MIRA INFORM REPORT

Report Date :

22.05.2014

IDENTIFICATION DETAILS

Name :	DIGICABLE NETWORK (INDIA) PRIVATE LIMITED

Registered Office :	B – 8, Marol Industrial Area, Next to MIDC Police Station, Andheri (East), Mumbai – 400093, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	01.06.2007

Com. Reg. No.:	11-171246

Capital Investment / Paid-up Capital :	Rs.14.265 Millions

CIN No.: [Company Identification No.]	U74999MH2007PTC171246

TAN No.: [Tax Deduction & Collection Account No.]	MUMD15232A MUMD16435G

PAN No.: [Permanent Account No.]	AACCD6110D

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in digitalization of networks and deploying Set Top Boxes (STB’s) to the subscribers.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 10186000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The company is continuously incurring heavy losses from its operations. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with some great caution.

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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

MANAGEMENT NON – COOPERATIVE (91-22-42888888)

LOCATIONS

Registered / Corporate / Head Office :	B – 8, Marol Industrial Area, Next to MIDC Police Station, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-42888888
Fax No.:	91-22-42888899
E-Mail :	sanjiv.desai@digicable.in vijay.shah@digicable.in yas@pacenet-india.com
Website :	http://www.digicable.in/

Branches :	Located at: · Indore · Kolkata · New Delhi · Hyderabad

DIRECTORS

As on 09.12.2013

Name :

Mr. Nikhil Pravinchandra Shah

Designation :

Director

Address :

55/B/601, 6^th Floor, Dev Prestige, Azad Nagar, Veera Desai Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

04.11.1967

Date of Appointment :

29.09.2012

DIN No.:

01129644

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1992PTC067215	STELLAR FISCAL SERVICES PRIVATE LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
2	U74999MH2007PTC171246	DIGICABLE NETWORK (INDIA) PRIVATE LIMITED	Director	29/09/2012	01/06/2007	-	Active	NO
3	U64202MH2007PTC176364	DIGI SILVERLINE NETWORK PRIVATE LIMITED	Director	30/11/2007	30/11/2007	-	Active	NO
4	U64202MH2007PTC176363	DIGI SATCOM NETWORK PRIVATE LIMITED	Director	30/11/2007	30/11/2007	-	Active	NO
5	U64202MH2007PTC176362	Digi Infrastructure Management Private Limited	Director	30/11/2007	30/11/2007	-	Active	NO
6	U64202MH2007PTC176396	DIGI KONKAN NETWORK PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
7	U64202MH2007PTC176394	DIGI CAT NETWORK PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
8	U64202MH2007PTC176392	DIGI EAST DELHI NETWORK PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
9	U64202MH2007PTC176391	DIGI CITY NETWORKS PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
10	U64202MH2007PTC176390	DIGI SHIMOGA NETWORK PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
11	U64202MH2007PTC176389	DIGI KARNAL NETWORK PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
12	U64202MH2007PTC176395	DIGI WESTERN NETWORK PRIVATE LIMITED	Director	03/12/2007	03/12/2007	01/10/2009	Active	NO
13	U64202MH2007PTC176515	DIGI RAIGADH NETWORK PRIVATE LIMITED	Director	06/12/2007	06/12/2007	-	Amalgamated	NO
14	U64202MH2007PTC176514	DIGI VIDHARBHA NETWORK PRIVATE LIMITED	Director	06/12/2007	06/12/2007	-	Active	NO
15	U64202MH2008PTC178993	DIGICABLE CENTRAL (INDIA) CABLE NETWORK PRIVATE LIMITED	Director	18/02/2008	18/02/2008	-	Amalgamated	NO
16	U72900MH2008PTC180190	DIGI MAHARAJA CABLE NETWORK PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO
17	U72900MH2008PTC180260	DIGI SSC NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
18	U72900MH2008PTC180259	DIGI OM NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
19	U72900MH2008PTC180258	DIGI VISHAL KANPUR NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
20	U64200MH2008PTC180257	DIGI HANAMKONDA NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
21	U72900MH2008PTC180256	DIGI BARAUT NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
22	U64200MH2008PTC180210	DIGI NEON NEWS NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
23	U64200MH2008PTC180209	DIGI ANAND NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
24	U64200MH2008PTC180208	DIGI ACN NETWORK PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
25	U93090MH2008PTC180851	DIGI CORPORATE SERVICES PRIVATE LIMITED	Director	04/04/2008	04/04/2008	-	Amalgamated	NO
26	U72900MH2008PTC180890	DIGI RUBY CITY NETWORK PRIVATE LIMITED	Director	07/04/2008	07/04/2008	-	Amalgamated	NO
27	U72200MH2008PTC183893	INDIEON TECHNOLOGIES PRIVATE LIMITED	Director	24/06/2008	24/06/2008	24/01/2012	Active	NO
28	U64203MH2008PTC185757	DIGI LAST MILE COMMUNICATIONS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
29	U51109MH2008PTC186062	DARPAN MERCANTILE PRIVATE LIMITED	Director	29/09/2008	29/09/2008	14/08/2009	Active	NO
30	U18101DL2006PTC148744	GAVEL FASHIONS PRIVATE LIMITED	Director	30/09/2011	10/11/2008	-	Active	NO
31	U32109MH1992PTC064825	ENCORE ELECTRONICS LTD	Director	30/09/2009	16/03/2009	04/02/2013	Active	NO
32	U74900MH2009PTC197828	KODAN KONNECT PRIVATE LIMITED	Director	14/12/2009	14/12/2009	-	Active	NO
33	U19116MH2009PTC192187	LA SCARPA INDIA PRIVATE LIMITED	Director	30/09/2011	16/11/2010	-	Active	NO
34	U64204DL2009PTC191338	LUCKNOW 9 CABLE NETWORK PRIVATE LIMITED	Director	28/09/2012	25/01/2012	-	Active	NO
35	U72900PB2006PTC030725	CONNECT SURYA BROADBAND PRIVATE LIMITED	Additional director	21/03/2012	21/03/2012	-	Strike off	NO
36	U92132DL2006PTC156168	CBSL Jassi Cable Network Private Limited	Additional director	21/03/2012	21/03/2012	-	Strike off	NO
37	U64204DL2006PTC156129	CBSL Ghuman Cable Network Private Limited	Additional director	21/03/2012	21/03/2012	-	Strike off	NO
38	U32301DL2006PTC156155	CBSL DC Communications Private Limited	Additional director	21/03/2012	21/03/2012	-	Strike off	NO
39	U64202MH2008PTC177674	PANIPAT MERCANTILE PRIVATE LIMITED	Additional director	06/01/2014	22/08/2013	-	Active	NO
40	U92412MH2010PLC202021	Zoom Movies (TV) Limited	Additional director	05/03/2014	05/03/2014	-	Active	NO

Name :

Mr. Shah Anandlal Yogesh

Designation :

Director

Address :

501, Shraddha Suman, Plot – 37, 6^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

14.04.1952

Qualification :

B.Sc.

Date of Appointment :

09.12.2013

DIN No.:

00001965

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1945PTC004624	RUPERISTAN PVT LTD	Director	01/01/1992	01/01/1992	-	Active	NO
2	U32109MH1992PTC064825	ENCORE ELECTRONICS LTD	Director	04/02/2013	13/01/1992	-	Active	NO
3	U67120MH1998PTC117496	JRY INVESTMENTS PRIVATE LIMITED	Director	17/12/1998	17/12/1998	-	Active	NO
4	U64200MH1999PTC120865	WIN CABLE AND DATACOM PRIVATE LIMITED	Director	28/12/1999	28/12/1999	21/08/2008	Active	NO
5	U72900MH2000PTC129482	STELLAR SATELLITE NETWORK PRIVATE LIMITED	Director	06/11/2000	06/11/2000	08/05/2012	Active	NO
6	U72900MH2000PTC129508	STELLER INTERACTIVE MEDIA PRIVATE LIMITED	Director	08/11/2000	08/11/2000	07/09/2013	Active	NO
7	U32209MH1998PTC116262	ENTERTAINMENT TELIVISION NET WORK PRIVATE LIMITED	Director	22/03/2001	22/03/2001	27/05/2013	Active	NO
8	U99999MH1996PTC104679	ENCORE HOLDINGS AND TRADING PRIVATE LIMITED	Director	15/09/2002	15/09/2002	-	Active	NO
9	U72900MH2000PTC125900	BROADBAND PACENET (INDIA) PRIVATE LIMITED	Director	02/01/2003	02/01/2003	07/09/2013	Active	NO
10	U74900MH2000PTC126004	TOUCAN ENTERTAINMENT PRIVATE LIMITED	Director	07/04/2003	07/04/2003	08/05/2012	Active	NO
11	U92110MH2003PTC142633	STELLAR CINEMA NETWORK PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
12	U64204MH2003PTC143572	K. P. CABLE SERVICES PRIVATE LIMITED	Additional director	31/12/2013	17/12/2003	-	Active	NO
13	U32201PB2006PTC030736	G-NEXT MEDIA PRIVATE LIMITED	Director	28/09/2007	01/04/2007	18/10/2010	Active	NO
14	U74999MH2007PTC171246	DIGICABLE NETWORK (INDIA) PRIVATE LIMITED	Director	09/12/2013	01/06/2007	-	Active	NO
15	U92112MH2000PTC128376	ENTERTAINMENT CINEMA NETWORK (INDIA) PRIVATE LIMITED	Director	22/06/2007	22/06/2007	13/07/2009	Active	NO
16	U92130MH2007PTC175003	MEGA REACH NOVEX COMMUNICATIONS PRIVATE LIMITED	Director	15/10/2007	15/10/2007	04/12/2009	Active	NO
17	U64202MH2007PTC175005	DIGICORE OPTICAL NETWORK PRIVATE LIMITED	Director	15/10/2007	15/10/2007	16/03/2009	Active	NO
18	U72900MH2007PTC176009	CENTRAL INDIA DIGITAL NETWORK PRIVATE LIMITED	Director	19/11/2007	19/11/2007	03/05/2008	Amalgamated	NO
19	U64202MH2008PTC178993	DIGICABLE CENTRAL (INDIA) CABLE NETWORK PRIVATE LIMITED	Director	18/02/2008	18/02/2008	16/03/2009	Amalgamated	NO
20	U92190MH2008PTC182085	CABIO ENTERTAINMENT INDIA PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
21	U72900MH2008PTC182528	FREE TV DISTRIBUTION PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
22	U72200MH2008PTC183893	INDIEON TECHNOLOGIES PRIVATE LIMITED	Additional director	31/07/2008	31/07/2008	14/03/2009	Active	NO
23	U64202MH2007PTC176395	DIGI WESTERN NETWORK PRIVATE LIMITED	Director	28/09/2010	01/10/2009	-	Active	NO
24	U64202CH2007PTC030966	FASTWAY TRANSMISSIONS PRIVATE LIMITED	Director	29/09/2010	26/08/2010	-	Active	NO
25	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	30/09/2010	27/08/2010	28/12/2012	Active	NO
26	U74120MH2012PTC228436	FREE TV ENTERTAINMENT (INDIA) PRIVATE LIMITED	Director	19/03/2012	19/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Amratlal Shah
Designation :	Secretary
Address :	111, OM Towers, 89, S. V. Road, Behind Bank of Baroda, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	14.01.1951
Date of Appointment :	22.01.2008
PAN No.:	AAHPS6317F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.12.2013

Names of Shareholders (Equity Shareholders)	No. of Shares

Broadband Pacenet (India) Private Limited, India	1176370
Broadband Pacenet (India) Private Limited, India Jointly With Jagjit Singh Kohli	100

TOTAL	1176470

As on 09.12.2013

Names of Shareholders (Preference Shareholders)	No. of Shares

Stellar Interactive Media Private Limited, India	250000

TOTAL	250000

As on 09.12.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in digitalization of networks and deploying Set Top Boxes (STB’s) to the subscribers.

Products :

ITC Code No	product or service
99846320	Home Programme Distribution Service, Basic Programming package

Cable TV Network Business

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Axis Bank Limited, Credit Manageament Center at Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from bank	277.019	681.948

SHORT TERM BORROWINGS
Loans repayable on demand from banks	400.000	400.000

Total	677.019	1081.948

Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Indiabulls Finance, Center, Elphinstone Mills Compound,, Senapati Bapat, Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India
PAN No.:	AABFD7919A

Holding Company:	· Broadband Pacenet India Private Limited, India.

Ultimate Holding Company:	· Stellar Interactive Media Private Limited, India.

Fellow Subsidiaries:	· Pacenet Meghbala Broadband Private Limited, India (formally known as Sublime Technologies Private Limited, India)

Subsidiary Companies:	· Central India Digital Network Private Limited, India · Digi ACN Network Private Limited, India [CIN No.: U64200MH2008PTC180208] · Digi Anand Network Private Limited, India [CIN No.: U64200MH2008PTC180209] · Digi Baraut Network Private Limited, India [CIN No.: U72900MH2008PTC180256] · Digi Cablecomm Services Private Limited, India [CIN No.: U64204WB2003PTC096420] · Digi Cat Network Private Limited, India [CIN No.: U64202MH2007PTC176394] · Digi City Network Private Limited, India [CIN No.: U64202MH2007PTC176391] · Digi Core Optical Network Private Limited, India(up to June 29, 2010) · Digi Corporate Services Private Limited, India · Digi East Delhi Network Private Limited, India [CIN No.: U64202MH2007PTC176392] · Digi Friends Network Private Limited, India [CIN No.: U72900MH2008PTC177664] · Digi Guntur Network Private Limited, India [CIN No.: U64200MH2008PTC177663] · Digi Hanamkonda Network Private Limited, India [CIN No.: U64200MH2008PTC180257] · Digi Home Cable Entertainment India Private Limited, India(from August 20, 2009) [CIN No.: U92100MH2005PTC152083] · Digi Jodhpur Network Private Limited, India [CIN No.: U72900MH2008PTC177675] · Digi JPR Network Private Limited, India [CIN No.: U64202MH2006PTC162583] · Digi Konkan Network Private Limited, India [CIN No.: U64202MH2007PTC176396 ] · Digi Maharaja Network Private Limited, India [CIN No.: U72900MH2008PTC180190 · Digi Multinational Network Private Limited, India · Digi Neon News Network Private Limited, India [CIN No.: U64200MH2008PTC180210] · Grand Entertainment and Events Private Limited, India [CIN No.: U45200CT2007PTC020218] · CBSL Cable Network Limited, India (Subsidiary of Digi Western Network Private Limited, India) · Digi New Era Network Private Limited, India [CIN No.: U64203MH2008PTC177629] · Digi Om Network Private Limited, India [CIN No.: U72900MH2008PTC180259] · Digi Raigadh Network Private Limited, India · Digi Ruby City Network Private Limited, India · Digi Samlakha Network Private Limited, India [CIN No.: U72900MH2008PTC178178] · Digi Shimoga Network Private Limited, India [CIN No.: U64202MH2007PTC176390] · Digi Silverline Network Private Limited, India [CIN No.: U64202MH2007PTC176364] · Digi Space Network Private Limited, India [CIN No.: U64203MH2008PTC186558] · Digi SSC Network Private Limited, India [CIN No.: U72900MH2008PTC180260] · Digi Vistaar Network Private Limited, India(from April 28, 2009) [CIN No.: U72900MH2008PTC186832 ] · Digicable Central (India) Cable Network Private Limited, India · Digi Maharaja Cable Network Private Limited, India(from November 10, 2010) · Digi Navi Mumbai Network Private Limited, India (from December 14, 2010) [CIN No.: U64203MH2008PTC186560] · Digi Vishal Kanpur Network Private Limited, India (formally known as Digi Kanpur Network Private Limited, India) (from December 28, 2009) [CIN No.: U72900MH2008PTC180258] · Digi Western Network Private Limited, India (from March 30, 2010) [CIN No.: U64202MH2007PTC176395] · Lifestyle Communications Private Limited, India · Mega Reach Novex Communications Private Limited, India [CIN No.: U92130MH2007PTC175003] · Digi Next Generation Network Private Limited, India · Sree Devi Master Media Systems Private Limited, India [CIN No.: U74999AP2008PTC060826] · Digi Hind Cable Network Private Limited, India(from June 30, 2010) [CIN No.: U64203MH2008PTC186522] · CBSL City Network India Private Limited, India (Subsidiary of CBSL Cable Network Limited, India) Note: * amalgamated with the company

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

23699000	Equity Shares	Rs.10/- each	Rs.236.990 Millions
80001000	Preference Shares	Rs.10/- each	Rs.800.010 Millions

	Total		Rs.1037.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1176470	Equity Shares	Rs.10/- each	Rs.11.765 Millions
250000	Preference Shares	Rs.10/- each	Rs.2.500 Millions
1426470
	Total		Rs.14.265 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.265	13.821	12.500
(b) Reserves & Surplus	2532.288	2997.243	(1457.492)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2546.553	3011.064	(1444.992)

(3) Non-Current Liabilities
(a) long-term borrowings	3436.212	1727.691	7145.014
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	26.407	20.681	19.808
Total Non-current Liabilities (3)	3462.619	1748.372	7164.822

(4) Current Liabilities
(a) Short term borrowings	400.254	468.535	277.366
(b) Trade payables	858.791	820.244	609.762
(c) Other current liabilities	1082.749	810.571	353.883
(d) Short-term provisions	2.864	2.209	1.735
Total Current Liabilities (4)	2344.658	2101.559	1242.746

TOTAL	8353.830	6860.995	6962.576

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3304.332	2148.751	2170.552
(ii) Intangible Assets	877.253	1054.354	1064.542
(iii) Capital work-in-progress	22.618	148.923	1.140
(iv) Intangible assets under development	0.000	72.500	118.501
(b) Non-current Investments	832.624	692.647	765.522
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1849.037	1213.912	1759.683
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6885.864	5331.087	5879.940

(2) Current assets
(a) Current investments	0.000	0.000	0.056
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	490.008	372.516	294.899
(d) Cash and cash equivalents	311.833	345.198	287.352
(e) Short-term loans and advances	543.319	719.819	500.237
(f) Other current assets	122.806	92.375	0.092
Total Current Assets	1467.966	1529.908	1082.636

TOTAL	8353.830	6860.995	6962.576

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Gross Income	3097.000	2863.700	2368.400
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX		1254.000	2230.300	1776.100

	IMPORTS
		CIF Value of Imports	381.822	NA	NA
	TOTAL IMPORTS		381.822	NA	NA

	Earnings / (Loss) Per Share (Rs.)		879.09	1563.51	1245.10

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	1.51	0.73	(5.14)

Current Ratio (Current Asset/Current Liability)	0.63	0.73	0.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	12.500	13.821	14.265
Reserves & Surplus	(1457.492)	2997.243	2532.288
Net worth	(1444.992)	3011.064	2546.553

long-term borrowings	7145.014	1727.691	3436.212
Short term borrowings	277.366	468.535	400.254
Total borrowings	7422.380	2196.226	3836.466
Debt/Equity ratio	(5.137)	0.729	1.507

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Gross Income	2368.400	2863.700	3097.000
		20.913	8.147

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2368.400	2863.700	3097.000
Profit	1776.100	2230.300	1254.000
	74.99%	77.88%	40.49%

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	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debenture	3159.193	1045.743

SHORT TERM BORROWINGS
Loans repayable on demand from others	0.254	68.535

Total	3159.447	1114.278

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488958	26/03/2014	264,300,000.00	Others	RELIANCE CAPITAL LTD, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, INDIA	C02995777
2	10177541	07/01/2011 *	2,250,000,000.00	Axis Bank Limited	Credit Management Centre, 4/10 OPG House, Asaf Ali Road, New Delhi - 110002, INDIA	B04504221

* Date of charge modification

BUSINESS ACTIVITIES

The Government of India has mandated compulsory digitalization in Company’s area of operations from 31^st October, 2012. Consequently the company is engaged in digitalization of networks and deploying Set Top Boxes (STB’s) to the subscribers. Sourcing and seeding STB’s has been a big challenge and the company has taken effective steps for the same.

FIXED ASSETS

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

œ Leasehold Improvements

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.58.77
UK Pound	1	Rs.99.02
Euro	1	Rs.80.57

INFORMATION DETAILS

Information Gathered by :	PLK

Analysis Done by :	DIV

Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.