MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	AVASARALA TECHNOLOGIES LIMITED (w.e.f.28.09.2005)
Formerly Known As :	AVASARALA AUTOMATION LIMITED (w.e.f.26.04.1995) AVASARALA AUTOMATION PRIVATE LIMITED
Registered Office :	No.47, 36^th Main, BTM I Stage, Dollar Scheme, Bangalore - 560068, Karnataka
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	09.03.1987
Com. Reg. No.:	08-008228
Capital Investment / Paid-up Capital :	Rs. 53.663 Millions
CIN No.: [Company Identification No.]	U85110KA1987PLC008228
TAN No.: [Tax Deduction & Collection Account No.]	BLRA00256E
PAN No.: [Permanent Account No.]	AABCA2381E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing complete range of Engineering Products, Solutions and Services in areas of Nuclear Power, Automation, Healthcare Equipments, Space Products Technology and Outsourced Manufacturing.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Balance Sheet Statement for the year 2012 is not available. As per available financial, there appears a dip in net profit during 2012. The ratings state into consideration the irregularities in debt servicing by the company. Working capital is largely funded through borrowings resulting in high levels of leveraging and interest cost, thereby restraining the net profitability. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and secured 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based W.C. Limit : D
Rating Explanation	Ratings are in default
Date	August 2012

Rating Agency Name	ICRA
Rating	Non-Fund based Limit : A4
Rating Explanation	Default on maturity
Date	August 2012

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 / Corporate Office :	No.47, 36^th Main, BTM I Stage, Dollar Scheme, Bangalore - 560068, Karnataka, India
Tel. No.:	91-80-26683860/ 26683165
Fax No.:	91-80-26683935/ 26685734
E-Mail :	kkbhat@avasarala.com info@avasarala.com sridhar@avasarala.com
Website :	http://www.avasarala.com
Nuclear Power and Engineering Construction/ Factory Automation :	No. 60, Somanahalli Gate, 27th KM, Kanakapura Road, Bangalore – 560082, Karnataka, India
Tel. No.:	91-80-26083300
Fax No.:	91-80-26083301
E-Mail :	ashok@avasarala.com rudra@avasarala.com
Head Office/ Factory 1 :	MSI Area, 24^th Cross, 6^th Main Road, PIPDIC Industrial Estate, Mettupalayam – 605009, Tamilnadu, India
Tel. No.:	91-413-2275574
Fax No.:	91-413-2272976
Factory 2 :	14/2, Raghuvanahalli, 14^th K M, Kanakapura Road, Bangalore - 500062, Karnataka, India
Tel. No.:	91-80-28435666/ 28435376/ 28435521/ 28435665/ 28425477
Fax No.:	91-80-28435207
E-Mail :	marketing@avasarala.com
Factory 3 :	61A, KIADB Industrial Area, Hosur Road, Bommassandra, Bangalore - 560099, Karnataka, India
Tel. No.:	91-80-7834213
Fax No.:	91-80-7835909
E-Mail :	spd@avasarala.com
Factory 4 :	90A, Electronic City, Hosur Road, Bangalore - 560100, Karnataka, India
Tel. No.:	91-80-28520617
Fax No.:	91-80-28520216
E-Mail :	healthcare@avasarala.com
Factory 5 :	70, Hootagalli Industrial Area, Mysore - 571186, Karnataka, India
Tel. No.:	91-821-4282290
Fax No.:	91-821-4282292
E-Mail :	metals@avasarala.com
Factory 6 :	999, Plaza Drive, Suite 599, Schaumburg, IL 60173, USA
Tel. No.:	1-847 9690630
Fax No.:	1-847 9690631
E-Mail :	usa@avasarala.com
Factory 7 :	28/A, Ganeshadatta Housing Society, Shankarnagar-1, Pune - 411009, Maharashtra, India
Tel. No.:	91-20-24226533
Fax No.:	91-20-24226532
E-Mail :	pune@avasarala.com
Branch Office :	House No.B32, Old DLF Colony, Sector 14, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-3254971
E-Mail :	ssrajan@avasarala.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Thavuthkhanpet Thanigai Mani

Designation :

Managing director

Address :

No. 120, 4^th ‘A’ Cross, BTM 2^nd STG, BG, Sanskruti Pearl, Bangalore – 560076, Karnataka India

Date of Birth/Age :

01.07.1950

Qualification :

Bachelor of Engineering

Date of Appointment :

02.09.2011

DIN No.:

00029086

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	U85110KA1987PLC008228	AVASARALA TECHNOLOGIES LIMITED	Managing director	02/09/2011	09/03/1987	Active	NO
2	U29253KA2012PTC062745	AVASARALA AUTOMATION PRIVATE LIMITED	Director	27/02/2012	27/02/2012	Active	NO
3	U40104KA2013PTC068370	AVASARALA GREEN ENERGY PRIVATE LIMITED	Director	30/03/2013	30/03/2013	Active	NO

Name :

Mr. Harjit Singh Bhatia

Designation :

Additional director

Address :

Hse 27, Le Palais No 8 Pak Pat Shan Rd, Tai Tam Hong Kong

Date of Birth/Age :

08.10.1949

Date of Appointment :

28.01.2013

DIN No.:

02285424

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	U45200AP2001PLC038175	INDU PROJECTS LIMITED	Director	07/08/2008	07/08/2008	Active	NO
2	L35912MH1970PLC014819	KINETIC ENGINEERING LIMITED	Additional director	13/02/2013	13/02/2012	Active	NO
3	U85110KA2000PTC027497	NARAYANA HRUDAYALAYA PRIVATE LIMITED	Director	17/12/2012	17/12/2012	Active	NO
4	U85110KA1987PLC008228	AVASARALA TECHNOLOGIES LIMITED	Additional director	28/01/2013	28/01/2013	Active	NO
5	U67120MH2007PTC173468	PINEBRIDGE INVESTMENTS INDIA ADVISORS PRIVATE LIMITED	Additional director	25/02/2013	25/02/2013	Active	NO

Name :

Mr. Mangaapathi Rao Avasarala

Designation :

Director

Address :

FB 16, Transindus, Tatguni Post, Agara Village, Kanakapura Main Road, Bangalore – 560062, Karnataka, India

Date of Birth/Age :

15.12.1932

Qualification :

Master of Technology

Date of Appointment :

09.03.1987

DIN No.:

00481068

Name :

Mr. Kunjithapadam Raghupathi

Designation :

Director

Address :

No. 410, Shashi Kiran Apartments, 18^th Cross, Malleshwaram, Bangalore - 560055, Karnataka, India

Date of Birth/Age :

14.02.1950

Qualification :

Chartered Accountant

Date of Appointment :

28.09.2006

DIN No.:

00693201

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	U65991TN1991PLC021029	MAGNA CREDIT AND FINANCIAL SERVICES LIMITED	Director	27/06/1991	27/06/1991	-	Active	NO
2	U67120KA1995PTC019081	K.R.SECURITIES PRIVATE LIMITED	Director	30/10/1995	30/10/1995	-	Active	NO
3	U15131KA2004PTC033393	PLANET PICKLES PRIVATE LIMITED	Additional director	27/01/2006	27/01/2006	27/12/2007	Active	NO
4	U85110KA1987PLC008228	AVASARALA TECHNOLOGIES LIMITED	Director	28/09/2006	02/09/2006	-	Active	NO

KEY EXECUTIVES

Name :	S Ramesh
Designation :	Secretary
Address :	No.168, 7th B Main Road, 16th Cross, J.P. Nagar, 4th Phase, Bangalore – 560078, Karnataka, India
Date of Birth/Age :	14.03.1958
Date of Appointment :	01.02.2012
PAN No.:	AFYPR4870G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	45.27
Bodies corporate	0.85
Directors or relatives of directors	51.90
Other top fifty shareholders	1.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing complete range of Engineering Products, Solutions and Services in areas of Nuclear Power, Automation, Healthcare Equipments, Space Products Technology and Outsourced Manufacturing.

Products/ Services :

ITC Code No.	Product Descriptions
84751000	Engineering

PRODUCTION STATUS (AS ON 31.03.2011)

Class of Goods	Unit	Licensed Capacity	Installed Capacity	Actual Production
Heat pipes	Nos.	NA	600	301
Electron Guns	Nos.	NA	4,200,000	NA
Tungsten Products	Kgs	NA	24,000	NA
Healthcare Products	Nos.	NA	10,000	1,190

Note:

Installed capacity has been stated on the basis of the total annual installed capacity as at the Balance sheet date. The installed capacity is as certified by the management of the Company and being a technical matter has been relied upon by the auditors.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Karur Vysya Bank Limited, No. 54, Nagasandhra Circle, Southend Road, Basavangudi, Bangalore – 560004, Karnataka, India

· State Bank of India, Industrial Finance Branch, Bangalore - 560025, Karnataka, India

· State Bank of Travancore, P B No. 1808, MM Hills Vartha Bhavan, Tippu Sultan Palace Road, Bangalore – 560018, Karnataka, India

· Corporation Bank, Industrial Finance Branch, No. 30, Rallaram Building, Mission Road, Bangalore - 560027, Karnataka, India

· The Hongkong and Shanghai Banking Corporation Limited, No. 7, M G Road, Bangalore - 560001, Karnataka, India

· Standard Chartered Bank, Raheja Towers, Sixth Floor, No. 26-27, M. G. Road, Bangalore - 560001, Karnataka, India

· UCO Bank, Jayanagar Branch, III Block, Bangalore, Karnataka, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Rupee term loans banks secured	NA	649.787
Foreign currency loans banks secured		0.000
Working capital loans banks secured		1248.871
Total	NA	1898.658

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	12th Floor and 13th Floor, "UB CITY" Canberra, Block No. 24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAIFB0630K
Subsidiaries :	Avasarala Inc., USA
Major Shareholder other than the KMP :	· Ashoka Investment Holdings Limited · Ambadevi Mauritius Holding Limited · Aditi Investment Holding Limited
Enterprises owned or significantly influenced by KMP :	· K R Securities Private Limited · Magna Credit and Financial Services Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs. 10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,393,351	Equity Shares	Rs. 10/- each	Rs. 73.934 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,366,343	Equity Share	Rs.10/- each	Rs. 53.663 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		53.663	53.663
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1636.834	1558.809
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1690.497	1612.472
LOAN FUNDS
1] Secured Loans		1898.658	1491.567
2] Unsecured Loans		28.257	4.975
TOTAL BORROWING		1926.915	1496.542
DEFERRED TAX LIABILITIES		100.010	94.944
TOTAL		3717.422	3203.958
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1395.380	1339.758
Capital work-in-progress		117.458	155.899
INVESTMENT		1.001	1.001
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	340.304	317.057
	Sundry Debtors	672.730	726.478
	Cash & Bank Balances	227.319	63.018
	Other Current Assets	1584.761	1134.878
	Loans & Advances	118.973	85.373
Total Current Assets		2944.087	2326.804
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.202	363.316
	Other Current Liabilities	507.264	208.370
	Provisions	47.038	47.818
Total Current Liabilities		740.504	619.504
Net Current Assets		2203.583	1707.300
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3717.422	3203.958

Note: Balance Sheet Statement for the year 2012 is not available only Profit and Loss Account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1799.920	1611.621	1394.752
		Other Income	12.883	7.715	4.402
		TOTAL (A)	1812.803	1619.336	1399.154
Less	EXPENSES
		Cost of materials consumed	792.792	546.409
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(50.789)	8.332
		Employee benefit expense	185.288	160.788
		Other expenses	460.920	461.979
		TOTAL (B)	1388.211	1177.508	995.922
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		424.592	441.828	403.232
Less	FINANCIAL EXPENSES (D)		260.969	236.104	217.670
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		163.623	205.724	185.562
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.287	71.375	57.976
	PROFIT BEFORE TAX (E-F) (G)		81.336	134.349	127.586
Less	TAX (H)		33.641	50.067	43.570
	PROFIT AFTER TAX (G-H) (I)		47.695	84.282	84.016
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		563.542	488.517	430.058
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	3.000	13.000
		Proposed Dividend	NA	5.366	10.733
		Tax on Dividend	NA	0.891	1.824
	BALANCE CARRIED TO THE B/S		NA	563.542	488.517
	EARNINGS IN FOREIGN CURRENCY
		Contract Revenue	730.956	49.885	56.799
		Sale of Goods	0.000	0.000	0.240
	TOTAL EARNINGS		730.956	49.885	57.039
	IMPORTS
		Raw Materials and Components	244.760	98.508	172.796
		Capital Goods	137.793	1.229	0.000
	TOTAL IMPORTS		382.553	99.737	172.796
	Earnings Per Share (Rs.)
	Basic		6.70	15.71	15.66
	Diluted		6.70	11.40	13.97

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.63	5.20	6.00
Net Profit Margin (PBT/Sales)	(%)	4.52	8.34	9.15
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.10	3.48
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.08
Debt Equity Ratio (Total Debt/Networth)		NA	1.14	0.93
Current Ratio (Current Asset/Current Liability)		NA	3.98	3.76

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	No
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10375327	26/11/2012 *	400,000,000.00	THE KARUR VYSYA BANK LIMITED	NO.54, NAGASANDRA CIRCLE, SOUTHEND ROAD, BASAVANGUDI, BANGALORE - 560004, KARNATAKA, INDIA	B63167274
2	10353772	31/03/2012	100,000,000.00	THE KARUR VYSYA BANK LIMITED	NO.54, NAGASANDRA CIRCLE, SOUTHEND ROAD, BASAVANGUDI, BANGALORE - 560004, KARNATAKA, INDIA	B38951174
3	10280727	24/12/2011 *	1,065,000,000.00	INDIAN OVERSEAS BANK	RESIDENCY ROAD BRANCH, 133/2, JANARDHAN TOWER, RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA	B28515104
4	10269352	01/03/2011	180,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B07180227
5	10196441	24/12/2009	50,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, RALLARAM MEMORIAL BLDG., 1ST FLOOR, NO.30, 2ND CROSS, MISSION ROAD, BANGALORE - 560027, KARNATAKA, INDIA	A76062926
6	80004172	07/06/2013 *	362,000,000.00	STATE BANK OF TRAVANCORE	P B NO. 1808, MM HILLS VARTHA BHAVAN, TIPPU SULTAN PALACE ROAD, BANGALORE - 560018, KARNATAKA, INDIA	B80572266
7	80008043	16/07/2013 *	1,446,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA	B79937876
8	80008041	21/11/2012 *	756,500,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, RALLARAM BLDG., NO.30, MISSION ROAD, BANGALORE - 560027, KARNATAKA, INDIA	B63354427
9	80008050	14/08/2004	32,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BANGALORE - 560025, KARNATAKA, INDIA	-
10	80008053	14/08/2004	32,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BANGALORE - 560025, KARNATAKA, INDIA	-
11	80008049	03/04/2002	158,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BANGALORE - 560025, KARNATAKA, INDIA	-
12	80008290	03/04/2002	158,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BANGALORE - 560025, KARNATAKA, INDIA	-
13	80007352	31/12/1999	40,000,000.00	IDBI	IDBI TOWER, MUMBAI - 400005, MAHARASHTRA, INDIA	-
14	80065892	08/10/1996	48,600,000.00	CANARA BANK	IFB, RICHMOND ROAD , BANGALORE - 560025, KARNATAKA, INDIA	-
15	80065893	19/08/1987	195,000.00	CANARA BANK	YEDIYUR BRANCH, BANGALORE - 560082, KARNATAKA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Working capital loans banks unsecured	NA	9.540
Working capital loans others unsecured		14.642
Fixed deposits unsecured		2.675
Other debt unsecured		1.400
Total	NA	28.257

CORPORATE INFORMATION

Subject was incorporated at Bangalore on March 9, 1987. The Company provides complete range of engineering products, solutions and services in areas of Nuclear Power, Automation, Healthcare equipments, Space Products technology and Outsourced Manufacturing.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Letters of Credit	284.251	206.774
Bank Guarantees	1158.033	1046.727
Claims against the Company not acknowledged as debts:
- Income tax/Excise/Service Tax, etc (under appeal)	120.119	97.803
- Labour related pending cases	4.164	4.164

FIXED ASSETS:

Ø Freehold and Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixtures

Ø Computers

Ø Vehicles

Ø Office equipments

Ø Jigs and fixtures

Ø Utilities

Ø Electrical installation

Ø Testing equipments

Ø Tools and equipments

Ø Technical know how

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. 61.92
UK Pound	1	Rs. 99.45
Euro	1	Rs. 83.92

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.