MIRA INFORM REPORT

Report Date :

03.01.20157

IDENTIFICATION DETAILS

Name :	TIMES INTERNET LIMITED TIMES BUSINESS SOLUTION LIMITED AMALGAMATED WITH TIMES INTERNET LIMITED
Registered Office :	10, Daryaganj, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.05.1999
Com. Reg. No.:	55-135531
Capital Investment / Paid-up Capital :	Rs.3621.463 Millions
CIN No.: [Company Identification No.]	U74999DL1999PLC135531
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT1559M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the business of providing information technology services, internet related services and systems and also owns, operates and manages the web portal.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3810000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Bennett Coleman and Company Limited, publishers of Times of India as well-known daily newspaper. It is an established company having satisfactory track record. The company has incurred some accumulated losses however, the company receives strong financial support from its holding company. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of strong promoters and strong holding support, the company can be considered normal 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Ajit
Designation :	Not Divulged
Contact No.:	91-9768077070
Date :	31.12.2014

LOCATIONS

Registered Office :	10, Daryaganj, New Delhi – 110002, India
Tel. No.:	91-11-39843333
Mobile No.:	91-9768077070 (Mr. Ajit)
Fax No.:	91-11-23279643
E-Mail :	sunil.rajshekhar@indiatimes.co.in nitten.gupta@timesgroup.com
Website :	www.indiatimes.com
Corporate Office :	Times House, 7, Bahadur Shah Zafar Marg, New Delhi – 110 003, India
Tel. No.:	91-11-23302000 / 23492145
Fax No.:	91-11-23492144 / 23323346
Branch Offices :	Located At Delhi NCR Noida Gurgaon Chandigarh Bangalore Hyderabad Chennai Kolkata Mumbai Pune Ahmedabad Vadodara Nagpur

DIRECTORS

As on 30.09.2014

Name :

Mr. Ravindra Dhariwal

Designation :

Director

Address :

Aashray Farm, Opposite N.V. Farm, Sub P.O., SP School, Bhatti Mines, Asola Village, New Delhi - 110030, India

Date of Birth/Age :

11.09.1952

Date of Appointment :

07.09.2009

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	04/07/2014	Active	NO
6	U22120MH1985PLC036799	VARDHAMAN PUBLISHERS LIMITED	Director	07/06/2006	07/06/2006	14/07/2014	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	Whole-time director	04/09/2014	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	04/07/2014	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
29	U65990MH2008PLC178673	ARTHA REAL ESTATE CORPORATION LIMITED	Director	23/08/2014	19/06/2014	-	Active	NO

Name :

Mr. Vineet Jain

Designation :

Director

Address :

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

Date of Birth/Age :

12.02.1966

Date of Appointment :

04.05.1999

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	16/07/2014	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	U51109DL2008PLC184883	A2ZSHOPPING LIMITED	Director	14/11/2008	14/11/2008	-	Amalgamated	NO
17	U72200DL2008PLC184870	TIMES WEBSOL LIMITED	Director	14/11/2008	14/11/2008	-	Amalgamated	NO
18	U72900DL2008PLC185013	TIMESMOBILE LIMITED	Director	18/11/2008	18/11/2008	-	Amalgamated	NO
19	U80301DL2007PLC165200	TIMES CENTRE FOR LEARNING LIMITED	Director	25/09/2013	12/10/2012	-	Active	NO

Name :

Mr. Satyan Gajwani

Designation :

Director

Address :

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

Date of Birth/Age :

21.04.1985

Date of Appointment :

20.02.2014

DIN No.:

02691483

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	U92100DL2005PLC173555	TIMES BUSINESS SOLUTIONS LIMITED	Director	30/09/2009	01/06/2009	-	Amalgamated	NO
2	U74999DL1999PLC135531	TIMES INTERNET LIMITED	Director	20/02/2014	25/08/2009	-	Active	NO
3	U51109DL2008PLC184883	A2ZSHOPPING LIMITED	Director	07/09/2009	25/08/2009	-	Amalgamated	NO
4	U72900DL2008PLC185013	TIMESMOBILE LIMITED	Director	07/09/2009	25/08/2009	-	Amalgamated	NO
5	U72200DL2008PLC184870	TIMES WEBSOL LIMITED	Director	07/09/2009	25/08/2009	-	Amalgamated	NO
6	U22229DL2006PLC152675	CITIZEN MEDIA LIMITED	Director	30/08/2010	30/08/2010	21/12/2012	Active	NO
7	U72900DL2012PLC241121	TIMES CITY LIMITED	Director	27/08/2012	27/08/2012	20/02/2013	Active	NO
8	U72900DL2012PLC241148	TIMES DEALS LIMITED	Director	27/08/2012	27/08/2012	20/02/2013	Active	NO
9	U93000DL2013PLC248555	Times Jobs Limited	Director	20/02/2013	20/02/2013	-	Active	NO
10	U72300UP2014PTC065985	NILAM SURESH MEDIATEK PRIVATE LIMITED	Director	10/09/2014	10/09/2014	-	Active	NO
11	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Whole-time director	19/09/2014	19/09/2014	-	Active	NO
12	U64202KA2004PTC035042	AKUATE INTERNET SERVICES PRIVATE LIMITED	Nominee director	07/11/2014	07/11/2014	-	Active	NO
13	U74999MH2014PLC259667	Digital Classifieds Limited	Director	25/11/2014	25/11/2014	-	Active	NO

Name :

Mr. Shankar Narayan Ranganathan

Designation :

Director

Address :

103, Solitaire, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

19.07.1959

Date of Appointment :

23.07.2010

DIN No.:

02804788

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	U02212KA2003PLC032182	TIMES VPL LIMITED	Director appointed in casual vacancy	15/09/2009	15/09/2009	-	Amalgamated	NO
2	U65990MH2008PLC178673	ARTHA REAL ESTATE CORPORATION LIMITED	Director	16/09/2013	14/10/2009	-	Active	NO
3	U51109DL2008PLC184883	a2zShopping Limited	Director	24/05/2010	10/11/2009	24/04/2012	Amalgamated	NO
4	U72900DL2008PLC185013	TIMESMOBILE LIMITED	Director	24/05/2010	10/11/2009	24/04/2012	Amalgamated	NO
5	U72200DL2008PLC184870	TIMES WEBSOL LIMITED	Director	24/05/2010	10/11/2009	24/04/2012	Amalgamated	NO
6	U74999DL1999PLC135531	TIMES INTERNET LIMITED	Director	23/07/2010	16/11/2009	-	Active	NO
7	U70100MH2006PLC160897	AADIDEV PROPERTIES LIMITED	Director	21/05/2010	14/12/2009	18/02/2014	Active	NO
8	U70100MH2006PLC160898	ANAGHA ESTATES LIMITED	Director	21/05/2010	14/12/2009	18/02/2014	Active	NO
9	U70100MH2006PLC160896	ARYABHATA PROPERTIES LIMITED	Director	21/05/2010	14/12/2009	18/11/2010	Active	NO
10	U70100MH2006PLC160899	SHUBHAN PROPERTIES LIMITED	Director	21/05/2010	14/12/2009	18/02/2014	Active	NO
11	U70100MH2006PLC160900	SURYASHANKAR PROPERTIES LIMITED	Director	21/05/2010	14/12/2009	18/02/2014	Active	NO
12	U45203MH2006PLC160915	VAIDEHI ESTATES LIMITED	Director	21/05/2010	14/12/2009	18/02/2014	Active	NO
13	U70100MH2006PLC160895	SUSHENA PROPERTIES LIMITED	Director	21/05/2010	14/12/2009	18/02/2014	Active	NO
14	U92100DL2005PLC173555	TIMES BUSINESS SOLUTIONS LIMITED	Director	30/06/2011	23/07/2010	24/04/2012	Amalgamated	NO
15	U70101DL2010PLC209333	Ativeer Properties Limited	Director	30/04/2011	18/10/2010	31/03/2012	Active	NO
16	U70100DL2010PLC209471	NANDEESHWAR PROPERTIES LIMITED	Director	05/05/2011	22/10/2010	24/04/2012	Active	NO
17	U70102MH2010PLC211087	Bennett Property Holdings Company Limited	Director	26/09/2014	18/12/2010	-	Active	NO
18	U74992MH2006PLC163048	ZOOM  ENTERTAINMENT  NETWORK LIMITED	Director	09/07/2012	21/05/2012	-	Active	NO
19	U65993MH1983PLC030615	DHARMAYUG LIMITED LTD	Director	21/08/2014	20/06/2013	-	Active	NO
20	U22121KA2006PLC062825	METROPOLITAN MEDIA COMPANY LIMITED	Director	23/09/2013	05/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Joy Basu
Designation :	Chief Finance Officer
Address :	Flat 1501 Tower 1, Planet Godrej, 30, Keshavrao Khadye Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Date of Appointment :	30.05.2014
PAN No.:	AFFPB4155D
Name :	Mr. Nitten Gupta
Designation :	Secretary
Address :	54, GF, Jaipuria Enclave, Kaushambi, Ghaziabad - 201010, Uttar Pradesh, India
Date of Birth/Age :	08.05.1978
Date of Appointment :	20.04.2009
PAN No.:	AFYPG3187R
Name :	Mr. Satyan Gajwani
Designation :	Manager
Address :	15, Motilal Nehru Marg, New Delhi - 110011, India
Date of Birth/Age :	25.08.2009
Date of Appointment :	20.02.2014
PAN No.:	ARKPG9196Q

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Bennett, Coleman and Company Limited, India	66374728
Samir Jain	3687500
Vineet Jain	3687500
R. Sundar jointly with Bennett, Coleman and Company Limited, India	100
Ashok Talwar jointly with Bennett, Coleman and Company Limited, India	100
Balraj Arora with Bennett, Coleman and Company Limited, India	50
Monisha Saraf with Bennett, Coleman and Company Limited, India	50
Sidhant Khosla with Bennett, Coleman and Company Limited, India	50
Taruna Anand with Bennett, Coleman and Company Limited, India	50
Sanjeev Gupta with Bennett, Coleman and Company Limited, India	50
Neeraj Gupta with Bennett, Coleman and Company Limited, India	50
Rajesh Kunnath with Bennett, Coleman and Company Limited, India	100
Total	73750328

Names of Shareholders (Preference Shares)	No. of Shares
Bennett, Coleman and Company Limited, India	2396000
Total	2396000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	90.00
Directors or relatives of Directors	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of providing information technology services, internet related services and systems and also owns, operates and manages the web portal.
Products / Services :	Information Technology Services Internet Related Services
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT APPLICABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information denied by management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	12,Bhagat Singh Marg, New Delhi -110001, India
PAN No.:	AABFL1894Q
Memberships :	--
Collaborators :	--
Holding Company :	Bennett, Coleman and Company Limited, India CIN No.: U22120MH1913PLC000391
Subsidiaries	Times Internet Inc., USA Times Internet (UK) Limited, UK Bennett Broadcasting and Distribution Services Limited (BBDSL) Times City Limited Times Deal Limited Times Box TV Media PTE Limited (Subsidiary of BBDSL)
Fellow Subsidiaries	Entertainment Network (India) Limited Brand Equity Treaties Limited Times Global Broadcasting Company Limited Times Business Solutions Limited Times Innovative Media Limited Artha Financial Services Limited Zoom Entertainment Network Limited Mirchi Movies (India) Limited Worldwide Media Limited Times VPL Limited Times Centre for Learning Limited Times Conference Limited BCCL International Events Private Limited Metropolitan Media Company Limited
Associates :	Times of Money Limited Times of Money Inc
Other Related Parties (Where KMP are interested) :	Banhem Estates and IT Parks Limited Bennett Properties Holding Company Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions
410000000	Preference Shares	Rs.10/- each	Rs.4100.0000 Millions
	Total		Rs.5150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73750328	Equity Shares	Rs.10/- each	Rs.737.503 Millions
403516000	Preference Shares	Rs.10/- each	Rs.4035.160 Millions
	Total		Rs.4772.663 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions
410000000	Preference Shares	Rs.10/- each	Rs.4100.0000 Millions
	Total		Rs.5150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76146328	Equity Shares	Rs.10/- each	Rs.761.463 Millions
286000000	Preference Shares	Rs.10/- each	Rs.2860.000 Millions
	Total		Rs.3621.463 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3,621.463	761.463	761.463
(b) Reserves & Surplus	(2,473.294)	(394.192)	(1,545.760)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	186.800	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,334.969	367.271	(784.297)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	3,067.456	1,348.857
(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	178.897	97.873	75.021
Total Non-current Liabilities (3)	178.897	3,165.329	1,423.878
(4) Current Liabilities
(a) Short term borrowings	187.600	802.781	532.781
(b) Trade payables	240.502	94.844	193.033
(c) Other current liabilities	934.049	1,409.766	579.584
(d) Short-term provisions	2.846	2.540	0.803
Total Current Liabilities (4)	1,364.997	2,309.931	1,306.201
TOTAL	2,878.863	5,842.531	1,945.782
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	134.943	115.678	116.796
(ii) Intangible Assets	48.574	52.543	75.362
(iii) Capital work-in-progress	0.000	1.348	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	539.697	2,742.182	433.091
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	183.308	786.490	22.005
(e) Other Non-current assets	6.407	0.150	0.150
Total Non-Current Assets	912.929	3,698.391	647.404
(2) Current assets
(a) Current investments	0.200	0.250	0.000
(b) Inventories	24.079	0.000	0.000
(c) Trade receivables	1,117.226	985.598	482.833
(d) Cash and cash equivalents	18.695	28.070	29.475
(e) Short-term loans and advances	553.671	500.334	664.858
(f) Other current assets	252.063	629.888	121.212
Total Current Assets	1,965.934	2,144.140	1,298.378
TOTAL	2,878.863	5,842.531	1,945.782

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		4,648.763	2,408.325	2,959.576
		Other Income		136.795	1,770.792	100.551
		TOTAL (A)		4,785.558	4,179.117	3,060.127
Less	EXPENSES
		Cost of Materials Consumed		1,362.331	780.397	1,352.832
		Purchase of Stock-in-trade		1,365.803	0.000	104.940
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		4.652	0.000	0.272
		Employee Benefits Expenses		1,513.783	875.387	1,009.081
		Other Expenses		1,420.842	1,269.062	1,004.106
		Exceptional Items		0.000	0.000	(67.200)
		TOTAL (B)		5,667.411	2,924.846	3,404.031
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(881.853)	1,254.271	(343.904)
Less	FINANCIAL EXPENSES (D)			1.077	0.881	0.002
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(882.930)	1,253.390	(343.906)
Less	DEPRECIATION/ AMORTISATION (F)			126.759	77.812	73.038
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(1,009.689)	1,175.578	(416.944)
Less	TAX (H)			0.000	15.010	4.504
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(1,009.689)	1,160.568	(421.448)
	EARNINGS IN FOREIGN CURRENCY
			Online advertisement income	609.177	455.427	385.551
			Sub-Licensing Fee	273.235	65.449	30.800
			Contents- Telecom and print	27.517	19.169	0.895
	TOTAL EARNINGS			909.929	540.045	417.246
	Earnings / (Loss) Per Share (Rs.)			(13.69)	15.74	(5.71)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(21.72)	48.19	(14.24)
Operating Profit Margin (PBIDT/Sales)	(%)	(18.97)	52.08	(11.62)
Return on Total Assets (PBT/Total Assets}	(%)	(43.16)	37.93	(27.56)
Return on Investment (ROI) (PBT/Networth)		(0.76)	3.20	0.53
Debt Equity Ratio (Total Debt /Networth)		0.14	10.54	-2.40
Current Ratio (Current Asset/Current Liability)		1.44	0.93	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	761.463	761.463	3621.463
Reserves & Surplus	(1545.760)	(394.192)	(2473.294)
Share Application money pending allotment	0.000	0.000	186.800
Net worth	(784.297)	367.271	1334.969
Long Term borrowings	1348.857	3067.456	0.000
Short Term borrowings	532.781	802.781	187.600
Total borrowings	1881.638	3870.237	187.600
Debt/Equity ratio	(2.399)	10.538	0.141

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,959.576	2,408.325	4,648.763
		(18.626)	93.029

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	2,959.576	2,408.325	4,648.763
Profit	(421.4480	1,160.568	(1,009.689)
	(14.24%)	48.19%	(21.72%)

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	Yes
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	No
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	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Other loans and advances, others	0.000	3417.456
Long-term maturities of finance lease obligations	0.000	(350.000)
SHORT TERM BORROWINGS
Other loans and advances, others	187.600	802.781
Total	187.600	3870.237

BACKGROUND AND PRINCIPAL ACTIVITIES

The Company was incorporated on 4 May 1999 as a public limited company. The Company is a part of Times of India Group and Bennett, Coleman and Co. Limited (BCCL) as the holding company.

The Company is engaged in the business of providing information technology services, internet related services and systems and also owns, operates and manages the web portal www.indiatimes.com

PERFORMANCE

Some of the key highlights of the performance of The Company for the year are given below:

The Company had purchased a part of its stake held in its subsidiary, CouponDunia Media Private Limited, Mumbai.

The Company had made an investment in entity named THE ALEPH GROUP PTE. LIMITED, a company engaged in creating and aggregating content for online video viewing and developing technology for data analytics and audience measurement, incorporated under the laws of Singapore by subscribing to Class A Participating Shares for a total consideration of $ 8,25,000 in THE ALEPH GROUP PTE. LIMITED.

The Company had made an investment in entity named GRADE STACK LEARNING PRIVATE LIMITED a Company engaged inter alia in the business of providing learning and education software on web, tablet and mobile phones by subscribing to PCORPS for a total consideration of Rs.6.999 Millions. The Company now holds 22.45% on a fully diluted basis in the said entity.

The Company has made an investment to the tune of Rs. 127.228 Millions in SSN Logistics Private Limited, Delhi a Company engaged in the business of warehousing and last mile logistics. The Company now holds 28.36% stake on a fully diluted basis in the said entity. Further the Company is also planning to further invest Rs.150.000 Millions in SSN Logistics Private Limited.

During the year The Company invested Rs.1.000 Millions each in the Companies falling under the Tlabs model by acquiring 10% stake in the following Companies:-

1) ROI2 WEB SOLUTIONS PRIVATE LIMITED ( a Company engaged in the business of providing internet based software applications on portal www.giveaway.ly )

2) QUADRIXS CORP PRIVATE LIMITED (a Company engaged in the business of Software and web products).

3) YIPPSTER TECHNOLOGIES PRIVATE LIMITED (a Company engaged inter alia in the business of creating and providing internet based software and services)

4) ADA NEWS IN SHORTS PRIVATE LIMITED (a Company engaged inter alia in the business of Software and web products around the website www.newsinshorts.com).

5) 3Y3 DIGITAL LABS PRIVATE LIMITED (a Company engaged inter alia of creating and providing internet based software and services around the website www.vindowshop.com).

6) GMAS TECHNOLOGIES PRIVATE LIMITED (a Company engaged inter alia in the business of creating and providing internet based software and services around the website www.getmeashop.com).

7) RED BUTTON SOFTWARE LABS PRIVATE LIMITED (a Company engaged inter alia in the business of web designing, web development, software engineers, software developers, software programmers, networking engineers, web designers in all of its aspects).

8) BG MOBILITY LABS PRIVATE LIMITED (a Company engaged in the business of making software tools for testing of mobile applications through the web portal www.betaglide.com).

9) JIFFSTORE SOFTWARE LABS PRIVATE LIMITED ( a Company engaged in the business of providing technology base solutions and web based applications to business houses, NGOs, educational Institutions and others with the objective of strengthening their business processes).

10) ARTZEN SOFTWARE LABS PRIVATE LIMITED (a Company engaged inter alia in the business relating to providing and supplying of information technology solutions including turnkey solutions, end to end solutions, system integration and development of software, computer hardware, peripherals and networking).

11) OLLYHOLLY MEDIA PRIVATE LIMITED (a Company engaged inter alia in the business to provide end to end media solutions for the film and entertainment industry, making videos, publishing books / magazines, online magazine with news and articles about Bollywood and other film industries).

12) SPAYEE LABS PRIVATE LIMITED (a Company engaged inter alia in the business relating to collecting, preserving, developing material for E- books and doing its marketing and selling by providing a smart digital library which will include e-books and institutes generated own content such as students/teachers note, assignments, project reports, class notes, lecture videos etc.

13) TECHZAG SOLUTIONS PRIVATE LIMITED (a Company engaged inter alia in the business relating to Software designing, development, customization, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions and consultancy of systems and applications software).

14) THREE MID TECHNOLOGY PRIVATE LIMITED (a Company engaged inter alia in the business relating to development and trading of softwares, websites, data processing systems and to act as consultants and advisors in computer programming, software designing and to act as franchise agent for electronic information technology development and dealing in all type of computer hardware, softwares and computer stationery).

15) VIDGYOR MEDIA TECHNOLOGIES MEDIA PRIVATE LIMITED (a Company engaged inter alia in the business relating to providing platform for online videos, online video advertisement technology, to develop software/hardware applications for Web, Mobile and any internet connected devices, providing TV monitoring and analytics tool and providing consulting to customers with software/hardware applications development).

16) GREEDYGAME MEDIA PRIVATE LIMITED (a Company engaged inter alia in the business relating to providing platform for marketing and providing all types of brands, products and services in India and abroad mobile games, applications, online games, software, web-based applications, digital content and all allied mode of advertisement related thereto).

TIMES WEBSOL LIMITED and TIMESMOBILE LIMITED, the Wholly Owned Subsidiaries of The Company had filed an application with The Honble Delhi High Court for amalgamation of TIMES WEBSOL LIMITED and TIMESMOBILE LIMITED with The Company. The Honble Delhi High Court had passed the order for merger of TIMES WEBSOL LIMITED and TIMESMOBILE LIMITED with The Company.

TIMES BUSINESS SOLUTIONS LIMITED, a subsidiary of Bennett, Coleman and Company Limited had filed an application with The Honble Delhi High Court for amalgamation of TIMES BUSINESS SOLUTIONS LIMITED with The Company. In order to explore new business opportunities The Company acquired entire business division of owning, operating and hosting the Website (www.dineout.co.in) including related various offline services and all other websites/URLs owned and / or operated by the company under the Dineout division of Dineout Services Private Limited.

The Company has allotted 33,83,60,000 (no.) 10% Non-Cumulative Redeemable Preference Shares (NCRPS) to Bennett, Coleman and Company Limited (Parent Company) till date.

The Company inks partnership with Say Media to launch its leading digital magazines Readwrite.com and Remodelista.com in India;

Remodelista.com is the leading home design & remodeling sourcebook and Readwrite.com is one of the most read and respected technology news websites in the world.

The Company launches gocricket.com; offers live-streaming of Pepsi IPL matches, exclusive content from Sourav Ganguly.

The Company launches Hindi version of Speaking Tree.

The Company launches Times AdCenter, an advertising technology platform to help advertisers buy inventory with audience targeting and programmatic buying capabilities.

TimesofIndia.com and Twitter launch unique integrations of news and social media - Tweets to remember and Social News Hub - ahead of elections.

The Company partners with Amazon Appstore for Android, making its news and entertainment apps available to users for download.

The Company partners with Pursuitist.com - luxury lifestyle destination - to launch India version under TLP initiative.

Times of India, Economic Times, Indiatimes and Zigwheels won prizes in respective categories at the Ascendas Website of the Year (WOTY) awards 2013.

IGN India goes live following the announcement of partnership with IGN - gaming and entertainment website in October.

TimesCity launches revamped Android and iOS apps, featuring listings and recommendations based on location.

Indiatimes.com launches its iPhone app. It lets users customize content on the basis of genres and sources that include Times groups network sites.

The Company announces the beta launch of HappyTrips.com, a travel platform to plan trip and discover great places around the world.

Gaana.com launches Developers Platform to aid app developers using its APIs for creating music apps.

The Company partners with Star India for digital distribution rights of 2014 edition of IPL. Both companies will market it jointly, and Star India will be solely responsible for monetization.

Follo, the Celebrity Connect service from Times Mobile, launches StarAuctions, which enables users to bid and buy memorabilia of their favourite movie stars.

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 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.63.29
UK Pound	1	Rs.98.38
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		44

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.