MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	CATVISION LIMITED (w.e.f. 21.03.2011)
Formerly Known As :	CATVISION PRODUCTS LIMITED
Registered Office :	1515, 1^st Floor, Bhisham Pitamah Marg, Kotla Mubarakpur, Near South Extension, New Delhi – 110003,
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.06.1985
Com. Reg. No.:	55-021374
Capital Investment / Paid-up Capital :	Rs.46.536 Millions
CIN No.: [Company Identification No.]	L92111DL1985PLC021374
TAN No.: [Tax Deduction & Collection Account No.]	MRTC00595A
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Cable and Satellite Television Market.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 420000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. It has two business divisions: Cable TV (CATV) products and Hotel Systems. It has achieved growth in its total revenue earned during 2012. Financial position appears to be good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	SE 1A
Rating Explanation	Highest performance capability and high financial strength.
Date	15.06.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	1515, 1^st Floor, Bhisham Pitamah Marg, Kotla Mubarakpur, Near South Extension, New Delhi – 110003, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	catvision@catvisionindia.com vinodrawat@catvisionindia.com
Website :	www.catvisionindia.com
Corporate Office / Factory 1 :	E-14 and 15, Sector – 8, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-3914100/3914101
Fax No.:	91-120-3914125
Factory 2 :	F-87, UPSIDC Industrial Area, Selaqui, Dehra Dun – 248001, Uttaranchal, India
Tel. No.:	91-135-2699054/55
Overseas Office :	C1-705C, Ajman Free Zone, PO Box No. 31415, Ajman– UAE

DIRECTORS

As on 31.03.2011

Name :	Mr. Raman Rajiv Misra
Designation :	Director
Name :	Dr. Sunil Anand
Designation :	Director
Qualification :	MBBS
Experience :	Vast Experience In Dealing In Medical Equipments.
Name :	Mr. Sudhir Damodaran
Designation :	Executive Director
Date of Birth/Age :	54 Years
Qualification :	Science Graduate
Experience :	29 Years
Date of Appointment :	28.06.1985
Name :	Mr. S. A. Abbas
Designation :	Managing Director
Date of Birth/Age :	55 Years
Qualification :	B. Tech, MBA
Experience :	29 Years
Date of Appointment :	28.06.1985

KEY EXECUTIVES

Name :	Mr. G. S. Butola
Designation :	Company Secretary
SENIOR MANAGEMENT
Name :	Mr. Sudhir Damodaran
Designation :	Executive Director
Name :	Mr. S.A. Abbas
Designation :	Managing Director
Name :	Mr. Suresh Kumar Bhaskar
Designation :	Vice President (Hotels and Channel Marketing)
Name :	Mr. Rajesh Kukreja
Designation :	Vice President (Institutional Sales)
Name :	Mr. Y. V. Kumar
Designation :	Vice President (Technical Services)
Name :	Mr. Samir Chitnis
Designation :	Vice President (Projects Execution)
Name :	Mr. D. S. Dogra
Designation :	General Manager (Supply Chain Management)
Name :	Mr. Manoj Thakur
Designation :	General Manager (Sales)
Name :	Mr. Vinod Rawat
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,340,149	28.80
Bodies Corporate	171,900	3.69
Sub Total	1,512,049	32.49
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,512,049	32.49
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	15,800	0.34
Financial Institutions / Banks	1,100	0.02
Sub Total	16,900	0.36
(2) Non-Institutions
Bodies Corporate	1,233,681	26.51
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	972,929	20.91
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	712,934	15.32
Any Others (Specify)	205,107	4.41
Clearing Members	32,613	0.70
Non Resident Indians	172,494	3.71
Sub Total	3,124,651	67.14
Total Public shareholding (B)	3,141,551	67.51
Total (A)+(B)	4,653,600	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	--	--
(2) Public	--	--
Sub Total	--	--
Total (A)+(B)+(C)	4,653,600	--

BUSINESS DETAILS

Line of Business :

Manufacturer of Cable and Satellite Television Market.

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Modulators	Nos	6802
Amplifiers	Nos	28947
Power Supplies	Nos	2446
Optical Nodes and Transmiters	Nos	18583
Tap-Off/ Splitters	Nos	181561

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited
• ICICI Bank Limited
• Oriental Bank of Commerce
• Canara Bank
• Standard Chartered Bank – Dubai
• State Bank of Hyderabad, Scope Complex, Lodhi Road, New Delhi - 110003

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans from Banks: From Axis Bank	0.179	0.000
From others: Vehicle Loans	4.402	2.188
From Bank Cash credit from Axis Bank Limited	31.599	27.697
Total	36.180	29.885
Term Loan from Bank: Term Loan from Axis Bank Limited, B-2, B-3,Sector-16 Noida, Uttar Pradesh was taken in 2011-12 and is repayable in 24 equal monthly instalments and is secured by way of extension of 1st Charge on entire existing/future moveable fixed assets, other than vehicle not funded by the bank and cable TV network of the company, and personal guarantees of the promoter Directors. Vehicle Loans: The Company has availed vehicle loans from Kotak Mahindra Primes Limited from time to time for purchase of vehicles. The respective loans are repayable over a period of five years in monthly instalment and are secured by way of hypothecation of respective vehicle financed under the respective loan. Cash credit from Axis Bank Limited The Cash credit facility from Axis Bank Limited., B-2, B-3, sector -16, Noida, Uttar Pradesh is repayable on demand and is secured by first legal mortgage on land , building and plant and machinery of the company situated at Noida and Selaqui-Dehra Dun and hypothecation of Stock, Book Debts and personal guarantees of Promoter Directors.

Banking Relations :	--
Auditors :
Name :	Gaur and Associates Chartered Accountants
Address :	F-7/204, Aditya Complex, Preet Vihar Communicaty Center, Preet Vihar, Delhi – 110092, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4653600	Equity shares	Rs.10/- each	Rs.46.536 Millions

a. Reconciliation of Shares outstanding at the beginning and at the end of the year:

Particular	No. of Shares	Rs. In Millions
At the beginning of the year	4653600	46.536
Issued during the year	--	--
Outstanding at the end of the year	4653600	46.536

b. Terms/rights attached to Equity Shares:

The Company has only one class of share having a par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportions to the number of equity shares held by the shareholders.

c. Details of shareholders holding more than 5% shares in the company set out as below (legal ownership

Particular	Rs. In Millions
S. A Abbas	0.636
Sudhir Damodaran	0.617
Vizwise Commerce Private Limited	0.688

As per the

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		46.536	46.536	46.536
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		60.734	53.859	43.749
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		107.270	100.395	90.285
LOAN FUNDS
1] Secured Loans		36.180	29.885	25.760
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		36.180	29.885	25.760
DEFERRED TAX LIABILITIES		7.194	7.779	8.755
TOTAL		150.644	138.059	124.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		48.226	43.764	47.379
Capital work-in-progress		0.000	0.644	0.000
INVESTMENT		0.035	0.035	0.035
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.479	46.214	36.654
	Sundry Debtors	81.572	76.050	39.700
	Cash & Bank Balances	18.574	6.452	24.685
	Other Current Assets	0.000	0.000	0.000
	Non Other Current Assets	0.451	0.000	0.000
	Loans & Advances	22.155	16.460	17.222
Total Current Assets		174.231	145.176	118.261
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.420	24.552	17.326
	Other Current Liabilities	24.207	20.985	17.118
	Provisions	14.221	6.023	6.431
Total Current Liabilities		71.848	51.560	40.875
Net Current Assets		102.383	93.616	77.386
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		150.644	138.059	124.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	318.617	237.269	239.608
		Other Income	0.124	0.063	0.635
		TOTAL (A)	318.741	237.332	240.243
Less	EXPENSES
		Cost of Material Consumed	61.952	56.849
		Purchase of Stock -in-Trade	137.289	78.674
		Change in Inventories of Finished Goods, Work-in-Progress and Stock in Trade	(9.606)	(4.531)	221.772
		Other Manufacturing Expenses	4.495	4.646
		Employees Benefits Expenses	40.476	30.580
		Other Expenses	57.099	51.078
		TOTAL (B)	291.705	217.296	221.772
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.036	20.036	18.471
Less	FINANCIAL EXPENSES (D)		5.424	3.254	2.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.612	16.782	16.371
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.511	5.176	5.098
	PROFIT BEFORE TAX (E-F) (G)		16.101	11.606	11.273
Less	TAX (H)		4.428	1.431	2.604
	PROFIT AFTER TAX (G-H) (I)		11.673	10.175	8.669
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.468	27.293	18.624
Less	APPROPRIATIONS
		Transfer to General Reserve	0.291	0.000	0.000
		Dividend	4.654	0.000	0.000
		Tax on Dividend	0.755	0.000	0.000
	BALANCE CARRIED TO THE B/S		43.441	37.468	27.293
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	7.067	7.414	8.398
		Overseas Merchant Trade Sale	87.676	50.622	68.012
		Channel Marketing & others	6.955	5.470	2.877
	TOTAL EARNINGS		101.698	63.506	79.287
	IMPORTS
		Raw Material & Traded Goods	123.463	70.367	94.147
	TOTAL IMPORTS		123.463	70.367	94.147
	Earnings Per Share (Rs.)		2.51	2.19	1.86

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1^st Quarter
Net Sales	65.460
Total Expenditure	61.200
PBIDT (Excl OI)	4.260
Other Income	0.000
Operating Profit	4.260
Interest	0.910
Exceptional Items	0.000
PBDT	3.350
Depreciation	1.380
Profit Before Tax	1.970
Tax	0.640
Provisions and contingencies	0.000
Profit After Tax	1.330
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	1.330

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.66	4.29	0.28
Net Profit Margin (PBT/Sales)	(%)	5.05	4.89	4.70
Return on Total Assets (PBT/Total Assets}	(%)	7.24	6.14	6.81
Return on Investment (ROI) (PBT/Networth)		0.15	0.12	0.08
Debt Equity Ratio (Total Liability/Networth)		1.01	0.81	0.74
Current Ratio (Current Asset/Current Liability)		2.42	2.82	2.89

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONAL HIGHTLIGHTS:

The year 2011-12 proved to be the year of high performance for the company. During the financial year 2011-12, the revenue was Rs. 318.741 Millions representing a growth of 34.30% over the previous year, EBIDTA grew by 35.94% to Rs. 27.036 Millions and Profit before tax (PBT) recorded a growth of 38.73% to Rs. 16.101 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Investors are cautioned that the discussion contains forward looking statements that involve risks and uncertainties including but not limited to, risks inherent in the Company’s growth strategy, dependence on certain businesses, dependence on availability of qualified and trained manpower and other factors. The following discussion and analysis should be read in conjunction with the Company’s financial statements included herein and the notes thereto.

BUSINESS OVERVIEW:

The financial statements have been prepared in compliance with the requirement of the Companies Act, 1956, guidelines issued by the Securities Exchange Board of India (SEBI) and Generally Accepted Accounting Principles (GAAP) in India. Their management accepts responsibility for the integrity and objectivity of these financial statements and estimates and judgments used thereon and which have been made on a prudent and reasonable basis.

During the year the turnover of the Company went up to Rs. 318.617 Millions from Rs. 237.269 Millions during the previous year which is a growth of 34.29% over the previous year.

INDUSTRY STRUCTURE AND DEVELOPMENT

The cable and satellite television market in India had emerged in the 1990s and has since then experienced a strong growth in terms of number of subscribers having grown from mere 400,000 in 1992 to around 90 million today, representing a CAGR of 35% for the last 18 years. With a share of roughly 40%, the television industry accounts for the largest share in the roughly Rs. 700000.000 Millions Indian Entertainment and Media industry - followed by Print, Film, Radio and other media.

India currently has 140 million TV homes, out of which 94 million subscribe to cable; 95% of the cable network is analog. DTH operators are positioning themselves to take advantage of the ensuing upswing in demand due to the digital switch over. Indian Cable industry is on the threshold of a major transformation as the country embarks on an ambitious project to completely replace the current analog cable networks with a digital addressable system. The Cable Television Networks (Regulation) Amendment Act of 2011 made it mandatory for analog Cable TV networks in India to switch over to a new Digital Addressable System (DAS) by March, 2015. Both analog and digital distribution platforms are expected to co-exist for some time, leading eventually to complete analog shut-off.

The digitalization will lead to consolidation among the MSOs and large cable operators. It is estimated that an investment worth around Rs. 20000.000 Millions has been incurred by large national MSOs towards acquisition of smaller regional MSOs and LCOs; and investments worth Rs. 130000.000 Millions have been incurred by DTH players towards customer acquisition. As per ICRA’s estimates, to achieve complete digitalization by March 2015, additional investments of around Rs. 150000.000 Millions would be required.

In order to retain the customer from shifting to an alternate technology platform like DTH and IPTV, it has become imperative for MSOs to pursue digitalization aggressively which could increase acquisition cost for competitors and switching costs for customers.

The company will be a big participant in the digitalization process since it offers several products, a strong brand and 27 years of experience in the industry.

STRENGTHS AND OPPORTUNITIES:

The company, not only has a complete range of digital head-end systems and fibre optic products, but also possesses the skills to provide installation and technical support to customers, perhaps better than any other Indian company. It was Catvision which was selected to provide FTTH systems to 23 stadiums at the Commonwealth Games 2010.

Several opportunities are available to the company in the foreseeable future. In CATV the biggest opportunity is the digitalization of cable networks – both in the residential as well as hospitality sectors. The Government’s thrust on digitalization and addressability for cable television is expected to increase the pace of digitalization leading to tremendous growth for digital cable. As an experienced leader in the industry, it is going to be big opportunity for the company. In the hospitality sector too the migration to digital cable TV has started to happen; and here it will be not just for new properties but for existing ones too. The high cost of energy has made the hotels focus on energy management systems. The company, which specializes in room energy management, has already installed several EMS in leading hotel chains. The company is now in the process of integrating the cable TV and energy management systems on a single system thus offering huge benefits of synergy to the customers.

BOARD OF DIRECTORS

Mr. S. A. Abbas:

Mr. S. A. Abbas is B. Tech. from IIT, Kanpur and MBA from IIM, Calcutta. He is the Managing Director and one of the principal promoters of the company. He has built a team of professionals who have been given independent charge of various functions in the company. He is also a member of the Audit Committee and Shareholders/Investors Grievance Committee of the Company. Under his dynamic leadership Catvision has become one of the leading names in the cable TV industry.

Mr. Sudhir Damodaran:

Mr. Sudhir Damodaran, is a Science graduate from Banglore University. He is the Executive Director and one of the principal promoters of the Company. He is instrumental in building the marketing network and setting up the cable TV operations of the Company. He is also a member of Remuneration Committee of the Company.

Dr. Sunil Anand:

Dr. Sunil Anand is a professionally qualified MBBS and was inducted in the Board of Directors on 15th July, 2005 as an Independent Director. He has been in the business of medical equipment and is having vast experience.

Mr. Raman Rajiv Misra:

Raman Rajiv Misra is an Economics Honors Graduate from Punjab University and was inducted in he Board of Directors 31st October, 2002 as an Independent Director. He has been in the business of International Trading.

CONTINGENT LIABILITIES AND COMMITMENT:

Rs. In Millions

Particular	31.03.2012	31.03.2011
Unexpired Bank Guarantees	3.073	4.294
Claims against the company not acknowledged as debts	7.488	5.850
Unexpired Letter of Credits	--	1.600

a. Claims against the company comprise of a deduction of Rs. 33.860 Millions by Telecommunication Consultants India Limited (TCIL) on account of alleged past dues. The said claim for dedecution is not only illegal but also time barred. The Company has suitbaly defended the said claim before the appropriate court.

b. Based on the favorable decisions in similar cases/legal opinions taken by the company/discussion with its legal advisors etc. the company believes that it has good cases in respect of the item no. (ii) and hence no provision there against is considered necessary.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH JUNE, 2012

Rs. In Millions

SI.No.	Particulars	Quarter Ended 30,06.2012 (Unaudited)
1	Net Sales/Income from operation	65.461
2	Expenditure
	a) (lncrease)/Decrease in Stock in-trade	(3.584)
	b) Consumption of Material	11.755
	c) Purchases of Trade Goods	29.712
	d) Employee Cost	13.091
	e) Depreciation	1.382
	f) Subscription to Broadcasters	4.952
	9) Other Expenditure	5.272
	Total Expenditure	62.591
3	Profit from Operations before Other Income, Interest arid Exertional Items	2.870
4	Other Income	--
5	Profit before Interest	2.870
6	Interest	0.908
7	Profit from Ordinary Activities before tax	1.962
S	Tax Expenses (Provision for Taxation)	0.836
9	Net Profit for the period	1.326
10	Paid up Equity Share Capital(Face Value of RS.10/-Per Share)	46.538
11	Reserves
12	EPS (in Rs.)	0.28
13	Public Shareholding
	- Number of Shares	3,141,551
	- Percentage of Shareholding	67.51%
14	Promoters and promoter group Shareholding
	a) Pledged / Encumbered
	- Number of Shares	284,800
	- Percentage of Snares (as a % of total shareholding of promoter and promoter group)	18.84%
	- Percentage of Shares (as a % of total share capital of the company)	6.12%
	b) Non- encumbered
	- Number of Shares	1,227,249
	- Percentage of Shares (as a % Of total Shareholding of promoter and promoter group)	81.16%
	- Percentage of Shares (as a %' Of total Share capital of the company)	26.37%

SEGMENT-WISE RE VENUE, RESULTS AND CAPITAL

Rs. In Millions

SI.No.	Particulars	Quarter Ended 30,06.2012 (Unaudited)
1	Segment Revenue
	a) Products	56.104
	b) Services	9.357
	Gross Segment Revenue	65.461
2	Segment Results
	Profit/(Loss) before tax from each segment
	a) Products	8.655
	b) Services	0.589
	Sub Total	9.244
	Less: Other un-allocable exp.(Net of Income)	(7.282)
	Total Profit Before Tax	1.962
3	Capital Employed
	(Segment Assets-Segment Liabilities)
	a) Products	119.834
	b) Services	13.251
	Sub Total	133.085
	Add: Other un-allocable Capital Employed	(8.474)
	Total	124.611

Notes;

a) The above unaudited results have been reviewed by the Audit Committee of the Company and have been taken on record by the Board of Directors in its meeting held on 14th August, 2012.

b) No investor(s)/shareholder(s) complaint is pending during the end of said quarter as on 30.06.2012.

c) The above results have been forwarded for the Limited Review to be carried out by the Statutory Auditors of the Company as per Clause 41 of the Listing Agreement,

d) The figures of the previous Quarter/ Year have been re-grouped/ re-arranged wherever considered necessary.

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Furniture and Fixture

· Computers

· Vehicles

· Cable TV Networks

AS PER WEBSITE

PROFILE

Founded in 1985, Subject has two business divisions: Cable TV (CATV) Products and Hotel Systems. The company has its head office at Noida and a manufacturing unit at Dehradun. Subject also has operations in UAE. 

Subject is an acknowledged market leader in the product and service segments it addresses, with an ability to execute large and complex projects and provide multi-tier technical support.

CATV Products

Subject markets a range of products, mostly designed & manufactured in-house, to cable TV operators. These products meet international standards and are brand leaders. Products include digital and analog headends, optic transmitters, nodes, amplifiers and passives. All MSOs and more than 60,000 small cable operators in India are using Catvision products. In addition, Catvision exports its products to many parts of the world.

Hotel Systems

Subject provides turnkey installation of cable TV (analog, DVB, IPTV), energy management and CCTV systems to the hospitality industry. Premium hotels in India and Middle East are the major customers of Catvision. In India Catvision is a market leader - all major hotel chains have Catvision systems. In UAE, Subject has several IPTV installations at major hotels.

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.98
UK Pound	1	Rs.83.68
Euro	1	Rs.67.20

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.