MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	TIMES GLOBAL BROADCASTING COMPANY LIMITED
Registered Office :	Trade House, 1^st Floor, Kamala Mill Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.06.1986
Com. Reg. No.:	11-168454
Capital Investment / Paid-up Capital :	Rs.2188.196 Millions
CIN No.: [Company Identification No.]	U32109MH1986PLC168454
PAN No.: [Permanent Account No.]	AACCT2259F
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the English Television News segment of the Media Business and operates a General News and Current affairs Channel by the name “Times Now”.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Bennett Coleman and Company Limited. It is an established and a reputed company having a moderate track record. Net worth of the company has been eroded due to continuous accumulated loss incurred from its operations during 2013. However, the company receives good support from its holding company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, the company can be considered for business dealings with slight 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Management Non Co-Operative (Tel No.: 91-22-24999444).

LOCATIONS

Registered/ Corporate Office :	Trade House, 1^st Floor, Kamala Mill Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-24999944
Fax No.:	91-22-24931341
E-Mail :	jyothi.sureshkumar@timesgroup.com shrijeet.mishra@timesgroup.com sunil.lulla@timegroup.com
Website :	http://www.timesgroup.com
Publication Office :	Times of India Building, Dr. D N Road, Mumbai - 400001, Maharashtra, India
Tel No.:	91-22-66353535

DIRECTORS

As on 25.09.2013

Name :

Mr. Sunil Mohansingh Lulla

Designation :

Managing Director

Address :

27, Punam, 67 Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

27.01.1961

Date of Appointment :

03.02.2014

DIN No.:

00110266

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	U74999DL1999PLC135531	TIMES INTERNET LIMITED	Director	29/09/2006	27/10/2005	29/02/2008	Active	NO
2	U22211DL2007NPL165480	NEWS BROADCASTERS ASSOCIATION	Director	15/09/2010	25/07/2007	13/02/2014	Active	NO
3	U80904DL2006PTC154720	REAL GLOBAL BROADCASTING PRIVATE LIMITED	Director	29/09/2008	01/02/2008	29/11/2009	Amalgamated	NO
4	U92112DL1997PTC088847	MIDITECH PRIVATE LIMITED	Director	23/09/2008	01/02/2008	29/11/2009	Active	NO
5	U51909DL2006PTC146686	ALVA BROTHERS ENTERTAINMENT PRIVATE LIMITED	Director	23/09/2008	01/02/2008	29/11/2009	Active	NO
6	U92412MH2010PLC202021	Zoom Movies (TV) Limited	Director	13/04/2010	13/04/2010	05/03/2014	Active	NO
7	U32109MH1986PLC168454	TIMES GLOBAL BROADCASTING COMPANY LIMITED	Director	03/02/2014	11/05/2010	-	Active	NO
8	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Director	03/02/2014	21/05/2010	-	Active	NO
9	U74899DL1999NPL101705	INDIAN BROADCASTING FOUNDATION U S 25 PUBLIC COMPANY	Nominee director	03/09/2010	03/09/2010	-	Active	NO
10	U92412MH2010PLC208138	Media Network & Distribution (India) Limited	Director	24/09/2010	24/09/2010	-	Active	NO
11	U73100DL2010NPL205584	BROADCAST AUDIENCE RESEARCH COUNCIL	Nominee director	23/05/2011	23/05/2011	-	Active	NO
12	U91200MH1985GAP037820	THE ADVERTISING STANDARDS COUNCIL OF INDIA	Director	01/10/2011	01/10/2011	-	Active	NO
13	U74999MH2012PTC237964	BCCL International Events Private Limited	Director	16/11/2012	16/11/2012	-	Active	NO
14	U74120MH2014PLC252845	LIGHT FEATHER FILMS LIMITED	Director	05/02/2014	05/02/2014	-	Active	NO

Name :

Mr. Ravindra Dhariwal

Designation :

Director

Address :

Aashray Farm, SUB. P.O. Sawan Public School, Bhatti Mines, Asola Village, New Delhi – 110030, India

Date of Birth/Age :

11.09.1952

Date of Appointment :

13.09.2006

DIN No.:

00003922

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	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Whole-time director	01/04/2011	01/01/2002	-	Active	NO
2	U80302DL1984NPL019475	TIMES CENTRE FOR MEDIA AND MANAGEMENT STUDIES	Director	08/11/2002	08/11/2002	12/04/2013	Active	NO
3	L92140MH1999PLC120516	ENTERTAINMENT NETWORK (INDIA) LIMITED	Director	31/12/2002	31/12/2002	-	Active	NO
4	U22121DL2004PLC126751	TIMES JOURNAL INDIA LIMITED	Director	02/06/2004	02/06/2004	03/06/2010	Active	NO
5	U65990MH1983PLC029209	BANHEM ESTATES & IT PARKS LIMITED	Director	07/06/2006	07/06/2006	-	Active	NO
6	U22120MH1985PLC036799	VARDHAMAN PUBLISHERS LIMITED	Director	07/06/2006	07/06/2006	-	Active	NO
7	U02212KA2003PLC032182	TIMES VPL LIMITED	Director	03/10/2007	18/08/2006	-	Amalgamated	NO
8	U32109MH1986PLC168454	TIMES GLOBAL BROADCASTING COMPANY LIMITED	Director	13/09/2006	13/09/2006	-	Active	NO
9	U74899DL1982GAP144061	Times for India Org	Director	12/09/2007	16/10/2006	03/06/2010	Active	NO
10	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	27/10/2006	27/10/2006	-	Active	NO
11	U72900MH2002PLC134966	TIMES INFOTAINMENT MEDIA LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
12	U24999MH1948NPL006309	AUDIT BUREAU OF CIRCULATIONS	Director	19/01/2007	19/01/2007	26/09/2011	Active	NO
13	U74140DL2007PLC162846	BENNETT ADVISORY SERVICES LIMITED	Director	03/05/2007	03/05/2007	03/06/2010	Active	NO
14	U80301DL2007PLC165200	Times Centre for learning Limited	Director	26/06/2007	26/06/2007	03/06/2010	Active	NO
15	L22121GJ1943PLC000183	THE SANDESH LIMITED	Director	20/09/2007	30/07/2007	14/03/2013	Active	NO
16	U74999DL1999PLC135531	TIMES INTERNET LIMITED	Director	07/09/2009	29/12/2008	-	Active	NO
17	U01229DL2007PTC194698	AQUAGRI PROCESSING PRIVATE LIMITED	Director	29/09/2010	16/11/2009	07/10/2013	Active	NO
18	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Director	30/09/2010	25/11/2009	12/04/2013	Active	NO
19	U99999MH2005PLC157078	TIMES INNOVATIVE MEDIA LIMITED	Director	07/09/2010	18/01/2010	-	Active	NO
20	U80904DL2010NPL200262	TIMES SCHOOL OF MARKETING & MANAGEMENT	Director	16/03/2010	16/03/2010	12/04/2013	Active	NO
21	U80900DL2010NPL200366	TIMES SCHOOL OF JOURNALISM	Director	18/03/2010	18/03/2010	12/04/2013	Active	NO
22	U92412MH2010PLC202021	Zoom Movies (TV) Limited	Director	13/04/2010	13/04/2010	05/03/2014	Active	NO
23	U74999DL2010PTC203419	TIM Delhi Airport Advertising Private Limited	Director	01/06/2010	01/06/2010	05/08/2010	Active	NO
24	U92412MH2010PLC208138	Media Network & Distribution (India) Limited	Director	24/09/2010	24/09/2010	-	Active	NO
25	U74900DL2009PTC192566	CAPITOL ART HOUSE PRIVATE LIMITED	Director	27/09/2012	13/06/2012	-	Active	NO
26	U93020DL2013PTC248087	Inspired Emporio Salon Private Limited	Director	08/02/2013	08/02/2013	-	Active	NO
27	U74999MH2008PTC179149	RML Information Services Private Limited	Director	22/02/2013	22/02/2013	14/10/2013	Active	NO
28	U22121KA2006PLC062825	METROPOLITAN MEDIA COMPANY LIMITED	Director	23/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Vineet Jain

Designation :

Director

Address :

15, Motilal Nehru Marg, New Delhi – 110011, India

Date of Birth/Age :

12.02.1966

Date of Appointment :

31.03.2005

DIN No.:

00003962

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	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Managing director	27/06/2013	27/06/1993	-	Active	NO
2	U74899DL1947PLC103246	THE PRESS TRUST OF INDIA LIMITED	Director	09/12/1996	09/12/1996	-	Active	NO
3	U80302DL1984NPL019475	TIMES CENTRE FOR MEDIA AND MANAGEMENT STUDIES	Director	17/08/1998	17/08/1998	11/12/2009	Active	NO
4	U74899DL1982GAP144061	Times for India Org	Director	23/10/1998	23/10/1998	-	Active	NO
5	U74999DL1999PLC135531	TIMES INTERNET LIMITED	Director	04/05/1999	04/05/1999	-	Active	NO
6	U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	Director	20/09/1999	20/09/1999	06/12/2006	Active	NO
7	L65920MH1994PLC080618	HDFC BANK LIMITED	Nominee director	14/04/2001	14/04/2001	27/12/2008	Active	NO
8	U72900MH2002PLC134966	TIMES INFOTAINMENT MEDIA LIMITED	Director	31/12/2002	31/12/2002	-	Active	NO
9	L74899DL1942PLC000644	BHARAT NIDHI LIMITED	Director	27/09/2006	28/04/2003	-	Active	NO
10	U22120MH2003PTC142239	WORLDWIDE MEDIA PRIVATE LIMITED	Director	08/03/2004	08/03/2004	30/10/2013	Active	NO
11	U22121DL2004PLC126751	TIMES JOURNAL INDIA LIMITED	Director	02/06/2004	02/06/2004	03/06/2010	Active	NO
12	U32109MH1986PLC168454	TIMES GLOBAL BROADCASTING COMPANY LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
13	U74899DL2000PLC103722	OPTIMAL MEDIA SOLUTIONS LIMITED	Director	25/09/2006	25/05/2006	-	Amalgamated	NO
14	L92140MH1999PLC120516	ENTERTAINMENT NETWORK (INDIA) LIMITED	Director	03/09/2007	19/01/2007	-	Active	NO
15	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Director	18/06/2007	07/05/2007	-	Active	NO
16	U72200DL2008PLC184870	TIMES WEBSOL LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
17	U51109DL2008PLC184883	a2zShopping Limited	Director	14/11/2008	14/11/2008	-	Amalgamated	NO
18	U72900DL2008PLC185013	TIMESMOBILE LIMITED	Director	18/11/2008	18/11/2008	-	Active	NO
19	U80301DL2007PLC165200	Times Centre for learning Limited	Director	25/09/2013	12/10/2012	-	Active	NO

Name :

Mr. Amba Preetham Parigi

Designation :

Director

Address :

5^th Floor, Flat No. Tahnee Heights CHS Limited, 68 Napensea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

15.07.1949

Date of Appointment :

13.09.2006

DIN No.:

00087586

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	U74999DL1999PLC135531	TIMES INTERNET LIMITED	Director	10/07/2000	10/07/2000	25/08/2009	Active	NO
2	U67190MH2000PLC126353	TIMESOFMONEY LIMITED	Director	11/07/2000	11/07/2000	30/10/2012	Active	NO
3	L92140MH1999PLC120516	ENTERTAINMENT NETWORK (INDIA) LIMITED	Director	01/04/2013	01/08/2000	-	Active	NO
4	U72900MH2002PLC134966	TIMES INFOTAINMENT MEDIA LIMITED	Director	30/09/2010	09/09/2002	-	Active	NO
5	U99999MH1994NPL076530	MEDIA RESEARCH USERS COUNCIL	Additional director	16/09/2003	16/09/2003	-	Active	NO
6	U22120MH2003PTC142239	WORLDWIDE MEDIA PRIVATE LIMITED	Director	03/12/2004	03/12/2004	30/10/2013	Active	NO
7	U74899DL2000PLC103722	OPTIMAL MEDIA SOLUTIONS LIMITED	Director	25/09/2006	04/08/2005	-	Amalgamated	NO
8	U99999MH2005PLC157078	TIMES INNOVATIVE MEDIA LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
9	U32109MH1986PLC168454	TIMES GLOBAL BROADCASTING COMPANY LIMITED	Director	13/09/2006	13/09/2006	-	Active	NO
10	U92120MH2007PLC167123	MIRCHI MOVIES (INDIA) LIMITED	Director	18/01/2007	18/01/2007	03/02/2011	Active	NO
11	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Additional director	05/03/2014	28/05/2007	-	Active	NO
12	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Director	23/10/2007	14/09/2007	-	Active	NO
13	U92190MH2007PLC175549	ALTERNATE BRAND SOLUTIONS (INDIA) LIMITED	Director	31/10/2007	31/10/2007	-	Active	NO
14	U65990MH2008PLC178673	ARTHA FINANCIAL SERVICES LIMITED	Nominee director	18/08/2008	13/08/2008	25/09/2013	Active	NO
15	U51109DL2008PLC184883	a2zShopping Limited	Director	14/11/2008	14/11/2008	25/08/2009	Amalgamated	NO
16	U72200DL2008PLC184870	TIMES WEBSOL LIMITED	Director	14/11/2008	14/11/2008	25/08/2009	Active	NO
17	U72900DL2008PLC185013	TIMESMOBILE LIMITED	Director	18/11/2008	18/11/2008	25/08/2009	Active	NO
18	L99999MH1994PLC080502	EROS INTERNATIONAL MEDIA LIMITED	Managing director	04/12/2009	01/10/2009	11/02/2010	Active	NO
19	U74999TN1987PLC014976	ACCEL MEDIA VENTURES LIMITED	Additional director	03/09/2010	03/09/2010	-	Active	NO
20	L30007KL1986PLC004485	ACCEL TRANSMATIC LIMITED	Additional director	27/09/2011	27/09/2011	26/12/2011	Active	NO
21	L30006TN1995PLC031736	ACCEL FRONTLINE LIMITED	Director	19/12/2012	29/09/2011	-	Active	NO
22	U74999MH2012PTC236274	APPGLOW INDIA MANAGEMENT PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO

Name :

Mr. Shrijeet Ramakanta Mishra

Designation :

Additional Director

Address :

Flat No.7-A, Manek, L. D. Ruparel Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.04.1965

Date of Appointment :

10.12.2012

DIN No.:

01894081

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	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	24/06/2008	07/12/2007	27/07/2011	Amalgamated	NO
2	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	22/06/2009	01/08/2008	27/07/2011	Active	NO
3	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	22/07/2010	22/03/2010	27/07/2011	Active	NO
4	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Whole-time director	11/08/2011	11/08/2011	-	Active	NO
5	U02212KA2003PLC032182	TIMES VPL LIMITED	Director	26/09/2012	28/05/2012	-	Amalgamated	NO
6	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	23/06/2012	23/06/2012	-	Active	NO
7	U80301DL2007PLC165200	Times Centre for learning Limited	Director	25/09/2013	12/10/2012	-	Active	NO
8	U22120MH1985PLC036799	VARDHAMAN PUBLISHERS LIMITED	Director	16/09/2013	23/10/2012	-	Active	NO
9	U74300MH2008PLC184669	BRAND EQUITY TREATIES LIMITED	Director	25/09/2013	25/10/2012	-	Active	NO
10	L65920MH1989PLC054398	TIMES GUARANTY LIMITED	Director	30/09/2013	29/10/2012	-	Active	NO
11	U74990MH2009PTC190636	MIND GAMES SHOWS PRIVATE LIMITED	Additional director	06/11/2012	06/11/2012	23/09/2013	Active	NO
12	U74140MH2008NPL187724	Centre for Excellence in Management Training and Development	Additional director	06/11/2012	06/11/2012	-	Active	NO
13	U74900MH2012PLC237666	TIMES CONFERENCES LIMITED	Director	07/11/2012	07/11/2012	-	Active	NO
14	U74992MH2006PLC163048	ZOOM ENTERTAINMENT NETWORK LIMITED	Additional director	10/12/2012	10/12/2012	-	Active	NO
15	U32109MH1986PLC168454	TIMES GLOBAL BROADCASTING COMPANY LIMITED	Additional director	10/12/2012	10/12/2012	-	Active	NO
16	U22120MH2003PTC142239	WORLDWIDE MEDIA PRIVATE LIMITED	Additional director	01/04/2013	01/04/2013	10/09/2013	Active	NO
17	U22121KA2006PLC062825	METROPOLITAN MEDIA COMPANY LIMITED	Director	23/09/2013	05/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Jyothi Suresh Kumar
Designation :	Company Secretary
Address :	1101/1102, Astoria, REaheja Gardens, LBS Marg, Then West- 400604, Maharashtra, India
Date of Birth/Age :	19.04.1975
Date of Appointment :	01.01.2009
PAN No.:	ACAPJ2200M

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Bennett Coleman and Company Limited, India	85789529
S. Sivakumar Jointly with Bennett Coleman and Company Limited, India	11
A. P. Parigi Jointly with Bennett Coleman and Company Limited, India	11
Bhaskar Das Jointly with Bennett Coleman and Company Limited, India	11
Kaushik Nath Jointly with Bennett Coleman and Company Limited, India	11
Sundaram Jointly with Bennett Coleman and Company Limited, India	11
Aamod Gupte Jointly with Bennett Coleman and Company Limited, India	11
M. Vasudev Rao Jointly with Bennett Coleman and Company Limited, India	11
Total	85789606

Names of Shareholders (Preference Shares)	No. of Shares
Bennett Coleman and Company Limited, India	133030000
Total	133030000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the English Television News segment of the Media Business and operates a General News and Current affairs Channel by the name “Times Now”.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	· The Hongkong and Shanghai Banking Corporation Limited, Hongkong Bank Building, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountant
Address :	6 , Karim Chambers, 40-A Doshi Marg (Hamam Street), Mumbai - 400001, Maharashtra, India
Tel No.:	91-22-22651140/ 22651190/ 22691414/ 22691515
Fax No.:	91-22-22650126
E-Mail :	mumbai@lodhaco.com
PAN No.:	AABFL1894Q
Holding Company :	· Bennett Coleman and Company Limited, India CIN No.: U22120MH1913PLC000391
Fellow Subsidiary Company :	· Alternate Brand Solutions (India) Limited · Brand Equity Treaties Limited · Entertainment Network (India) Limited · Media Network and Distribution Services Limited (MNDIL) · Optimal Media Solutions Limited · Times Business Solutions Limited · Times Innovative Media Limited · BCCL International Events Private Limited · Bennett Broadcasting and Distribution · Times of Money Limited · Times Mobile Limited · Times Internet Limited · Zoom Entertainment Network Limited
Associates :	· Bennett Property Holding Limited, India CIN No.: U70102MH2010PLC211087
Others :	· Media Network and Distribution Services Limited, India CIN No.: U92412MH2010PLC208138 · Times Business Solutions Limited, India CIN No.: U92100DL2005PLC173555

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions
150000000	Preference Shares	Rs.10/- each	Rs.1500.000 Millions
	Total		Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85789606	Equity Shares	Rs.10/- each	Rs.857.896 Millions
133030000	Preference Shares	Rs.10/- each	Rs.1330.300 Millions
218819606	Total		Rs.2188.196 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	2,188.196	2,188.196	2,188.196
(b) Reserves & Surplus	(2,679.666)	(2,786.973)	(2,803.442)
(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)	(491.470)	(598.777)	(615.246)
(3) Non-Current Liabilities
(a) long-term borrowings	1,213.547	546.861	385.909
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1,213.547	546.861	385.909
(4) Current Liabilities
(a) Short term borrowings	82.931	62.663	0.000
(b) Trade payables	390.428	963.831	1,006.814
(c) Other current liabilities	101.678	82.265	18.742
(d) Short-term provisions	72.969	54.248	48.379
Total Current Liabilities (4)	648.006	1,163.007	1,073.935
TOTAL	1,370.083	1,111.091	844.598
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.943	100.899	112.690
(ii) Intangible Assets	14.309	3.830	0.676
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	4.187	1.346	1.003
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	341.169	348.879	109.170
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	466.608	454.954	223.539
(2) Current assets
(a) Current investments	0.000	0.352	0.262
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	579.101	512.000	460.776
(d) Cash and cash equivalents	22.677	10.199	18.767
(e) Short-term loans and advances	77.076	132.768	141.254
(f) Other current assets	224.621	0.818	0.000
Total Current Assets	903.475	656.137	621.059
TOTAL	1,370.083	1,111.091	844.598

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		2,129.043	1,789.637	1,272.357
		Other Income		9.961	1.757	0.570
		TOTAL (A)		2,139.004	1,791.394	1,272.927
Less	EXPENSES
		Cost of Materials Consumed		238.331	220.618	174.604
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		0.000	0.000	0.000
		Employee Benefits Expenses		774.465	450.699	458.207
		Other Expenses		969.717	1,050.316	1,071.023
		TOTAL (B)		1,982.513	1,721.633	1,703.834
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			156.491	69.761	(430.907)
Less	FINANCIAL EXPENSES (D)			1.416	0.167	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			155.075	69.594	(430.907)
Less	DEPRECIATION/ AMORTISATION (F)			51.925	53.125	99.433
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			103.150	16.469	(530.340)
Less	TAX (H)			(4.157)	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			107.307	16.469	(530.340)
	EARNINGS IN FOREIGN CURRENCY
			Other Earnings	49.123	30.583	1.353
	TOTAL EARNINGS			49.123	30.583	1.353
	IMPORTS
			Capital Goods	30.089	19.099	21.246
	TOTAL IMPORTS			30.089	19.099	21.246
	Earnings/ (Loss) Per Share (Rs.)			4.90	0.19	(6.18)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.02	0.92	(41.66)
Net Profit Margin (PBT/Sales)	(%)	4.84	0.92	(41.68)
Return on Total Assets (PBT/Total Assets}	(%)	7.55	1.48	(62.87)
Return on Investment (ROI) (PBT/Networth)		(0.21)	(0.03)	0.86
Debt Equity Ratio (Total Debt /Networth)		(2.64)	(1.02)	(0.63)
Current Ratio (Current Asset/Current Liability)		1.39	0.56	0.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	2188.196	2188.196	2188.196
Reserves & Surplus	(2,803.442)	(2,786.973)	(2,679.666)
Net worth	(615.246)	(598.777)	(491.470)
long-term borrowings	385.909	546.861	1213.547
Short term borrowings	0.000	62.663	82.931
Total borrowings	385.909	609.524	1296.478
Debt/Equity ratio	(0.627)	(1.018)	(2.638)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,272.357	1,789.637	2,129.043
		40.655	18.965

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,272.357	1,789.637	2,129.043
Profit	(530.340)	16.469	107.307
	(41.68%)	0.92%	5.04%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	1213.547	546.861
Short Term Borrowings
Working capital loans from banks	82.931	62.663
Total	1296.478	609.524

COMPANY OVERVIEW

The Company is engaged in the English Television News segment of the Media Business and operates a General News and Current affairs Channel by the name “Times Now”. The Company is a wholly owned subsidiary of Bennett, Coleman and Company Limited.

Times now is uplinked from the teleport owned by its Holding Company Bennett, Coleman and Company limited situated in Mumbai and permitted by the Ministry of Information & Broadcasting. The news programmes are anchored out of its studios set-up in Mumbai, New Delhi and through the network of 14 satellite linked bureaus in all major Indian cities further augmented by deploying its 16 outdoor broadcast vans. The News and Current affairs programmes broadcasted by the Company is compiled and edited based on inputs by its trained set of reporters, correspondents, stringers, anchors, Guest talent and team of in-house Editors. Further the newsgathering teams of the Times of India as well as feeds obtained from Reuters Network, APTN, ANI, PTI etc., compliment the Newsgathering process.

OPERATIONS AND MAJOR EVENTS DURING THE YEAR

1. The Company’s channel TIMES NOW continued to maintain its leadership position in the TV English General News genre. TIMES NOW was the no.1 channel throughout FY 2013 and topped the genre overall in FY 2013 with an average share of 37% as against 22% and 20% of its immediate competitors.

2. Despite stiff competition and decline in category GRP/viewership over the previous years, TIMES NOW maintained financial and viewership leadership with improved EBIDTA over FY 2012 and better cash conservation. With 19% CAGR in revenue (over a 5 year period from FY 2009 to FY 2013).

3. TIMES NOW has increased its revenues in a slowing economy in FY 2013 while also keeping costs under control and significantly improved its EBITDA performance by 85% over FY 2012 and continued to remain break-even. The channel will aim to continue enhancing its financial performance in FY 2014 by aggressively focusing on augmenting revenues from branded content and digital/social media presence. To retain audiences TIMES NOW will strengthen its key time bands and drive audience retention across its key shows and create news brands out of its key properties.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10131776	31/10/2008	250,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	Hongkong Bank Building, 52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India	A50071083

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.