MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	A K SYSTEM ENGINEERS PRIVATE LIMITED
Registered Office :	322, NEB Sarai, New Delhi – 110 068
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.01.1985
Com. Reg. No.:	55-019955
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U74899DL1985PTC019955
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Water, Tea and Coffee Vending Machines
No. of Employees :	70 (Approximately)

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 29000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company recorded modest scale of business operation. There appears dip in its profitability during 2011-12. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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 – 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

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 PARTED BY

Name :	Mr. Sanjay Chopra
Designation :	Head in sales and business development
Contact No.:	91-9999991912
Date :	11.05.2013

LOCATIONS

Registered Office :	322, NEB Sarai, New Delhi – 110 068, India
Tel. No.:	91-120-3221819/3221820/3914910-16
Mobile No.:	91-9999991912 (Mr. Sanjay Chopra)
Fax No.:	91-120-2423661
E-Mail :	sahul@gmail.com sanjay@vendingupdates.com
Website :	www.altantisplus.com
Area :	1000 sq ft
Location :	Owned
Factory :	B-32, Sector-5, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-3221819/ 3221820/ 3914910-16
Fax No.:	91-120-2423661
Area :	10000 sq ft
Location :	Owned

DIRECTORS

As on: 30.09.2012

Name :

Mr. (Col.) Krishan Swarup Khurana

Designation :

Director

Address :

325, Sector – 15A, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

08.11.1934

Date of Appointment :

29.01.1985

DIN No.:

01040497

Others 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	U74899DL1985PTC019955	A K SYSTEM ENGINEERS PRIVATE LIMITED	Managing director	29/01/1985	29/01/1985	-	Active	NO

Name :

Mrs. Shobha Khurana

Designation :

Director

Address :

325, Sector – 15A, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

01.08.1941

Date of Appointment :

29.01.1985

DIN No.:

01972488

Others 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	U74899DL1985PTC019955	A K SYSTEM ENGINEERS PRIVATE LIMITED	Director	29/01/1985	29/01/1985	-	Active	NO
2	U28252DL1996PTC081866	VENDING UPDATES (INDIA) PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO

Name :

Mr. Sahul Khurana

Designation :

Whole Time Director

Address :

325, Sector – 15A, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

05.02.1965

Date of Appointment :

16.07.1992

DIN No.:

01040417

Others 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	U74899DL1985PTC019955	A K SYSTEM ENGINEERS PRIVATE LIMITED	Director	16/07/1992	16/07/1992	-	Active	NO
2	U28252DL1996PTC081866	VENDING UPDATES (INDIA) PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO

Name :

Mr. Rahul Khurana

Designation :

Director

Address :

325, Sector – 15A, Gautam Budh Nagar, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

22.07.1963

Date of Appointment :

16.07.1992

DIN No.:

01236604

Others 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	U74899DL1985PTC019955	A K SYSTEM ENGINEERS PRIVATE LIMITED	Director	16/07/1992	16/07/1992	-	Active	NO
2	U21022DL2001PTC113264	MATA VAISHNO PACKING PRIVATE LIMITED	Director	30/09/2008	03/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Krishan Swarup Khurana	203600
Shobha Khurana	20800
Sahul Khurana	72000
Rahul Khurana	3600
Total	300000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Water, Tea and Coffee Vending Machines
Products :	Water Dispensers · Frosty · Fire and Ice · Mega · Classic · Basic · Icy Hot Beverage Dispensers · Cafe Mini · Cafe Plus · Vendor
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

• Wholesaler

• Retailers

No. of Employees :

70 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• Bank of India, Greater Kailash – II, New Delhi, India
• ICICI Bank Limited
• Citi Bank

Facilities :

Cash credit – Rs. 25.000 Millions (From HDFC Bank Limited)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
HDFC loan	0.718	2.443
From HDFC Bank	25.906	21.186
Total	26.624	23.629

Banking Relations :	--
Auditors :
Name :	Sunil Vijay and Associates Chartered Accountants
Address :	R-700, New Rajinder Nagar, New Delhi – 110 060, India
Tel. No.:	91-11-28743579
Fax No.:	91-11-28743577
E-Mail :	sunilvijay22@rediffmail.com
PAN No.:	AAIFS6442A
Subsidiaries :	Vending updates India Private Limited, Noida, Uttar Pradesh, India The Vending Company, Rudrapur, Uttar Pradesh, India

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.341	3.899	2.774
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.341	6.899	5.774
LOAN FUNDS
1] Secured Loans		26.624	23.629	18.926
2] Unsecured Loans		8.064	11.707	12.248
TOTAL BORROWING		34.688	35.336	31.174
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.029	42.235	36.948
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.272	11.114	11.923
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.056	16.648	14.072
	Trade receivable	12.501	14.725	15.003
	Cash & Bank Balances	0.095	0.054	0.040
	Other Current Assets	0.057	0.000	0.000
	Loans & Advances	4.934	6.537	4.459
Total Current Assets		41.643	37.964	33.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.880	3.577	6.466
	Other Current Liabilities	3.540	2.814	1.756
	Provisions	1.466	0.452	0.327
Total Current Liabilities		9.886	6.843	8.549
Net Current Assets		31.757	31.121	25.025
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		42.029	42.235	36.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	142.342	90.922	57.008
		Other Income	0.480	0.480	0.320
		TOTAL (A)	142.822	91.402	57.328
Less	EXPENSES
		Cost of material consumed	112.529	70.527
		Employee benefit expenses	8.182	4.991
		Other Expenses	24.165	12.788
		Changes in inventories of finished goods work-in-progress and stock-in-trade	(7.408)	-2.576
		TOTAL (B)	137.468	85.730	54.958
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.354	5.672	Including finance expenses
Less	FINANCIAL EXPENSES (D)		3.318	2.968
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.036	2.704	2.370
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.036	1.127	1.222
	PROFIT BEFORE TAX (E-F) (G)		1.000	1.577	1.148
Less	TAX (H)		0.559	0.452	0.327
	PROFIT AFTER TAX (G-H) (I)		0.441	1.125	0.821
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.071	NA	NA
	TOTAL EARNINGS		0.071	NA	NA
	Earnings Per Share (Rs.)		1.47	3.75	2.73

Particulars	31.03.2013
Sales Turnover [Approximately]	170.000

Expected Sales (2013-14) : Rs.220.000 Millions

The above information has been parted by Mr. Sanjay Chopra

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.31	1.23	1.43
Net Profit Margin (PBT/Sales)	(%)	0.70	1.73	2.01
Return on Total Assets (PBT/Total Assets}	(%)	1.92	3.21	2.52
Return on Investment (ROI) (PBT/Networth)		0.13	0.22	0.20
Debt Equity Ratio (Total Debt/Networth)		4.72	5.12	5.40
Current Ratio (Current Asset/Current Liability)		4.21	5.55	3.93

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 LOAN

Particulars	As on 31.03.2012	As on 31.03.2011
From Directors Friends and Relatives	5.500	5.500
From Col K S Khurana	0.144	0.220
From Sahul Khurana	2.420	5.987
Total	8.064	11.707

NOTE: The Registered Office of the company has been shifted from Y 36, Okhla Industrial Area, Phase – II, new Delhi – 110020, India to the present address.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74899DL1985PTC019955
Name of the company	A K SYSTEM ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	322, NEB Sarai, New Delhi – 110 068, India Email-id:- sahulk@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10283527
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email-id:- RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds.
Date of instrument Creating the charge	15.03.2013
Amount secured by the charge	Rs. 27.350 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working Capital facility shall be payable on demand. Term Loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as security for repayment of Rs.27.350 millions granted by bank to Vending Updates India Private Limited ("The Borrower"), together with principal, interest, liquidated damages, costs, charges and expenses. Others NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Industrial Plot No. 23, Block - B, Sector - 88, Phase - II, Noida, India
Particulars of the present modification	The charge shall now stand reduced from Rs.28.800 million to Rs.27.350 million, in favour the Bank against the equitable mortgage of immovable properties being lying and situated at Noida.

FIXED ASSETS:

• Land
• Building
• Furniture and Fixture
• Computer
• Machinery
• Fans
• Vehicles
• Typewriter
• Cycle
• Generator
• Office Equipments
• Refrigeration
• Pager
• Air Conditioner
• Water Cooler
• Mobile Phone
• Tempo
• Water Purifier

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 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. 54.62
UK Pound	1	Rs. 83.67
Euro	1	Rs. 71.01

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--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	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.