, Delhi , India

Date of Birth/Age :

11.09.1952

Date of Appointment :

01.04.2011

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	U22120MH1985PLC036799	Vardhaman Publishers Limited	Director	07-06-06	07-06-06	-	Active	NO
6	U65990MH1983PLC029209	Banhem Estates and It Parks Limited	Director	07-06-06	07-06-06	-	Active	NO
7	U02212KA2003PLC032182	Times Vpl Limited	Director	03-10-07	18-08-06	-	Active	NO
8	U32109MH1986PLC168454	Times Global Broadcasting Company Limited	Director	13-09-06	13-09-06	-	Active	NO
9	U74899DL1982GAP144061	Times For India Org	Director	12-09-07	16-10-06	03-06-10	Active	NO
10	U99999DL1951PLC002023	The Indian Newspaper Society.	Director	27-10-06	27-10-06	-	Active	NO
11	U72900MH2002PLC134966	Times Infotainment Media Limited	Director	04-12-06	04-12-06	-	Active	NO
12	U24999MH1948NPL006309	Audit Bureau Of Circulations	Director	19-01-07	19-01-07	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 :

Mrs. Amba Preetham Parigi

Designation :

Director

Address :

Tahnee Heights Chs Limited, 66, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

15.07.1949

Date of Appointment :

23.10.2007

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	U72200DL2008PLC184870	Times Websol Limited	Director	14-11-08	14-11-08	25-08-09	Active	NO
16	U51109DL2008PLC184883	A2zshopping 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 :

Mrs. Kalpana Jaisingh Morparia

Designation :

Director

Address :

B – 92, Ocean Gold Chs, Twin Tower Lane, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

30.05.1949

Date of Appointment :

23.10.2007

Din No.:

00046081

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	U72900MH1993PLC131900	Icici Securities Primary Dealership Limited	Director	27-04-01	27-04-01	07-09-07	Active	NO
2	U66010MH2000PLC127837	Icici Prudential Life Insurance Company Limited	Director	29-11-01	29-11-01	29-08-08	Active	NO
3	U67200MH2000PLC129408	Icici Lombard General Insurance Company Limited	Nominee director	22-03-02	22-03-02	29-08-08	Active	NO
4	L65190GJ1994PLC021012	Icici Bank Limited	Whole-time director	03-05-02	03-05-02	01-06-07	Active	NO
5	U99999DL1993PLC054135	Icici Prudential Asset Management Company Limited	Nominee director	29-06-06	27-10-05	29-08-08	Active	NO
6	U67120MH1995PLC086241	Icici Securities Limited	Additional director	04-04-07	04-04-07	15-10-08	Active	NO
7	L85195AP1984PLC004507	Dr.Reddy's Laboratories Limited	Director	24-07-07	05-06-07	-	Active	NO
8	U22120MH1913PLC000391	Bennett Coleman And Company Limited	Director	23-10-07	14-09-07	-	Active	NO
9	L72200AP1975PLC001970	Cmc Limited	Director	24-06-08	11-03-08	-	Active	NO
10	U72900MH2000PTC124073	J. P. Morgan Services India Private Limited	Director	29-09-08	18-09-08	-	Active	NO
11	U65999MH2006PTC164773	Jpmorgan Asset Management India Private Limited	Director	23-07-10	19-12-08	-	Active	NO

Name :

Mrs. Indu Jain

Designation :

Whole-time Director

Address :

4 Tilak Marg, New Delhi – 110002, India

Date of Birth/Age :

08.09.1936

Date of Appointment :

01.08.2009

Din No.:

00004040

PAN No.:

AEHPJ3014N

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	01-08-09	13-05-99	-	Active	NO
2	U74899DL1982GAP144061	Times For India Org	Director	12-09-99	12-09-99	-	Active	NO
3	U80302DL1984NPL019475	Times Centre For Media And Management Studies	Director	08-11-02	08-11-02	11-12-09	Active	NO

Name :

Mr. Trishal Jain

Designation :

Whole Time Director

Address :

15, Moti Lal Nehru Marg, New Delhi - 110011, India

Date of Birth/Age :

27.02.1985

Date of Appointment :

01.04.2011

Din No.:

03371538

Name :

Mr. Shrijeet Ramakanta Mishra

Designation :

Whole Time Director

Address :

301, Gitanjali Gardens, 3^rd Floor, 58E, Nepean Sea Road, Rungta Lane, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.04.1965

Date of Appointment :

11.08.2011

Din No.:

01894081

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	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	24-06-08	07-12-07	27-07-11	Active	NO
2	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	22-06-09	01-08-08	27-07-11	Active	NO
3	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	22-07-10	22-03-10	27-07-11	Active	NO
4	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Whole-time director	11-08-11	11-08-11	-	Active	NO

Name :

Mr. Bhaskar Das

Designation :

Whole Time Director

Address :

C-1, Queens View, 28/30, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

08.05.1953

Date of Appointment :

07.12.2004

Din No.:

00055594

Other Directorship

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

Name :

Mr. Meleveetil Damodaran

Designation :

Director

Address :

D-8/3, D Block, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

04.05.1947

Date of Appointment :

23.05.2012

Din No.:

02106990

Name :

Mr. Leo Puri

Designation :

Director

Address :

501, Belmont Condominium, N S Road, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

03.01.1961

Date of Appointment :

23.05.2012

Din No.:

01764813

KEY EXECUTIVES

Name :	Mr. Kausik Nath
Designation :	Company Secretary
Address :	A-202, Sea View Building, Charkop, Sector 8, Kandivali (West), Mumbai-400067, Maharashtra, India
Date of Birth/Age :	23.06.1964
Date of Appointment :	06.03.2012
Pan No.:	AACPN1272B
Name :	Mr. Subramanium
Designation :	Deputy Manager
Name :	Mr. Arindam Sengupta
Designation :	Executive Editor – TOI
Name :	Mr. Sunil Rajshekhar
Designation :	Chief Executive Officer - VPL
Name :	Mr. Rahul Kansal
Designation :	Chief Marketing Officer
Name :	Mr. R.S. Narayan
Designation :	Chief Financial Officer
Name :	Mr. S. Sivakumar
Designation :	Chief Executive Officer - Brand Capital
Name :	Mr. Satyan Gajwani
Designation :	Executive Assistant to CEO - BCCL
Name :	Mr. Naveen Vaikuntam Chandra
Designation :	Senior Vice President-Business Development
Name :	Mr. Munish Sabharwal
Designation :	Vice President
Name :	Mr. Sameer Soni
Designation :	Chief Operating Officer - FEAM

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Sanmati Properties Limited, India	27981000
Bharat Nidhi Limited, India	70041600
PNB Finance and Industries Limited, India	26665848
Vineet Jain	1642248
Samir Jain	7200
Meera Jain	943200
Camac Commercial Company Limited, India	38161548
Arth Udyog Limited, India	26719848
Jacaranda Corporate Services Limited, India	25632000
T M Investments Limited	17093016
Ashok Viniyoga Limited	51707916
Trishla Jain	360000
TOTAL	286955424

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	98.97
Directors or relatives of directors	1.03
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into Printing and Publishing of Newspapers.

Products :

ITC Code	Product Descriptions
032891ADD500	Adhesive 4511
014103ADD500	Adhesive FB 053ALV

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Dailies	Pages	84690.096 Quantity (in lakh units)

NOTE: Quantitative information includes dailies and periodicals produced by outside printers on job-work basis. The Company has accounted for production according to issue dates.

GENERAL INFORMATION

No. of Employees :

8500 (Approximately)

Bankers :

• The Hong Kong and Shanghai Banking Corporation Limited, Hong Kong Bank Building, 52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
• United Bank of India, 25, Sir P M Road, Mumbai, Maharashtra, India
• HDFC Bank Limited, Motwani Chambers, Maneckji Wadia Fort, Mumbai, Maharashtra, India
• Bank of India, Mumbai, Maharashtra, India
• Bank of Baroda, Mumbai, Maharashtra, India
• Punjab National Bank, Mumbai, Maharashtra, India
• Indian Bank, Mumbai, Maharashtra, India
• Deutsche Bank, Mumbai, Maharashtra, India
• Standard Chartered Bank, 90, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
• Citibank NA, Mumbai, Maharashtra, India
• HSBC Bank, Mahatma Gandhi Road, Mumbai, Maharashtra, India

Facilities :

Unsecured Loan	31.03.2011 (12 Months)	31.03.2010 (8 Months)
	Rs. in Millions
Rupee term loans banks unsecured	0.000	(A)1262.027
Loans subsidiaries unsecured	0.000	3419.433
Other debt unsecured	0.000	(B) 2.462
TOTAL	0.000	4683.922
Note: (A) Banks (Buyers' Credit) (B) Bodies Corporate

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40, Ambalala Doshi Marg, Mumbai-400023, Maharashtra, India
PAN No:	AABFL1893K
Associates/Subsidiaries :	· 21^st Century Constructions Limited, India (CIN:U74999DL1985PLC123961) · a2zShopping Limited, India (CIN:U51109DL2008PLC184883) · Aadidev Properties Limited, India (CIN:U70100MH2006PLC160897) · Alternate Brand Solutions (India) Limited, India (CIN: U92190MH2007PLC175549) · Anagha Estates Limited, India (CIN:U70100MH2006PLC160898) · Artha Broking Services Limited, India (CIN:U67190MH2007PLC172704) · Artha Commodities Limited, India (CIN:U74900MH2007PLC175148) · Artha Credit Private Limited, India (CIN:U65990MH1995PTC091027) · Artha Distribution Services Limited, India (CIN:U74990MH2007PLC174687) · Artha Financial Services Limited, India (CIN:U65990MH2008PLC178673) · Artha Forex Services Limited, India (CIN:U74990MH2007PLC174688) · Artha Insurance Broking Services Limited (CIN:U67200MH2007PLC172680) · Aryabhata Properties Limited, India (CIN:U70100MH2006PLC160896) · Ativeer Properties Limited (CIN:U70101DL2010PLC209333) · Aegon religare life Insurance company Limited (CIN:U66010MH2007PLC169110) · Banhem Estates and IT Parks Limited, India (CIN:U65990MH1983PLC029209) · Bennett Property Holdings Company Limited, India (CIN:U70102MH2010PLC211087) · Bennett Broadcasting and Distribution Services Limited, India (CIN: U92100MH2008PLC179750) · Brand Equity Treaties Limited, India (CIN:U74300MH2008PLC184669) · Centre for Excellence in Management Training and Development, India (CIN:U74140MH2008NPL187724) · Dharmayug Investments Limited, India (CIN:U65993MH1983PLC030615) · Entertainment Network (India) Limited, India (CIN: L92140MH1999PLC120516) · Golden Square Networks Limited, India · Media Network and Distribution Services Limited, India (CIN: U92412MH2010PLC208138) · Mind Games Shows Private, India Limited, India (CIN:U74990MH2009PTC190636) · Mirchi Movies (India) Limited, India (CIN:U92120MH2007PLC167123) · Metropolitan Media Company Limited, India (CIN:U22121KA2006PLC062825) · One Golden Square Creative Limited, United Kingdom · Nandeeshwar Properties Limited, India (CIN:U70100DL2010PLC209471) · PT Ventures Private, India Limited, United Arab Emirates · Rajdhani Printers Limited, India · Prana Pr Private Limited, India (CIN:U75110MH2007PTC177018) · Satyam Properties and Finance Limited, India (CIN: U70109DL1986PTC163888) · Shubhan Properties Limited, India (CIN:U70100MH2006PLC160899) · SMG Digital Radio Limited, India · Surge Enterprises Limited, India (CIN:U18109MH1992PLC068085) · Speaking Tree Properties Limited, India (CIN:U70101DL2010PLC209337) · Suryashankar Properties Limited, India (CIN:U70100MH2006PLC160900) · Sushena Properties Limited, India (CIN:U70100MH2006PLC160895) · Times Business Solutions Limited, India (CIN:U92100DL2005PLC173555) · Times Digital Limited, India U72300DL2007PLC165449 · Times Global Broadcasting Company Limited, India (CIN: U32109MH1986PLC168454) · Times Guaranty Limited, India (CIN:L65920MH1989PLC054398) · Times Infotainment Media Limited, India (CIN:U72900MH2002PLC134966) · Times Innovative Media Private Limited, India (CIN: U99999MH2005PLC157078) · Times Internet (UK) Limited, UK · Times Internet Inc, USA · Times Internet Limited, India (CIN:U74999DL1999PLC135531) · Times Journal India Private Limited, India (CIN:U22121DL2004PLC126751) · Times of Money Financial Services Limited, India · Times of Money Inc (USA) · Times of Money Limited, India (CIN:U67190MH2000PLC126353) · Times of Money UK – PLC (UK) · Times Websol Limited, India (CIN:U72200DL2008PLC184870) · Times Yoga Limited, India (CIN:U74999DL2007PLC165200) · Times Vpl Limited, India (CIN:U02212KA2003PLC032182) · Times Mobile Limited, India (CIN:U72900DL2008PLC185013) · TIML Global Limited, India · TIML Golden Square Limited, India · TIML Radio Holdings Limited, India · TIML Digital Radio Limited · TIML Radio Limited, India · TOM Payment Solutions Limited, India (CIN:U74900MH2007PLC174653) · Vaidehi Estates Limited, India (CIN:U45203MH2006PLC160915) · Vardhaman Publishers Limited, India (CIN:U22120MH1985PLC036799) · Zoom Entertainment Network Limited, India (CIN: U74992MH2006PLC163048) · Worldwide Media Private Limited, India (CIN:U22120MH2003PTC142239)
Joint ventures:	· Worldwide Media Private Limited, India (subsidiary w.e.f. 07.10.2011) · Metropolitan Media Company Private Limited, India · Aegon Religare Life Insurance Company Limited, India · Tatva Public Relations Private Limited, India (upto 28.03.2011 )

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
286955424	Equity Shares	Rs.10/- each	Rs.2869.554 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (12 Months)	31.03.2010 (8 Months)	31.07.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		2869.554	318.839	318.839
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54104.956	47168.369	44668.063
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56974.510	47487.208	44986.902
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	4683.922	5871.029
TOTAL BORROWING		0.000	4683.922	5871.029
DEFERRED TAX LIABILITIES		11.314	2.169	0.000
TOTAL		56985.824	52173.299	50857.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15670.734	17287.435	14985.833
Capital work-in-progress		4023.713	2871.933	4932.792
INVESTMENT		38928.122	37124.795	38121.038
DEFERREX TAX ASSETS		0.000	0.000	2.846
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4753.236	2979.859	4686.074
	Sundry Debtors	2026.848	1979.409	1502.584
	Cash & Bank Balances	2200.086	1536.437	1611.712
	Other Current Assets	0.000	0.000	0.069
	Loans & Advances	10315.794	10345.431	9957.609
Total Current Assets		19295.964	16841.136	17758.048
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6562.882	5933.291	5303.650
	Other Current Liabilities	13669.200	15721.102	19446.595
	Provisions	700.627	297.607	192.381
Total Current Liabilities		20932.709	21952.000	24942.626
Net Current Assets		(1636.745)	(5110.864)	(7184.578)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		56985.824	52173.299	50857.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (8 Months)	31.07.2009 (12 Months)
	SALES
		Income	44525.530	24765.481	35485.783
		Other Income	2967.567	759.596	8264.976
		TOTAL (A)	47493.097	25525.077	43750.759
Less	EXPENSES
		Consumption material changes inventories	13085.549	8217.547
		Manufacturer services costs	2049.793	999.561
		Employee related expenses	6439.916	3509.715
		Administrative selling other expenses	8678.919	5343.736
		TOTAL (B)	30254.177	18070.559	35742.068
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17238.920	7454.518	8008.691
Less	FINANCIAL EXPENSES (D)		257.123	249.704	1144.783
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16981.797	7204.814	6863.908
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2090.351	1465.767	2104.618
	PROFIT BEFORE TAX (E-F) (G)		14891.446	5739.047	4759.290
Less	TAX (I)		5204.040	1873.014	2132.340
	PROFIT AFTER TAX (G-I) (J)		9687.406	3866.033	2626.950
Less	TAX FOR EARLIER YEARS (NET)		0.000	1343.420	146.587
	NET PROFIT		0.000	2522.613	2480.363
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.455	158.149	100.167
Less	APPROPRIATIONS
		Transfer to General Reserve	9040.801	2500.000	2400.000
		Dividend	200.104	19.130	19.130
		Tax on Dividend	0.000	3.177	3.251
	BALANCE CARRIED TO THE B/S		604.956	158.455	158.149
	EARNINGS IN FOREIGN CURRENCY
		Publication	NA	16.999	44.060
		Cassettes/ CDs	NA	3.174	5.326
		Advertisement Income	554.422	279.067	406.798
		Other income		9.818	22.327
		Subscription		0.000	1.831
	TOTAL EARNINGS		554.422	309.058	480.342
	IMPORTS
		Raw Materials	NA	4189.116	12870.800
		Stores & Spares	NA	286.838	300.642
		Capital Goods	NA	370.162	1357.507
		Leisure and Retails Products	NA	2.967	2.810
	TOTAL IMPORTS		NA	4849.083	14531.759
	Earnings Per Share (Rs.)		33.76	8.79	77.79

KEY RATIOS

PARTICULARS		31.03.2011 (12 Months)	31.03.2010 (8 Months)	31.07.2009 (12 Months)
PAT / Total Income	(%)	20.40	15.15	6.00
Net Profit Margin (PBT/Sales)	(%)	33.44	23.17	13.42
Return on Total Assets (PBT/Total Assets}	(%)	42.59	16.82	6.28
Return on Investment (ROI) (PBT/Networth)		0.26	0.12	0.11
Debt Equity Ratio (Total Debt/Networth)		0.00	0.10	0.13
Current Ratio (Current Asset/Current Liability)		0.92	0.77	0.71

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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)	No
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

During the financial year 2010-11, the flagship brand, The Times of India achieved an overall growth of 5.7% with the average daily net sales at 4.144 Millions copies (Previous year’s average sale: 3.920 Millions copies).

The Economic Times showed a growth in circulation of 5.9% over the previous year with average daily net sales for the current year at 0.692 Million copies (previous year 0.654 Million copies). It held its market share intact as the leading Business daily. The Economic Times started printing from two new centers, Goa from July 5 and Nagpur from August 17.

The Maharashtra Times, Pune edition was launched in on Jan 07 2011 with an initial print order of 0.300 Million copies. Navbharat Times recorded a growth of 6.4% (Delhi and Mumbai editions combined) clocking an average daily sales of 0.590 Millions copies in the current year.

ET Wealth was launched in 8 cities on 13^th December 2010. It is an exquisitely put together compact weekly paper on personal finance. The ET Wealth has a current combined circulation of nearly 0.35 Million copies.

The Speaking Tree spread to three more centers, namely, Pune, Chennai and Hyderabad in the year. Likewise, the Crest edition was also launched in the Eastern markets of Kolkata, Patna and Ranchi.

There is a sustained build-up of competitive pressure in all segments in several markets. However, the inherent strengths of the Company’s brands coupled with marketing strategies and new launches should enable the Company’s publications to consolidate their positions in the respective markets.

RESPONSE

In the backdrop of a steady macro-economic environment, as per FICCI-KPMG 2011, the overall print market grew by 15%. The Company has surpassed the market – by clocking 24% growth (i.e. Revenues of Rs. 40040.000 Millions.), which, in turn, has impacted their market shares as follows:

· Overall Dailies: Value market share is constant at 38%; Volume market share is up by 1% to 38%

· English Dailies: Value MS is up by 1% to 53%; Volume MS is up by 1% to 50%

Some of the key performance highlights are as follows:

· On a brand basis, of the total growth of Rs. 8260.000 Millions., The Times of India contributed Rs. 6560.000 Millions. (i.e. 79 %), The Economic Times – Rs. 710.000 Millions (9 %), Mirrors – Rs. 540.000 Millions (7 %), Maharashtra Times – Rs. 130.000 Millions (2 %) and Navbharat Times – Rs. 120.000 Millions (1%).

· By verticals, the top growth contributors were Real Estate at Rs. 1750.000 Millions (21%), followed by Retail at Rs. 1080.000 Millions (13%), Financial at Rs. 990.000 Millions (12%) and Appointments at Rs. 460.000 Millions (6%).

· Response’s exploitation of opportunities through dynamically co-creating solutions has resulted in the growth of smart sell component to the total Response revenue which has increased from 27% to 28% (+1%).

· Response Integrated Solutions ended the year at Rs. 280.000 Millions (i.e. 39% growth).

· The revenue of their hyper-local Pluses grew by 49% and at 50% profitability.

However, they did come across the following challenges as well:

· Education Times declined from Rs 800.000 Millions. to Rs 690.000 Millions. They still managed to grow the overall Education vertical by 4% from Rs. 3200.000 Millions. To Rs. 3320.000 Millions. and value market share has remained unchanged at 35%.

· Telecom vertical declined by 2% from Rs. 1240.000 Millions. to Rs 1220.000 Millions. But they have held on to their value market share at 37% in overall dailies.

READERSHIP REVIEW:

As per IRS 2010 Q4, in the English Dailies segment, their English dailies command a 48% share in urban markets, with 54% share in the top 8 metros, 52% in SEC A and 47% amongst youth (12-25 years). This is reflected in their value market shares in these 8 metros which stand at 54%.

The Year Ahead…

While the FICCI-KPMG 2011 confirms that the overall Media and Entertainment industry grew at 8% CAGR from 2007 to 2010, its estimation for the next 5 years is a CAGR of 14% with Television and Print continuing to contribute more than 85% of the revenues.

Also, print is expected to grow at 10% CAGR for the next 5 years on the back of the following growth drivers:

Regionalization Industry Expansion and Diversification Innovations Encouraging inbound investment 360º connect - advertisers opting for multiple touch points to communicate to the consumer across TV, Print, Radio, OOH, Films, Internet, Mobile and Retail.

Print media is expected to face multiple challenges emerging from the dynamic evolution of entertainment industry and some key hurdles that it must find a way to overcome:

Lack of interactivity and measurability Intra-category intensification of competition Inter category migration Fragmentation of attention due to plethora of media options resulting in dilution of reader’s engagement quotient. Also, media being a derived business is dependent on the sensitivity and volatility of the macro socio-economic environment. Certain factors like increase in inflation and interest rates, results in a decrease in the consumer’s disposable income which in turn affects their clients’ volume of business which in turn result in cost rationalization and one of the first budgets to be slashed is their advertising spends. Even within the advertising spends, TV being a relatively more cost-effective medium, the axe first falls on print.

Apart from the above generic media challenges, they are also faced with an inability to push their advertising tariffs upwards primarily on account of declining / stagnant readership coupled with the availability of cheaper competitive alternatives. This step, again, is taken because of multiple alternatives available and a growing belief amongst clients that no media brand is non-substitutable.

NEWSPRINT

Year 2010-11 saw the price of standard Newsprint rise from $560 – 575 per ton to the $680 – 695 per ton, an increase of 21% mainly on account of increasing cost pressures on the manufacturers. Old Newsprint (ONP), the feedstock for paper manufacturing, saw price hover near the highs of $240 to $280 per ton while the availability remained an area of concern as consumption dropped in developed economies of North America and Europe. Crude was moving in a narrow corridor of $75 to 90 per barrel till 1Q11 where it crossed beyond the $100 limit. Logistics costs have bounced back from the lows of 2009 as the global trade picked up. All these factors were responsible for the quarter-on-quarter upward movement of Newsprint prices. Financials of vendors reflected a mixed picture with vendors having high share of Newsprint reporting losses while others have been able to report small profits backed by better return on higher grade papers.

Supply-demand situation moved into tighter realms as capacity closures in North America and Europe were implemented while the demand picked up in emerging economies in Asia and South America. This was also reflected in the increased exports from manufacturing hubs. China ’s demand matched the consumption and it remained a closed market for most part of the year catering only to the neighboring countries.

On the domestic front, the manufacturers faced tougher conditions as ONP rose to record levels in the local markets. Many mills were shut for prolonged periods due to poor recovery from Newsprint and non-availability of costly ONP. Stronger Re was the only respite as it continued to hold between Rs 44 to 46 per USD.

They have renewed their focus with North America manufacturers to ensure uninterrupted supplies. Inventory has been front loaded in the 1st half of the year to reach 90 - 100 day level and the total pipeline of 6 months was created to take adequate cover in a rising market.

They expect the market to be bullish as new supply-demand balance will be determined in 2H11 and hence budgeting for 2011-12 reflects the same.

TIMES MUSIC

During the year 2010-11, Times Music maintained genre leadership in Indian classical, devotional, spiritual and wellness genres and MRP price-points in an extremely competitive low price-point market. The year saw the launch of Season I of pop-band hunt “Supastars”, a first for a record label. The event saw a response from corporates in the form of Advertisements. The goal is to build a long-term monetizable property like Femina Miss India and Filmfare Awards.

They continue their new initiatives in the digital space with more digital friendly content acquisition (especially 3G), launch of mobile apps (first record label in India to do so). They also invested in in-house infrastructure and building up the digital team. Digital revenue grew to 8.6Cr. (39% of total revenues).

Also, re-investment in music repertoire started this year – Home Video identified as a large emerging sector – hence key investments into the area. They released 3 of the hottest Indie films, Ragini MMS, IaM and Bhindi Bazaar on DVD/VCDs.

Given upcoming changes in copyright laws and ownerships, Times Music has also started to register directly with major global copyright collection societies (like BMI , ASCAP , MCPS-PRS ) to ensure strict collection of its owned repertoire for global exploitation. As a strategy, going forward, given the changing nature of copyright exploitation and ownership and the increasing value of IP, Times Music is positioning and structuring itself as a "Rights Management" business - that will in the short to medium term - create, build, license and acquire music/film related IP and manage/ exploit that IP over a 360 degree platform - physical retail, global digital, off-air (ground events), sync, licensing/copyright collection (local + overseas).

The business had a topline of Rs. 220.000 Millions. for FY 2010-11 with EBITDA Margin of 18%. Cost-reduction continued to be a focus with expenses falling from Rs. 230.000 Millions. to Rs. 180.000 Millions. this year.

MODERNISATION

Information Technology

Plans have been undertaken to look at comprehensive consolidation of systems and processes. As per the same, all companies within the Times Group would be on SAP, along with associated operational processes. These include ECC6 Upgrade of SAP software [Jul-Oct 2011], Comprehensive Time and Attendance System [Jul-Dec 2011], SAP Hardware Refresh [Feb-Jun2012] and Business Intelligence initiatives.

The year saw successful roll-outs of SAP at WWM, MNDIL and other smaller Group Companies.

The Times Group Payroll on SAP Platform christened as ‘Project Asmita’ has also been extended to all Group Companies very efficiently and effectively. With these, almost 95% of their processes and systems across the Group are on SAP platform bringing in advantages of elements of integration and control.

In view of likely changes in IFRS and other Finance requirements, various developmental projects to facilitate processes like Inter-Company Consolidation, IFRS implications, Investment Module, Monthly MIS, etc., were undertaken and completed during the year.

The Plant Maintenance Module of SAP was also implemented in a phased manner during the year across various printing presses of the Company.

RMD Circulation initiatives like Fleet Management, automation of billing, Subscription and call centre Management were successfully executed as per the requirements of RMD.

PRESS PROJECTS

The following press projects were part of capital work in progress as on 31 st March 2011 and the current status is as follows:

Regioman Project at Bangalore – commissioned in April 2011 Regioman Project at Kolkata – commissioned in September 2011 Regioman Project at Chennai – likely to be commissioned in second quarter of 2012.

Further, Regioman and Cromoman Project at Pune has commenced activities in June 2011 and is expected to go live by February 2012.

The Capital Expenditure program for 2011-12 has also been finalized to incorporate the above initiatives and other likely minor projects. New Press Plans for Nagpur, Kochi , Ahmedabad expansion, etc., are also being planned.

PRODUCTION

PROJECTS COMPLETED IN 2010-11

1) Installed and commissioned of new Hiline 6 Tower Machine at Lucknow Plant on 11 th May 2010.

2) Installed and commissioned of 2 nos. new Krause CTP machines at Lucknow Plant on 18 th December 2010.

3) Installed and Commissioned of 2 Hiline Towers (one for each) on both NL 45 machines at Kolkata Plant on 12th September 2010.

4) Installed and commissioned of 1 No. new ECRM semi auto CTP machine at Kandivli on 17 th January 2011.

5) Installed and commissioned of 1 No. new Krause CTP machine at Kandivli on 17th January 2011.

6) Installed and commissioned of 1 No. new Hiline Press at Coimbatore Plant on 14th February 2011.

7) Binuscan Ink optimisation software installed nationally on 5 th December 2010, at all locations resulting in cost saving of approximately Rs. 50.000 Millionss

8) CCI Editorial software rolled out in ET nationally and TOI rolled out nationally except in Bangalore; Jaipur and Hyderabad as of date.

SUCCESSION PLANNING AND LEADERSHIP DEVELOPMENT

The Succession Planning and Leadership Development process has been formally introduced in the Company. The first step towards creating a leadership pipeline has been closed with the filling up of position descriptions forms for 511 unique positions across functions in the Company.

This initiative is first of its kind in the media Industry. The Phase II of this initiative which is currently underway will consist of making the Behavioral Competency Framework which will ultimately culminate into rolling out of Assessment and Development Centers for Current and Potential Successors. Migration to SAP Payroll As part of HR drive to automate and graduate into platforms which are best in class, the Company has been able to successfully migrate Payroll process to SAP leading to greater operational efficiencies as well as reducing the Payroll process time. This movement is expected to provide synergies for other automations and seam transitions to follow.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particular	As on 31.03.2011 (Rs. in Millions)
Claims against the company no acknowledged as debts labour claims	39.683
Others excluding cases with remote probability as per legal opinion obtained.	46.937
Disputes sales tax matter (includes interest up to the date of demand.)	27.154
Corporate guarantees given to bankers for credit facilities availed by subsidiary companies	3144.670
Uncalled liability on partly paid shares	323.000
Estimated amount of contracts remaining to be executed on capital account	12798.450
Total	16379.894

FIXED ASSETS:

· Land (Leased and Freehold)

· Land and Building (Leased and Freehold)

• Building
• Plant and machinery
• Furniture and Fixture And Office equipments
• Vehicles
• Drawing and Business commercial rights

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 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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		82

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.