MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	ADVANCED SYS-TEK PRIVATE LIMITED (W. e.f. 31.10.2007)
Formerly Known as :	DA NIEL MEASUREMENT AND CONTROL (INDIA) PRIVATE LIMITED
Registered Office :	299/300, GIDC, Makarpura Behind Novino Battery, Vadodara-390010, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.03.1988
Com. Reg. No.:	04-10464
Capital Investment / Paid-up Capital :	Rs. 19.649 Millions
CIN No.: [Company Identification No.]	U33112GJ1988PTC010464
TAN No.: [Tax Deduction & Collection Account No.]	BRDD00298E
PAN No.: [Permanent Account No.]	AABCD3608F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Batch Controller which are used in marketing depos of oil company.
No. of Employees :	150 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an establishment company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Munjal Jani
Designation :	Accounts Department
Contact:	91-265-3041100
Date :	13.09.2011

LOCATIONS

Registered Office/ Factory :	299/300, GIDC, Makarpura Behind Novino Battery, Vadodara-390010, Gujarat, India
Tel. No.:	91-265-3041100
Fax No.:	91-265-3041111
E-Mail :	sales@advancedsystek.com mail@advancedsystek.com astfinance@advancedsystek.com
Website :	http://www.advancedsystem.com
Area :	30000
Location:	Owned

DIRECTORS

As on 12.07.2010

Name :	Mr. Mukesh R Kapadia
Designation :	Director
Address :	07, Charotar Society, Off Vasna Road, Old Padra Road, Vadodara-390015, Gujarat, India
Date of Birth/Age :	21.06.1950
Date of Appointment :	16.03.1988
Name :	Mr. Umed A Fifadra
Designation :	Director
Address :	Plot No. 5/6, Chiroshi, Opposite Gulabvatika, Tandalja Road, Vadodara-390020, Gujarat, India
Date of Birth/Age :	25.11.1949
Date of Appointment :	16.03.1988

KEY EXECUTIVES

Name :	Mr. Munjal Jani
Designation :	Accounts Department
Name :	Mr. Bhagirath N Buch
Designation :	Secretary
Address :	18, Ashray Bunglows, Geri Compound Road, Gotri, Vadodara-390021, Gujarat, India
Date of Birth/Age :	05.04.1956
Date of Appointment :	24.12.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.07.2010

Names of Shareholders	No. of Shares
Fifadra A Umed	982461
Kapadia R Mukesh	982461
Total	1964922

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage of Holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Exporter of Batch Controller which are used in marketing depos of oil company.

Products :

Product Description	ITC Code
Terminal Automation	9026

Exports :

Products :

Batch Controller

Countries :

Middle East

Imports :

Products :

Equipments and Automation of Marketing Depos

Countries :

Sweden, European Countries

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Actual Production
Set Stop Valve	Nos.	19
Batch Controller	Nos.	296
Pulse Transmitter	Nos.	190
Control Valve	Nos.	18
Panels	Nos.	--
Additive Panel	Nos.	25
Loading Arm Positioner Switch	Nos.	760
Earthing Relay	Nos.	140
Santrty Card	Nos.	130
CPU Board/ Card	Nos.	52
Display / Card	Nos.	54

GENERAL INFORMATION

Customers :	End Users National · Hindustan Petroleum corporation Limited · India Oil Corporation Limited · Indian Oiltanking Private Limited · Bongaigaon Refinery and Petrochemicals Limited · Indian Petrochemicals Corporation Limited International · Azerbaijan Methanol Company , Baku Azerbaijan · Pedrazzini SA, Switzerland · Mipco Plc, Nigeria · Gulf Farabi, Saudi Arabia · Shell, Hong Kong
No. of Employees :	150 Approximately
Bankers :	Bank of India, Alkapuri Branch, 46, Gautamnagar Society, Race Course Road, MID Corporate Branch, Vadodara-390007, Gujarat, India The Kalupur Co-Marcial Co-Opeative Bank, Old Padra Road Branch, Baroda, Gujarat, India

Banking Relations :	--
Auditors :
Name :	B D Jokhakar and Company Chartered Accountant
Address :	8, Ambalal Doshi Marg, Fort, Mumbai-400023, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1964922	Equity Shares	Rs. 10/- each	Rs. 19.649 Millions

Note:

The issued and subscribed capital includes 191489 shares of Rs. 10/- each issued for consideration other than cash (Previous year 191489) 1768433 shares of Rs. 10/- each as fully paid up Bonus shares by Capitalisaiton of General Reserve.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		19.649	19.649	19.649
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		375.106	334.920	293.299
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		394.755	354.569	312.948
LOAN FUNDS
1] Secured Loans		0.000	0.000	135.511
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	135.511
DEFERRED TAX LIABILITIES		1.585	0.467	0.935
TOTAL		396.340	355.036	449.394
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.205	74.108	78.973
Capital work-in-progress		0.000	0.000	0.807
INVESTMENT		127.135	10.010	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.733	49.595	68.742
	Sundry Debtors	214.959	217.902	299.278
	Cash & Bank Balances	22.726	52.078	33.158
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.775	33.394	84.734
Total Current Assets		323.193	352.969	485.912
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	79.241	36.371	103.248
	Other Current Liabilities	20.637	19.256
	Provisions	23.315	26.424	13.050
Total Current Liabilities		123.193	82.051	116.298
Net Current Assets		200.000	270.918	369.614
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		396.340	355.036	449.394

PROFIT & LOSS ACCOUNT

Particulars	31.03.2011
Sales Turnover (Approximately)	773.400

Expected Sales (2011-2012) : Rs.900.000 millions

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	406.634	508.266	997.828
		Other Income	19.550	19.768
		TOTAL (A)	426.184	528.033	997.828
Less	EXPENSES
		Manufacturing and Other Direct Expenses	279.598	360.286
		Employee cost	47.816	48.264	843.191
		Operation and Other Indirect Expenses	32.233	35.308
		TOTAL (B)	359.647	443.858	843.191
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.537	84.175	NA
Less	FINANCIAL EXPENSES/ INTEREST (D)		0.103	5.454	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.434	78.721	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.006	7.094	NA
	PROFIT BEFORE TAX (E-F) (G)		60.428	71.627	154.637
Less	TAX (H)		19.707	25.587	55.907
	PROFIT AFTER TAX (G-H) (I)		40.721	46.040	98.736
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		341.702	204.703	229.085
	Prior Period Adjustment		0.011	0.177	[0.099]
	Excess/ Provision of Earlier Years		1.751	0.000	0.000
				250.920	327.722
Less	APPROPRIATIONS
		Proposed Divided	1.965	3.920	0.982
		Corporate Tax on Dividend	0.333	0.668	0.167
		General Reserve	4.248	4.628	9.864
		Adjustment for assets transferred on Demerger	0.000	0.000	112.006
	BALANCE CARRIED TO THE B/S		377.639	241.704	204.703
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	19.473	12.840	NA
		Technical Services provided for	2.169	5.921	NA
	TOTAL EARNINGS		21.642	18.761	NA
	IMPORTS
		Import Value	13.694	31.923	NA
	TOTAL IMPORTS		13.694	31.923	NA
	Basic and Diluted Earnings Per Share (Rs.)		20.72	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.55	8.72	9.90
Net Profit Margin (PBT/Sales)	(%)	14.86	14.09	NA
Return on Total Assets (PBT/Total Assets}	(%)	15.40	16.77	27.38
Return on Investment (ROI) (PBT/Networth)		0.15	0.20	0.49
Debt Equity Ratio (Total Liability/Networth)		0.31	0.23	0.80
Current Ratio (Current Asset/Current Liability)		2.62	4.30	4.18

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Others	79.241	36.371	Not Available

Trade References:

· Indian Oil Corporation

· BPCL

· HPCL

Note:

The Registered office of the company has been shifted from 4^th Floor, Rajeev Towersold Padra Road, Vadodara, Gujarat, India to present address w.e.f. 01.05.2006

REVIEW OF OPERATIONS

During the year, the net sales amounted to Rs. 406.600 Millions (Previous year Rs. 508.300 Millions) The operating profit of the company after accounting relevant expenses amounts to Rs. 66.500 Millions which is less by 21.02%. The net profit has decreased by Rs. 5.300 Millions (Previous year Rs. 46.000 Millions.)

The Board of Directors is pleased to record company’s debt free status consequently for second year.

The inquiry started floating in only after September 2009. The company’s much focused vision and aggressive approach could close the order book with a backing worth Rs. 660.300 Millions.

The company is confident of maintaining its marketing leadership and continues to show consistent performance.

Contingent Liabilities Not Provided for:

Particulars	31.03.2010 Rs. In Millions
Guarantee given to partners by company’s bankers	197.874
Customs, Excise and other matters	14.600
Income Tax Matters and Disputes	9.900

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90100772
Corporate identity number of the company	U33112GJ1988PTC010464
Name of the company	ADVANCED SYS-TEK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	299/300, GIDC, Makarpura Behind, Novino Battery, Vadodara-390010, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of India, Alkapuri Branch, 46, Gautamnagar Society, Race Course Road, MID Corporate Branch, Vadodara-390007, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Extension of Equitable Mortgage
Date of instrument Creating the charge	24.02.2007
Amount secured by the charge	Rs. 603.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Short Term Working Capital Demand Loan- 2% Below BPLR, Minimum 10.50% p.a. with monthly rests. Bank Guarantee- Commission of Rs. 200/- + 0.75% p.a. + S.T. for all guarantees (Minimum Rs. 1000/- per guarantee) Terms of Repayment Short term Working Capital Demand Loan- in 12 monthly installment each of Rs. 0.209 Million with 6 months moratorium from the date of disbursement Bank Guarantee – on - demand Margin Short Term Capital Demand Loan- 25% against stock and book-debts Bank Guarantee- 25% for advance payment guarantee and guarantee with onerous clause 10% for all other guarantee in the form of T.D.R. Extent and Operation of the charge First charge by Extension of Equitable Mortgage on immovable properties of the company for the due repayment of principal amount together with interest, interest tax, further interest, additional interest, penal interest, commission, fees, costs, charges and expenses incurred by the bank
Short particulars of the property charged	First charge by way of Extension of Equitable Mortgage on: a) Plot No. C1B- 156, GIDC Por, Ramangamdi, District Vadodara on land bearing R.S. No. 1037 part, 1078, part, 1079 part, 1080 b) Plot No. 175/176, GIDC, Por Ramangamdi, District Vadodar on land bearing R.S. No. 10396 part, 1078, Part, 1079 part, 1080 part, c) Plot No. 299/P and 300 GIDC, Makarpura, Vadodra on R.S. No. 318/P, 591/P d) 4^th Floor, Rajeev Towers, Old Padra Road, Vadodara bearing R.S. No. 131 and C.S. No. 1366
Date of latest modification prior to the present modification	29.12.2005
Particulars of the present modification

Fixed Assets:

· Leasehold Land

· Furniture and Fixture

· Plant and Machinery

· Office Equipments

· Vehicles

· Electrical Installations

· Factory Building

· Office Building

· Computer

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 records 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.47.09
UK Pound	1	Rs.74.64
Euro	1	Rs.64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--BE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Be	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Be	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	Be	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.