MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	COMMUNICATIONS TEST DESIGN INDIA PRIVATE LIMITED
Registered Office :	204-206, Siddhartha Chambers, Hauz Khas, New Delhi – 110016
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	02.09.2005
Com. Reg. No.:	55-140333
Capital Investment / Paid-up Capital :	Rs. 12.500 Millions
CIN No.: [Company Identification No.]	U64201DL2005PTC140333
Legal Form :	Private Limited Liability Company
Line of Business :	Repairs of telecom equipment.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear huge accumulated losses recorded by the company. The external borrowing seems to be huge. However, the company has performed well and earn profit during 2012. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a safe and secured trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Asheesh Kumar
Designation :	Account Department
Contact No.:	91-124-4748700
Date :	13.06.2013

LOCATIONS

Registered Office :	204-206, Siddhartha Chambers, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-124-4748700/702/705/41828993
Fax No.:	Not Available
E-Mail :	Asheesh.kumar@ctdi.in anilgoyal@akgassociates.com
Location :	Owned
Head Office :	Plot 15, Sector-6, IMT Manesar, Gurgaon - 122051,Haryana, India
Tel. No.:	91-124-4748700/702
Fax No.:	91-124-4748733

DIRECTORS

As on 29.06.2012

Name :	Mr. Gerald Joseph Parsons
Designation :	Director
Address :	47, Collins Mill Road, Chester Springs, PA 19425 USA
Date of Appointment :	02.09.2005
DIN No.:	00338506
Name :	Mr. Leo David Persons
Designation :	Director
Address :	12, Mooney Road, Chester Springs, PA 19425, USA
Date of Appointment :	07.12.2006
DIN No.:	00338605
Name :	Mr. Lawrence Edward Morgan
Designation :	Director
Address :	133, Bantery Drive, West Chester, PA 19380, USA
Date of Appointment :	02.09.2005
DIN No.:	00338648

KEY EXECUTIVES

Name :	Mr. Asheesh Kumar
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2012

Names of Shareholders	No. of Shares
Communications Test Design, Inc, USA	1249500
CTDI Asia Pacific, Inc, USA	500
Total	1250000

Equity Share Break up (Percentage of Total Equity)

As on 29.06.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Repairs of telecom equipment.
Imports :
Products :	Finished Good
Countries :	China USA Germany
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :	Others
No. of Employees :	200 (Approximately)
Bankers :	Citi Bank Syndicate Bank
Facilities :	--

Banking Relations :
Auditors :
Name :	Anil K Goyal and Associates Chartered Accountants
Address :	204-206, Siddartha Chambers, Near IIT, Hauz Khas, New Delhi - 110016, India
PAN No.:	AATFA3051E

CAPITAL STRUCTURE

As on 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		12.500	12.500	12.500
2] Share Application Money		0.000	00.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(22.969)	(29.502)	(27.289)
NETWORTH		(10.469)	(17.002)	(14.789)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		63.072	60.140	57.681
TOTAL BORROWING		63.072	60.140	57.681
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		52.603	43.138	42.892
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.404	9.401	10.991
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.475	3.064	2.987
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.083	7.297	6.184
	Sundry Debtors	26.740	18.896	11.324
	Cash & Bank Balances	9.509	8.400	21.625
	Other Current Assets	7.365	6.999	7.007
	Loans & Advances	4.245	3.961	3.896
Total Current Assets		55.942	45.553	50.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.621	15.784	22.093
	Other Current Liabilities	0.597	(0.904)	-0.971
	Provisions	0.000	0.000	0.000
Total Current Liabilities		25.218	14.880	21.122
Net Current Assets		30.724	30.673	28.914
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52.603	43.138	42.892

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	73.763	47.783	54.032
		Other Income	(2.880)	0.375	0.000
		TOTAL	70.883	48.158	54.032
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	63.210	46.758	62.670
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.673	1.400	(8.638)
Less/ Add	DEPRECIATION/ AMORTISATION		4.552	3.690	5.803
	PROFIT / (LOSS) BEFORE TAX		3.121	(2.290)	(14.441)
Less	TAX		(3.412)	(0.167)	0.859
	PROFIT / (LOSS) AFTER TAX		6.533	(2.213)	(15.300)
	Earnings Per Share (Rs.)		5.23	0.00	0.00

Particulars	31.12.2012
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Asheesh Kumar (Account Department)

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	9.22	(4.60)	(28.32)
Net Profit Margin (PBT/Sales)	(%)	4.23	(4.79)	(26.73)
Return on Total Assets (PBT/Total Assets}	(%)	5.58	(5.03)	(0.29)
Return on Investment (ROI) (PBT/Networth)		0.30	(0.13)	(0.98)
Debt Equity Ratio (Total Debt /Networth)		(6.02)	(3.54)	(3.90)
Current Ratio (Current Asset/Current Liability)		2.22	3.06	2.37

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
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	No

PERFORMANCE

The company achieved a Sales Service turnover of Rs.73.763 Millions (Previous year Rs.47.783 Millions. The company has earned a profit after tax of Rs. 6.533 Millions during the period (Previous year loss amounted to 2.213 Millions).The operating results of current year are expected to be better in anticipation of a general improvement in the market sentiment and economy.

UNSECURED LOAN

PARTICULARS	31.12.2012 (Rs. in Millions)	31.12.2011 (Rs. in Millions)
From CTDI-inc (USA) – Parent Company
-ECB Loan 1 ($ 250000)	11.089	11.089
-ECB Loan 2 ($ 950000)	39.642	39.642
-- Interest Accrued but not due
ECB Loan 1	1.767	1.367
ECB Loan 2	10.574	8.042
Total	63.072	60.140

FIXED ASSETS

• Car
• Computer including software
• Printers
• Office Equipments
• Office Furniture
• Telecom Appartus
• Tools and Tackles
• Plant and Machinery
• UPS
• Temp Structure in Leasehold
• Accomadation

AS PER WEBSITE DETAILS

PRESS RELEASES

PCT AND CTDI ENTER INTO AN EXCLUSIVE GLOBAL MASTER DISTRIBUTOR AGREEMENT

NOVEMBER 12, 2012

Agreement pairs CTDI's comprehensive service solutions to the communications industry with PCT's

leading last-mile products for the broadband industry.

MESA, Ariz. and West Chester, Pa. -November 12, 2012 - PCT International, a world leader in last mile products for the broadband industry, has entered into an agreement with Communications Test Design, Inc. (CTDI), a global communications repair and logistics provider, to serve as exclusive global master distributor of all PCT's products. PCT's portfolio includes transmission, connectivity, metro Ethernet and fiber to the home products for cable, telephone companies and satellite service providers. As part of the agreement, CTDI will provide supply, warehousing, logistics and distribution services through regional centers located in North America, Europe and Asia to serve PCT's broadband, CATV, satellite and structured wiring customers worldwide.

Steve Youtsey, Chief Executive Officer and Founder of PCT International, added "After several years of sustained growth and with the support of our most valued global customers, PCT International's management team firmly believes that enhancing our end to end supply chain capability is tantamount to further strengthening our position in the market place. CTDI's world-class global logistics and distribution expertise in the communication industry, coupled with PCT's high-quality product portfolio, makes the decision to join forces an easy one. The joint service level offering through this partnership will improve our supply chain reliability while positively impacting our customers' bottom lines."

According to Brian Parsons, Vice President of CTDI's Products Division, "Service providers are clearly seeking more effective supply chain solutions that ensure high availability of products and vendor managed inventory solutions. CTDI is excited about this agreement as it delivers these benefits to service providers through PCT's product portfolio. CTDI looks forward to engaging with PCT's customers in this innovative new supply chain model."

PCT and CTDI will roll out the new supply chain model in early 2013 and are currently in the process of transitioning customers to achieve the benefits of the partnership.

About PCT International Inc

Established in 1997, PCT International, Inc. provides superior last-mile and premise products and solutions for broadband communications networks to customers in more than 60 countries. The company leverages innovative engineering, four state-of-the-art manufacturing facilities and a highly-efficient distribution network to ensure quality, service and pricing benefits for broadband, CATV, satellite and structured wiring customers. PCT International's "Hardened Drop" approach is a total solution from the tap to the customer premise equipment that is designed to reduce costs for operators and enhance satisfaction for subscribers. PCT International and its holding company, Andes Industries, Inc., are headquartered in Mesa, Arizona.

About CTDI

CTDI has provided groundbreaking service solutions to the communications industry since 1975. Today, CTDI is a full-service engineering, repair and logistics company delivering innovative and web-based service models worldwide. CTDI's one-stop service model includes: wireline repair and logistics, wireless repair and logistics, network deployment services, supply management services, product engineering and manufacturing, and most recently, CPE (set-top box, modems, EMTAs, DTAs and tablets) repair and logistics. CTDI's customers include the major telecom and cable service providers as well as OEMs from around the world. CTDI maintains its corporate headquarters in West Chester, PA, and supports an expanding customer base with more than 5,800 employees in 50 facilities worldwide.

COX AND CTDI HOLD GRAND OPENING AND RIBBON CUTTING FOR NEW FACILITY IN CHESAPEAKE, VA, ON FEB. 8

FEBRUARY 8, 2012

(Chesapeake, VA) - Cox Communications and Communications Test Design Inc. (CTDI) will hold a ribbon cutting ceremony to commemorate the opening of a new, 72,000 square foot distribution center on February 8, 2012. The program and tour will begin at 9:30 a.m.; the facility is located at 2601 Indian River Rd., in Chesapeake, VA.

"Our relationship with CTDI is a great partnership. We have a long-term agreement with CTDI to assist us with our supply chain activities. We couldn't be more pleased to have this association in place. This transition is part of our overarching efforts to simplify our processes - ultimately allowing us to provide even better service to our valued customers." said Gary McCollum, Senior Vice President and General Manager of Cox Virginia.

On behalf of Cox, CTDI will manage certain supply chain functions including equipment repair and provisioning. The Cox supply chain includes goods and materials such as set-top boxes (also known as cable boxes) as well as other items.

Hampton Roads is home to one of only four Cox distribution centers nationally. Other Cox regional distribution facilities will be located in Baton Rouge, La.; Wichita, Kan.; and Phoenix, Ariz.

McCollum added, "This facility is the hub of our Cox Mid-Atlantic warehouse operations. Through this partnership, we will have more advanced supply chain capabilities and we are creating great economies of scale for our business."

The new Chesapeake facility showcases CTDI's innovative set-top box test systems and automated logistics processes. It also includes state-of-the-art techniques in equipment repair and provisioning. Key features of this new site are as follows:

• CTDI has totally customized operations at the new site
• CTDI also has installed four (4) test systems, called "Gen-3 STB Testers"
• This CTDI engineered test system is capable of processing multiple pieces of equipment simultaneously, greatly increasing daily output in support of Cox's growing subscriber base

"The opening of the Chesapeake PDC is another positive step forward for the CTDI and Cox business partnership," commented Jerry Parsons, CTDI's CEO. "Working closely with Cox, we will achieve world-class service levels in the Chesapeake facility." Leo Parsons, CTDI President and COO noted, "The Cox relationship has become increasingly invaluable to CTDI as we continue to expand our distribution, logistics and repair operations network in the United States."

Leaders from throughout Cox Communications nationally, as well as CTDI executives, will attend the ribbon cutting and grand opening event.

Finally, Steven Wright, Director of Chesapeake's Department of Economic Development, said the following in a prepared statement: "CTDI's decision to invest in and bring jobs to Chesapeake is exciting news for our community. CTDI will strengthen their distribution/logistics network and access global markets right here from Chesapeake."

About Cox Communications:

Cox Communications is a broadband communications and entertainment company, providing advanced digital video, Internet, telephone and wireless services over its own nationwide IP network. The third-largest U.S. cable TV company, Cox serves more than 6 million residences and businesses. Cox Business is a facilities-based provider of voice, video and data solutions for commercial customers, and Cox Media is a full-service provider of national and local cable spot and new media advertising. Cox is known for its pioneering efforts in cable telephone and commercial services, industry-leading customer care and its outstanding workplaces. For seven years, Cox has been recognized as the top operator for women by Women in Cable Telecommunications; for six years, Cox has ranked among DiversityInc's Top 50 Companies for Diversity, and the company holds a perfect score in the Human Rights Campaign's Corporate Equality Index.

About CTDI

CTDI has provided groundbreaking service solutions to the communications industry since 1975. Today, CTDI is a full-service engineering, repair and logistics company delivering innovative and web-based service models worldwide. CTDI's one-stop service model includes: Wireline Repair and Logistics, Wireless Repair and Logistics, Network Deployment Services, Supply Management Services, Product Engineering and Manufacturing, and most recently, CPE (Set-Top Box, Modems and EMTAs) Repair and Logistics. CTDI's customers include the major Telecom and Cable service providers as well as OEMs from around the world. CTDI maintains its corporate headquarters in West Chester, PA, and supports an expanding customer base with more than 5,200 employees in 47 facilities worldwide.

CTDI PRODUCTS ANNOUNCES THE EXPANSION OF THEIR EPON AND RFOG PRODUCT PORTFOLIO

CTDI's Products Division is announcing the transition of its facility in Livermore, CA (former Alloptic) to its Engineering Center of Excellence in West Chester, PA. The move is consistent with CTDI's strategy to focus on the R and D and deployment of our RFoG and PON solutions. The transition will be completed in December of 2011 and is synergistic with our goal to continue to offer a solid FTTH solution to our MSO, telecom, and private network operator customers worldwide.

This strategic move will allow CTDI's FTTH products to be backed by over 150 engineers already located at our West Chester headquarters enabling further investment in product enhancements and R and D to continue growing the capabilities of the portfolio.

As a part of this strategic move, CTDI is showcasing some our new FTTH products at the FTTH Expo this week including the Edge 10 EPON OLT, DOCSIS Provisioning over EPON (DPoE) and the RFoG Managed Micronode.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.73
UK Pound	1	Rs.90.61
Euro	1	Rs.76.96

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.