MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	EXPRESS PUBLICATIONS (MADURAI) LIMITED (w.e.f. 11.06.1997)
Formerly Known As :	INDIAN EXPRESS (MADURAI) LIMITED (w.e.f. 01.07.1991) INDIAN EXPRESS (MADURAI) PRIVATE LIMITED
Registered Office :	Express Gardens, No.29, II Main Road, Industrial Estate, Ambattur, Chennai – 600 058, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.04.1959
Com. Reg. No.:	18-003776
Capital Investment / Paid-up Capital :	Rs.180.000 millions
CIN No.: [Company Identification No.]	U22121TN1959PLC003776
TAN No.: [Tax Deduction & Collection Account No.]	CMBE03024A / CMBE03150A / MRIE00260B
PAN No.: [Permanent Account No.]	AAACI0842D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Newspaper and Periodicals Publishers.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 4428000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and stretched capital structure of the company. However, trader relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with great caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan Facilities: B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	November, 2013

Rating Agency Name	ICRA
Rating	Fund Based Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November, 2013

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 PARTED BY

Name :	Mr. Srinivasan
Designation :	Accounts Executive
Contact No.:	91-44-23457607
Date :	30.06.2014

LOCATIONS

Registered Office/ Corporate Office:	Express Gardens, No.29, II Main Road, Industrial Estate, Ambattur, Chennai – 600 058, Tamilnadu, India
Tel. No.:	91-44-23457503/ 23457601-610
Fax No.:	91-44-23457619/ 20/ 516
E-Mail :	tkb@epmltd.com tbk@expressbuzz.com tkb@newindianexpress.com Chennai@epmltd.com
Website :	www.epmltd.com
Location :	Owned
Locality :	Commercial
Marketing Offices :	Located at: · Kolkata · Mumbai · New Delhi

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Manoj Kumar Sonthalia

Designation :

Managing Director

Address :

43, Harrington Road, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

16.09.1957

Qualification:

B.Com

Experience :

31 Years

Date of Appointment :

01.11.2009

DIN No.:

00021297

PAN No.:

ACSPS2460G

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U22121TN1959PTC046416	SIDDHARTH MEDIA HOLDINGS PRIVATE LIMITED	Director	20-07-1981	20-07-1981	-	Active	NO
2	U22121TN1959PLC003776	EXPRESS PUBLICATIONS (MADURAI) LIMITED	Managing director	01-11-2009	29-10-1982	-	Active	NO
3	U22121TN1979PTC046515	STERLING NEWSPAPERS PRIVATE LIMITED	Director	30-09-1990	30-09-1990	-	Under liquidation	NO
4	L24117RJ1991PLC006307	PODDAR PIGMENTS LIMITED	Director	28-02-1994	28-02-1994	-	Active	NO
5	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY	Director	19-09-1995	19-09-1995	-	Active	NO
6	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	29-01-1999	29-01-1999	14-09-2007	Active	NO
7	U22219TN1999PTC048506	EXPRESS NEWS SERVICE PRIVATE LIMITED	Director	19-03-1999	19-03-1999	-	Active	NO
8	U22121TN2001PLC048000	EXPRESS PUBLICATIONS (CHENNAI) LIMITED	Managing director	06-12-2011	07-11-2001	-	Active	NO
9	U22121TN1970PLC005916	DINAMANI PUBLICATIONS LIMITED	Director	09-09-2004	09-09-2004	-	Active	NO
10	U22300KA2005PLC035885	KANNADA PRABHA PUBLICATIONS LIMITED	Director	23-03-2005	23-03-2005	-	Active	NO
11	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	01-09-2006	01-09-2006	15-09-2008	Active	NO
12	U72900TN2012PTC085731	CLARIS GLOBAL SOLUTIONS (INDIA) PRIVATE LIMITED	Director	03-05-2012	03-05-2012	-	Active	NO

Name :

Mr. Thayil Jacob Sony George

Designation :

Director

Address :

166 A, Rajmahal Vilas, Bangalore – 560 080, Karnataka, India

Date of Birth/Age :

07.05.1928

Date of Appointment :

29.04.2003

DIN No.:

00040022

Name :

Mr. Shiv Shankar Poddar

Designation :

Director

Address :

No.8, Numgambakkam, High Road, Chennai – 600 034, Tamilnadu, India

Date of Birth/Age :

10.09.1949

Qualification:

BE Civil

Date of Appointment :

08.01.2003

DIN No.:

00058025

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65191TN1985PTC012457	TRUSTLINE CAPITAL FINANCE PRIVATE LIMITED	Director	09-12-1985	09-12-1985	-	Active	NO
2	L24117RJ1991PLC006307	PODDAR PIGMENTS LIMITED	Managing director	01-10-2013	28-02-1994	-	Active	NO
3	U22121TN1959PLC003776	EXPRESS PUBLICATIONS (MADURAI) LIMITED	Director	08-01-2003	08-01-2003	-	Active	NO
4	L65991TN1964PLC005259	AMBATTUR ENTERPRISES LIMITED	Director	31-05-2006	31-05-2006	-	Active	NO
5	U63010TN1982PTC059417	GKS LOGISTICS PRIVATE LIMITED	Director	03-07-2006	03-07-2006	-	Active	NO

Name :

Mr. Sreekumar Karunakaran

Designation :

Director

Address :

No.38/1963, Plakkat Colony, Eleamkulam Road, Ernakulam – 682 017, Kerala, India

Date of Birth/Age :

27.11.1957

Date of Appointment :

28.09.2010

DIN No.:

00335407

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999PY2003PTC001704	AMRITA ENTERPRISES PRIVATE LIMITED	Director	23-02-2006	23-02-2006	-	Active	NO
2	U22121TN1959PLC003776	EXPRESS PUBLICATIONS (MADURAI) LIMITED	Director	28-09-2010	22-04-2010	-	Active	NO
3	U72900PY2008PTC002201	AMRITA TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29-07-2010	29-07-2010	-	Active	NO
4	U73100PY2011NPL002610	AMRITA CENTRE FOR RESEARCH AND DEVELOPMENT	Director	27-07-2011	27-07-2011	-	Active	NO

Name :

Mr. Krishna Kumar Dalmia

Designation :

Director

Address :

6 A, Dr. Rajendra Prasad Sarani, Kolkata – 700 001, West Bengal, India

Date of Birth/Age :

12.01.1937

Qualification:

Graduate

Date of Appointment :

08.01.2003

DIN No.:

00636064

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993WB1960PTC024855	RATANLAL DALMIA PRIVATE LIMITED	Director	26-10-1960	26-10-1960	-	Active	NO
2	U01132WB1971PTC028192	QUALITY TEA PRODUCING CO PRIVATE LIMITED	Director	23-09-1972	23-09-1972	-	Active	NO
3	U65993WB1984PTC037130	M L D AND SONS PRIVATE LIMITED	Director	27-01-1984	27-01-1984	-	Active	NO
4	U22121TN1959PLC003776	EXPRESS PUBLICATIONS (MADURAI) LIMITED	Director	08-01-2003	08-01-2003	-	Active	NO
5	U22300KA2005PLC035885	KANNADA PRABHA PUBLICATIONS LIMITED	Additional director	17-03-2010	17-03-2010	30-06-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Tenkasi Krishna Sastrigal Bhgiratharama Venkataraman
Designation :	Company Secretary
Address :	41, Sapthagiri Colony, Jaffar Khan Pet, Chennai – 600 083, Tamilnadu, India
Date of Birth/Age :	15.07.1932
Date of Appointment :	15.04.1992
PAN No.:	AAGPV1075L
Name :	Mr. Srinivasan
Designation :	Accounts Executive
Name :	Mr. Gopal Balaji
Designation :	Vice President - Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders	No. of Shares
Siddharth Media Holdings Private Limited, India	1799994
Manoj Kumar Sonthalia	1
Kalpana Sonthalia	1
Siddhartha Sonthalia	1
R.K. Jhunjhunwala	1
Sathi Suresh	1
N. Gopalan	1
Total	1800000

AS ON 26.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Newspaper and Periodicals Publishers.

Products/ Services :

Product/ Service Description	ITC Code
Newspapers and periodicals daily in print	99611512

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2012):

Particulars	Actual Production No. of pages (Lacs)
Pages of standard size of (56x35 cms)	49455.65

Particulars	Installed Capacity (As certified by the management) (No. of impressions per hour)
CHENNAI
HILLINE I (6 Y Units+1 Tower+1 Folder)	42000
HILLINE II (3 I Units+1 Tower+1 Folder)	42000
MITSUBISHI
(4 Print Units+1 Folder)	16000
MADURAI
Orient Web Offset (6 Units (5 H units+1 colour)+ 1 Folders)	18000
COIMBATORE
Prima 35 – I (2 H Units+2 Tower+1 Folder)	30000
Prima 35 – II (2 H Units+3 Tower+1 Folder)	30000
BANGALORE
Coreset Offset (7 Units ( 4 Y units+ 3 I units)+ 1 Folder)	30000
Orient Web Offset (8 Units (3 colour+ 5 H units)+ 1 Folder)	18000
MANGALORE
Orient Web Offset (6 Units (5 H units+1 colour)+ 1 Folder)	18000
KOCHI
Orient Web Offset (7 Units (5 H units+2 colour)+ 1 Folder)	20000
KOZHIKODE
Orient Web Offset (6 Units (5 H units+1 colour)+ 1 Folder)	18000
BHUBANESHWAR
Orient Web Offset (5 Units (5 H units+1 colour)+ 1 Tower+1 Folder)	18000

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

• Indian Bank, 97, 1^st Main Road, Padi, Chennai – 600 050, Tamilnadu, India
• Indian Bank, Harbour Branch, No.66, Rajaji Salai, Chennai – 600 001, Tamilnadu, India
• State Bank of India, Commercial Branch (Advance), N.G.N. Vaidya Marg, Post Box No.10141, Mumbai – 400 023, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loan – Non-current portion
Mortgage and Term Loans from banks	107.635	171.452
Debentures – Non-current portion
Redeemable Debentures of Rs.0.010 million each	160.000	160.000
Long term maturities of finance lease obligations
Secured by respective asset
Finance lease of vehicles	0.000	2.282
SHORT TERM BORROWINGS
Loans repayable on demand from banks
Cash Credit from Banks	290.600	280.224
Total	558.235	613.958

Notes:

Long Term Borrowings

Mortgage and Term Loans from banks

The company has availed Mortgage and Term Loans, terms of repayment of which are given below:

- Mortgage Loan I is repayable in 120 Equated Monthly Installments from December 2006

- Mortgage Loan II is repayable in 117 Equated Monthly Installments from April 2007

- Term Loan I is repayable in 60 Equated Monthly Installments from January 2011

- Term Loan II is repayable in 60 Equated Monthly Installments from July 2011

- Term Loan III is repayable in 60 Equated Monthly Installments from January 2012

Mortgage loan is secured by lease rentals and other receivables from the properties at Bangalore and Kochi, Equitable mortgage of Company immovable property at Kochi, Hypothecation of Computers and Electronic Equipments, Furniture and Plant & Machinery and Personal Guarantee of Shri Manoj Kumar Sonthalia, Chairman and Managing Director.

Debentures – Non-current portion

The Debentures were issued vide Memorandum of Understanding dated 24^th March 2009 (and vide deed of modification dated 28^th June 2010) and are redeemable after five years, i.e. 6th July 2014 and further renewable by mutual consent. Rate of interest on debentures is 14.25%

Debentures are secured by equitable mortgage of Company’s immovable properties at Trivandrum and Kozhikode and by equitable mortgage of Holding company Siddharth Media Holdings Private Ltd at Hyderabad, Mumbai and Kolkata.

Short Term Borrowings

Cash Credit from Banks

The Company has availed cash credit facilities, nature of security of which are given below:

Hypothecation of Company’s entire movable property i.e. current assets comprising the entire stock of raw materials, finished goods, stocks in process, consumable stores, spares and book debts in favour of the bank.

Further by way of Equitable mortgage of the Company’s immovable properties at Bangalore and Coimbatore as first charge.

Further by way of Equitable mortgage of the Company’s immovable properties at Bangalore and Coimbatore as first charge. Equitable mortgage of lease hold rights of land and building at Ambattur, Chennai.

Further by way of Corporate guarantee of Holding Company Siddharth Media Holdings Private Limited and Personal Guarantee of Shri Manoj Kumar Sonthalia, Chairman and Managing Director.

Banking Relations :	--
Auditors :
Name :	B. Thiagarajan and Company Chartered Accountants
Address :	Old No.15, New No.24, Yogambal Street, T. Nagar, Chennai – 600 017, Tamilnadu, India
PAN No.:	AADFB9485H
Holding Company :	Siddharth Media Holdings Private Limited, India (CIN No.: U22121TN1959PTC046416)
Wholly Owned Subsidiary Companies :	Express Network Private Limited, India (CIN No.: U22219TN1999PTC048505) Express Publications (Chennai) Limited, India (CIN No.: U22121TN2001PLC048000) Dinamani Publications Limited, India (CIN No.: U22121TN1970PLC005916) Express News Service Private Limited, India (CIN No.: U22219TN1999PTC048506)
Associates :	Kannada Prabha Publications Limited, India (CIN No.: U22300KA2005PLC035885)

CAPITAL STRUCTURE

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.100/- each	Rs.180.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.100/- each	Rs.180.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	180.000	180.000	180.000
(b) Reserves & Surplus	926.881	1120.759	1165.776
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1106.881	1300.759	1345.776
(3) Non-Current Liabilities
(a) Long-term borrowings	555.678	625.351	1237.231
(b) Deferred tax liabilities (Net)	80.182	68.741	105.377
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	66.046	84.963	99.415
Total Non-current Liabilities (3)	701.906	779.055	1442.023
(4) Current Liabilities
(a) Short term borrowings	451.388	510.707	0.000
(b) Trade payables	0.000	0.000	574.079
(c) Other current liabilities	1107.859	988.541	81.208
(d) Short-term provisions	14.743	14.450	0.000
Total Current Liabilities (4)	1573.990	1513.698	655.287
TOTAL	3382.777	3593.512	3443.086
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2058.707	2048.100	2069.633
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.571	0.621	0.639
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.529	326.429	326.554
(c) Deferred tax assets (net)	0.000	0.000	36.636
(d) Long-term Loan and Advances	102.330	136.784	275.710
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2164.137	2511.934	2709.172
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	121.120	103.376	67.187
(c) Trade receivables	709.868	605.939	525.748
(d) Cash and cash equivalents	130.364	111.999	132.803
(e) Short-term loans and advances	243.512	242.167	8.176
(f) Other current assets	13.776	18.097	0.000
Total Current Assets	1218.640	1081.578	733.914
TOTAL	3382.777	3593.512	3443.086

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2569.888	2282.597	1860.662
		Other Income	131.522	104.332	214.746
		TOTAL (A)	2701.410	2386.929	2075.408
Less	EXPENSES
		Cost of materials consumed	822.753	926.602	745.399
		Employee benefit expense	231.124	238.554	243.612
		Other expenses	1265.563	1252.542	878.057
		Prior period items	(0.030)	5.708	0.000
		Exceptional items	0.000	(249.875)	0.000
		TOTAL (B)	2319.410	2173.531	1867.068
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		382.000	213.398	208.340
Less	FINANCIAL EXPENSES (D)		183.465	200.966	170.944
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		198.535	12.432	37.396
Less/ Add	DEPRECIATION/ AMORTISATION (F)		56.073	57.449	53.581
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		142.462	(45.017)	(16.185)
Less	TAX (H)		11.441	0.000	67.077
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		131.021	(45.017)	(83.262)
	EARNINGS IN FOREIGN CURRENCY - Income from publication/ Advertisement Revenue		0.060	0.000	0.016
	VALUE OF IMPORTS
	IMPORTS
		Raw Materials & Spare Parts	NA	667.186	676.313
	TOTAL IMPORTS		NA	667.186	676.313
	Earnings/ (Loss) Per Share (Rs.)		72.79	(25.01)	(22.20)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.85	(1.89)	(4.01)
Net Profit Margin (PBT/Sales)	(%)	5.54	(1.97)	(0.87)
Return on Total Assets (PBT/Total Assets}	(%)	4.22	(1.38)	(0.53)
Return on Investment (ROI) (PBT/Networth)		0.13	(0.03)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.91	0.87	0.92
Current Ratio (Current Asset/Current Liability)		0.77	0.71	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	180.000	180.000	180.000
Reserves & Surplus	1165.776	1120.759	926.881
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1345.776	1300.759	1106.881
Long-term borrowings	1237.231	625.351	555.678
Short term borrowings	0.000	510.707	451.388
Total borrowings	1237.231	1136.058	1007.066
Debt/Equity ratio	0.919	0.873	0.910

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1860.662	2282.597	2569.888
		22.677	12.586

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1860.662	2282.597	2569.888
Profit	(83.262)	(45.017)	131.021
	(4.47%)	(1.97%)	5.10%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

CHENNAI COURT

CASE STATUS INFROMATION SYSTEM

Case status :	Pending
Status Of :
Case No :	2616
Year :	2008
Petitioner :	Andhra Pradesh Paper
Respondent :	Express Publications
Pet’s Advocate :	C. Saravanan
Res’s advocate :
Category:	No Category Mentioned Last Listed on: No Date Mentioned
Case Updated on :	January 23, 2009

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10503633	05/06/2014	196,500,000.00	INDIAN BANK	97, 1ST MAIN ROAD, PADI, CHENNAI, TAMILNADU - 600050, INDIA	C06980817
2	10158564	28/06/2010 *	160,000,000.00	AMRITA ENTERPRISES PRIVATE LIMITED	NO.1, 27TH CROSS, AVVAI NAGAR, LAWSPET, PONDICHERRY, PONDICHERRY - 605008, INDIA	A92323716
3	90297605	05/02/2011 *	540,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH (ADVANCES), N.G.N VAIDYA MARG, POST BOX NO.10141, MUMBAI, MAHARASHTRA - 400023, INDIA	B07166093
4	90297602	05/02/2011 *	540,000,000.00	STATE BANK OF INDIA	COMMERICAL BRANCH (ADVANCE), N.G.N VAIDYA MARG, POST BOX NO.10141, MUMBAI, MAHARASHTRA - 400023, INDIA	B07548522

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances – Non-current portion
Loans from others	33.500	33.500
Deposits – Non-current portion
Fixed Deposits from Public	219.210	220.931
Rent Deposits	35.333	37.186
SHORT TERM BORROWINGS
Deposits
Fixed Deposits from Public	160.788	230.483
Total	448.831	522.100

Note:

The situation of the registered office has been shifted from Express Estates, Anna Salai, Chennai – 600 002, Tamilnadu to the present address w.e.f. 02.07.2006.

ABOUT THE COMPANY AND ITS BUSINESS:

Express Publications (Madurai) Limited, formerly Indian Express (Madurai) Limited was incorporated on 11^th April 1959 under the Companies Act, 1956 and has its Registered Office at Express Garden, 29, Second Main Road, Ambattur Industrial Estate, Chennai 600 058.

The New Indian Express Group is publishing Newspapers and Periodicals in the States of Tamilnadu, Andhra Pradesh, Karnataka, Kerala, Orissa and Union Territories of Pondicherry, Andaman and Nicobar Islands, Enam and Lakshdweep. It brings out its publication of newspapers and periodicals from 25, Centres. It also, has Marketing Offices in Kolkata, Mumbai and New Delhi. The Company's publications include English Dailies viz. The New Indian Express, the New Sunday Express and Sunday Standard on Sundays from New Delhi and Dinamani in Tamil. In addition, the company also brings out magazines viz., Cinema Express, a fortnightly in Tamil, Samakalika Malayalam Varika, a weekly in Malayalam and Sakhi, a fortnightly Women Magazine in Kannada.

FINANCIAL RESULTS:

The Company has made a profit of Rs.131.022 millions during the financial year 2012-13 as against the loss of Rs.45.016 millions in the previous year.

WORKING OF THE COMPANY:

The Company’s total turnover for 2012-13 increased to Rs.2701.400 millions as compared to Rs.2386.900 millions of previous year. This comprised of Rs.1901.500 millions from advertisement (previous year Rs1549.500 millions), Rs.524.500 millions from Circulation (previous year 596.900 millions), other operating revenues Rs.31.800 millions (previous year Rs.48.000 millions) and other income Rs.131.500 millions (previous year Rs.104.300 millions).

The cost of raw materials consumed decreased to Rs.822.700 millions compared to Rs.926.600 millions of the previous year.

ADVERTISEMENT / SPACE MARKETING:

Financial year 2012-13 was a trend-setting year for Space Marketing team as the Company surged ahead with a performance that was not only consistent all through the year; it recorded all-time high revenues in the history of Company. Advertisement Sales grew by an appreciable 27% compared to Financial Year 2011-12.

The year marked a historical landmark as well: The successful completion of 80 years of The New Indian Express Group. The occasion was made memorable by the publication of an 80-page special issue named EXPRESS ENSEMBLE in which old Express pages of news value were reproduced from their Archives and presented in style to their esteemed readers. A social responsibility initiative was successfully carried out by the Company's weekly magazine, Malayalam Vaarika in March 2013. Based on proposals submitted by readers, a 3-man jury selected Shantiniketanam of Palakkad for the Vaarika's first Social Service Award of Rs.1 lakh. This institution runs a home for abandoned old women. Maharashtra's Governor, Shri Sankaranarayanan, a native of Palakkad, came all the way from Mumbai to preside over the function and present the award. The initiative of the Company won considerable public goodwill. The Award is being made an annual feature.

The year was eventful also for the breakthrough they made in the field of organising special events. With the support of the Event Team the Company successfully conducted high-profile events like THINK?EDU Conclave in Chennai, a Literary Festival in Odisha, Goal 2013 Inter Collegiate Football Tournament in Kochi and Best Bankers Awards in Delhi. Needless to say, these events helped promote their Brand in significant ways.

THE NEW INDIAN EXPRESS KEDARNATH RELIEF FUND:

A severe calamity in June 2013 which devastated Kedarnath and surrounding areas. There were heavy losses of lives and also complete destruction of the properties in the area.

On occasions of such calamities, the Company used to contribute its mite for relief measures and also by mobilizing funds from its readers. This time also, the Company made an appeal to its readers and the public in general to contribute liberally to the Relief Fund opened specially for the purpose. There was generous response from the public at large. The Company is coordinating with the Uttarakhand Government on the best mode of utilizing the amount for rehabilitation measures, which includes construction of a Dharmasala in the precincts of the temple, which will be in the nature of a permanent relief after such huge devastation.

NEWSPRINT:

Newsprint, the Company's major raw material, had accounted for 31.67% of the total cost of the production during the year as against 34.49% during the previous year. Newsprint price which was stable without wide fluctuation in the last year, witnessed an upward trend from the beginning of the current financial year due to various factors, particularly the fall in the value of the Rupee against US Dollar.

FUTURE PROSPECTS:

The Company is confident of sustaining and improving its growth in the coming years.

CONTINGENT LIABILITIES (AS ON 31.03.2013):

· Claims against the company not acknowledged as debts Rs.2.370 millions

· In respect of defamation suits filed against the company - Rs.0.172 million.

FIXED ASSETS:

· Land

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer Equipment

· Book Periodicals

· Office Equipment

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.59.97
UK Pound	1	Rs.102.90
Euro	1	Rs.82.02

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.