Salam Talha bhai, Xulfiqar and all who've contributed so far!
I was amazed at the amount of eye opening knowledge in this thread however I'm still very new to this UPS stuff (but not new to basic electronics fiddling and soldering a few IC's here and there).
My current UPS system is about 5~6 yrs old - it's local made and runs on two AGS UPS 115 batteries. While my UPS is currently showing all the signs of decay that has been mentioned on this thread - my real problem is simple (and embarrassing :$)
I've been away from my home for 3 yrs and the ups (and batteries) had not been cleaned even once! I disconnected everything and cleaned everything that I could (the batteries from the outside...and the UPS I cleaned from the inside out - it was a mess)!
My problem is...I no longer remember how to connect the UPS to the batteries!
I thought I'd remembered it, but every time I hook up the last wire there are sparks and that scares me so I'm stuck at scratch
There are other issues too (and I think I messed up big during the cleaning process) but I'll leave that for later - I just want to know how to connect it back to the way it was right now.
I've attached 2 pics to show you exactly how the wiring is:

This pic has been edited to show you the Positive and negative nodes:

(please forgive me if I use some terms incorrectly, I'm not an engineer or even a science student! Just a guy who likes working with IT)
Anyway this is how I originally remembered the wiring, The UPS is disconnected from the mains socket and is set to the OFF position, I'm just not sure what's causing the sparking. Any help from you experts will be greatly appreciated!
Thanks and Salams
Ali