MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	AVAIDS TECHNOVATORS PRIVATE LIMITED
Registered Office :	4-A/58, Shankar Road, New Delhi – 110 060
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.1988
Com. Reg. No.:	55-031707
Capital Investment / Paid-up Capital :	Rs.25.000 millions
CIN No.: [Company Identification No.]	U74899DL1988PTC031707
IEC No.:	0594051941
TAN No.: [Tax Deduction & Collection Account No.]	DELA12447B
PAN No.: [Permanent Account No.]	AAACA2829E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of an aircraft warning devices.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (56)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1240000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	4-A/58, Shankar Road, New Delhi – 110 060, India
Tel. No.:	91-11-25738488/ 25723714/ 25820080
Mobile No.:	91-9910877199 (Mr. Sumeer)
Fax No.:	91-11-25735036/ 25755000
E-Mail :	info@avaids.com manojgupta@avaids.com accounts@avaids.com
Website :	http://www.avaids.com
Area :	Owned
Factory :	Plot No.184A/185, Sector-3, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-2291695
Fax No.:	91-124-2291343

DIRECTORS

As on 27.09.2010

Name :

Mr. Rajesh Piplani

Designation :

Managing Director

Address :

4/13, W.E.A., Karol Bagh, New Delhi - 110 005, India

Date of Birth/Age :

22.07.1962

Date of Appointment :

16.05.1988

DIN No.:

00770789

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1988PTC031707	Avaids Technovators Private Limited	Managing director	16-05-88	16-05-88	Active	NO
2	U74899DL1979PTC009472	Uppal Estate Private Limited	Director	26-06-03	26-06-03	Active	NO
3	U74899DL1995PTC074543	Mastech Technologies Private Limited	Director	27-09-06	27-09-06	Active	NO
4	U45200DL2006PTC156184	Mastech Projects Private Limited	Director	04-12-06	04-12-06	Active	NO
5	U24233DL2007PTC163111	Technovators Engineering Services Private Limited	Director	08-05-07	08-05-07	Active	NO

Name :

Mrs. Lalita Kaul

Designation :

Director

Address :

8620, Sector C, Pocket-8, Vasant Kunj, New Delhi – 110 071, India

Date of Birth/Age :

03.07.1952

Date of Appointment :

24.11.1988

DIN No.:

00184000

Name :

Mr. Ashok Kumar Kaul

Designation :

Director

Address :

8620, Sector C/8, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

27.01.1948

Date of Appointment :

20.09.1989

DIN No.:

01063566

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1988PTC031707	Avaids Technovators Private Limited	Director	20-09-89	20-09-89	Active	NO
2	U74899DL1995PTC074543	Mastech Technologies Private Limited	Director	27-09-06	27-09-06	Active	NO
3	U45200DL2006PTC156184	Mastech Projects Private Limited	Director	04-12-06	04-12-06	Active	NO

Name :

Mrs. Sangeeta Piplani

Designation :

Director

Address :

4/13, W.E.A., Karol Bagh, New Delhi – 110 005, India

Date of Birth/Age :

26.04.1964

Date of Appointment :

26.05.1995

DIN No.:

00183820

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1988PTC031707	Avaids Technovators Private Limited	Director	26-05-95	26-05-95	Active	NO
2	U74899DL1979PTC009472	Uppal Estate Private Limited	Director	26-06-03	26-06-03	Active	NO

Name :

Mr. Roshan Lal Piplani

Designation :

Director

Address :

390/16, Lodhi Colony, Delhi – 110 003, India

Date of Birth/Age :

18.12.1925

Date of Appointment :

26.05.1995

DIN No.:

00770819

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Rajesh Piplani	99000
Lalita Kaul	64500
Ashok Kaul	60000
Sumeer Kaul	500
Sangeeta Piplani	26000
Total	250000

As on 27.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of an aircraft warning devices.

Products/ Services :

v Aviation Warning Lights v Day Making Spheres v Low Intensity Obstruction Warning Light v Low Intensity Twin Obstruction Warning Light v Low Intensity Neon Obstruction Warning Light v Medium Intensity Obstruction Warning Light v Medium Intensity Twin Obstruction Warning Light v Medium Intensity White flashing Obstruction Warning Light v Medium Intensity Red and White Flashing Obstruction Warning Light v Medium Intensity Obstruct Warning Light (GPS Synchronized) v High Intensity Obstruction Marking Lights v Solar Powered Medium Intensity Obstruction Warning Light v Control Panels Services: Service and Contracts of Electrification Works

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, New Rajindar Nagar Branch, New Rajindar Nagar, New Delhi – 110 060, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks and Financial Institutions	44.075	41.555
Total	44.075	41.555

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	13.953	9.456
Total	13.953	9.456

Banking Relations :	--
Auditors :
Name :	Upadhyay and Company Chartered Accountants
Address :	S-1, Satyam Plaza, Pocket B and E Market, Dilshad Garden, Delhi – 110 095, India
Income-tax PAN of auditor or auditor's firm :	AAAPU0261D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		285.020	226.482	162.286
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		310.020	251.482	187.286
LOAN FUNDS
1] Secured Loans		44.075	41.555	50.745
2] Unsecured Loans		13.953	9.456	8.907
TOTAL BORROWING		58.028	51.011	59.652
DEFERRED TAX LIABILITIES		0.629	0.707	0.785
TOTAL		368.677	303.200	247.723
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.189	40.240	38.525
Capital work-in-progress		0.000	0.054	0.000
INVESTMENT		65.925	35.600	14.800
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.638	71.496	61.061
	Sundry Debtors	273.002	228.196	169.173
	Cash & Bank Balances	25.389	27.461	26.731
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	52.691	61.371	34.224
Total Current Assets		421.720	388.524	291.189
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.730	71.896	53.152
	Other Current Liabilities	33.305	28.858	9.444
	Provisions	53.122	60.464	34.249
Total Current Liabilities		158.157	161.218	96.845
Net Current Assets		263.563	227.306	194.344
MISCELLANEOUS EXPENSES		0.000	0.000	0.054
TOTAL		368.677	303.200	247.723

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	478.081	514.163	471.429
		Other Income
		TOTAL	478.081	514.163	471.429
Less	EXPENSES
		Office Expenses	389.447	405.216	348.098
		Administrative Expenses
		Advertising Expenses
		TOTAL	389.447	405.216	348.098
	PROFIT BEFORE TAX		88.634	108.947	123.331
Less	TAX		20.100	21.370	15.350
	PROFIT AFTER TAX		68.534	87.577	107.981
Less	APPROPRIATIONS
		Proposed Dividend	10.000	20.000	15.000
		Provision for Dividend Tax	1.622	3.399	2.549
		Transfer to General Reserve	6.853	8.758	10.798
		Deferred Tax Liability/ (Assets)	0.079	0.078	0.227
		Short provision of tax in earlier years	1.470	0.441	1.112
		Income Tax Refund A.Y. 2006-07	0.000	0.316	0.000
		Adjustment as per A.Y. 2008-09	0.000	0.065	0.000
		Excess Provision for Dividend Tax	0.077	0.000	0.000
	BALANCE CARRIED OVER TO THE B/S		252.291	200.607	145.168
	EARNINGS IN FOREIGN CURRENCY		105.225	206.192	213.445
	Earnings Per Share (Rs.)		274.00	350.00	435.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.34	17.03	22.91
Return on Total Assets (PBT/Total Assets}	(%)	19.23	25.41	37.41
Return on Investment (ROI) (PBT/Networth)		0.29	0.43	0.66
Debt Equity Ratio (Total Liability/Networth)		0.70	0.84	0.84
Current Ratio (Current Asset/Current Liability)		2.67	2.41	3.01

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the year, the total income of the Company has decreased from Rs.514.163 millions to Rs.478.081 millions and the profit has also decreased from Rs.108.947 millions to Rs.88.634 millions. Rs.6.853 millions has been transferred to the General Reserve of the Company. The Directors are hopeful of better performance in the next financial year.

CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on 31.03.2011)

a) Guarantee executed in favor of various public sector undertakings for Rs.67.638 millions and Corporate Guarantee for Rs.131.000 millions against margin in the form of fixed deposits and other collateral securities given by the directors.

FORM 8:

Corporate identity number of the company

U74899DL1988PTC031707

Name of the company

AVAIDS TECHNOVATORS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

4-A/58, Shankar Road, New Delhi – 110 060, India

Email : manojgupta@avaids.com

This form is for

Modification of charge

Charge identification number of the modified

80000912

Type of charge

Immovable Property

Book Debts

Movable Property (not being pledge)

Particular of charge holder

Indian Overseas Bank, New Rajindar Nagar Branch, New Rajindar Nagar, New Delhi – 110 060, India

E-Mail: nurajbr@delsco.iobnet.co.in

Nature of description of the instrument creating or modifying the charge

Letter of hypothecation for securing machineries/vehicles/goods/book debts dated 21.11.2009

Date of instrument Creating the charge

21.11.2009

Amount secured by the charge

Rs.185.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

1. Cash Credit (CC): BPLR-0.50%, presently 11.50%
2. Packing Credit, FDDBP/FDUBP, letter of credit (LC), letter of guarantee: as per circular in force.

Terms of Repayment :

As per company circulars.

Margin :

1. Cash Credit (CC): Stock-25% and Book Debts upto 120 days -40%
2. Packing Credit : 25%
3. FDDBP/FDUBD: NIL (for LC bills), 10% (for non LC bills)
4. LC : 15%
5. Letter of Guarantee: 15%

Extent and Operation of the charge :

First charge on all Stocks, Book Debts and Machineries both present and future.

Short particulars of the property charged

(i) Hypothecation of all present and future stocks, book debts and plant and machinery.

(ii) EM of factory land and building in the name of the company situated at 184A-185, Sector-3, Manesar, Gurgaon valued at 45.600 Millions.

(iii) First Charge on entire assets of the company including net block assets (present and future)

Date of latest modification prior to the present modification

04.09.2009

Particulars of the present modification

The credit facilities has been enhanced from Rs. 165.000 Millions to Rs.185.000 Millions on 21.11.2009 detail are as follow :

(amount in Millions)

	Previous	Current
1.CC Limit	30.000	50.000
2.PC Limit	10.000	10.000
3.LG Limit	70.000	70.000
4.LC Limit	10.000	10.000
5.FDDBP/FDUBD	45.000	45.000

FIXED ASSETS:

v Goodwill

v Furniture and Fixture

v Computers

v Server Room

v Fans and Coolers

v Office Equipments

v Air Conditioners

v Motor Cycle

v Typewriters

v Car

v Fax

v Software A/c

v Telephone Equipments

v Tools and Equipments

v Transformer

v Photocopy Machines

v Generator

v Cycle

v Digital Camera

v Inverter

v CCTV Camera

v Container

v Electronic Weighting

v Scale

v Factory Land

v Factory Building

v Lift

v Plant and Machinery

v Vehicle

v Fire Fighting Equipment

v Solar Power Equipment

v Drill Machines and Tools

v Dies and Patterns

v Die Grinder

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.49.14
UK Pound	1	Rs.77.86
Euro	1	Rs.66.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		56

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.