MIRA INFORM REPORT

Report Date :

19.01.2013

IDENTIFICATION DETAILS

Name :	AVANT-GARDE SYSTEMS AND CONTROLS PRIVATE LIMITED
Registered Office :	No. 67A, Kundrathur High Road, Porur, Chennai- 600116, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1995
Com. Reg. No.:	18-031908
Capital Investment / Paid-up Capital :	Rs. 0.560 Million
CIN No.: [Company Identification No.]	U28920TN1995PTC031908
TAN No.: [Tax Deduction & Collection Account No.]	CHEA09295G
PAN No.: [Permanent Account No.]	AAACA6351K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the design and consultancy services and trading in engineering goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 8000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

LOCATIONS

Registered Office :	No. 67A, Kundrathur High Road, Porur, Chennai – 600116, Tamilnadu, India
Tel. No.:	91-44-24827843, 24828532, 24828717
Fax No.:	91-44-24828531
E-Mail :	avant-garde@vsnl.com
Website :	www.avantgarde-india.com

DIRECTORS

As on 25.09.2012

Name :

Pudugramam Subbaraman Sankaranarayanan

Designation :

Managing Director

Address :

66A, 1st Main Road, Sri Devi Nagar, Alapakkam, Chennai - 600116, Tamilnadu, India

Date of Birth/Age :

02.01.1953

Date of Appointment :

01.12.2012

DIN No.:

00251648

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	Company/ LLP Status	Defaulting status
1	U74210TN1990PTC018843	AVANT- GARDE ENGINEERS AND CONSULTANTS PRIVATE LIMITED	Director	09/03/1990	09/03/1990	Active	NO
2	U28920TN1995PTC031908	AVANT-GARDE SYSTEMS AND CONTROLS PRIVATE LIMITED	Managing director	01/12/2012	19/06/1995	Active	NO
3	U45200TN2011PTC082571	AVANT-GARDE PROJECTS AND INFRA PRIVATE LIMITED	Director	30/09/2011	30/09/2011	Active	NO

Name :

Gopalan Venkata Raman

Designation :

Director

Address :

142-N, 6^th Main Road, Ram Nagar North Extension, Velacherry, Chennai - 600042, Tamilnadu, India

Date of Birth/Age :

15.06.1950

Date of Appointment :

19.06.1995

DIN No.:

00251622

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	U74210TN1990PTC018843	AVANT- GARDE ENGINEERS AND CONSULTANTS PRIVATE LIMITED	Director	09/03/1990	09/03/1990	-	Active	NO
2	U40105KL1995PLC008983	ECI POWER AND AGRO LIMITED	Director	04/05/1995	04/05/1995	29/09/2008	Active	NO
3	U28920TN1995PTC031908	AVANT-GARDE SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	19/06/1995	19/06/1995	-	Active	NO
4	U45200TN2011PTC082571	AVANT-GARDE PROJECTS AND INFRA PRIVATE LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO

Name :

Balasubramanian Srinivasan

Designation :

Director

Address :

73, AVM Avenue, 3^rd Street, Virugambakkam, Chennai - 600092, Tamilnadu, India

Date of Birth/Age :

03.03.1951

Date of Appointment :

19.06.1995

DIN No.:

00251633

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	Company/ LLP Status	Defaulting status
1	U74210TN1990PTC018843	AVANT- GARDE ENGINEERS AND CONSULTANTS PRIVATE LIMITED	Director	09/03/1990	09/03/1990	Active	NO
2	U28920TN1995PTC031908	AVANT-GARDE SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	19/06/1995	19/06/1995	Active	NO
3	U45200TN2011PTC082571	AVANT-GARDE PROJECTS AND INFRA PRIVATE LIMITED	Director	30/09/2011	30/09/2011	Active	NO

Name :

Ragothaman Krishna Dwaipayana

Designation :

Director

Address :

Gray Shot, K- 104, No. 4, Bishop Garden Street, Rapuram, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

21.05.1954

Date of Appointment :

19.06.1995

DIN No.:

00251656

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	Company/ LLP Status	Defaulting status
1	U74210TN1990PTC018843	AVANT- GARDE ENGINEERS AND CONSULTANTS PRIVATE LIMITED	Director	09/03/1990	09/03/1990	Active	NO
2	U28920TN1995PTC031908	AVANT-GARDE SYSTEMS AND CONTROLS PRIVATE LIMITED	Director	19/06/1995	19/06/1995	Active	NO
3	U45200TN2011PTC082571	AVANT-GARDE PROJECTS AND INFRA PRIVATE LIMITED	Director	30/09/2011	30/09/2011	Active	NO

MAJOR SHAREHOLDERS

As on 25.09.2012

Names of Shareholders	No. of Shares
Gopalan Venkata Raman	750
Balasubramanian Srinivasan	750
Pudugramam Subbaraman Sankaranarayanan	750
Ragothaman Krishna Dwaipayana	750
Sankaranarayanan Shobana	650
Ragothaman Usha	650
Renganathan Vasantha	650
Venkataraman Janaki	650
Total	5600

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the design and consultancy services and trading in engineering goods.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	HDFC Bank Oriental Bank of Commerce Andhra Bank

Banking Relations :	--
Auditors :
Name :	Gopi Kumar Associates Chartered Accountants
Address :	AP 345 36^th Street, 7^th Sector, K K Nagar, Chennai- 600078, Tamilnadu, India
PAN No.:	AAAFG1710H
Companies under common management :	Avant - Garde Systems and Controls Private Limited Avant – Garde Engineers and Consultants (FZC)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5600	Equity Shares	Rs.100/- each	Rs. 0.560 Million

Note:

Reconciliation of Shares Outstanding	31.03.2012
Number of equity shares at the beginning of the year	5600
Add: Rights issue	--
Allotment	--
Bonus issue	--
Less: Buy back	--
Number of equity shares at the end of the year	5600

Terms/Rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 100 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting shareholders was Nil.

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.

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

S. No.	Name of Share Holders	% of Holding
1	G.V. Raman	13.39%
2	S. Balasubramanian	13.39%
3	P.S. Sankaranarayanan	13.39%
4	K. Ragothaman	13.39%
5	V. Janaki	11.61%
6	R. Vasantha	11.61%
7	S. Shobana	11.61%
8	R. Usha	11.61%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.560	0.560	0.560
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.551	0.706	0.000
4] (Accumulated Losses)		0.000	0.000	(5.824)
NETWORTH		2.111	1.266	(5.264)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	7.422
TOTAL BORROWING		0.000	0.000	7.422
DEFERRED TAX LIABILITIES		0.112	0.000	0.000
TOTAL		2.223	1.266	2.158
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.468	0.358	0.230
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.899
DEFERRED TAX ASSETS		0.000	0.013	0.008
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	24.630	27.614	8.473
	Cash & Bank Balances	35.325	19.101	7.831
	Other Current Assets	9.431	3.804	5.249
	Loans & Advances	2.076	1.479	3.086
Total Current Assets		71.462	51.998	24.639
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.501	4.179	0.385
	Other Current Liabilities	63.952	46.483	23.233
	Provisions	0.254	0.441	0.000
Total Current Liabilities		72.707	51.103	23.618
Net Current Assets		(1.245)	0.895	1.021
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.223	1.266	2.158

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Revenue from operations	96.799	105.961
	Other Income	0.925	0.908
	TOTAL	97.724	106.869	N.A
Less	EXPENSES
	Purchase of Stock-in-Trade	51.254
	Cost of Services Sold	4.398
	Compensation and Benefits	35.679
	Selling and Administration Expenses	5.070
	Other Expenses	0.005
	Profit/(Loss) on sale of Asset	(0.221)
	TOTAL	96.185	100.233	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.539	6.636	N.A
Less	FINANCIAL EXPENSES	0.096	0.034	N.A
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	1.443	6.602	N.A
Less/ Add	DEPRECIATION/ AMORTISATION	0.218	0.072	0.083
	PROFIT BEFORE TAX	1.225	6.530	0.093
Less	TAX	0.380	0.000	0.010
	PROFIT AFTER TAX	0.845	6.530	0.084
	EARNINGS IN FOREIGN CURRENCY
	Export of goods calculated on fob basis	26.291	39.923
	Royalty, Know-how, professional and Consultation fees	2.188	1.764
	TOTAL EARNINGS	28.479	41.687	2.636
	Earnings Per Share (Rs.)
	Basic EPS	150.90	1166.00	15.04
	Diluted EPS	150.90	1166.00	15.04

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.86	6.11	N.A.
Net Profit Margin (PBT/Sales)	(%)	1.27	6.16	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	1.63	12.47	0.37
Return on Investment (ROI) (PBT/Networth)		0.58	5.16	(0.02)
Debt Equity Ratio (Total Liability/Networth)		34.44	40.37	(5.90)
Current Ratio (Current Asset/Current Liability)		0.98	1.02	1.04

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 two 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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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 LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Advances from Customers	0.000	6.971
Total	0.000	6.971

CORPORATE INFORMATION

The company is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is primarily engaged in the business of providing Engineering consultancy services and deals in engineering goods.

CONTINGENT LIABILITIES

Particulars	2011-12
Guarantees	1.907

FIXED ASSETS

• Furniture and Fixtures
• Vehicles
• Plant and Equipments
• Air Conditioners
• Computer and Accessories
• Office Equipments

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. 53.95
UK Pound	1	Rs. 86.24
Euro	1	Rs. 72.21

INFORMATION DETAILS

Report Prepared by :

RJT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.