MIRA INFORM REPORT

Report No. :	508545
Report Date :	11.05.2018

IDENTIFICATION DETAILS

Name :	BENNETT COLEMAN AND COMPANY LIMITED
Registered Office :	The Times of India Building, D N Road, Mumbai - 400001, Maharashtra
Tel. No.:	91-22-66353535
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	29.11.1913
Com. Reg. No.:	11-000391
Capital Investment / Paid-up Capital :	INR 2869.600 Million
CIN No.: [Company Identification No.]	U22120MH1913PLC000391
IEC No.: [Import-Export Code No.]	0388167084
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB4373Q
TIN No.:	27740000511
GSTN : [Goods & Service Tax Registration No.]	27AAACB4373Q1Z8
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of Publication of Newspapers and also Houses Television Channels like Times Now, ET Now, Zoom, MN+ and Romedy Now. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Bennett Coleman and Company Limited is the flagship company of the largest media conglomerate in India, The Times group which is a family-owned business, held by the Jain family. The company was incorporated in 1913, along with its group companies and has diversified into various media and entertainment businesses – print, television, radio, music, advertising and the Internet. However, Newspaper publishing is its largest business segment. The company’s flagship publications, “The Times of India” and “The Economic Times”, are India’s largest – selling English and Financial dailies, respectively. Rating takes into consideration the company’s strong market position as India’s largest newspaper publishing group, healthy operating efficiency, and robust financial risk profile. The company possesses strong and healthy financials marked by decent profit margin and strong net worth base. Rating also takes into account the subject’s healthy Earnings Per Share of INR 38.68 against the Face Value of INR 10. These rating strengths are partially offset by the vulnerability of operating profit margin to volatility in global newsprint prices and economic cycles. Payments seems to be regular and as per commitment. In view of strong brand recognition along with strong financial condition, the company can be considered best for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.3.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Bank Facilities = AAA
Rating Explanation	Highest degree of safety and carry lowest credit rusk
Date	27.04.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 11.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (91-22-66353535)

LOCATIONS

Registered Office :	The Times of India Building, D N Road, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-66353535/ 66354460/ 66354159
Fax No.:	91-22-22620144/ 22731737
E-Mail :	corporate.secretarial@timesgroup.com
Website :	www.timesgroup.com

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Samir Jain
Designation :	Managing director
Address :	15, Moti Lal Nehru Marg, New Delhi, Delhi - 110011, India
Date of Birth/Age :	22.06.1954
Qualification:	B.A
Date of Appointment :	01.02.1985
DIN No.:	00001337
PAN No.:	AEHPJ3016Q
Name :	Mr. Vineet Jain
Designation :	Managing director
Address :	15, Moti Lal Nehru Marg, New Delhi, Delhi - 110011, India
Date of Birth/Age :	12.02.1966
Qualification:	Management Graduate from American Uni of Switzerland.
Date of Appointment :	27.06.1993
PAN No.:	AEHPJ3012L
DIN No.:	00003962
Name :	Ms. Indu Jain
Designation :	Whole-time director
Address :	H. No. 6, Sardar Patel Marg, New Delhi -110021, India
Date of Birth/Age :	08.09.1936
Qualification:	Professional
Date of Appointment :	01.08.2009
PAN No.:	AEHPJ3014N
DIN No.:	00004040
Name :	Mr. Shailesh Vishnubhai Haribhakti
Designation :	Additional Director
Address :	10 & 11 Sahil Apartment, S K Barodawala Road, 14 Altamount Road, Cumballa Hill, Mumbai-400026, Maharashtra, India
Date of Appointment :	23.04.2018
DIN No.:	00007347
Name :	Richard Blaise Saldanha
Designation :	Director
Address :	24, Senor Valley Road No. 13 Jubille Hills, Hyderabad – 500033, Telangana, India
Date of Appointment :	08.09.2015
DIN No.:	00189029
Name :	Mr. Pramath Raj Sinha
Designation :	Additional Director
Address :	N-154, Panchshila Park, New Delhi-110017, India
Date of Appointment :	22.03.2017
DIN No.:	00279248
Name :	Meera Jain
Designation :	Additional Director
Address :	15 Moti Lal Nehru Marg, New Delhi-110011, India
Date of Appointment :	23.04.2018
DIN No.:	00763337
Name :	Mr. Raj Kumar Jain
Designation :	Whole-time director
Address :	AR 511 B, The Aralias, Golf Course Road, DLF City Phase 5, Gurugram - 122009, Haryana, India
Date of Appointment :	22.05.2015
DIN No.:	01741527
Name :	Mrs. Revati Jain
Designation :	Additional Director
Address :	1180 Ff Sec A Pkt B Vasant Kunj, Delhi-110070, India
Date of Appointment :	30.06.2017
DIN No.:	07013215

KEY EXECUTIVES

Name :	Mr. Himanshu Agarwal
Designation :	Chief Finance Officer
Address :	L044, DLF Park Place, DLF Summit Apartments, DLF Phase- 5 Sikanderpur, Ghosi (68), Gurugram-122002, Haryana, India
Date of Appointment :	01.07.2017
PAN No.:	AALPA2262R
Name :	Mr. Kausik Brojendra Nath
Designation :	Company Secretary
Address :	Flat No A 202, Charkop Sea View CHS Plot No 6, Rsc 25, Sector 8, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India
Date of Appointment :	06.03.2012
PAN No.:	AACPN1272B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares
Sanmati Properties Limited, India	27981000
Bharat Nidhi Limited, India	70041600
PNB Finance and Industries Limited, India	26665848
Vineet Jain	1642248
Samir Jain	7200
Meera Jain	1303200
Camac Commercial Company Limited, India	38161548
Arth Udyog Limited, India	26719848
Jacaranda Corporate Services Limited, India	25632000
T M Investments Limited	17093016
Ashoka Viniyoga Limited	51707916
Total	286955424

AS ON: 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	1.03
Promoters (Bodies corporate)	98.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of Publication of Newspapers and also Houses Television Channels like Times Now, ET Now, Zoom, MN+ and Romedy Now. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
99891211	Newspaper Printing Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Information declined by the management

Bankers :

· Bank of Baroda

Sir P.M. Road Branch, Bombay - 400001, Maharashtra, India

Auditors 1 :
Name :	Lodha and Company Chartered Accountants
Address :	6, Karim Chambers, 40 A Doshi Marg, (Hamam Street), Mumbai 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFL1894Q
Auditors 2 :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar [West], Mumbai-400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Memberships :	Not Available
Collaborators :	Not Available
Associate Company :	· Arya Food and packaging Private Limited, India [U74999MH2015PTC265763] · Brandzstorm India Marketing Private Limited, India [U52100MH2010PTC199895] · Daiki Brands Private Limited, India [U51109MH2010PTC203104] · Jumbot En Market Place India Private Limited, India [U72200TG2012PTC083531] · Kalpaveda Essential Ayurveda Private limited, India [U74900HR2014PTC052587] · Lifespan Wellness Private Limited, India [U85190MH2012PTC236043] · Lifezen Healthcare Private Limited, India [U24230KA2014PTC077114] · MN&C SUPPLY LINKS Retail Private Limited, India [U52190MH2012PTC234757] · Narang Buzz Services Private Limited, India [U74999MH2007PTC173341] · Provogue Personal Care Private Limited, India [U52100MH2013PTC246227] · Skillsdox India Private Limited, India [U74999MH2014PTC259527] · Think Ink Media Private Limited, India [U22110DL2015PTC277822] · Timesofmoney Private Limited · Vivo Healthcare Private Limited
Joint venture :	Aegon Life Insurance Company Limited, India [U66010MH2007PLC169110]
Subsidiary company	· Dharmayug Investments Limited [U65993MH1983PLC030615] · Times Guaranty Limited [L65920MH1989PLC054398] · Times Journal India Limited [U22121DL2004PLC126751] · Times Global Broadcasting Company Limited [U32109MH1986PLC168454] · Zoom Entertainment Network Limited [U74992MH2006PLC163048] · Times Digital Limited [U72300DL2007PLC165449] · Times Centre For Learning Limited [U80301DL2007PLC165200] · Centre For Excellence In Management Training And Development [U80301DL2007PLC165200] · Speaking Tree Properties Limited [U70101DL2010PLC209337] · Times Strategic Solutions Limited [U74110MH2010PLC208138] · Times Innovative Media Limited [U99999MH2005PLC157078] · Worldwide Media Private Limited [U22120MH2003PTC142239] · Metropolitan Media Company Limited [U22121KA2006PLC062825] · Brand Equity Treaties Limited [U74300MH2008PLC184669] · Mind Games Shows Private Limited [U74990MH2009PTC190636] · Vardhaman Publishers Ltd [U22120MH1985PLC036799] · Mirchi Movies (India) Limited [U22120MH1985PLC036799] · Entertainment Network (India) Limited [L92140MH1999PLC120516] · Alternate Brand Solutions (India) Limited [U92190MH2007PLC175549] · TIML Global Limited · Times Internet Limited [U74999DL1999PLC135531] · Times Internet Inc., USA. · Times Internet (UK) Ltd., UK · Times City Limited [U72900DL2012PLC24112] · Gamma Gaana Limited [U72900DL2012PLC241148] · Times Jobs Limited [U93000DL2013PLC248555] · Magicbricks Realty Services Limited [U70109DL2013PLC256668] · Digital Classifieds Limited [U74999MH2014PLC259667] · Coupondunia Media Private Limited [U74999MH2012PTC231360] · Akuate Internet Services Private Limited [U64202KA2004PTC035042] · Grade Stack Learning Private Limited [U80211DL2013PTC252811] · Times Content Limited [U74999DL2015PLC283717] · Moneygoals Solutions Limited [U67190DL2016PLC291833] · Digismart Digital Media Private Limited [U72300HR2014PTC053616] · Viralcraft Digital Media Private Limited [U72200HR2015PTC055541] · Times Sports Content Inc. · Locovida Digital Solutions Private Limited [U74999DL2015PTC278481] · Bennett Broadcasting and Distribution Services Limited [U92100DL2008PLC263820] · Times Box TV Media Pte Ltd. · Amrita Estates Private Limited [U70100MH2012PTC237888] · Ananta Properties Private Limited [U70109MH2012PTC237830] · BCCL International Events Private Limited [U74999MH2012PTC237964] · Times Conferences Limited [U74900MH2012PLC237666] · Junglee Pictures Limited [U74120MH2014PLC252845] · Bennett Institute Of Higher Education [U74140DL2014NPL270329] · Tim Delhi Airport Advertising Private Limited [U74999DL2010PTC203419] · Brand Incubator Private Limited [U74999MH2016PTC271821] · Bccl Worldwide Inc.
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· 21st Century Constructions Private Limited., India [U45200TG1986PTC006450] · Aadidev Properties Limited, India [U70100MH2006PLC160897] · Artha Real Estate Corporation Limited, India [U65990KA2008PLC085891] · Ativeer Properties Limited, India [U70101MH2010PLC265458] · Banhem Estates & IT Parks Limited, · India [U65990MH1983PLC029209] · Bennett Property Holdings Company Limited · Cyber Space Infotainment Limited, India [U93000DL1999PLC102201] · Nandeeshwar Properties Limited, India [U70100MH2010PLC265368] · Rajdhani Printers Limited, India [U74899DL1901PLC023944]

CAPITAL STRUCTURE

AS ON: 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
311000000	Equity Shares	INR 10/- each	INR 3110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
286955424	Equity Shares	INR 10/- each	INR 2869.600 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2869.600	2869.600	2869.600
(b) Reserves and Surplus	86938.900	80038.200	66654.100
(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)	89808.500	82907.800	69523.700
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1919.300	1796.500	1930.900
(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)	1919.300	1796.500	1930.900
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	3634.600
(b) Trade payables	7782.900	7025.300	7546.600
(c) Other current liabilities	22807.900	20305.600	17853.700
(d) Short-term provisions	823.200	787.000	630.900
Total Current Liabilities (4)	31414.000	28117.900	29665.800
TOTAL	123141.800	112822.200	101120.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15066.700	15884.400	17335.900
(ii) Intangible Assets	119.200	85.000	53.100
(iii) Tangible assets capital work-in-progress	151.600	147.200	72.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	54454.900	46821.600	40637.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	6119.200	8064.100	8137.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	75911.600	71002.300	66237.000
(2) Current assets
(a) Current investments	26237.300	21358.800	14959.400
(b) Inventories	4397.000	5554.700	6497.500
(c) Trade receivables	10657.700	10201.200	9306.100
(d) Cash and bank balances	2233.100	2142.800	1849.200
(e) Short-term loans and advances	3533.800	2479.400	2242.900
(f) Other current assets	171.300	83.000	28.300
Total Current Assets	47230.200	41819.900	34883.400
TOTAL	123141.800	112822.200	101120.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	63704.600	63542.200	55536.300
	Other Income	4887.700	1495.800	1059.900
	TOTAL	68592.300	65038.000	56596.200
Less	EXPENSES
	Cost of Materials Consumed	13922.700	15989.700	15381.700
	Purchases of Stock-in-Trade	1227.300	657.700	547.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4319.400	3679.400	0.000
	Employee benefit expense	13282.900	11594.500	9371.700
	Other expenses	16762.451	14282.489	15517.700
	CSR expenditure	435.000	0.000	0.000
	TOTAL	49949.751	46203.789	40818.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	18642.549	18834.211	15777.500
Less	FINANCIAL EXPENSES	72.686	165.745	326.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	18569.863	18668.466	15451.200
Less/ Add	DEPRECIATION/ AMORTISATION	1829.100	1981.500	2497.000
	PROFIT/ (LOSS) BEFORE TAX	16740.763	16686.966	12954.200
Less	TAX	5641.100	4824.700	4742.600
	PROFIT/ (LOSS) AFTER TAX	11099.663	11862.266	8211.600
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	614.600	736.100	0.000
	TOTAL EARNINGS	614.600	736.100	0.000
	Earnings / (Loss) Per Share (INR)
	Basic	38.68	41.34	28.62
	Diluted	38.68	40.84	28.27

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	20961.600	20195.100	13992.200
Net cash flows from (used in) operating activities	15531.700	15513.200	10176.200

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	61.06	58.60	61.16
Account Receivables Turnover (Income / Sundry Debtors)	5.98	6.23	5.97
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	187.51	154.03	172.92
Inventory Turnover (Operating Income / Inventories)	4.24	3.39	2.43
Asset Turnover (Operating Income / Net Fixed Assets)	1.22	1.17	0.90

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.26	0.25	0.29
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.05
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.35	0.34	0.43
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.17	0.19	0.25
Interest Coverage Ratio (PBIT / Financial Charges)	256.48	113.63	48.35

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	59.54	88.60	82.11
Return on Total Assets ((PAT / Total Assets) * 100)	%	9.01	10.51	8.12
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.36	14.31	11.81

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.50	1.49	1.18
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.36	1.29	0.96
G-Score Ratio Financial (Networth / Total Assets)	0.73	0.73	0.69
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	1.27
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.50	1.49	1.18

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	2869.600	2869.600	2869.600
Reserves & Surplus	66654.100	80038.200	86938.900
Share Application money pending allotment	0.000	0.000	0.000
Net worth	69523.700	82907.800	89808.500
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	3634.600	0.000	0.000
Total borrowings	3634.600	0.000	0.000
Debt/Equity ratio	0.052	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	55536.300	63542.200	63704.600
		14.416	0.256

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	55536.300	63542.200	63704.600
Profit/ (Loss)	8211.600	11862.266	11099.663
	14.79 %	18.67 %	17.42 %

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2869.600	2869.600
(b) Reserves and Surplus	93132.000	80604.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Minority interest	6046.900	5650.000
Total Shareholders’ Funds (1) + (2)	102048.500	89123.600
(3) Non-Current Liabilities
(a) long-term borrowings	54.600	86.300
(b) Deferred tax liabilities (Net)	2020.800	1839.600
(c) Other long-term liabilities	731.000	577.600
(d) long-term provisions	7716.400	4263.500
Total Non-current Liabilities (3)	10522.800	6767.000
(4) Current Liabilities
(a) Short-term borrowings	2586.100	18.900
(b) Trade payables	11496.600	1035.100
(c) Other current liabilities	28510.800	25587.400
(d) Short-term provisions	1056.500	980.300
Total Current Liabilities (4)	43650.000	36937.600
TOTAL	156221.300	132828.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18202.400	17746.700
(ii) Intangible Assets	3744.800	462.600
(iii) Tangible assets capital work-in-progress	5705.100	1487.100
(iv) Intangible assets under development	541.200	788.000
(b) Non-current Investments	50620.800	43918.000
(c) Deferred tax assets (net)	147.800	299.900
(d) Long-term loans and advances	5745.000	4795.000
(e) Other Non-current assets	12.100	66.700
Total Non-Current Assets	84719.200	69564.000
(2) Current assets
(a) Current investments	38449.700	31131.100
(b) Inventories	5253.800	7327.900
(c) Trade receivables	16813.900	15774.000
(d) Cash and bank balances	4963.000	5070.600
(e) Short-term loans and advances	4929.700	3360.900
(f) Other current assets	1092.000	599.700
Total Current Assets	71502.100	63264.200
TOTAL	156221.300	132828.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	89961.200	84109.500
	Other Income	9808.700	3785.200
	TOTAL	99769.900	87894.700
Less	EXPENSES
	Cost of Materials Consumed	15010.200	17149.700
	Purchases of Stock-in-Trade	1081.600	839.500
	Employee benefit expense	21019.100	17442.900
	Other expenses	38916.500	32151.200
	TOTAL	76027.400	67583.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	23742.500	20311.400
Less	FINANCIAL EXPENSES	206.800	299.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	23535.700	20012.100
Less/ Add	DEPRECIATION/ AMORTISATION	3055.900	2986.700
	PROFIT/ (LOSS) BEFORE TAX	20479.800	17025.400
Less	TAX	6966.700	5802.700
	Profit (loss) of minority interest	13513.100	11222.700
	Profit (loss) of minority interest	(496.500)	(468.200)
	Share of profit (loss) of associates	(104.400)	(104.800)
	Total profit (loss) for period	12912.200	10649.700
	Earnings / (Loss) Per Share (INR)
	Basic	45.00	37.11
	Diluted	45.00	36.66

LEGAL CASES

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE:- 10.06.2016

LODGING NO: ITXAL/623/ 2016 REG. NO: ITXA/1356/ 2016

FILING DATE:- 10.06.2016 REG. DATE: 01.08.2016

PETITIONER: THE PR. COMMISSIONER OF INCOME TAX RESPONDENT: BENNETT COLEMAND AND COMPANY LIMITED

RESP ADV.:-PDS LEGAL (826)

PETN. ADV.: SURESH KUMAR (I2100)

DISTRICT: MUMBAI

BENCH: DIVISION

STATUS: PRE-ADMITTED CATEGORY : TAX APPEALS

NEXT DATE: 15.06.2017 STAGE:-

CORAM : ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

ACT: INCOME TAX ACT, 1961 UNDER SECTION:-260A

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A46082657	10123441	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	10/09/2008	-	-	1484954500.0	HONGKONG BANK BUILDING, 52/60, MAHATMA GANDHI ROADFORT,MUMBAIMH400001IN
2	A30430003	10087720	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	14/01/2008	-	-	2490000000.0	52/60, MAHATMA GANDHI ROAD, FORTMUMBAIMH400001IN
3	A39272349	10052869	STANDARD CHARTERED BANK (ACT AS AGENT FOR ITSELF & ON BEHALF OF OTHER LENDERS)	17/05/2007	31/05/2008	-	5950000000.0	90, MAHATMA GANDHI ROAD,FORT,MUMBAIMH400001IN
4	B91137422	90347872	STATE BANK OF INDIA	18/03/1987	09/10/1987	02/12/2013	67507000.0	COMMERCIAL BRANCHJUSTICE G.N. VAIDYA MARGBOMBAYMH40023IN
5	B90681883	90347977	BANK OF INDIA	30/08/1989	-	25/11/2013	7500000.0	70/80; M.G. ROADBOMBAYMH400023IN
6	B90729633	90347756	BANK OF INDIA	09/02/1983	14/02/1983	25/11/2013	107000000.0	70/80; M.G. ROADBOMBAYMH400023IN
7	B90677444	90348209	BANK OF INDIA	22/03/1996	-	25/11/2013	153000000.0	MUMBAI INDUSTRIAL FINANCE70/80; M.G. ROADMUMBAIMH400023IN
8	B90683673	90347908	BANK OF INDIA	12/11/1987	-	25/11/2013	5000000.0	70/80; M.G. ROADBOMBAYMH400023IN
9	B89565998	90346345	BANK OF BARODA	06/07/1988	-	22/10/2013	4600000.0	SIR P.M. ROAD BRANCHBOMBAYMH400001IN
10	B86361821	90346396	PUNJAB NATIONAL BANK	31/05/1989	27/09/1989	27/09/2013	215345000.0	BLACKHOUSE FORTBOMBAYMH400001IN

STATE OF COMPANYS AFFAIRS AND FUTURE OUTLOOK

PRINT

In a challenging Media business environment, the company achieved a reasonable growth.

For the year 2015-16, the company pursued a strategy of profitable growth both on volume and yield. During the year, the Company performed well on its objectives of promoting growth of English business and reviving growth in the Mini-Metro.

Besides e-business, which grew strongly on account of strong market tailwinds, the company was able to drive strong growth in more traditional categories like Retail, Government, Auto, BFSI, Retail Healthcare. Companys Bengali daily - Ei Samay which has established itself as the preferred newspaper of choice for urban Bengali readers within a short span of two years continued its stellar performance.

The companys distribution network has expanded rapidly in the last three years, with thirteen new locations added, contributing to expansion in reach in new and promising territories, thereby enabling market expansion and a wider spread of circulation base, and, creating scope for organic growth in both vernaculars and English offerings.

Newsprint prices globally were at its lowest as demand continued to drop across regions. India imports increased to compensate for the drop in domestic production coupled with planned reduction of capacities across the Globe.

The Company continues to invest on enhancing print capacities across geographies to meet the requirements of the market.

TELEVISION

TIMES NOW completed a decade this year and it continues to maintain its leadership position in the English News Genre for eighth year in a row with 42% of the category viewership share. The channel also launched its UK feed from October, 2015. ET NOW, reasserted its undisputed leadership with the advent of BARC and convincingly led the category with a 44% market share. In a volatile market scenario, the channel reached closer to its viewers by helping them tide over turbulence with guidance of its expert anchors and leading market voices.

During the year, ZOOM was launched with a brand new logo, positioning line and visual identity. It continued to strengthen its position as Indias biggest Bollywood brand on Social media with over five hundred and fifty years of content watched on ZOOMs YouTube channel only in 2015. Romedy Now completes two years in September 2015 as a premium English General Entertainment Channel ushering Love & Laughter. Further Movies Now HD and Romedy Now HD were launched in the high definition segment giving the viewers spectacular viewing experience with stunning picture quality and surround sound.

MN+ was launched as a unique brand in the English Movie Category in July 2015. The premium HD offering from the Times Network showcases Hollywoods must watch cinema The Gold Class of Hollywood Movies with both, popular and critically acclaimed titles, in pristine HD quality. Magicbricks NOW, a property channel launched during the year, offers an unbiased, trustworthy and the most authoritative perspective on the property business to its viewers.

TIMES MUSIC

During the year, Times Music continued its rapid transformation into a digital company with an aggressive plan and was profitable. The company continues to invest in commercial film and non-film music to take advantage of a fast rising younger consumer base and direct digital distribution via music streaming services. The Company is venturing into Video creation and video repertoire acquisition given changing consumption trends via platforms like YouTube and such other online video services. Times Music had its first mega-hit on YouTube with a Punjabi track Wakhra Swag which clocked more than twenty five million views, propelling the company to a premium partner status within the YouTube ecosystem.

INFORMATION TECHNOLOGY

The Company is looking at IT playing a pivotal role in digital transformation. IT initiatives have been aligned with business strategy and IT will partner with business functions to harness technology in order to enhance productivity, impart agility, manage costs and have effective controls. Of several, some key focus areas will be around customer relationship management, content management, distribution network, information security and enterprise architecture.

ACCOUNTING FOR AMALGAMATION / DEMERGER 1.1 SATYAM PROPERTIES & FINANCE LIMITED (AMALGAMATION)

The Honorable High Court of Bombay vide its Order dated April 10, 2015 had approved the Scheme of Amalgamation (Scheme) of Satyam Properties and Finance Limited (SPFL), a wholly owned subsidiary engaged in investment activities, into the Company with appointed date as July 1, 2014 and effective date as June 5, 2015. In terms of the Scheme, accounting had been done during 2014-15 as per the pooling of interest method described in Accounting Standard 14 Accounting of Amalgamations.

As per the Scheme, the assets [Investments INR 1266.800 Million, Cash and bank balances INR 899.800 Million, Deferred tax assets INR 5.200 Million, Loans and advances INR 221.500 Million], liabilities [Current liabilities INR 2.700 Million] and reserves [General Reserves INR 2281.500 Million, Capital Redemption Reserve INR 9.000 Million] pertaining to the transferor Company were transferred and vested to the Company at their book values as on July 1, 2014. The difference in cancellation of share capital in SPFL [INR 100.100 Million] against investment [INR 102.500 Million] was adjusted to General Reserve.

TIMES NOW- DIVISION OF TIMES GLOBAL BROADCASTING COMPANY LIMITED (DEMERGER)

The Honorable High Court of Bombay vide its Order dated January 16, 2015 had sanctioned the Scheme of Arrangement, (Scheme) for transfer by way of demerger the business of Times Now the English News television channel, owned and operated by Times Global Broadcasting Company Limited (a wholly owned subsidiary, hereinafter referred as Demerged Undertaking) to the Company with appointed date as April 1, 2014 and had become effective from September 1, 2015 after the receipt of requisite regulatory approvals. As per the Scheme, the assets [Fixed Assets INR 113.100 Million, Debtors INR 440.900 Million, Loans and advances INR 69.100 Million] and liabilities [Current liabilities INR 575.400 Million] pertaining to the demerged undertaking were transferred and vested to the Company at their book values as of April 1, 2014. The difference of INR 47.900 Million between the assets and liabilities was adjusted to Capital Reserve.

TIMES INFOTAINMENT MEDIA LIMITED (AMALGAMATION)

The Honorable High Court of Bombay vide its order dated July 03, 2015 approved the Scheme of Amalgamation of its wholly owned subsidiary, Times Infotainment Media Limited (TIML) into the Company with appointed date as April 1, 2013. As per the Scheme, the assets, liabilities and reserves pertaining to the transferor Company have been transferred and vested to the Company at their opening book values as on April 1, 2013 and the difference between the assets, liabilities and reserves taken over and cancellation of the investment have been adjusted to General Reserve as per the pooling of interest method described in Accounting Standard 14 Accounting for Amalgamations, after making necessary adjustments for alignment with the accounting policies. The scheme has been made effective from April 26, 2016 post receipt of all statutory approvals.

(i) The Company has recorded the assets [Long-term Investments INR 2673.400 million, Current Assets INR 96.900 million], liabilities [Current Liabilities INR 1.700 million] and debit balance in reserves and surplus of INR 4159.600 million of the transferor Company at the appointed date at book value and the net impact of the above and cancellation of share capital and loans of INR 4326.700 million have been adjusted to Surplus in Profit & Loss account as provided in the said Scheme. (ii) The net profit after tax aggregating to INR 335.000 Million for the financial year 2013-14 and 2014-15 is also adjusted to Surplus in Profit & Loss account.

Post the appointed date, Company has given effect to all the transactions undertaken by TIML in its books.

CONTINGENT LIABILITIES:

Particulars	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
Claims against company not acknowledged as debt	91.800	76.400
Guarantees	3831.700	3756.500
Other money for which company is contingently liable	125.700	1224.700

FIXED ASSETS:

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Other Equipments

PRESS RELEASE

MEDIA GIANT BCCL INVESTED IN MEHUL CHOKSI’S SCAM-HIT GITANJALI GROUP, HT MEDIA ALMOST MADE A DEAL: REPORT

22.02.2018

Media firm Bennett, Coleman & Co. Ltd (BCCL), which runs The Times of India and The Economic Times invested in companies of scam-hit Mehul Choksi-promoted Gitanjali Group, reported The Indian Express, citing documents accessed by it. The report also said that another media major, HT Media Ltd, which runs The Hindustan Times and Mint, was in talks to invest in Gitanjali Gems Ltd.

Three firms of the Gitanjali group have been under the scanner of probe agencies in connection with the Punjab National Bank transactions fraud allegedly involving INR 11,4000.000 million.

According to the, BCCL has been allotted five convertible warrants of INR 325. 000 million in each of the two subsidiaries of Gitanjali Gems Ltd, Nakshatra Brands Ltd and Gili India Ltd, according to board resolutions of these firms of August 2017 and October 2017 respectively.

The Gitjanjali firm had received approval from HT Media’s shareholders to allot debentures to the media firm on December 1, 2017, according to a filing with the BSE Ltd. Gitanjali Gems Ltd had received approval from members of the company to allot ten fully convertible debentures (FCDs) worth INR 306.700 million to HT Media, according to a special resolution of the company on December 1, 2017, said the report.

 However, Piyush Gupta, chief financial officer of HT Media, told the newspaper that the company did not invest in Gitanjali Gems although it had “evaluated” and “regulatory filings were done” for the allotment.

A response from BCCL is still awaited.

The report has come at a time there have been discussions about Choksi and Nirav Modi’s high-profile links in the business and political circles.

The CBI on January 31 booked Choksi, diamantaire Nirav Modi and his wife Ami and brother Nishal after receiving a complaint from the Punjab National Bank.

The Enforcement Directorate today said it has frozen mutual funds and shares worth INR 945.200 million of the Nirav Modi and Mehul Choksi groups . It has seized nine high-end luxury cars of Modi as part of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act (PMLA).

EXCLUSIVE: SHOPCLUES GETS BCCL BACKING, NARROWS LOSSES IN FY17

06.11.2017

Media conglomerate Bennett, Coleman and Company Ltd (BCCL) has struck a INR 975.000 million ($15 million) ad-for-equity deal with Gurgaon-based Clues Network Pvt. Ltd, which runs e-commerce firm ShopClues, filings with the Registrar of Companies show.

Just last week, VCCircle reported that Bangalore-based food-tech startup FreshMenu had found a new backer in BCCL, publisher of The Times of India and The Economic Times.

The filings also show that ShopClues narrowed its loss in the financial year 2016-17 to INR 3327.000 million. This augurs well for the company, which has seen mounting losses over the years. From INR 380.000 million in 2014-15, losses had widened to INR 1010.000 million in 2015-16, and to Rs 383 crore in 2015-16, according to VCCEdge, the data research arm of News Corp VCCircle.

However, revenue, which essentially comprises fees from merchants, remained largely flat year-on-year. Total income stood at INR 1887.000 million compared to INR 1786.000 million in the year prior.

Revenue from operations came in at INR 1803.000 million, against INR 1614.000 million in the previous year.

When contacted by VCCircle, ShopClues co-founder Radhika Aggarwal declined to comment.

In FY15, ShopClues registered net sales of INR 773.000 million, and it more than doubled this number to INR 1614.000 million in FY16. That kind of stellar growth seems to be missing this year.

In September, VCCircle had written that ShopClues needed to take some decisive steps on the funding front as it last raised equity funding about 20 months ago, when GIC led a $100-million round valuing the company at $1.1 billion. In May, it raised $7.7 million in venture debt from InnoVen Capital, saying it did not raise equity since it would have meant dilution.

The e-tailer, which has deferred its initial public offering plans, maintains that a Nasdaq listing remains on its agenda. It recently even hired a new chief financial officer to steer the company’s listing plans.

However, VCCircle has learnt from several persons privy to the developments that ShopClues’ merger with a bigger rival is the more likely scenario at this point. Sanjay Sethi, co-founder and CEO of ShopClues, had told Business Standard that the company was open to merger proposals even as it pursued the IPO.

The battle lines in India’s e-commerce market have been redrawn following SoftBank’s mega fund infusion into Flipkart, massive downsizing at Snapdeal, Amazon’s steady rise and Paytm’s acceleration of its e-commerce business.

It remains to be seen how ShopClues establishes itself as a formidable player amid these well-funded names.

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	INR 66.38
UK Pound	1	INR 91.39
Euro	1	INR 79.89

INFORMATION DETAILS

Information Gathered by :	TEJ
Analysis Done by :	PRY
Report Prepared by :	RUP

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

·