Times Innovative

TIMES INNOVATIVE MEDIA LIMITED 121
directors’ report
Dear Members,
Your Directors present this Fifth Annual Report together with the Audited Accounts of the Company for the financial year ended on
March 31, 2010.
1. Financial Highlights
Amount in Rupees
Financial year Financial year
2009-2010 2008-2009
Income 1,563,170,195 1,494,150,660
Loss before Tax (373,441,142) (757,459,964)
Less: Provision for Taxation (net) 16,561,679 2,800,000
Loss after Tax (390,002,821) (760,259,964)
Loss brought Forward (1,106,737,609) (346,477,645)
Equity 383,492,080 383,492,080
Transfer to General Reserve / (Loss) — —
Loss carried to Balance Sheet (1,496,740,430) (1,106,737,609)
2. Financial Performance
The financial year under review has been challenging for the Company. Total income of the Company has increased by about
5% from Rs.1,494,150,660/- in the previous year to Rs.1,563,170,195/- in the financial year under review. The loss after tax
stood at Rs.390,002,821/- in the financial year under review.
3. Operations
During the financial year under review, the Company continued to maintain its leadership position in the markets it operates. The
Company has strengthened its market and achieved growth of 5% in the financial year under review. There was a significant
improvement in the economic environment in the second half of the financial year. The BFSI and Real Estate segments have
revived and the Auto and Telecom segments continue to be buoyant. This has had a positive impact on the revenue performance.
The Company is engaged in the business of Out-of-Home (‘OOH’) Media. Being one of the India’s leading players in the OOH
Media category, the Company has a wide set of OOH Media properties across the key Indian cities. The Company currently
has business operations in five major cities viz. Mumbai, Delhi, Kolkata, Bengaluru and Hyderabad. The Company continues to
pursue new opportunities in the field of OOH Media.
4. Dividend
In view of the losses, your Directors do not recommend any dividend for the financial year under review.
5. Fixed Deposits
The Company has not accepted any fixed deposits. Consequently no principal or interest was outstanding as on the date of
the Balance Sheet.
6. Directors
In accordance with the provisions of the Companies Act, 1956, read with the Articles of Association of the Company, Mr. A. P.
Parigi retires by rotation at the ensuing Annual General Meeting (AGM) and being eligible, offers himself for re-appointment.
122 TIMES INNOVATIVE MEDIA LIMITED
directors’ report
Pursuant to Section 260 of the Companies Act, 1956, Mr. Ravindra Dhariwal was appointed as an Additional Director (non-
executive director), by the Board of Directors on January 18, 2010, and he shall hold office upto the date of the ensuing AGM.
Notice has been received by the Company from a Member under Section 257 of the Companies Act, 1956 proposing the
appointment of Mr. Ravindra Dhariwal as a Director of the Company.
7. Audit Committee
The Audit Committee of the Company comprises of Mr. N. Kumar, Mr. Ravindra Dhariwal, Mr. A. P. Parigi and Mr. S. Sivakumar.
The Audit Committee acts in accordance with terms of reference as specified by the Board of Directors read with the provisions
of Section 292A of the Companies Act, 1956. The Internal Auditors of the Company report directly to the Audit Committee.
8. Auditors
Messrs Price Waterhouse & Co., Chartered Accountants, the Statutory Auditors of the Company retires at the conclusion of the
Fifth AGM and has confirmed their eligibility and willingness to accept office, if appointed.
Members are requested to appoint Messrs Price Waterhouse & Co., Chartered Accountants, as Statutory Auditors of the
Company for the period commencing from the conclusion of the Fifth AGM until the conclusion of the Sixth AGM and fix their
remuneration.
9. Buy-back of Shares
During the financial year under review, the Company has not offered to buy-back any of its outstanding shares.
10. Conservation of Energy

The operations of the Company are not energy intensive. A conscious effort is being made by the Company and its employees
to reduce the wastage of scarce energy resources.
11. Foreign Exchange Earnings & Outgo

Statement pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988:
(i) Activities relating to export, initiatives to increase exports, developments of new export markets for products and services
and export plan:
Since the business operations of the Company are focused on the domestic market at present, scope for export earnings
is limited. Nevertheless, the Company is exploring export avenues in various verticals.
(ii) Total foreign exchange earned and used :

(Amount in Rupees)
2009-2010 2008-2009
Foreign exchange earnings 49,254,366 6,438,067
Foreign exchange outgo 16,471,178 23,700,904
12. Technological Absorption, Adaptation and Innovation

The Company would continue to evaluate technologies and would adopt the same depending on commercial feasibility.
Statement pursuant to Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, is hereunder:
a) Efforts made towards technology absorption, adaptation and innovation As stated above
b) Benefits Derived as a result of the above efforts Under assessment
c) Information regarding Imported Technology N.A.

directors’ report
13. Research & Development

a) Specific areas in which Research and Development is carried out by the Company N.A.
b) Benefits derived as a result of the above research and development N.A.
c) Future plan of action N.A.
d) Expenditure on Research and Development N.A.
14. Particulars of Employees

Particulars of the employees as required under the provisions of Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975, as amended, are set out in Annexure : A and forming part of the Directors’
Report.
15. Directors’ Responsibility Statement

Pursuant to the provisions of Section 217 (2AA) of the Companies Act, 1956, the Directors, based on the representations
received from the Operating Management, hereby confirm that:
(i) in the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no
material departures;
(ii) they have, in the selection of the accounting policies, consulted the Statutory Auditors and have applied the suggested
accounting policies consistently and made judgments and estimates that are reasonable and prudent, so as to give a true
and fair view of the state of affairs of the Company for the financial year ended on March 31, 2010 and of the loss of the
Company for that period;
(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities, to the best of their knowledge and ability;
(iv) they have prepared the annual accounts on a going concern basis.
16. Acknowledgements
Your Directors take this opportunity to convey their appreciation to all the members, media agencies, dealers, suppliers,
bankers, regulatory and government authorities and all other business associates for their continued support and confidence in
the management of the Company. Your Directors are pleased to place on record their appreciation of the consistent contribution
made by employees at all levels through their hard work, dedication, solidarity and cooperation and acknowledges their support.
For and on behalf of the Board of Directors
Mumbai, May 19, 2010 N. Kumar Sunder Hemrajani

Registered Office: Chairman Managing Director
4th Floor, ‘A’ Wing, Matulya Centre,
Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400 013.
Annexure : A
124
Particulars of the employees required u/s 217(2A) of the Companies Act, 1956 and the Rules made thereunder, forming part of the
Directors’ Report for year ended March 31, 2010.
S. Name Age Designation Remuneration Qualifications Company Total Date of Previous Employment
No. (Yrs.) Rupees Experience Experience Commencement
(years & months) (years) of Employment
1 Amit Satpathy* 39 SVP & Airport Director MIAL 2,892,950 MBA - Marketing 2 yr. 14 1-Feb-08 Entertainment Network
(India) Limited
2 Ashok Ganguly* 44 VP & Regional Head- East 588,262 MBA - Marketing 1 yr. & 2 mth. 24 3-Mar-08 Usha Martin Group
3 N. Thiagarajan* 60 CTO 503,846 M Tech - Computer Science 2 yr. 34 1-Oct-07 Entertainment Network
(India) Limited
4 Sridhar Bollapragada* 42 SVP & Regional Head-South 2,321,235 MMS - Marketing 2 yr & 1 mth. 18 29-Nov-07 Vodafone Essar Limited
TIMES INNOVATIVE MEDIA LIMITED
5 Sunder Hemrajani 55 MD 12,285,468 MBA - Marketing 2 yr. & 4 mth. 27 12-Nov-07 Reliance Capital
6 N. Shekhar 44 CFO 5,051,907 CA 1 yr. & 1 mth. 21 23-May-08 Alghanim Industries (Kuwait)
7 Gautam Shahane 42 VP & Business Airport 3,065,966 MBA - Marketing 10 mth. 18 8-Jun-09 Entertainment Network
(India) Limited
8 Hemanth Shah 39 EVP & Revenue Head 3,824,432 Certificate Programme in 1 yr. & 11 mth. 19 1-May-08 Future Group
Capital Markets
9 Aman Nanda 38 SVP - Corporate Planning 2,697,218 MBA - Strategy 2 yr. & 10 mth. 13 1-Aug-07 Entertainment Network
and Stratergy
(India) Limited
10 Manik Malhotra 35 VP - National Sales 2,472,684 Post Graduate Diploma in 2 yr. & 9 mth. 11 19-Jul-07 TV 18
Management
* Where employed for part of the year

1. All appointments are / were contractual. The other terms and conditions are as per the Company’s rules.
2. Remuneration includes salary, allowances, monetary value of perquisites and perquisite value of accommodation and motor car as per the Income Tax Act, 1961.
3. None of the above employees is a relative of any director of the Company.
4. In respect of contribution made to approved gratuity fund by the Company, the cost to the Company for individual employees is not determinable, therefore
remuneration does not include any cost of contribution to gratuity fund in respect of individual employees.
Designation:
directors’ report
MD Managing Director CFO Chief Financial Officer

CTO Chief Technical Officer SVP Senior Vice President
EVP Executive Vice President VP Vice President
Mumbai, May 19, 2010 N. Kumar Sunder Hemrajani

Registered Office: Chairman Managing Director
4th Floor, ‘A’ Wing, Matulya Centre,
Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400 013.
auditors’ report
TO THE MEMBERS OF TIMES INNOVATIVE MEDIA LIMITED
1. We have audited the attached Balance Sheet of Times Innovative Media Limited (the “Company”) as at March 31, 2010, and
the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have
signed under reference to this report. These financial statements are the responsibility of the Company’s Management. Our
responsibility is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by Management,
as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment)
Order, 2004 (together the “Order”), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of
‘The Companies Act, 1956’ of India (the ‘Act’) and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:
(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for
the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our
examination of those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the
books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with
the accounting standards referred to in sub-section (3C) of Section 211 of the Act;
(e) On the basis of written representations received from the directors, as on March 31, 2010 and taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Act;
(f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements
together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act,
and give a true and fair view in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2010;
(ii) in the case of the Profit and Loss Account, of the loss for the year ended on that date;
(iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
For Price Waterhouse & Co.

Firm Registration Number: 007567S
Chartered Accountants
Partha Ghosh
Place: Mumbai Partner
Date: May 19, 2010 Membership Number F-55913
auditors’ report
ANNEXURE TO AUDITORS’ REPORT

Referred to in paragraph 3 of the Auditors’ Report of even date to the members of Times Innovative Media Limited on the
financial statements for the year ended March 31, 2010
1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed
assets.
(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all
the items once in a period of three years, which in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. Pursuant to the programme, fixed assets at certain locations were physically verified by the
Management during the year and no material discrepancies between the book records and the physical inventory have
been noticed.
(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been
disposed of by the Company during the year.
2. (a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register
maintained under Section 301 of the Act.
(b) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
3. In our opinion and according to the information and explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for the sale of
services. Further, on the basis of our examination of the books and records of the Company, and according to the information
and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal control system.
4. According to the information and explanations given to us, there have been no contracts or arrangements referred to in Section
301 of the Act during the year to be entered in the register required to be maintained under that Section. Accordingly, the
question of commenting on transactions made in pursuance of such contracts or arrangements does not arise.
5. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the
rules framed there under.
6. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.
7. The Central Government of India has not prescribed the maintenance of cost records under clause(d) of sub-section (1) of
Section 209 of the Act for any of the products of the Company.
8. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion,
the Company is generally regular in depositing the undisputed statutory dues including provident fund, income-tax, wealth
tax, service tax, customs duty, cess and other material statutory dues as applicable with the appropriate authorities. As
informed to us, investor education and protection fund, employees’ state insurance, sales tax and excise duty are not
applicable to the Company for the current year.
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no
dues of income-tax, sales tax, wealth-tax, service-tax, customs duty, excise duty and cess which have not been deposited
on account of any dispute.
9. As the Company is registered for a period less than five years, clause (x) of paragraph 4 of the Companies (Auditor’s Report)
Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment) Order, 2004, is not applicable for the year.
auditors’ report
ANNEXURE TO AUDITORS’ REPORT

Referred to in paragraph 3 of the Auditors’ Report of even date to the members of Times Innovative Media Limited on the
financial statements for the year ended March 31, 2010
10. According to the records of the Company examined by us and the information and explanation given to us, the Company has
not defaulted in repayment of dues to any bank as at the balance sheet date.
11. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and
other securities.
12. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund/societies are not applicable to the
Company.
13. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.
14. In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions during the year.
15. The Company has not obtained any term loans during the year.
16. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment.
17. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained
under Section 301 of the Act during the year.
18. The Company has not issued any debentures during the year.
19. The Company has not raised any money by public issues during the year.
20. During the course of our examination of the books and records of the Company, carried out in accordance with the generally
accepted auditing practices in India, and according to the information and explanations given to us, we have neither come
across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such
case by the Management.
21. The Clause (ii) of paragraph 4 of the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s
Report) (Amendment) Order, 2004, is not applicable in the case of the Company for the year, since in our opinion there is no
matter which arises to be reported in the aforesaid Order.
For Price Waterhouse & Co.

Firm Registration Number: 007567S
Chartered Accountants
Partha Ghosh
Place: Mumbai Partner
Date: May 19, 2010 Membership Number F-55913
financials
balance sheet as at march 31, 2010

As at As at
March 31, 2010 March 31, 2009
Schedule Rupees Rupees Rupees
SOURCES OF FUNDS
Shareholders' Funds
Capital 1 383,492,080 383,492,080
Reserves and Surplus 2 1,923,650,761 1,923,650,761
Loan funds
Secured Loans 3 240,053,658 380,136,629
Unsecured Loans 4 195,000,000 187,767,000
TOTAL 2,742,196,499 2,875,046,470
APPLICATION OF FUNDS
Fixed Assets 5
Gross Block 833,367,401 707,018,986
Less : Depreciation 276,635,653 166,022,416
Net Block 556,731,748 540,996,570
Capital Work-in-progress 27,734,925 116,016,579
584,466,673 657,013,149
Deferred Tax Asset 6 — 16,561,679
Current Assets, Loans and Advances
Sundry Debtors 7 586,658,038 539,618,617
Cash and Bank Balances 8 36,701,806 31,407,450
Loans and Advances 9 481,135,547 1,031,657,434
1,104,495,391 1,602,683,501
Less: Current Liabilities and Provisions 10
Current Liabilities 437,561,012 503,917,129
Provisions 5,944,983 4,032,339
443,505,995 507,949,468
Net Current Assets 660,989,396 1,094,734,033
Profit and Loss Account Debit Balance 1,496,740,430 1,106,737,609
TOTAL 2,742,196,499 2,875,046,470
Notes to the Financial Statements 16
The schedules referred to herein form an integral part of the Balance Sheet.
This is the Balance Sheet referred to in our report of even date.

For Price Waterhouse & Co. For and on behalf of the Board of Directors
Firm Registration No. 007567S N. Kumar A. P. Parigi
Chartered Accountants Chairman Vice Chairman
Partha Ghosh Sunder Hemrajani Ravindra Dhariwal
Partner Managing Director Director
Membership No. F-55913 S. Sivakumar N. Shekhar

Director Chief Financial Officer
Mumbai Mumbai
Dated : May 19, 2010 Dated : May 19, 2010
financials
profit and loss account for the year ended march 31, 2010
Year ended Year ended
March 31, 2010 March 31, 2009
Schedule Rupees Rupees
Income
Sales 11 1,561,132,346 1,484,334,124
Other Income 12 2,037,849 9,816,536
1,563,170,195 1,494,150,660
Expenditure
Production Expenses 91,955,601 87,511,899
License Fees 1,195,931,238 1,566,612,696
Employee Costs 13 140,436,512 140,076,575
Administration and Other Expenses 14 280,144,207 288,383,406
Interest (Net) 15 74,686,810 47,480,549
Depreciation 153,456,969 121,545,499
1,936,611,337 2,251,610,624
Loss Before Taxation (373,441,142) (757,459,964)
Provision for Taxation
– Deferred Tax (Refer Note 16 on Schedule16) 16,561,679 —
– Fringe Benefit Tax — 2,800,000
Loss After Taxation (390,002,821) (760,259,964)
Loss Balance Brought Forward (1,106,737,609) (346,477,645)
Loss Balance Carried Forward to the Balance Sheet (1,496,740,430) (1,106,737,609)
Loss Per Share - Basic and Diluted (10.17) (19.82)

(Refer Note 15 on Schedule 16)
Notes to the Financial Statements 16
The Schedules referred to herein form an integral part of the Profit and Loss Account
This is the Profit and Loss Account referred to in our report of even date.

Mumbai Mumbai
financials
cash flow statement for the year ended march 31, 2010
March 31, 2010 March 31, 2009
Rupees Rupees
A) CASH FLOW FROM OPERATING ACTIVITIES :
Loss Before Exceptional Item and Taxes (373,441,142) (757,459,964)
Adjustments for :
Depreciation 153,456,969 121,545,499
Fixed Assets Written Off 631,954 408,042
Interest (Net) 74,686,810 47,480,549
Profit on sale of Fixed Assets (549,980) —
Profit on sale of Investments (379,005) (5,071,227)
Provision for doubtful advances 3,274,162 1,500,000
Provision for doubtful Advances withdrawn (360,000) —
Bad Debts written- off 29,738,217 15,327,221
Provision for Bad and Doubtful Debts 70,452,740 77,565,615
Provision for Retirement Benefits 1,912,644 974,259
Operating Loss Before Working Capital Changes (40,576,631) (497,730,006)
Adjustments for changes in working capital :
Increase in Sundry Debtors (147,230,378) (176,435,286)
Decrease in Other Receivable 549,173,517 468,424,424
(Decrease) / Increase in Trade and Other Payables (32,614,483) 221,625,208
Cash used in operations 328,752,025 15,884,340
Taxes paid (net) (1,565,792) (24,420,250)
Net Cash from / (used in) Operating Activities (A) 327,186,233 (8,535,910)
B) CASH FLOW FROM INVESTING ACTIVITIES :
Purchase of Fixed Assets (170,548,333) (442,325,182)
Movement in CWIP 88,281,654 (51,669,670)
Sale of Fixed Assets 1,274,212 —
Interest Received 1,841,869 1,887,758
Purchase of Investments (300,000,000) (625,000,000)
Sale of Investments 300,379,005 630,071,227
Net Cash (used in) Investing Activities (B) (78,771,593) (487,035,867)
C) CASH FLOW FROM FINANCING ACTIVITIES :
Proceeds from Issue of Shares (Net of share issue expenses Rupees Nil) — (691,934)
(previous year Rupees 691,934)
Proceeds from Borrowing:
- Receipts 332,518,000 1,654,900,000
- Payments (465,285,000) (1,087,133,000)
Interest paid (Net) (76,611,650) (49,231,678)
Net Cash (used in) / from Financing Activities (C) (209,378,650) 517,843,388
Net Increase in Cash and Cash Equivalents (A+B+C) 39,035,990 22,271,611
Cash and Cash Equivalents as at the beginning of the year (2,334,184) (24,605,795)
Cash and Cash Equivalents as at the end of the year 36,701,806 (2,334,184)
(39,035,990) (22,271,611)
NOTES ON CASH FLOW STATEMENT :
1. Cash and cash equivalents at the end of the year as per Balance Sheet 36,701,806 31,407,450
Less: Book overdraft as per Schedule 10 — (33,741,634)
36,701,806 (2,334,184)
2. The above statement has been prepared following the “Indirect Method” as set out in
Accounting Standard 3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India.
3. Cash and Cash Equivalents represent Cash and Bank Balances only.
4. Cash and cash equivalents includes Rupees 1,529,530 [(Previous Year: Rupees 21,730,206) which are not available for use by the
Company (Refer Schedule 8 in the Financial Statements)].
5. Cash flows in brackets indicate cash outgo.
This is the Cash Flow Statement referred to in our report of even date.
Mumbai; Dated: May 19, 2010 Mumbai; Dated: May 19, 2010
financials
schedules forming part of the balance sheet as at march 31, 2010

As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
SCHEDULE 1 : CAPITAL
Authorised
40,000,000 (Previous Year: 40,000,000) Equity Shares of Rupees 10 each 400,000,000 400,000,000
Issued and Subscribed
38,349,208 (Previous Year: 38,349,208) Equity Shares of Rupees 10 each fully paid-up 383,492,080 383,492,080
383,492,080 383,492,080
Notes:
Of the above 32,000,000 (Previous Year 32,000,000) Equity Shares of Rupees 10 each
are held by Entertainment Network (India) Limited, the Holding Company and its
nominees.
SCHEDULE 2 : RESERVES AND SURPLUS

Capital Reserve 2,086,092 2,086,092
Securities Premium Account
As per the last Balance Sheet 1,921,564,669 1,922,256,603
Less: Share Issue Expenses — (691,934)
1,921,564,669 1,921,564,669
1,923,650,761 1,923,650,761
SCHEDULE 3 : SECURED LOAN

Working Capital Loan from HSBC Limited (Refer Note below) 240,000,000 380,000,000
[Repayable within one year Rupees 240,000,000
(Previous Year: Rupees 380,000,000)]
Interest Accrued and due 53,658 136,629
240,053,658 380,136,629
Notes:
(Above loans are Secured against creation of charge on first and exclusive charge
over present and future plant and machinery, stock of raw material, stock-in-process,
stores, semi-finished and finished goods and tools, book-debts, outstanding, monies
receivable, claims due to, contract, engagements, securities, bills which are not due
and owing or which may at any time hereafter during the continuance of this security
become due or owing on loan taken from HSBC Bank Limited)
SCHEDULE 4 : UNSECURED LOAN

From Holding Company - Entertainment Network (India) Limited 195,000,000 187,767,000
195,000,000 187,767,000
financials

SCHEDULE 5 : FIXED ASSET
(Refer Note 1 (iii), (ix), and 2 on Schedule 16) (Rupees)
GROSS BLOCK DEPRECIATION NET BLOCK
As at Additions Deletions As at As at For the year Deletions As at As at As at
April 1, March 31, April 1, March 31, March 31, March 31,
PARTICULARS 2009 2010 2009 2010 2010 2009
Plant and Machinery 689,394,998 168,013,758 42,946,917 814,461,839 160,631,640 149,447,265 42,292,595 267,786,310 546,675,529 528,763,358
Office Equipments 9,019,436 1,363,850 441,940 9,941,346 1,943,889 1,885,888 101,594 3,728,183 6,213,163 7,075,547
Computers 8,100,944 46,773 811,061 7,336,656 3,335,816 1,851,192 449,543 4,737,465 2,599,191 4,765,128
Furniture and Fixtures 440,748 697,472 — 1,138,220 79,771 191,338 — 271,109 867,111 360,977
Lease hold Improvements — 426,480 — 426,480 — 73,116 — 73,116 353,364 —
Motor Vehicles 62,860 — — 62,860 31,300 8,170 — 39,470 23,390 31,560
TOTAL 707,018,986 170,548,333 44,199,918 833,367,401 166,022,416 153,456,969 42,843,732 276,635,653 556,731,748 540,996,570
Previous Year 265,119,400 442,325,182 425,596 707,018,986 44,494,471 121,545,499 17,554 166,022,416
Capital Work in Progress [includes Capital Advance Rupees 25,313,872 (Previous Year Rupees 85,219,071)] 27,734,925 116,016,579
Grand Total 584,466,673 657,013,149
As at As at
March 31, 2010 March 31, 2009
Rupees Rupees Rupees
SCHEDULE 6 : DEFERRED TAX ASSET

(Refer Note 1(viii) and 16 on Schedule 16)
Deferred tax assets and liabilities are attributable
to the following items:
Assets:
Provision for Leave Encashment — 515,925
Provision for Gratuity — 854,660
Provision for Doubtful Debts — 5,578,733
Expenses disallowed u/s 43B — 17,268
Depreciation — 9,595,093
Amortisation of Preliminary Expenses — —
— 16,561,679
SCHEDULE 7 : SUNDRY DEBTORS
(Unsecured) (Refer Note 4 and Note 17 on Schedule 16)
Debts outstanding for a period exceeding six months
Considered Good 115,254,492 129,167,472
Considered Doubtful 141,166,224 111,684,896
256,420,716 240,852,368
Other Debts
Considered Good 471,403,546 410,451,145
Considered Doubtful 46,599,253 518,002,799 5,627,841
774,423,515 656,931,354
Less: Provision for doubtful debts 187,765,477 117,312,737
586,658,038 539,618,617
financials

As at As at
March 31, 2010 March 31, 2009
Rupees Rupees Rupees
SCHEDULE 8 : CASH AND BANK BALANCES

Balance with Scheduled Bank:
On Current Account 35,172,276 9,677,244
Short Term - Deposit Accounts (Refer Notes Below) 1,529,530 21,730,206
36,701,806 31,407,450
Notes:
[Deposits, aggregating Rupees 437,530 (Previous Year Rupees
5,512,406) are lying under lien with The Commissioner, Greater
Hyderabad Municipal Corporation; aggregating Rupees Nil
(Previous Year Rupees 14,839,200) are lying under lien with
Delhi Integrated Multi Modal Transit Systems Ltd; aggregating
Rupees Nil (Previous Year Rupees 286,600) are lying under lien
with Defence Estate Officers Pune Circle; aggregating Rupees
1,092,000 (Previous Year Rupees 1,092,000) are lying under lien
with Commissioner, Municipal Corporation, Chandigarh]
SCHEDULE 9 : LOANS AND ADVANCES

(Unsecured and Considered Good)
Advances Recoverable in Cash or in Kind or for Value to be
Received (Refer Notes below)
Considered Good 202,781,416 321,954,937
Considered Doubtful 4,414,162 1,500,000
207,195,578 323,454,937
Less: Provision For Doubtful Loans and Advances 4,414,162 1,500,000
202,781,416 321,954,937
Deposits 181,630,762 614,544,920
Advance Tax [Net of Provision of Rupees 9,200,000 96,723,369 95,157,577

(Previous Year: Rupees 9,200,000) and Fringe Benefit Tax
Rupees 12,600,002 (Previous Year Rupees 13,660,002)]
481,135,547 1,031,657,434
Advance Recoverable in Cash or in kind or for value to be

received includes:
Due from Benett Coleman & Co. Ltd., the Ultimate Holding
Company 6,312,894 —
Maximum balance outstanding 22,279,638 —
financials

As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
SCHEDULE 10 : CURRENT LIABILITIES AND PROVISIONS
CURRENT LIABILITIES
Sundry Creditors
− Dues to Micro, Small and Medium Enterprises 2,999,655 191,782
(Refer Note 5(i) on Schedule 16)
− Others 364,280,492 385,802,975
Book Overdraft — 33,741,634
Advance from Customers 4,301,359 9,370,029
Other Liabilities 65,979,506 74,810,709
437,561,012 503,917,129
Sundry Creditors include :
Due to Entertainment Network (India) Limited, the Holding Company 676,971 24,830,834
PROVISIONS
(Refer Note 1(vii) and 11 on Schedule 16)
Gratuity 3,081,203 2,514,466
Leave Encashment 2,863,780 1,517,873
5,944,983 4,032,339
schedules forming part of the profit and loss account for the year ended march 31, 2010
March 31, 2010 March 31, 2009
Rupees Rupees
SCHEDULE 11 : SALES
(Refer Note 1(vi) & 17 on Schedule 16)
Out of Home Media Income 1,561,132,346 1,484,334,124
1,561,132,346 1,484,334,124
SCHEDULE 12 : OTHER INCOME

Profit on Sale of Assets (Net) 549,980 —
Profit On Sale of Investments (Net) 379,005 5,071,227
Provision no longer required written back 453,673 3,095,402
Miscellaneous Income 655,191 1,649,907
2,037,849 9,816,536
financials
schedules forming part of the profit and loss account for the year ended march 31, 2010
March 31, 2010 March 31, 2009
Rupees Rupees
SCHEDULE 13 : EMPLOYEE COSTS
Salaries, Wages and Allowances 129,740,452 128,737,723
Contributions to Provident and Other Funds 6,952,649 7,348,447
(Refer Note 1 (vii) and 11 on Schedule 16)
Welfare Expenses 3,743,411 3,990,405
140,436,512 140,076,575
SCHEDULE 14 : ADMINISTRATION AND OTHER EXPENSES

Rent 34,807,700 29,968,036
Rates and Taxes 3,614,407 2,339,302
Power & Fuel 48,795,647 39,039,792
Insurance 1,977,751 1,106,451
Repairs and Maintenance:
− Buildings — 32,632
− Plant and Machinery 1,951,641 2,784,898
− Others 5,153,038 5,360,404
Travelling and Conveyance 24,783,722 35,615,298
Legal and Professional Fees 33,661,069 35,359,639
Auditors’ Remuneration (Refer Note 9 on Schedule 16) 563,199 558,900
Provision for Doubtful Debts (Net) 70,452,740 77,565,615
Bad Debts Written Off 29,738,217 15,327,221
Provision for Doubtful Advances (Net) 2,914,162 1,500,000
Doubtful Advances written off 360,000 —
Fixed Assets written off 631,954 408,042
Miscellaneous Expenses 20,738,960 41,417,176
280,144,207 288,383,406
SCHEDULE 15 : INTEREST
Interest on
− On loan 55,725,338 48,589,585
− On Others 20,803,341 778,722
76,528,679 49,368,307
Less: Interest Received
− On loans to Employees 23,183 35,500
− On Income-Tax Refund 1,577,944 —
− On Deposits with Banks (Gross) 240,742 1,852,258
[Tax Deducted at Source Rupees 30,315 (Previous Year Rupees 381,565)]
1,841,869 1,887,758
74,686,810 47,480,549
financials
schedules forming part of the balance sheet as at march 31, 2010 and profit and loss
account for the year ended march 31, 2010.
SCHEDULE 16
NOTES TO THE FINANCIAL STATEMENTS
Nature of Operations:
Times Innovative Media Limited (the Company) was incorporated in India on October 26, 2005. The principal activity of the
Company is Outdoor Media Advertising Business.
1. Significant Accounting Policies

i. Basis of Accounting
These financial statements are prepared under the historical cost convention to comply in all material aspects with
all the applicable accounting principles in India, the applicable accounting standards notified under section 211(3C)
of the Companies Act, 1956 (“The Act”) and the relevant provisions of the Act.
ii. Use of Estimates
The preparation of financial statements in accordance with the generally accepted accounting principles requires the
Management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the
date of financial statements and the reported amount of expenses of the year. Actual results could differ from these
estimates. Any revision to such accounting estimates is recognized in the accounting period in which such revision
takes place.
iii. Fixed Assets and Depreciation
a. Tangible Assets
Tangible fixed Assets are stated at cost less accumulated depreciation.
Depreciation on tangible fixed assets (except for Plant and Machinery) is provided on written down value method
at the rates and in the manner specified in Schedule XIV to the Act. The cost of leasehold improvements is
amortized over the primary period of lease of the property. Tangible assets individually costing less than Rupees
5,000 are depreciated fully in the year of purchase.
Plant and machinery is depreciated over the useful life of the asset, being the period of the contract, on uniform
basis.
b. Intangible Assets
Software obtained initially together with hardware is capitalized along with the cost of hardware and depreciated
in the same manner as the hardware. All subsequent purchases of software are treated as revenue expenditure
and charged to the Profit and Loss Account in the year of purchase.
iv. Investments
Long term investments are stated at cost. Where there is a diminution in value (other than temporary), the carrying
value is reduced to recognize the decline. Current investments are stated at lower of cost and market value /
repurchase price.
v. Foreign Currency Transactions
Foreign currency transactions are recorded at the exchange rates prevailing on the date of the transactions. Gains
or losses arising out of subsequent fluctuations are accounted for on actual payment or realization. Monetary items
denominated in foreign currency as at the Balance Sheet Date are converted at the exchange rates prevailing on that
day. Exchange differences are recognized in the Profit and Loss account.
vi. Revenue Recognition
Revenue from Management of Outdoors is recognized on the display of advertisement net of service tax.
vii. Retirement Benefits
• Short Term Employee Benefits :
The employees of the Company are entitled to leave encashment as per the leave policy of the Company. The
liability in respect of leave encashment which is expected to be encashed / utilised within twelve months after
the balance sheet date is considered to be of short term nature. The same is provided based on an actuarial
valuation carried out by an independent actuary as at the year end.
financials
SCHEDULE 16
NOTES TO THE FINANCIAL STATEMENTS (Contd.)
• Long Term Employee Benefits :

Defined Contribution Plans:
The Company has Defined Contribution plans for post employment benefits such as Provident Fund and
Employee’s Pension Scheme, 1995. Under the Provident Fund Plan, the Company contributes to a Government
administered provident fund on behalf of its employees and has no further obligation beyond making its
contribution.
The Company contributes to State plan namely Employee’s Pension Scheme, 1995 and has no further obligation
beyond making its contribution.
The Company’s contributions to the above funds are charged to revenue every year.
Defined Benefit Plans:
The Company has a Defined Benefit plan namely Gratuity and Leave Encashment for all its employees. Long
term Leave Encashment includes provision for leave which is expected to be encashed/utilised after twelve
months from the Balance Sheet date.
Liability for Defined Benefit Plan is provided on the basis of valuations, as at the Balance Sheet Date, carried
out by an independent actuary. The actuarial valuation method used by independent actuary for measuring the
liability is the Projected Unit Credit Method.
• Termination benefits are recognised as an expense as and when incurred.
viii. Taxation
Current Tax
Current Tax is determined as the amount of tax payable in respect of taxable income for the year.
Deferred Taxation
Deferred Tax resulting from timing differences between book and tax profits is accounted for under the liability
method, at the current rate of tax, to the extent that the timing differences are expected to crystallize.
ix. Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that asset may be impaired. If
any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount
of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss
and is recognized in the Profit and Loss Account. If at the Balance Sheet date there is an indication that if a previously
assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the
recoverable amount.
x. Provisions and Contingent Liabilities
The Company recognizes a provision when there is a present obligation as a result of a past event that probably
requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. Provisions are
not discounted to its present date value and are determined based on best estimates of the amount required to settle
the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.
A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that
the likelihood of outflow of resources is remote, no provision or disclosure is made.
financials
SCHEDULE 16
2. Capital Commitments
Estimated amount of contracts remaining to be executed on capital account Rupees 35,452,733 (Previous Year: Rupees
149,853,130) net of advances of Rupees 25,313,872 (Previous Year: Rupees 85,219,071).
3. Contingent Liabilities
Guarantees issued by banks on behalf of the Company Rupees 154,347,731 (Previous Year: Rupees 164,301,931).
4. Sundry Debtors
Sundry Debtors includes balances of the following companies under the same management:
Name of the Party Balances as at
March 31, 2010 March 31, 2009
Rupees Rupees
Bennett, Coleman & Company Limited 22,005,236 28,473,628
Entertainment Network (India) Limited — 2,499,853
Mirchi Movies (India) Limited 1,084,246 1,154,471
Alternate Brand Solutions (India) Limited — 75,449
Times Internet Limited — 300,391
Times Global Broadcasting Company Limited 8,035,454 761,500
Zoom Entertainment Network Limited — 627,325

Total 31,124,936 33,892,617
5. Sundry Creditors
i. Disclosure has been made as per the definition given in the Micro, Small and Medium Enterprises Development
Act, 2006. The Company received information from some of the “suppliers” regarding their status under the Micro,
Small and Medium Enterprises Development Act, 2006 and hence disclosures relating to the amounts as at year end
together with interest payable as required under the Act have been given below:
Particulars March 31, 2010 March 31, 2009

(Rupees) (Rupees)
i) Payment due as at the year end on account of:

– Principal 2,514,019 95,175
– Interest 102,026 11,920
ii) Total Interest paid on all delayed payment during the year — —
iii) Interest due on principal amounts paid beyond the due date 383,610 84,687
during the year but without the interest amount
iv) Interest accrued but not due — —
v) Total Interest due but not paid 485,636 96,607
The information in 5(i) above and that regarding micro and small enterprises given in Schedule 10 “Current Liabilities”
has been determined to the extent such parties have been identified on the basis of information available with the
Company. This has been relied upon by the auditors.
ii. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.
financials
SCHEDULE 16
6. Managerial remuneration
2009-2010 2008-2009
Rupees Rupees
Salaries and Bonus 11,663,196 14,222,396
Contribution to Provident and Other Funds* 505,440 505,440
Perquisites 116,832 685,065
Total 12,285,468 15,412,901
* Provision for / contributions to employee retirement / post retirements, which are based on actuarial valuations done on
an overall company basis, are excluded above.
Approval for the appointment and payment of the above remuneration to Mr. Sunder Hemrajani, Managing Director, has
been received from the Central Government of India, Ministry of Corporate Affairs vide their letter No. 12/176/2008-CL.
VII dated June 23, 2009.
Note: The computation of profit under Section 309(5) of the Companies Act, 1956 is not applicable as no commission is
payable to the Managing Director and there is no profit in the current year.
7. a) Value of imports calculated on CIF basis

2009-2010 2008-2009
Rupees Rupees
Capital goods 7,547,086 11,257,687
Total 7,547,086 11,257,687
b) Expenditure in Foreign Currency

2009-2010 2008-2009
Rupees Rupees
Travel 193,746 475,269
Professional Fees 7,075,078 10,563,102
Rent 588,251 712,912
Others 1,067,017 691,934
Total 8,924,092 12,443,217
8. Earnings in Foreign Currency

2009-2010 2008-2009
Rupees Rupees
Out of Home Media Income 49,254,366 6,438,067
Total 49,254,366 6,438,067
9. Auditors’ Remuneration
2009-2010 2008-2009
Rupees Rupees
Audit Fees 550,000 550,000

Reimbursement of out of pocket expense 13,199 8,900
Total 563,199 558,900

financials
SCHEDULE 16
10. Additional information pursuant to the provision of paragraph 3 of Part II of Schedule VI to the Act Details of
current investments bought & sold during the year
2009-2010 2009-2010
Purchase Sale/Redemption
Quantity Quantity
Units of HDFC Mutual Fund – Cash Management Fund Savings Plan –

Growth of Rupees 10 each 8,756,177 8,756,177
Units of ICICI Prudential Mutual Fund – Liquid Super Institutional –
Growth of Rupees 10 each 223,142 223,142
Units of LIC Mutual Fund – Liquid Fund – Growth Plan of Rupees 10 each 6,026,265 6,026,265
Total 15,005,584 15,005,584
11. The Company has classified the various employee benefits provided to employees as under:
I) Defined Contribution Plans

a) Provident Fund
b) State Defined Contribution Plans - Employers’ Contribution to Employee’s Pension Scheme, 1995.
During the year, the Company has recognised the following amounts in the Profit and Loss Account -
March 31, 2010 March 31, 2009
Rupees Rupees
- Employers’ Contribution to Provident Fund * 4,228,243 4,865,175
- Employers’ Contribution to Pension Scheme 1995* 738,440 815,995
*Included in Contribution to Provident and Other Funds (Refer Schedule 13)
II) Defined Benefit Plans

In accordance with Accounting Standard 15 (Revised 2005), actuarial valuation was done in respect of the aforesaid
defined benefit plan of gratuity based on the following assumptions:
As at As at
March 31, 2010 March 31, 2009
Discount Rate (per annum) 8.00% 8.00%
Rate of increase in Compensation levels 6.50% 6.50%
Rate of Return on Plan Assets 8.00% 8.00%
financials
SCHEDULE 16
A) Changes in the Present Value of Obligation
As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
Present Value of Obligation at the beginning of the year 2,514,466 1,763,343
Interest Cost 201,157 141,067
Past Service Cost — —
Current Service Cost 1,593,434 1,035,806
Curtailment Cost / (Credit) — —
Settlement Cost / (Credit) — —
Benefits Paid (1,419,229) (916,154)
Actuarial (gain) / loss on obligations (202,300) 293,395
Effect of Transfer in/out 393,675 197,009
Present value of Obligation as at the year end 3,081,203 2,514,466
B) Changes in the Fair value of Plan Assets
As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
Fair value of Plan Assets at the beginning of the year — —
Expected Return on Plan Assets — —
Actuarial Gains and (Loss) on Plan Assets — —
Contributions — —
Benefits Paid — —
Fair value of Plan Assets at year end — —

Actuarial Gain/Loss — —
C) Reconciliation of Present Value of Defined Benefit Obligation and the Fair value of Assets
As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
Present Value of funded obligation as at the year end — —
Fair Value of Plan Assets as at the end of the year — —
Funded Status — —
Present Value of unfunded Obligation as at the Year end 3,081,203 2,514,466
Unrecognised Actuarial (gains) / losses — —
Unfunded Liability Recognised in Balance Sheet ** (3,081,203) (2,514,466)
** Included in Provisions (Refer Schedule 10)

financials
SCHEDULE 16
D) Amount recognised in the Balance Sheet
As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
Present Value of Defined Benefit Obligation at the end of the year 3,081,203 2,514,466
Fair Value of Plan Assets as at the end of the year — —
Liability recognised in the Balance Sheet *** 3,081,203 2,514,466
*** Included in Provisions (Refer Schedule 10)

E) Expenses recognised in the Profit and Loss Account
As at As at
March 31, 2010 March 31, 2009
Rupees Rupees
Current Service Cost 1,593,434 1,035,806
Past Service Cost — —
Interest Cost 201,157 141,067
Expected Return on Plan Assets — —
Curtailment Cost / (Credit) — —
Settlement Cost / (Credit) — —
Effect of Transfer in/out 393,675 197,009
Net actuarial (gain) / loss recognised in the year (202,300) 293,395
Total Expenses recognised in the Profit and Loss Account **** 1,985,966 1,667,277
**** Included in Contribution to Provident and Other Funds (Refer Schedule 13)
F) Experience Adjustment
2009-2010 2008-2009
Rupees Rupees
Defined Benefit Obligation 3,081,203 2,514,466
Plan Assets — —
Deficit / (Surplus) 3,081,203 2,514,466
Experience Adjustment on Plan Liabilities (Gain)/Loss (202,300) 293,395
Experience Adjustment on Plan Assets Gain/(Loss) — —
Experience Adjustment is on account of attrition in the number of employees as compared to the previous
year.
G) Actual Return on Planned Assets – Not Applicable.

H) Asset Information – Not Applicable.
I) The estimates of future salary increases, considered in actuarial valuation, taken into account inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.
There is no other change in the accounting estimates due to applicability of AS-15 (Revised) as the parameters
considered in the FY 2009-10 are same as those considered in FY 2008-09.
J) Expected employer’s contribution for the next year Rupees 1,369,472 (Previous Year Rupees 1,680,000).
III. The liability for leave encashment and compensated absences as at the year end is Rupees 2,863,780/- (Previous
Year: Rupees 1,517,873).
financials
SCHEDULE 16
12. Segment Information
(i) In accordance with Accounting Standard-17, “Segmental Reporting” issued by the Institute of Chartered Accountants
of India, the Company has only one primary segment “‘Outdoor Media Advertising” comprising of activities relating
to advertising on bus queue shelters, Light Emitting Diode (LED), Metro Stations and Flyovers. Accordingly, the
segment revenue, segment results, total carrying amount of segment assets and segment liability, total cost incurred
to acquire segment assets and total amount of charge for depreciation during the year, is as reflected in the Financial
Statements as of and for the year ended March 31, 2010.
(ii) The Secondary segments based on geographical segmentation are considered to be business outside India and
within India
(Rupees)
2009-2010 2008-2009
Particulars Outside
Within India Outside India Total Within India Total
India
Revenue from external customers 1,513,915,829 49,254,366 1,563,170,195 1,487,712,593 6,438,067 1,494,150,660
Carrying amount of Segment Assets 1,688,962,064 — 1,688,962,064 2,276,258,329 — 2,276,258,329
Addition to Fixed Assets during the Year 170,548,333 — 170,548,333 442,325,182 — 442,325,182
13. Related Party Disclosures:
13.1 Parties where control exists

Related Party Relationship
Bennett, Coleman & Company Limited (BCCL) Ultimate Holding Company
Times Infotainment Media Limited (TIML) Holding Company of Entertainment Network (India) Limited
Entertainment Network (India) Limited (ENIL) Holding Company
13.2 Other Related Parties

Fellow Subsidiary Companies
Vardhaman Publishers Limited (VPL)*
Times Internet Limited (TIL)
Times Global Broadcasting Company Limited (TGBCL)
Times Business Solutions Limited (TBSL)
Zoom Entertainment Network Limited (ZENL)
Optimal Media Solutions Limited (OMSL)*
Artha Distribution Services Limited (ADSL)*
Vijayanand Printers Limited (VAPL)*
Mirchi Movies (India) Limited (MML)
Alternate Brand Solutions (India) Limited (ABSL)
Worldwide Media Private Limited (WWM)*
* There are no transactions during the year.

financials
SCHEDULE 16
13.3 Key Managerial Personnel
Mr. N. Kumar * Chairman
Mr. A.P. Parigi * Vice-Chairman
Mr. Sunder Hemrajani Managing Director
Mr. Ravindra Dhariwal - w.e.f January 18, 2010 * Director
Mr. Sivakumar Sundaram * Director
Mr. Jason M. Brown * Director
Mr. Vijay Karnani – upto October 12, 2009 * Alternate director to Mr. Brown
Mr. Bala Naidu – w.e.f. October 20, 2009 * Alternate director to Mr. Brown
* There are no transactions during the year.

schedules forming part of the balance sheet as at march 31, 2010 and profit and loss account for the year ended
march 31, 2010.
SCHEDULE 16
13.4 Transactions with Related Parties
Rupees
Particulars 2009-2010 2008-2009
Ultimate Holding Company Fellow Subsidiary Companies Ultimate Holding Company Fellow Subsidiary
Holding Holding
Company Company
BCCL TIML ENIL ABSL BEIPL TIL Zoom TBSL TGBCL MML BCCL TIML ENIL ABSL TIL Zoom TBSL TGBCL MML
Transactions with
Related Parties
Sales 19,950,350 – 385,000 305,734 – – – – 8,979,577 – 27,374,290 – 2,128,332 67,300 – 558,318 – 667,100 2,326,226
Purchase of Fixed Assets – – 46,774 – – – – – – – – – – – – – – – –
Sales of Fixed Assets 305,509 – 22,399 – – – – – 165,304 – – – – – – – – – –
Recovery of Expenses – – 9,711,167 – – – – – – – 2,300,037 62,500 9,626,234 731,000 – – 14,000 300,000 62,500
Receiving of Services 408,765 – 10,305,398 4,384,905 9,662,383 7,986 – 52,259 – – 17,636,337 170,541 14,088,589 3,443,774 7,997,538 – – –
3,562,036
Interest Paid – – 14,603,211 – – – – – – – – 160,479 25,852,537 – – – – – –
Loan taken – – 92,518,000 – – – – – – – – 75,000,000 620,000,000 – – – – – –
Loan repaid – – 85,285,000 – – – – – – – – 75,000,000 432,233,000 – – – – – –

financials
Year end Balances with

Related Parties
Loan Payable – – 195,000,000 – – – – – – – – – 187,767,000 – – – – – –
Trade Receivables 22,005,236 – – – – – – – 8,035,454 1,084,246 28,473,628 – 2,499,853 75,449 300,391 627,325 – 761,500 1,154,471
Non-trade Receivables 6,312,894 – – – – – – – 465,304 70,225 – – – – 739,074 – 15,730 300,000 –
Payables – – 676,971 1,487,882 – 8,633 – 21,278 – – 49,875,306 33,806,641 24,830,834 12,343,442 – – – – –
Corporate Guarantee – – 700,000,000 – – – – – – – – – 200,000,000 – – – – – –

TIMES INNOVATIVE MEDIA LIMITED
145
financials
SCHEDULE 16
13.5 Details relating to Persons referred to in 13.3 above
Rupees
Name of the Person 2009-2010 2008-2009
Mr. Sunder Hemrajani 12,285,468 15,412,901
13.6 Corporate Guarantee provided by Entertainment Network (India) Limited on behalf of the Company and outstanding
as at the year end amounts to Rupees 700,000,000 (Previous Year: Rupees 200,000,000)
14. Disclosure for Operating Leases

1) Disclosure in respect of non – cancellable agreements for LED taken on lease
a) Lease payments recognized in the Profit and Loss Account (License Fees) Rupees 1,200,000 (Previous Year
Rupees 1,200,000).
b) The Agreements provides for advance payment of Rupees 7,000,000 to be adjusted over a period of 70 months
towards quarterly usage charges of higher of Rupees 300,000 or 20% of Revenue collected and earned in that
quarter.
2) Disclosure in respect of cancellable agreements for office space taken on lease
a) Lease payments recognized in the Profit and Loss Account Rupees 30,360,038 (Previous Year Rupees
22,169,944).
b) All the agreements provide for early termination by either party by giving prior notice in writing.
15. Earnings per Share
2009-2010 2008-2009
Loss for the year (Rupees) (A) 390,002,821 760,259,964
Weighted average number of equity shares (B) 38,349,208 38,349,208
Loss per share – basic and diluted (Rupees) (A/B) 10.17 19.82
Nominal value of an equity share (Rupees) 10 10
16. Deferred Tax

As per the basic accounting principle of prudence and virtual certainty in pursuance of Accounting Standard 22 -
Accounting for Taxes on Income and its provisions, the Company has charged off the balance deferred tax asset of
Rupees 16,561,679 and deferred tax is not recognized for the year.
17. The Company has a Media Collaboration Arrangement with Bennett, Coleman and Company Limited (BCCL), the ultimate
holding company. This arrangement seeks to expand the advertisement market and inter-alia helps the Company to gain
access to certain clients who may not otherwise advertise in Outdoor Media.
The revenue generated from this arrangement were Rupees 75,576,789 in the current year. Subsequently, in view of
the uncertainties as to timing and the quantum of the ultimate collection, the Company has based on the principles of
prudence created a provision for doubtful debts to the extent of Rupees 72,418,932 in respect of the sales made from
this arrangement.
18. Out of Home media advertising is a capital intensive industry. Long-term contracts, upfront commitment of license and
long gestation period are some of the characteristics of this business.
As at March 31, 2010 the Company has accumulated losses of Rs. 1,496,740,430. This has resulted in net worth erosion
of 65%. This was due to the losses incurred in the past few years on account of severe economic downturn coupled with
expansion of inventory. The Company has critically reviewed its property portfolio and has given up non-strategic loss
making properties.
financials
SCHEDULE 16
In view of the above factors, long term prospects and future projections of the business, and the recent contract
acquisition, management of the Company is confident that the requisite funding can be arranged. Despite accumulated
losses / substantial erosion of net worth, the accounts have been prepared on a going concern basis since the parent
company has provided assurances that it will continue to provide the necessary financial support to the Company as and
when required.
19. Information pursuant to other provisions of Part II of Schedule VI to The Act, is either nil or not applicable to the Company
for the year.
20. Previous year’s figures have been regrouped wherever necessary.
Signatures to Schedules “1” to “16” forming part of the Financial Statements.

Mumbai Mumbai
financials
statement pursuant to part iv of the companies act, 1956
BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE
I Registration Details
Registration No. 11-157078
Balance Sheet Date 31 03 2010 State Code 11
Date Month Year
II Capital Raised During the Year (Amount in Rs. Thousands)
Public Issue Rights Issue
NIL NIL
Bonus Issue Private Placement
NIL NIL
III Position of Mobilisation and Deployment of Funds (Amount in Rs. Thousands)
Total Liabilities Total Assets
3185702 3185702
Sources of Funds
Paid up Capital Reserves and Surplus
383492 1923651
Secured Loans Unsecured Loans
240054 195000
Deferred Tax Liability
nil
Application of Funds
Net Fixed Assets Investments
584467 nil
Net Current Assets Miscellaneous Expenditure
660989 NIL
Accumulated Losses Deferred Tax Assets
1496740 nil
IV Performance of Company (Amount in Rs. Thousands)
Turnover Total Expenditure
1563170 1936611
+ – Profit / Loss Before Tax + – Profit / Loss After Tax
¡¡ 373441 ¡¡ 390003
(Please tick appropriate + for Positive, - for Negative)
+ – Earning Per Share in Rs. Dividend Rate %
¡¡ 10.17 NIL
V. Generic Names of Three Principal Products / Services of Company
(As per monetary terms)
Item Code No. (ITC Code) NOT APPLICABLE
Product Description NOT APPLICABLE
The Company is a service provider and does not deal in any products

N. Kumar A. P. Parigi
Chairman Vice Chairman
Sunder Hemrajani Ravindra Dhariwal
Managing Director Director
S. Sivakumar N. Shekhar
Mumbai; Dated: May 19, 2010

Times Innovative

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Times Innovative

Transféré par

Droits d'auteur :

Formats disponibles

TIMES INNOVATIVE MEDIA LIMITED 121

Loss before Tax (373,441,142) (757,459,964)

Less: Provision for Taxation (net) 16,561,679 2,800,000

Loss after Tax (390,002,821) (760,259,964)

Loss brought Forward (1,106,737,609) (346,477,645)

Equity 383,492,080 383,492,080

Transfer to General Reserve / (Loss) — —

Loss carried to Balance Sheet (1,496,740,430) (1,106,737,609)

10. Conservation of Energy

11. Foreign Exchange Earnings & Outgo

(ii) Total foreign exchange earned and used :

12. Technological Absorption, Adaptation and Innovation

b) Beneﬁts Derived as a result of the above efforts Under assessment

c) Information regarding Imported Technology N.A.

13. Research & Development

14. Particulars of Employees

15. Directors’ Responsibility Statement

For and on behalf of the Board of Directors

Mumbai, May 19, 2010 N. Kumar Sunder Hemrajani

* Where employed for part of the year

MD Managing Director CFO Chief Financial Ofﬁcer

For and on behalf of the Board of Directors

Mumbai, May 19, 2010 N. Kumar Sunder Hemrajani

TO THE MEMBERS OF TIMES INNOVATIVE MEDIA LIMITED

For Price Waterhouse & Co.

ANNEXURE TO AUDITORS’ REPORT

ANNEXURE TO AUDITORS’ REPORT

For Price Waterhouse & Co.

balance sheet as at march 31, 2010

This is the Balance Sheet referred to in our report of even date.

Membership No. F-55913 S. Sivakumar N. Shekhar

Loss Per Share - Basic and Diluted (10.17) (19.82)

Notes to the Financial Statements 16

Membership No. F-55913 S. Sivakumar N. Shekhar

schedules forming part of the balance sheet as at march 31, 2010

SCHEDULE 2 : RESERVES AND SURPLUS

SCHEDULE 3 : SECURED LOAN

SCHEDULE 4 : UNSECURED LOAN

schedules forming part of the balance sheet as at march 31, 2010

SCHEDULE 6 : DEFERRED TAX ASSET

schedules forming part of the balance sheet as at march 31, 2010

SCHEDULE 8 : CASH AND BANK BALANCES

SCHEDULE 9 : LOANS AND ADVANCES

Advance Tax [Net of Provision of Rupees 9,200,000 96,723,369 95,157,577

Advance Recoverable in Cash or in kind or for value to be

schedules forming part of the balance sheet as at march 31, 2010

SCHEDULE 12 : OTHER INCOME

SCHEDULE 14 : ADMINISTRATION AND OTHER EXPENSES

1. Signiﬁcant Accounting Policies

• Long Term Employee Beneﬁts :

ix. Impairment of Assets

Entertainment Network (India) Limited — 2,499,853

Mirchi Movies (India) Limited 1,084,246 1,154,471

Alternate Brand Solutions (India) Limited — 75,449

Times Internet Limited — 300,391

Times Global Broadcasting Company Limited 8,035,454 761,500

Zoom Entertainment Network Limited — 627,325

Particulars March 31, 2010 March 31, 2009

i) Payment due as at the year end on account of:

7. a) Value of imports calculated on CIF basis

b) Expenditure in Foreign Currency

8. Earnings in Foreign Currency

Audit Fees 550,000 550,000

Total 563,199 558,900