MIRA INFORM REPORT

Report No. :	341493
Report Date :	19.09.2015

IDENTIFICATION DETAILS

Name :	SAMTEL AVIONICS LIMITED (w.e.f. 20.09.2013)
Formerly Known As :	SAMTEL AVIONICS AND DEFENCE SYSTEMS LIMITED (w.e.f. 24.07.2012) SAMTEL DISPLAY SYSTEMS LIMITED (w.e.f.19.01.2007) SAMTEL DISPLAY SYSTEMS PRIVATE LIMITED (w.e.f.01.08.2006) ROXY INVESTMENTS PRIVATE LIMITED
Registered Office :	501, 5th Floor, Copia Corporate Suites, Plot No. 9, District Centre Jasola, New Delhi - 110025
Tel. No.:	91-11-42424000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.07.1983
Com. Reg. No.:	55-016093
Capital Investment / Paid-up Capital :	Rs. 2.736 Million
CIN No.: [Company Identification No.]	U74899DL1983PLC016093
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELR09168F
PAN No.: [Permanent Account No.]	AACCR3527Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the field of manufacturing of avionics products, equipment and systems for military and commercial aircraft.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 163000
Status :	Satisfactory
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1983. The company has formed joint ventures with Hindustan Aeronautics Limited and Thales Avionics Limited. The company has taken huge external borrowing which lead risk to financial risk of the company. For the financial year ended 2014, management has registered healthy operational activity marked by good top line growth on revenue of Rs. 460.000 Million as compared to previous year revenue of Rs. 290.000 Million. It has long business track record and receives strong joint venture entity support. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Archita Das
Designation :	HR Executive
Contact No.:	91-120-3079000
Date :	16.09.2015

LOCATIONS

Registered Office / Corporate Office:	501, 5th Floor, Copia Corporate Suites, 9, District Centre, Jasola, New Delhi – 110025, India
Tel. No.:	91-11-42424000
Fax No.:	91-11-424077
E-Mail :	rkbhalla@samtelgroup.com
Website :	http://www.samtalgroup.com
Factory / Branch Offices :	1st floor, Wegmans Business Park, Plot No. 3, Knowledge Park III, District. Gautam Budh Nagar, Greater Noida - 201308, Uttar Pradesh, India
Tel. No.:	91-120-3079000
Fax No.:	91-120-3079001

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Arun Seth

Designation :

Director

Address :

A-7, Geetanjali Enclave, New Delhi - 110070, India

Date of Birth/Age :

19.11.1951

Date of Appointment :

27.09.2013

DIN No.:

00204434

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	U74899DL2000PTC109012	BT (INDIA) PRIVATE LIMITED	Director	23/04/2002	23/04/2002	30/06/2012	Active	NO
2	L64200MH1986PLC041370	TECH MAHINDRA LIMITED	Nominee director	14/02/2005	14/02/2005	22/01/2010	Active	NO
3	U64201DL2005PTC140907	BT TELECOM INDIA PRIVATE LIMITED	Director	03/11/2006	03/11/2006	30/06/2012	Active	NO
4	U85110KA1995PLC018673	TECH MAHINDRA ( R AND D SERVICES) LIMITED	Director	26/06/2007	17/11/2006	-	Amalgamated	NO
5	U64120MH2005PTC158462	BT TELCO SERVICES INDIA PRIVATE LIMITED	Director	30/09/2008	31/05/2007	-	Amalgamated	NO
6	U72900DL1992PTC280617	BT GLOBAL COMMUNICATIONS INDIA PRIVATE LIMITED	Director	30/09/2008	31/05/2007	30/06/2012	Active	NO
7	U64202HR2003PTC035026	ACME CLEANTECH SOLUTIONS PRIVATE LIMITED	Director	29/09/2007	07/08/2007	01/11/2009	Active	NO
8	U72900DL2007PTC169335	BT E-SERV (INDIA) PRIVATE LIMITED	Director	30/12/2008	01/04/2008	30/06/2012	Active	NO
9	L15492WB1924GOI004835	BALMER LAWRIE AND COMPANY LIMITED	Director	24/09/2009	26/12/2008	30/05/2013	Active	NO
10	U85100WB2009FTC135215	BRENDISH HEALTH CARE PRIVATE LIMITED	Director	20/05/2009	20/05/2009	-	Active	NO
11	L74899UP1995PLC043677	JUBILANT FOODWORKS LIMITED	Director	03/09/2014	05/10/2009	-	Active	NO
12	U74120DL2007PLC158956	CENTUM LEARNING LIMITED	Director	07/06/2010	05/03/2010	-	Active	NO
13	U74140DL2010PTC200465	TRINETRA BUSINESS ADVISORS INDIA PRIVATE LIMITED	Director	19/03/2010	19/03/2010	-	Converted to LLP	NO
14	U93000DL2010PLC208520	CENTUM WORKSKILLS INDIA LIMITED	Director	27/09/2011	10/04/2011	-	Active	NO
15	U72200DL1992PLC047870	ALCATEL-LUCENT INDIA LIMITED	Director	26/09/2011	02/06/2011	16/05/2014	Active	NO
16	U74899DL1983PLC016093	SAMTEL AVIONICS LIMITED	Director	27/09/2013	22/11/2012	-	Active	NO
17	U45203DL1969PLC116581	USHA BRECO LIMITED	Director	29/07/2013	05/02/2013	-	Active	NO
18	U74900MH2013PTC250596	HUNGER INC HOSPITALITY PRIVATE LIMITED	Director	30/11/2013	30/11/2013	-	Active	NO
19	U55101MH2014PTC251750	HUNGER INC BRANDS INDIA PRIVATE LIMITED	Director	06/01/2014	06/01/2014	-	Active	NO
20	U64200DL2009PTC187250	COMZA INFORMAGE PRIVATE LIMITED	Director	30/09/2014	27/03/2014	-	Active	NO
21	U74999DL2012PTC242676	INFORMAGE ENTERPRISES PRIVATE LIMITED	Director	18/04/2014	18/04/2014	-	Active	NO
22	U64204DL2010PTC201828	INFORMAGE TECHNOLOGIES PRIVATE LIMITED	Director	05/05/2014	05/05/2014	-	Active	NO
23	U72200TG2004PTC044123	XIOTECH INDIA PRIVATE LIMITED	Additional director	10/09/2014	10/09/2014	23/04/2015	Active	NO
24	U85110KA2000PLC027497	NARAYANA HRUDAYALAYA LIMITED	Director	08/08/2015	06/05/2015	-	Active	NO
25	U29309TN1991PLC020805	SERVION T GLOBAL SOLUTIONS LIMITED	Additional director	23/07/2015	23/07/2015	-	Active	NO
26	AAB-9727	TRINETRA BUSINESS ADVISORS INDIA LLP	Designated Partner	01/01/2014	01/01/2014	-	Active	NO
27	AAA-0256	INFORMAGE ADVISORY LLP	Designated Partner	18/11/2013	18/11/2013	-	Active	NO

Name :

Mr. Puneet Kaura

Designation :

Managing Director

Address :

B-407, New Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

21.04.1978

Date of Appointment :

16.05.2015

DIN No.:

00494277

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	U74899DL1982PTC014360	KAURA PROPERTIES PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
2	U74899DL1990PTC042081	TISH CONSULTANTS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
3	U74899DL1981PTC012552	PALKA INVESTMENTS PRIVATE LTD	Director	01/12/2006	01/12/2006	-	Active	NO
4	U74999DL1989PLC037550	SWAKA CONSULTANTS LIMITED	Director	29/09/2007	01/12/2006	-	Active	NO
5	U74999DL1989PLC037539	PUNSWAT CONSULTANTS LIMITED	Director	29/09/2007	01/12/2006	-	Active	NO
6	U74899DL1982PTC013438	CEA CONSULTANTS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	17/11/2014	Active	NO
7	U74999HR1983PTC056584	SAMTEL ENGINEERING AND SOURCING SOLUTIONS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	23/01/2014	Active	NO
8	U74899DL1988PTC032563	SW CONSULTANTS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	17/11/2014	Active	NO
9	U32204DL2007PLC158372	SAMTEL HAL DISPLAY SYSTEMS LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
10	U26101RJ1986PLC008852	SAMTEL GLASS LIMITED	Director	30/12/2008	30/01/2008	29/12/2011	Active	NO
11	U74200DL2008PTC177641	SAKSHI KAURA DESIGNS PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
12	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	31/10/2009	17/01/2009	15/09/2011	Active	NO
13	U35303DL2010PLC211833	SAMTEL THALES AVIONICS LIMITED	Director	28/12/2010	28/12/2010	-	Active	NO
14	U74899DL1983PLC016093	SAMTEL AVIONICS LIMITED	Managing director	16/05/2015	25/08/2011	-	Active	NO

Name :

Mr. Ajit Bhavnani

Designation :

Director

Address :

B1A/4, DLF Phase-1, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

05.10.1946

Date of Appointment :

27.09.2013

DIN No.:

01980723

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	U64200MH2000PTC128602	BRADY AIR PRIVATE LIMITED	Director	17/11/2007	17/11/2007	11/12/2008	Active	NO
2	U74990TG2008PLC099481	NOVA INTEGRATED SYSTEMS LIMITED	Managing director	16/09/2009	01/04/2009	04/10/2011	Active	NO
3	U31909TG2004PTC042753	HELA SYSTEMS PRIVATE LIMITED	Director	03/11/2010	03/11/2010	04/10/2011	Active	NO
4	U74899DL1983PLC016093	SAMTEL AVIONICS LIMITED	Director	27/09/2013	16/11/2012	-	Active	NO

Name :

Mr. Vinay Agarwal

Designation :

Director

Address :

A-19, Sector - 26, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

11.04.1956

Date of Appointment :

27.09.2013

DIN No.:

06431086

KEY EXECUTIVES

Name :	Ms. Archita Das
Designation :	HR Executive

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% Age Holding
Lenient Consultants Private Limited, India	38675	14.13
CEA Consultants Private Limited, India	134888	49.29
Samtel Machines and Projects Limited, India	54000	19.73
Kaura Properties Private Limited, India	19500	7.13
Swati Mental	6988	2.55
Puneet Kaura	5937	2.17
Satish K. Kaura	7792	2.85
Alka Kaura	5844	2.14
V P Kaura	20	0.01
Total	273644	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	90.00
Directors or relatives of Directors	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the field of manufacturing of avionics products, equipment and systems for military and commercial aircraft.
Products/Services:	Multi-Function Displays (MFDs) Smart Multi-Function Displays (SMFDs) Color Avionics Tubes (CAT) Head Up Displays (HUDs) Helmet Mounted Sight Displays (HMSDs)
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: (AS ON 31.03.2014)

INSTALLED CAPACITY AND ACTUAL PRODUCTION:

	INSTALLED CAPACITY (NOS)	ACTUAL PRODUCTION (NOS)
COLOR AVIONICS TUBES	2000	304
DISPLAYS	420	67
MODULES	1680	624

The Installed capacity for the previous year has not been described. The capacity is mentioned for the current year based on the recent industrial licensee for its new premises.

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	YES Bank Limited
Branch	Noida, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loans
From Banks	112.026	112.915
Less: Current Maturities of Long Term Borrowing	(22.492)	(0.887)
SHORT-TERM BORROWINGS
Form Banks
Cash Credit	4.508	22.749
Packing Credit – Pre-Shipment	31.351	39.574
Packing Credit – Post-Shipment	9.195	0.000
Total	134.588	174.351

Note:

LONG-TERM BORROWING:

The above loans are secured by exclusive charge on all the current assets, movable and immovable fixed assets both present and future)

The above loans are secured by personal guarantee of Mr. Satish K. Kaura.

The term loan facility issued for vehicle loan by the bank secured by exclusive charge on the vehicles financed.

SHORT-TERM BORROWING:

The above loans are secured by exclusive charge on all the current assets, movable and immovable fixed assets both present and future)

The above loans are secured by personal guarantee of Mr. Satish K. Kaura.

Auditors :
Name :	S S Kothari Mehta and Company Chartered Accountants
Address :	143-146, Tribhuwan Complex, Ishwar Nagar, New Delhi – 110065, India
Tel no:	91-11-46708888
Fax no:	91-11-66628889
Email:	delhi@sskmin.com
PAN. No.:	AABFS6730L
Memberships :	-----
Collaborators :	-----
Subsidiaries / Joint Venture :	Samtel Hal Display Systems Limited (U32204DL2007PLC158372) Samtel Thales Avionics Limited (U35303DL2010PLC211833)
Associates :	Kaura Properties Private Limited Lenient Consultants Private Limited CEA Consultants Private Limited
Enterprises over which key management personal and their exercise significant influence:	Sakshi Kaura Designs Private Limited Tish Consultants Private Limited Palka Investments Private Limited Swaka Consultants Limited Samtel India Limited Samtel Color Limited Samtel Glass Limited Samtel Engineering And Sourcing Solutions Private Limited (existed up to December’2013) Fame Mercantile Private Limited Navketan Mercantile Private Limited Akla Investments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
273644	Equity Shares	Rs.10/- each	Rs. 2.736 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.736	2.736	2.736
(b) Reserves & Surplus	54.570	53.465	109.189
(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)	57.306	56.201	111.925
(3) Non-Current Liabilities
(a) long-term borrowings	211.345	233.839	2.915
(b) Deferred tax liabilities (Net)	9.060	8.026	0.000
(c) Other long term liabilities	0.000	0.000	147.876
(d) long-term provisions	0.000	0.000	7.935
Total Non-current Liabilities (3)	220.405	241.865	158.726
(4) Current Liabilities
(a) Short term borrowings	82.404	69.673	17.797
(b) Trade payables	74.663	96.017	70.147
(c) Other current liabilities	114.878	30.753	38.403
(d) Short-term provisions	1.215	0.846	0.728
Total Current Liabilities (4)	273.160	197.289	127.075
TOTAL	550.871	495.355	397.726
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	176.188	170.581	164.015
(ii) Intangible Assets	9.206	5.381	6.809
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	73.933	51.363	8.088
(b) Non-current Investments	67.271	68.386	70.637
(c) Deferred tax assets (net)	0.000	0.000	12.648
(d) Long-term Loan and Advances	13.050	60.519	3.386
(e) Other Non-current assets	12.648	12.648	0.000
Total Non-Current Assets	352.296	368.878	265.583
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.761	50.396	58.753
(c) Trade receivables	42.392	27.405	35.889
(d) Cash and cash equivalents	2.781	0.436	3.068
(e) Short-term loans and advances	80.905	47.859	26.963
(f) Other current assets	0.736	0.381	7.470
Total Current Assets	198.575	126.477	132.143
TOTAL	550.871	495.355	397.726

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	438.077	274.203	460.245
	Other Income	12.208	2.820	0.321
	TOTAL	450.285	277.023	460.566
Less	EXPENSES
	Cost of Materials Consumed	209.345	87.577	183.190
	Other direct manufacturing expenses	2.527	3.469	4.972
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.820)	5.761	4.742
	Employees benefits expense	100.180	115.998	131.704
	Other expenses	100.308	91.138	111.076
	TOTAL	411.540	303.943	435.684
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	38.745	(26.920)	24.882
Less	FINANCIAL EXPENSES	23.113	11.513	4.551
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15.632	(38.433)	20.331
Less/ Add	DEPRECIATION/ AMORTISATION	14.527	17.291	13.457
	PROFIT/ (LOSS) BEFORE TAX	1.105	(55.724)	6.874
Less	TAX	0.000	0.000	5.093
	PROFIT/ (LOSS) AFTER TAX	1.105	(55.724)	1.781
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	75.603	69.916	55.016
	Export of engineering software / services	0.000	36.146	47.823
	TOTAL EARNINGS	75.603	106.062	102.839
	IMPORTS
	Raw Materials	73.865	24.354	118.828
	Others	5.854	2.670	17.645
	TOTAL IMPORTS	79.719	27.024	136.473
	Earnings / (Loss) Per Share (Rs.)	4.04	(203.64)	6.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	22.492	0.887	82.611
Cash generated from operations	96.789	(89.455)	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.25	(20.32)	0.39
Operating Profit Margin (PBIDT/Sales)	(%)	8.84	(9.82)	5.41
Return on Total Assets (PBT/Total Assets}	(%)	0.27	(14.84)	2.24
Return on Investment (ROI) (PBT/Networth)		0.02	(0.99)	0.06
Debt Equity Ratio (Total Debt /Networth)		5.52	5.42	0.92
Current Ratio (Current Asset/Current Liability)		0.73	0.64	1.04

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.736	2.736	2.736
Reserves & Surplus	109.189	53.465	54.570
Share Application money pending allotment	0.000	0.000	0.000
Net worth	111.925	56.201	57.306
long-term borrowings	2.915	233.839	211.345
Short term borrowings	17.797	69.673	82.404
Current maturities of long-term debts	82.611	0.887	22.492
Total borrowings	103.323	304.399	316.241
Debt/Equity ratio	0.923	5.416	5.518

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	460.245	274.203	438.077
		(40.422)	59.764

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	460.245	274.203	438.077
Profit	1.781	(55.724)	1.105
	0.39%	(20.32%)	0.25%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFROMATION:

Samtel Avionics Limited was incorporated as Roxy Investments Private Limited in the year 1983. Subsequently the name of the company and status from private limited to public limited was changed in the year 2006 and 2007 respectively after obtaining all requisite approvals of members and central government. The name of the company was once again changed to Samtel Avionics Limited in the year 2013.

At present, the company is engaged in the business of high-technology products for avionics and military applications, rugged displays, cockpit displays and equipment for military and commercial platforms.

The company’s domestic and international business opportunities the company has formed joint venture with Hindustan Aeronautic Limited (HAL) and Thales Avionics S A S of France. Both joint venture companies have been formed after obtaining requisite statuary approvals including the approval of foreign investment board of India.

The efforts of the company to develop and commercialize different module and products have received tremendous acceptance from leading players in the industry and it is expected that over next couple of years the company would be one of the foremost player in the defence industry in India. Even though the company has not earned substantial foreign exchange during the year 2013-14, but considering the business proposals being negotiated and under consideration it is excepted that the same will go up manifold in the years to come.

OVERVIEW:

Samtel Avionics Limited is an emerging player in the field of manufacturing of avionics products, equipment and systems for military and commercial aircraft. During the last few years, the company has made a mark as a leading Indian entity in private domain and is a key supply chain partner to the Indian defence industry as well as international players in the arena. The technology developed by the company has been well accepted in the industry which has resulted in opening up many significant projects for the company which may lead to increased volume of operations in the coming years.

OPERATIONS:

The company ended the financial year with a gross turnover of Rs. 462.567 Million as against Rs. 299.326 Million in the previous year registering a growth of around 55%. The profit before tax for the year was Rs. 1.105 Million as against the loss of Rs. 55.724 Million in the previous year ended March 31, 2013.

The performance of the company could have been much better had the supply of CMFDs been made as estimated in the beginning of the year. The reduced supply primarily was due to non-receipt of necessary orders from the JV Company with HAL.

Supply of displays against a last buy out order received from an international customer is as per schedule and the company will close the order as per the schedule agreed upon. It is heartening to mention that the deliveries have met key performance metrics of the customer i.e. on time deliver (OTD) of 100% and field defect rate has been 0%.

The company during the year was successful in begging some new orders for both production and development. Production and deliveries in most of the orders will commerce in the current financial year, which will give a major impetus to the growth and revenue of the company.

FUTURE OUTLOOK

With a rich history and experience of manufacturing advanced displays, samtel avionics limited. Has strategically positioned itself as a key Indian player in the international and domestic markets in manufacturing of high-technology products for avionics. After successful induction of multifunction displays at HAL, the company is actively planning to create a center of excellence to produce indigenous displays for all HAL existing and upcoming star platforms and upgrades, moreover, these capabilities have come to a stage where we are progressively bagging contracts in highly competitive international arena from new customers, the company is attempting to undertake several project for both design and development and manufacturing of displays as well as international customers.

In addition to displays the company is considering various other business opportunities in related and non-related arena as well.

The directors consider the future outlook to be quite positive as the Indian avionics industry is embarking on an intensive indigenization campaign, and globally, the aerospace industry is looking at India to derive cost-efficiencies.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWING
Advance for Product Development	121.811	121.811
SHORT-TERM BORROWING
From Related Parties	7.350	7.350
From Others	30.000	0.000
Total	159.161	129.161

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	As at 31.03.2014	As at 31.03.2013
Outstanding guarantees issued by bankers on behalf of the company for which the company has given counter guarantees and bonds executed by the company	5.959	4.816
Letters of credit established against which goods have been shipped.	3.647	1.372
Sales tax demand under appeal (Deposited under protest Rs. 0.118 Million)	0.118	0.118

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390777	27/11/2012	110,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  A B ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B63662795
2	10390794	09/02/2015 *	119,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI - 4  00018, MAHARASHTRA, INDIA	C45549771

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computers
• Electrical Installation

Intangible assets

• Technical Know How
• Software
• Products Designs and Development

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. 65.92
UK Pound	1	Rs. 102.75
Euro	1	Rs. 75.13

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		43

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 unfavorable 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.