1. Summary Information

		Country	India
Company Name	SITI CABLE NETWORK LIMITED	Principal Name 1	Mr. Subhash Chandra
Status	Moderate	Principal Name 2	Mr. B.K. Syngal
		Registration #	11-160733
Street Address	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Established Date	24.03.2006	SIC Code	--
Telephone#	91-22-66971234	Business Style 1	Distribution
Fax #	91-22-24900302 / 24900213	Business Style 2	--
Homepage	www.wwil.net	Product Name 1	Television Channels
# of employees	Not Divulged	Product Name 2	--
Paid up capital	Rs. 452,850,000 /-	Product Name 3	--
Shareholders	Yes	Banking	Axis Bank Limited
Public Limited Corp.	Yes	Business Period	8 Years
IPO	Yes	International Ins.	-
Public Enterprise		Rating	Ca (17)
Related Company
Relation	Country	Company Name	CEO
Subsidiary Companies	--	Central Bombay Cable Network Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	7230,530,000	Current Liabilities	1379,140,000
Inventories	47,220,000	Long-term Liabilities	7934,040,000
Fixed Assets	2884,580,000	Other Liabilities	2204,320,000
Deferred Assets	0	Total Liabilities	11,517,500,000
Invest& other Assets	773,130,000	Retained Earnings	(1,844,890,000)
		Net Worth	(582,040,000)
Total Assets	10,935,460,000	Total Liab. & Equity	10,935,460,000
Total Assets (Previous Year)	4,988,140,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	4,160,120,000	Net Profit	(618,410,000)
Sales(Previous yr)	2,457,830,000	Net Profit(Prev.yr)	(821,370,000)

MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	SITI CABLE NETWORK LIMITED (w.e.f. 03.10.2012)
Formerly Known As :	WIRE AND WIRELESS INDIA LIMITED
Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.03.2006
Com. Reg. No.:	11-160733
Capital Investment / Paid-up Capital :	Rs. 452.850 millions
CIN No.: [Company Identification No.]	L64200MH2006PLC160733
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02947A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	The Company is engaged in Distribution of Television Channels through analogue and digital cable distribution network, primary internet and allied services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 a part of the Essel group. It is an established company having moderate track. Management has reported an accumulated loss, which has further eroded its networth during 2013. However, business is active. Payments are reported to be slow. In view of well-established promoter group. The subject can be considered for business dealings on a safe and secured 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = AA (structured obligation)
Rating Explanation	High degree of safety regarding timely servicing of financial obligation and very low credit risk
Date	11.12.2013

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 DENIED BY

Management Non Co-operative

(Contact no. : 91-22-66971234)

LOCATIONS

Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66971234
Fax No.:	91-22-24900302 / 24900213
Website :	www.wwil.net www.siticable.com
Corporate Office :	Building No. FC 09, Gate No. 3, Sector 16A, Film City, Noida – 201304, Uttar Pradesh, India
Tel. No.:	91-120-4526700
Fax No.:	91-120-4526777 / 4265232
Regional Office :	Located at: New Delhi Kolkata Pune Hyderabad Chennai Bangalore Bengaluru Chandigarh Lucknow Indore
Overseas Office :	Located at: USA United Kingdom South Africa Singapore Mauritius China Malaysia Dubai Russia (Moscow)

DIRECTORS

As on 31.03.2013

Name :	Mr. Subhash Chandra
Designation :	Chairman cum Managing Director
Name :	Mr. B.K. Syngal
Designation :	Independent Director
Name :	Mr. Sureshkumar Agarwal
Designation :	Independent Director
Name :	Mr. Amit Goenka
Designation :	Whole Time Director
Name :	Mr. Vinod Kumar Bakshi
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Suresh Kumar
Designation :	Company Secretary
Name :	Mr. Subodh Kumar
Designation :	Non-Executive Director
Appointed	30.05.2013
Name :	Mr. VD Wadhwa
Designation :	Executive Director and CEO
Appointed :	01.06.2013

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1021000	0.23
Bodies Corporate	262040427	57.95
Sub Total	263061427	58.17
(2) Foreign
Bodies Corporate	22181000	4.90
Sub Total	22181000	4.90
Total shareholding of Promoter and Promoter Group (A)	285242427	63.08
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13929066	3.08
Financial Institutions / Banks	187007	0.04
Insurance Companies	4001	0.00
Foreign Institutional Investors	19140710	4.23
Sub Total	33260784	7.36
(2) Non-Institutions
Bodies Corporate	40022796	8.85
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Milion	64163499	14.19
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Milion	27273119	6.03
Any Others (Specify)	2250290	0.50
Overseas Corporate Bodies	7575	0.00
Foreign Nationals	500	0.00
Non Resident Indians	2230196	0.49
Trusts	12018	0.00
Foreign Corporate Bodies	1	0.00
Sub Total	133709704	29.57
Total Public shareholding (B)	166970488	36.92
Total (A)+(B)	452212915	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	452212915	0.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in Distribution of Television Channels through analogue and digital cable distribution network, primary internet and allied services.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Axis Bank Limited

· IDBI Bank Limited

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Long term borrowings
Debentures
Nil (Pr. Year.1920) 9.95% p.a. Secured Redeemable Non-Convertible Debenture of Face Value Rs. 1000000 each, outstanding nil (Previous year Outstanding Rs. 300000/- each as at March 31, 2012) Term of Repayment		0.000
Indian Rupee Term Loans from banks
Axis Bank	2096.880	1750.000
IDBI Bank	756.880	431.250
IDBI Bank (Buyers Credit)	508.980	0.000
ICICI Bank	2794.000	800.000
ICICI Bank (Buyers Credit)	1530.080	0.000
Other Loans and Advances
Finance Lease Obligations	2.370	1.900
Loans repayable on demand from IDBI Bank Secured by first pari passu charge on the fixed assets and current assets of the Company. Maintenance of Debt Service Reserve Account(DSRA) for 2 quarteres interest .All the loans are further secured by corporate guarantee of Zee Entertainment Enterprises Ltd. (ZEEL). To maintain DSRA	244.850	503.700
Total	7934.040	3486.850

Note

9.95% p.a Secured Redeemable Non-Convertible Debenture

Non convertible debentures are secured by ranking pari passu mortgage and/ or charge/assignment of all the Company's immovable properties, present and future and all the Company's movable, including movable
plant and machinery, machinery spares, tools and accessories, furniture, vehicles and all other movable assets, present and future and the Company's cash receivables, bank account (other than the reserve account) wherever mentioned, all monies lying in and to the credit of such account, book debts, revenue of whatsoever nature and where ever arising, present and future and insurance policies. An exclusive charge over the reserve account and all amount lying there in and there credit thereof, present and future.

The debenture carries coupon rate of 9.95 % pa payable on semi annual basis. The debentures are redeemable at par in four six monthly installments starting from December 2010m 2 each of 20 % of the issue size and 2 each of 30% of the issue size.

From Axis Bank

Term loans are secured by Pari-passu charge on entire movable, both present and future, of the Company and on the receivables, cash and account of the company. Also secured by corporate guarantee of ZEELfor maintaining revolving Debt Service Reserve Account (DSRA) for 1 quarter of the interest and principal repayment to be funded 10 days before each due date, for the entire tenure of the loan.

1. The loan carries interest rate of base rate plus 2.25% pa payable on monthly basis. The loan are repayable in 16 quarterly installment starting from the end of the 15 months from the date of first disbursement.
2. The loan carries interest rate of base rate plus 1.5% pa payable on monthly basis. The loan are payable in 8 half yearly installment starting from the end of the 15 months from the date of first disbursement.

From IDBI Bank

Term loans are secured by mortgage and charge in favour of lender in a form satisfactory to the lender of all the borrowers immovable properties, both present and future, and as well as movable properties and charge by way of hypothecation and/ or pledge of the borrowers current assets. Also secured by corporate guarantee of ZEEL. Maintenance of Debt Service Rerserve Account (DSRA) for 2 quarters interest.

The loan carries interest rate of the bank's prime lending rate payable on monthly basis. The loan are payable in 16 quarterly installment starting from the end of the one year from the date of disbursement.

15 quarterly installments starting from the end of the 18th month from the date of first disbursement.

Repayment at the end of tenure.

From ICICI Bank

Term loans are secured by charge by way of hypothecation on the Compnay's current assets which would include stocks and consumable stores and spares and such other movable including books debts, receivables both present and future, in a form and manner satisfactory to the bank, ranking pari passu with other banks/lenders. First charge on all moveable assets of the Company cash and account of the company ranking pari passu with other banks/1enders.Also secured by corporate guarantee of ZEEL for maintaining revolving Debt Service Reserve Account (DSRA) for 1 quarter of the interest and principal repayment to be funded 10 days before each due date, for the entire tenure of the loan. The loan carries interest rate of base rate plus 2.25% pa payable on the monthly basis. The loan payable in 16 quarterly installment starting from the end of the 15 months from the date of first disbursement 8 each of 5% of the loan and 8 each of 7.5% of the loan.

Finance Lease Obligations

Secured by hypothecation of vehicles purchased there under.

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address:	New Delhi, Delhi, India
Holding Company :	Bioscope Cinemas Private Limited (till November 9, 2012)
Associate Company :	Siti Chhattisgarh Multimedia Private Limited
Subsidiary Companies :	v Central Bombay Cable Network Limited v Indian Cable Net Company Limited v Siti Cable Broadband South Limited v Wire and Wireless Tisai Satellite Limited v Master Channel Community Network Private Limited v Siti Vision Digital Media Private Limited v Siti Bhatia Network Entertainment Private Limited (w.e.f. July 1, 2011), v SITI Jind Digital communications Private Limited (w.e.f. October 1, 2011) v SITI Jai Maa Durgee Communications Private Limited (w.e.f. Jan 2, 2012) v Siti Jony Digital Cable Network Private Limited w.e.f. December 1, 2012 v Siti Krishna Digital Media Private Limited w.e.f. July 2, 2012 v Siti Faction Digital Private Limited w.e.f. March 16, 2013 v Siti Guntur Digital Network Private Limited w.e.f. March 16, 2013
Enterprises owned or significantly influenced by key management personnel or their relatives :	v Dish TV India Limited v Zee Entertainment Enterprises Limited (ZEEL) v Zee News Limited v ZeeTurner Limited v Zee Sports Limited v Essel International Limited v Essel Media Ventures Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
740000000	Equity Shares	Re. 1/- each	Rs. 740.000millions
10000000	Preference Shares	Re. 1/- each	Rs. 10.000 millions
	Total		Rs. 750.000 millions

Issued Capital:

No. of Shares	Type	Value	Amount
453440038	Equity Shares	Re. 1/- each	Rs. 453.440 millions
	Less:- Forfeiture Shares 1227122 Equity shares of Re. 1/- each		Rs. 1.230 millions
23436	Preference Shares	Re. 1/- each	Rs. 0.020 million
	Total		Rs. 452.230 millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
Subscribed and Paid up Capital
452212916	Equity Shares	Re. 1/- each	Rs. 452.210 million
23436	Preference Shares	Re. 1/- each	Rs. 0.020 million
	Shares Forfeiture Account		Rs. 0.620 million
	Total		Rs. 452.850 million

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity Shares	31.03.2013
	No of shares	Rs. in millions
Outstanding at the beginning of the year	452242724	452.210
Add: Receipt of Call Money	--	--
Less : Equity shares forfeited during the year	--	--
Outstanding at the end of the year	452242724	452.210

Preference shares

There is no movement in preference share capital in current year and previous year.

Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share.

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 proportion to the number of equity shares held by the shareholders.

Terms/ rights attached to Preference shares

The Company has only one class of 7.25% Non-cumulative redeemable preference shares of Rs. 1 each. The said preference shares were allotted to Zee Telefilms Limited (now Zee Entertainment Enterprises Limited) onDecember29, 2006, pursuant to the scheme of arrangement for demerger of cable business undertaking of Zee Telefilms Limited approved by the Hon’ble Bombay High Court vide its order dated November 17, 2006. Initially, as per the terms of the issue and allotment, the said preference shares were due for redemption on December 29, 2008. However, with the written consent/approval of Zee Entertainment Enterprises Limited, the terms of the issue of said preference shares was varied by extending the period of redemption by another three years i.e. till December 29, 2011. Later on June 6, 2011 these shares were transferred to Churu Enterprises LLP by Zee Entertainment Enterprises Limited. Period for redemption of preference shares has been extended by another period of five years till December 29, 2016 by Churu Enterprises LLP. The preference shares are redeemable at par. In the event of liquidation of the Company before redemption of preference shares, the holders of preference shares will have priority over equity shares in the payment of dividend and repayment of capital.

Shares held by holding/ ultimate holding company and/ or their subsidiaries/ associates

Out of Equity and preference shares issued by the Company, shares held by its holding company, ultimate holding company and their subsidiaries/ associates are as below:

Equity Shares	31.03.2013 Rs. In millions
Bioscope Cinemas Private Limited, the immediate holding company, effective December 28, 2011. to November 9, 2012 (122,040,427 (previous year 262,040,427) equity shares of Rs.1 each fully paid up)	0.000

Details of shareholders holding more than 5% shares in the company

Particulars	31.03.2012
	No of shares	Rs. in millions
Churu Enterprises LLP	23436	100%

Equity shares	31.03.2013
	No of shares	% of Holding
Bioscope Cinemas Private Limited, the immediate holding company, from December 28, 2011 to November 9, 2012.	122,040,427	26.99%
Direct Media Solutions Private Limited	140,000,000	30.96%

Terms of securities convertible into equity shares issued along with earliest date of conversion.

During the year ended March 31, 2013, the Company issued 162,000,000 convertible warrants on preferential basis upon payment of a consideration of Rs. 20 per warrant. Each convertible warrant is convertible into one equity share of Rs.1 each at a premium of Rs.19 per share on payment of remaining consideration. Holders of such warrants have the option to convert these warrants into equity shares upon payment of aforesaid consideration on or before eighteen months from the date of allotment of warrants, viz. March 19, 2013. Amount outstanding as at the yearend and disclosed as money received against convertible warrants constitutes Rs. 5 per warrant received from the holders of 162,000,000 warrants.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	452.850
(b) Reserves & Surplus	(1,844.890)
(c) Money received against share warrants	810.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	(582.040)
(3) Non-Current Liabilities
(a) long-term borrowings	7,689.190
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	797.350
(d) long-term provisions	22.580
Total Non-current Liabilities (3)	8,509.120
(4) Current Liabilities
(a) Short term borrowings	244.850
(b) Trade payables	1,355.990
(c) Other current liabilities	1,406.970
(d) Short-term provisions	0.570
Total Current Liabilities (4)	3,008.380
TOTAL	10,935.460
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,667.470
(ii) Intangible Assets	217.110
(iii) Capital work-in-progress	534.630
(iv) Intangible assets under development	0.000
(b) Non-current Investments	230.460
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	2,904.350
(e) Other Non-current assets	593.750
Total Non-Current Assets	7,147.770
(2) Current assets
(a) Current investments	8.040
(b) Inventories	47.220
(c) Trade receivables	1,672.740
(d) Cash and cash equivalents	1,102.720
(e) Short-term loans and advances	917.730
(f) Other current assets	39.240
Total Current Assets	3,787.690
TOTAL	10,935.460

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		452.850	452.820
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(1226.480)	(405.680)
5] Stock Option Outstanding		--	--
NETWORTH		(773.630)	47.140
LOAN FUNDS
1] Secured Loans		3486.850	2305.420
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		3486.850	2305.420
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2713.220	2352.560
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1150.920	1033.920
Capital work-in-progress		31.840	53.520
INVESTMENT		240.280	201.870
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.490	373.570
	Sundry Debtors	720.280	771.480
	Cash & Bank Balances	656.750	880.900
	Other Current Assets	324.710	368.520
	Loans & Advances	1736.870	1254.250
Total Current Assets		3565.100	3648.720
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1037.470	830.430
	Other Current Liabilities	1220.820	1738.220
	Provisions	16.630	16.820
Total Current Liabilities		2274.920	2585.470
Net Current Assets		1290.180	1063.250
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2713.220	2352.560

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4160.120	2457.830	2177.560
		Other Income	132.530	206.650	94.880
		TOTAL (A)	4292.650	2664.480	2272.440
Less	EXPENSES
		Cost of material consumed	9.680	0.000	0.000
		Purchase of stock in trade	991.070	0.000	0.000
		Changes in inventories of traded goods	6.340	0.000	0.000
		Carriage sharing, Pay channel and related costs	1579.010	1468.680	1314.1000
		Cost of goods sold	0.000	108.280	73.960
		Employee benefits expense	231.650	196.160	195.450
		Other Expenses	834.720	666.840	510.250
		Exceptional items	0.000	231.500	0.000
		TOTAL (B)	3652.470	2671.460	2093.760
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		640.180	(6.980)	178.680
Less	FINANCIAL EXPENSES (D)		862.080	565.210	566.430
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(221.900)	(572.190)	(387.750)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		396.510	236.780	172.960
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(618.41)	(808.970)	(560.710)
Less	TAX (H)		0.000	12.400	6.390
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(618.410)	(821.370)	(567.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5431.400)	(4610.030)	(4042.930)
	BALANCE CARRIED TO THE B/S		(6049.810)	(5431.400)	(4610.030)
	EARNINGS IN FOREIGN CURRENCY
		Carriage Income	15.810	23.700	13.140
	TOTAL EARNINGS		15.810	23.700	13.140
	IMPORTS
		Plant and machinery	24.700	76.510	12.140
		Store and Spares	3.010	0.000	0.000
		STB	2273.910	14.470	0.000
		Computer Software	0.000	30.780	0.000
	TOTAL IMPORTS		2301.620	121.760	12.140
	Earnings/(Loss) Per Share (Rs.)		(1.37)	(1.82)	(1.30)

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter
	Unaudited	Unaudited	Unaudited
Net Sales	1209.500	1266.000	946.300
Total Expenditure	1074.600	1136.400	989.100
PBIDT (Excl OI)	134.900	129.600	(42.800)
Other Income	40.200	8.300	123.700
Operating Profit	175.100	137.900	80.900
Interest	258.700	303.300	309.900
Exceptional Items	0.000	0.000	81.400
PBDT	(83.600)	(165.400)	(147.600)
Depreciation	171.300	192.800	156.100
Profit Before Tax	(254.900)	(358.200)	(303.700)
Tax	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(254.900)	(358.200)	(303.700)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	(13.000)	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(254.900)	(371.200)	(303.700)

KEY RATIOS

PARTICULARS		31.303.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(14.41)	(30.83)	(24.96)
Net Profit Margin (PBT/Sales)	(%)	(14.86)	(32.91)	(25.75)
Return on Total Assets (PBT/Total Assets}	(%)	(6.08)	(17.15)	(11.97)
Return on Investment (ROI) (PBT/Networth)		1.06	1.05	(11.89)
Debt Equity Ratio (Total Debt/Networth)		(13.63)	(4.51)	48.91
Current Ratio (Current Asset/Current Liability)		1.26	1.57	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	2,177.560	2,457.830	4,160.120
		12.871	69.260

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	2,177.560	2,457.830	4,160.120
Profit After Tax	(567.100)	(821.370)	(618.410)
	(26.04%)	(33.42%)	(14.87%)

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION

Subject (formerly known as Wire and Wireless (India) Limited) (hereinafter referred to as ‘the Company’ or ‘SCNL’ or ‘ the Holding Company’ or ‘the Parent Company’) was incorporated in the state of Maharashtra, India. The Company and its subsidiaries and associate (collectively known as ‘the Group’ ) are engaged in distribution of television channels through analogue and digital cable distribution network, primary internet and allied services.

BUSINESS OVERVIEW

The Company is one of India’s largest Multi System Operator (MSO) with 56 analogue and 14 digital head ends and a network of more than 12000 Kms of optical fibre and coaxial cable. It provides its cable services in India’s 60 key cities and the adjoining areas, having reach of over 10 millions viewers.

The Company deploys State-of-the-art technology for delivering multiple TV signals to enhance consumer viewing experience. Its product range includes Digital Cable Television, Analogue Cable Television, Broadband and Local Television Channels. The Company has been providing services in digital and analogue mode, armed with technical capability to provide features like Broadband services, Video on Demand, Movie on Demand, Pay per View, Electronic programming Guide (EPG) and gaming through a Set Top Box (STB). All products are marketed under “SITI” brand name.

During the year, the Company has successfully implemented the digitization of TV signals in its 20 key markets which fall sunder Phase-1 and 2 cities of mandated Digital Addressable System (DAS) besides expanding Digital horizon in Cities falling in DAS phase 3 and 4. For this transition, the Company has carried out Technology up gradation and procurement of Set-top boxes (STB’s). The Company also aligned the interests of local cable operators, content aggregators, broadcaster and consumer in a transparent manner while complying with stipulated regulations which gave a big push to the digitization drive of the Company.

The Company expanded its business and ground presence by starting operations in newer areas and it undertook strategic cost reduction initiatives to enhance efficiencies and optimize resources. From almost every perspective FY2012-13 was an impressive year for The Company:

The total revenues grew by 33% to Rs.4,836.600 millions from Rs.3,642.600 millions during the last fiscal.

The Company posted a consolidated operating profit (EBITDA) of Rs. 869.600 millions, which was a significant achievements compared to operational profit of Rs. 192.000 millions during the last fiscal.

The Company expands its business operations in new Strategic towns in Central India Locations and Eastern part of the country.

The Company has seamlessly installed 3 million Set-top-Boxes (STBs) in its markets in Phase-I and Phase II.

The Company is the first and only company in the digital cable space to provide “Own the Customer (OYC)” web based subscriber management system application to its business partners to serve the subscriber better. Initiated Subscriber Wise billing in Digital Regime in adherence to Regulatory compliances and built consumer connect.

Media and Entertainment Industry

According to FICCI-KPMG Indian Media & Entertainment Industry Report, 2012 was a challenging year for the industry as a whole, it was also a year of significant changes; as value chains were re-arranged and business models redefined. These changes, while painful in the short run, but will position the Indian M and E industry on a stronger footing for the future.

The Indian M and E industry grew from INR 728 billion in 2011 to INR 821 billion in 2012, registering an overall growth of 12.6 percent. Given the impetus introduced by digitization, continued growth of regional media, upcoming elections, strength in the film sector and fast increasing new media businesses, the industry is estimated to achieve a growth rateof11.8percent in 2013 to touch INR 917 billion. The sector is projected to grow at a healthy CAGR of 15.2 percent to reach INR1661 billion by 2017.

Television continues to be the dominant segment in the M&E sector; however strong growth is visible in new media, animation, Films and Music segment on the back of strong content and the benefits of digitization. The benefits of digital address able system (DAS) rollout are expected to contribute significantly to strong continued growth in the TV sector revenues and its ability to invest in and monetize content. The sector is expected to grow at a CAGR of 18percent.

Cable TV Industry

The total number of TV households grew from 146 millions in 2011 to 154 millions by the end of 2012, showing an increase of 5.4 percent. The penetration of Cable and Satellite (C and S) households increased from 81 percent of total TV households in 2011 to 84 percent in 2012. The overall number of C and S households increased by 11 millions during 2012 toreach130 millions, registering a growth of 9 percent over last year. The year 2012 heralded the much awaited start to digitization of cable industry. Despite some hiccups, Phase 1and 2 cities saw significant progress in implementation of mandatory digital addressable system (DAS). Digitalization underphase-1 of DAS has been a success with industry attaining 100% digitization in Delhi and Mumbai, followed with some delay by Kolkata.

Digital Cable TV has been a clear winner garnering more than 70% share of digital Set-top-boxes in these cities. At the end of March 2013, over 67% of the digitization target has been achieved in Phase-2 cities of DAS as reviewed by MIB. The Cable TV Industry now hopes to realize benefits over the medium term – including enhanced ability to monetize content, greater transparency, equitable revenue share across the value chain and hence increased ability to invest in differentiated and sophisticated content. The benefits will be visible in 2013-14 as MSO drive the addressability and work with last mile local cable operator to ramp up chosen content, billing and collection.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

GLOBAL ECONOMY

The global economic growth in 2012 remained slow and declined for the second consecutive year to 3.2% from 4% in 2011. The spillover effects of the sovereign crisis of 2011 in Euro Area and higher unemployment in developed economies, together with lack of fresh capital infusion and high inflation in developing economies, led to the overall slowdown.

A host of fiscal and monetary measures were taken across the global economies to restore growth, which is likely to pickup 2013onwards. Amidst the overall slow environment, the U.S. posted a comeback at 2.2% growth in 2012 and Japan too posted a comeback at 2%. Emerging and developing economies led the global growth at 5.1%, though with decline from6.4% in 2011.World Economic Outlook 2013 by IMF estimates marginal economic growth at 3.3% globally, 1.2% for advanced economies and 5.3% for developing & emerging economies in 2013.

INDIAN ECONOMY

The growth of Indian economy also continued to face pressure for the second successive year in FY 13. Courtesy the absence of fresh investments in capital projects and slackness in completion of already planned capital investments. India’s exports too declined and rising imports further added to widening current account deficit of 4.6% of GDP as on December31, 2012, indicating lower imports from India. Amidst this challenging environment, India recorded its lowest growth rate of5% in last ten years as per Advance Estimates of Central Statistical Office (CSO), May 2013.

A set of monetary and fiscal measures, helped to check the momentum from declining further. Indian government resumed its agenda of economic reforms with relaxation of FDI norms in multiple industries like Aviation, Broadcasting, Single/Multi Brand Retail, Insurance and Pension. The disinvestment of Public Sector Undertakings (PSUs) to the tune of Rs.240000.000 millions on the other hand brought fresh funds. India’s fiscal deficit in turn was checked at 5.2% of the GDP in FY’13against 5.9%in FY’12.42RBI had dual task of checking inflation and restoring growth through liquidity. RBI during FY13, particularly in second half, reduced Cash Reserve Ratio (CRR) thrice, from 4.75% to 4%, a move intended to infuse liquidity in Indian banking systems to the tune of about Rs.42500.000 millions. This was supported further by reducing Bank Repo Rate (RR) thricefrom7.5% to 6.5%.

COMPANY OVERVIEW

SITI Cable Network Limited (erstwhile known as Wire and Wireless (India) Limited) is one of the largest MSO in the country with presence across 60 major cities and adjoining areas of the country providing digital & analogue TV Cable TV signals and local TV Channels. Out of the four metros and 38 other urban cities with more than 1 million population which have already undergone digitization in Phase 1 and 2, the Company provides DAS network in three phase 1 metros and 17cities under phase 2 of the phased mandatory digitization. The Company is also set to leverage its presence in about 40 cities out of 60cities in phase 3 of digitization.

At present, the Company has close to 10 million subscribers through its Local Cable Operator (LCO) partners wherein more than 25% of these are already subscribing to digital network through DAS. SITI has a robust deliveryplatform of 56analogue & 14 digital head ends and 12000 kilometre of Optical Fibre and Coaxial Cable Network. Besides providing digital cable distribution in 20 cities of phase under phase 1 and 2 of digitization, SITI Cable provides analogue Cable TV signal in many other rural and smaller urban towns which are still a step away from complete digital convergence in next two phases. SITI Cable Network is part of the Essel Group-India’s leading business conglomerate having business interests panning across media, entertainment and broadcasting; TV content distribution; print media, infrastructure development; and packaging etc.

INDUSTRY OVERVIEW

INDIAN TELEVISION INDUSTRY

Television is the largest medium for media and entertainment delivery in India in terms of revenue, representing around 45 % of the total media and entertainment industry. The TV industry continues to have more scope for further growth over the coming years, as television penetration in India is still at approximately 60% of total households, according to FICCI-KPMG report 2012.

TELEVISION CONTENT DISTRIBUTION

India has 154 millions TV households as at the close of calendar year 2012 with 79% paid Cable and Satellite (C and S) TV households. The paid C and S penetration is expected to reach 91% of the 191 millions estimated TV households in2017.

FY 13 was a landmark year for the Indian TV content distribution sector. The much awaited convergence of cable distribution from conventional analogue to revolutionary digital TV signal was finally rolled out in four metro cities in phase 1fromthe midnight of October 31, 2012. Following the success of phase 1 and viewers welcome to digitization with about 68%conversion, as on September 2012 (Ministry of I&B release), the government stood firm to its deadline of phase 2digitizationin another 38 urban cities with above 1 million population, by the midnight of March 31, 2013. Even though the process of shift to digital signal started on a moderate note, it picked up a month before the deadline. The digitization is estimated to be 67% complete as on March 2013 as per Ministry of I&B press release.

The advantages of digitization over conventionally used analogue TV signal include:

• High capacity to carry more number of channels

• Efficient carrying capability of voice and data besides TV signals

• Possibility of interactivity

• Enhanced picture and sound quality

• Digital addressability & accountability transparency

The leading Multi System Operators (MSOs’), including SITI Cable Network, are striving to match and exceed the customer friendly packages and services with those provided by Direct to Home (DTH) service providers. These steps include engaging the LCOs with a digitally managed subscriber management system to handle subscriber queries and transactions. With a large cable TV network in place, the Digitally Addressable System holds competitive edge over DTH. DAS has the ability to offer bundled two way services like broadband, video on demand, digitization after transition, HD channels and higher penetration in rural areas. As the leading MSOs continue to lead the way by putting proper infrastructure in place in line with the deadline set for the remaining two phases of digitization, they are likely to sustain their market share in cable and satellite TV distribution market.

Following the convergence of entire country from analogue to digital TV signals, MSOs are likely to reap-in the benefit of the same in the coming two to three years. The same would be enabled by revenue sharing model with broadcasters, free to air channels, and also the additional subscription fee that MSOs get out of value added services, which are increasingly being used by subscribers at additional cost. Higher Average Revenue per User (ARPU) shall be the significant contributor to the Cable TV segment growth.

OUTLOOK

SITI Cable believes in profitable growth and is poised to take the full advantage out of the country’s leap towards ongoing digitization march as per TRAI guidelines, which have already been kicked off in 2012 with marginal hiccups. The convergence of C&S TV distribution from analogue to digitization signal (Digital Addressable System or DAS) has already been implemented in four metropolitan cities and subsequently another urban 38 cities with a population of over 1millioneach, albeit the relatively slower acceptance in second phase for digitization. The Company has by now seeded 3millionSTBs to meet the requirements of its LCOs for their customers out of phase 1 and phase 2, while the company has set an aggressive target to seed 5.5-6 million STBs in FY14.

As one of the largest MSO operator with presence in 17 out of 38 cities in phase 2, the Company is geared up to expand its revenue and profitability by getting the advantage of fees or sale of STBs, apart from higher subscriptions in average revenue per unit (ARPU). These will be enabled by end user consumer billing with subscriber management billing in Phase1 and 2. Adding to our strength will be “Own your Customer”, a unique subscriber management system that empowers an LCO and gives them the advantage over LCOs in other networks The Company also hopes to be the winner by taking advantage of revenue sharing model to be pursued with broadcasters for HDs and other channels, including some free to air channels with which its revenues and profitability can have a positive impact.

Today, India has 730 millions TV viewers, 154 millions TV Household and 79% paid C&S penetration as per FICCI-KPMG Report 2013. The growth estimates are robust of 191 millions TV households in 2017 with 91% paid C and S penetration. In view of the industry potential and SITI Cable’s leading edge, the Company looks forward to exciting times ahead to garner much better profitability apart from rising revenues.

Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.

UNAUDITED FINANCIAL RESULTS (STANDLONE)

(Rs. in Millions)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2013	30.09.2013	31.12.2013
		Unaudited	Unaudited	Unaudited
1.	Net Sales/Income from Operations	926.560	1219.810	3330.270
	Other Operating Income	19.740	46.210	57.420
	Total Income From Operations (Net)	946.300	1266.020	3387.690
2.	Expenditure
	Cost of materials consumed	1.760	20.160	22.710
	Purchase of stock in trade	14.670	166.080	570.330
	Changes in inventories of finished goods, work in progress and stock in trade	-	--	--
	Carriage sharing pay channel and related costs	585.270	473.670	1423.900
	Employee benefits expenses	70.340	70.620	1423.900
	Depreciation and amortization expenses	156.100	192.780	520.140
	Other expenses	317.090	405.910	848.450
	Total Expenses	1145.230	1329.220	3591.320
3.	Profit/ (Loss)From Operations before Other Income, Interest and Exceptional Items (1-2)	(198.930)	(63.200)	(203.630)
4.	Other Income	123.700	8.330	65.780
5.	Profit / (Loss)Before Interest and Exceptional Items (3+4)	(75.230)	(54.870)	(137.850)
6.	Interest	309.900	303.320	871.920
7.	Profit / (Loss)After Interest but before prior period Items (5-6)	(385.130)	(358.190)	(1009.770)
8.	prior period Items	(81.400)	13.000	--
9.	Profit/ (Loss) After prior period before Tax (7-8)	(303.730)	(371.190)	(1009.770)
10.	Tax Expense
	a) Current tax	--	--	--
	b) Deferred tax	--	--	--
	Total	--	--	--
11.	Profit/ (Loss) After Tax (9-10)	(303.730)	(371.190)	(1009.770)
11.	Paid-up Equity Share Capital (Face Value of Rs.1/- Each)	452.210	452.210	452.210
12.	Reserves Excluding Revaluation Reserve		--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.1)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(0.70)	(0.80)	(2.20)
	b) Basic and diluted EPS after extraordinary items	(0.70)	(0.80)	(2.20)
17.	Public Shareholding
	-Number of Shares(in Millions)	166.970	166.970	166.970
	- Percentage of Shareholding	36.90	36.90	36.90
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares (in Millions)	131.780	173.680	131.780
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	46.20	60.90	46.20
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	29.100	38.40	29.100
	b) Non Encumbered
	- Number of Shares(in Millions)	153.470	39.10	153.470
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	53.80	100%	53.80
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	34.00	24.70	34.00

Particulars	Quarter Ended
Pending at the beginning of the quarter	--
Received during the quarter	2
Disposal during the quarter	2
Remaining unresolved at the end of the year	--

FIXED ASSETS

v Tangible Assets

• Building
• Plant and Machinery
• Computers
• Office Equipment
• Furniture and Fixtures
• Air conditioners
• Studio Equipment
• Vehicles
• STB'S
• IRD Boxes

v Intangible Assets

• Goodwill
• Program/ Film / Cable Rights
• Computers Software

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.61.09
UK Pound	1	Rs.101.59
Euro	1	Rs.84.65

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEAFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		17

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.