MIRA INFORM REPORT

Report Date :

12.05.2014

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) :	31.03.2013
Date of Incorporation :	09.03.1987
Com. Reg. No.:	08.008228
Capital Investment / Paid-up Capital :	Rs.73.933 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 Divulged

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 moderate track record. The rating takes into account continued delays in debt servicing by the company on account of stained liquidity amid high working capital intensity of operations. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based working capital limits D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	October 2013

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-80-26683860)

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 30.09.2013

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

PAN No. :

AAUPM3451F

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	Date of cessation	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 :

30.09.2013

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200AP2001PLC038175	INDU PROJECTS LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
2	L35912MH1970PLC014819	KINETIC ENGINEERING LTD	Director	28/09/2013	13/02/2012	-	Active	NO
3	U85110KA2000PTC027497	NARAYANA HRUDAYALAYA PRIVATE LIMITED	Director	30/09/2013	17/12/2012	-	Active	NO
4	U85110KA1987PLC008228	AVASARALA TECHNOLOGIES LIMITED	Director	30/09/2013	28/01/2013	-	Active	NO
5	U67120MH2007PTC173468	PineBridge Investments India Advisors Private Limited	Director	20/09/2013	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

PAN No.:

AALPR6521N

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

PAN No.:

AMAPK4299F

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
5	U74140MH2013PTC250150	AUMQI ADVISORS PRIVATE LIMITED	Director	16/11/2013	16/11/2013	-	Active	NO

Name :

Mr. Ashish Kumar Agarwal

Designation :

Director

Address :

Flat No. 402, 4^th Floor, ‘B’ Wing, Vivarea Building, M A Road, Jacob Circle, Mumbai – 400 011, Maharashtra, India

Date of Birth/Age :

06.03.1972

Date of Appointment :

30.09.2013

DIN No.:

00139386

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	U28999KA2001PTC029937	FIREPRO SYSTEMS PRIVATE LIMITED	Nominee director	25/09/2012	31/03/2006	-	Active	NO
2	U85110KA1987PLC008228	AVASARALA TECHNOLOGIES LIMITED	Director	30/09/2013	18/04/2007	-	Active	NO
3	U74899DL1994PLC061753	UNIPARTS INDIA LIMITED	Nominee director	18/09/2007	18/09/2007	-	Active	NO
4	U29214DL2005PTC132107	GRIPWEL FASTENERS PRIVATE LIMITED	Director	22/09/2008	21/01/2008	-	Active	NO
5	L35912MH1970PLC014819	KINETIC ENGINEERING LTD	Director	18/11/2008	14/02/2008	-	Active	NO
6	U27201KA1972PTC002307	MAINI PRECISION PRODUCTS PRIVATE LIMITED	Director	18/09/2012	09/03/2009	30/10/2012	Active	NO
7	U67120MH2007PTC173468	PineBridge Investments India Advisors Private Limited	Director	18/06/2009	18/06/2009	-	Active	NO
8	U85110KA2000PTC027497	NARAYANA HRUDAYALAYA PRIVATE LIMITED	Alternate director	17/12/2012	01/11/2012	-	Active	NO
9	U29110MH1990PLC055506	SKIL Infrastructure Limited	Director	28/12/2012	26/11/2012	-	Amalgamated	NO
10	U74120MH2013PTC248536	Infinity Consultancy Services Private Limited	Director	24/09/2013	24/09/2013	-	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 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	45.22
Bodies corporate	0.85
Directors or relatives of Directors	52.13
Other top fifty shareholders	1.80
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 :

Item Code No. (ITC Code)	Product Description
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 Divulged

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	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loan from bank	417.303	514.306
SHORT TERM BORROWINGS
Working capital loan from bank	1511.893	1311.516
Total	1929.196	1825.822

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	12^th Floor and 13^th Floor, "UB CITY" Canberra, Block No. 24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
PAN No. :	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 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7393351	Equity Shares	Rs.10/- each	Rs.73.933 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	73.933	73.933	53.663
(b) Reserves & Surplus	2291.506	2209.270	1636.834
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2365.439	2283.203	1690.497
(3) Non-Current Liabilities
(a) long-term borrowings	417.303	522.865	551.650
(b) Deferred tax liabilities (Net)	117.430	117.651	100.010
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.179	4.842	17.834
Total Non-current Liabilities (3)	540.912	645.358	669.494
(4) Current Liabilities
(a) Short term borrowings	1511.893	1311.516	1261.111
(b) Trade payables	378.617	187.848	156.746
(c) Other current liabilities	695.593	390.588	650.873
(d) Short-term provisions	44.137	39.699	61.167
Total Current Liabilities (4)	2630.240	1929.651	2129.897
TOTAL	5536.591	4858.212	4489.888
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2028.825	2007.746	1347.132
(ii) Intangible Assets	23.437	44.118	48.247
(iii) Capital work-in-progress	5.522	0.224	23.587
(iv) Intangible assets under development	0.000	0.000	40.357
(b) Non-current Investments	0.545	0.574	0.474
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	69.617	102.047	100.069
(e) Other Non-current assets	112.821	83.000	74.847
Total Non-Current Assets	2240.767	2237.709	1634.713
(2) Current assets
(a) Current investments	0.350	0.528	0.528
(b) Inventories	349.132	429.212	340.304
(c) Trade receivables	541.549	254.643	672.730
(d) Cash and cash equivalents	5.818	7.293	155.725
(e) Short-term loans and advances	110.014	131.343	104.379
(f) Other current assets	2288.961	1797.484	1581.509
Total Current Assets	3295.824	2620.503	2855.175
TOTAL	5536.591	4858.212	4489.888

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2019.478	1799.920	1611.621
		Other Income	13.327	12.883	7.715
		TOTAL	2032.805	1812.803	1619.336
Less	EXPENSES
		Cost of Materials Consumed	672.307	792.792	546.409
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	175.471	-50.789	8.332
		Employees benefits expense	180.119	191.424	160.788
		Other expenses	460.403	423.980	461.979
		TOTAL	1488.300	1357.407	1177.508
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		544.505	455.396	441.828
Less	FINANCIAL EXPENSES		340.523	293.273	236.104
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		203.982	162.123	205.724
Less/ Add	DEPRECIATION/ AMORTISATION		92.316	82.287	71.375
	PROFIT/ (LOSS) BEFORE TAX		111.666	79.836	134.349
Less	TAX		20.780	32.141	50.067
	PROFIT/ (LOSS) AFTER TAX		90.886	47.695	84.282
	Earnings / (Loss) Per Share (Rs.)		12.29	6.70	15.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	s	2.63	5.20
Net Profit Margin (PBT/Sales)	(%)	5.53	4.44	8.34
Return on Total Assets (PBT/Total Assets}	(%)	2.02	1.64	3.04
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.08
Debt Equity Ratio (Total Debt/Networth)		0.82	0.80	1.07
Current Ratio (Current Asset/Current Liability)		1.25	1.36	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	53.663	73.933	73.933
Reserves & Surplus	1636.834	2209.270	2291.506
Net worth	1690.497	2283.203	2365.439
long-term borrowings	551.650	522.865	417.303
Short term borrowings	1261.111	1311.516	1511.893
Total borrowings	1812.761	1834.381	1929.196
Debt/Equity ratio	1.072	0.803	0.816

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1611.621	1799.920	2019.478
		11.684	12.198

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1611.621	1799.920	2019.478
Profit	84.282	47.695	90.886
	5.23%	2.65%	4.50%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loan from others	0.000	8.559
Total	0.000	8.559

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375327	29/10/2013 *	400,000,000.00	THE KARUR VYSYA BANK LIMITED	NO.54, NAGASANDRA CIRCLE SOUTHEND ROAD, BASAVAN GUDI, BANGALORE, Karnataka - 560004, INDIA	B92356633
2	10280727	24/12/2011 *	1,065,000,000.00	INDIAN OVERSEAS BANK	RESIDENCY ROAD BRANCH, 133/2, JANARDHAN TOWER, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA	B28515104
3	10269352	01/03/2011	180,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B07180227
4	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, Karnataka - 560027, INDIA	A76062926
5	80004172	07/06/2013 *	362,000,000.00	State Bank of Travancore	P B NO. 1808, MM HILLS VARTHA BHAVAN,, TIPPU SULT AN PALACE ROAD, Bangalore, Karnataka - 560018, INDIA	B80572266
6	80008043	16/07/2013 *	1,446,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA	B79937876
7	80008041	21/11/2012 *	756,500,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, RALLARAM BLDG., NO.30, MISSION ROAD, BANGALORE, Karnataka - 560027, INDIA	B63354427
8	80008050	14/08/2004	32,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BANGALORE, Karnataka - 560025, INDIA	-
9	80008053	14/08/2004	32,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, BANGALORE, Karnataka - 560025, INDIA	-
10	80008049	03/04/2002	158,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA	-
11	80008290	03/04/2002	158,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, REDSIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA	-
12	80007352	31/12/1999	40,000,000.00	IDBI	IDBI TOWER, MUMBAI, Maharashtra - 400005, INDIA	-
13	80065892	08/10/1996	48,600,000.00	CANARA BANK	IFB, RICHMOND ROAD, BANGALORE, Karnataka - 560025, INDIA	-
14	80065893	19/08/1987	195,000.00	CANARA BANK	YEDIYUR BRANCH , BANGALORE , BANGALORE, Karnataka - 560082, INDIA	-

* Date of charge modification

CORPORATE INFORMATION

The Company 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 equipment’s, Space Products technology and Outsourced Manufacturing.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	ANK

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
DEFAULTER
--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.