MIRA INFORM REPORT

Report Date :

26.06.2008

IDENTIFICATION DETAILS

Name :	UEM INDIA LIMITED
Registered Office :	D -19, Kalkaji , New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	23.03.1984
Com. Reg. No.:	55-17765
CIN No.: [Company Identification No.]	U51909DL1984PLC017765
TAN No.: [Tax Deduction & Collection Account No.]	DELU02128A
PAN No.: [Permanent Account No.]	AAACU0043Q
Legal Form :	A closely held public limited liability company
Line of Business :	Construction of Water Treatment Plants

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 490000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track records. Trade relations are fair. Business is active. General financial positioning good. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	D -19, Kalkaji , New Delhi – 110 019, India
Tel. No.:	91-11-2644 7825 / 2642 1634 / 40502300/01/02/03
Fax No.:	91-11-2623 9801
E-Mail :	uemindia@uemgroup.com
Website :	www.uemgroup.com

DIRECTORS

Name :	Mr. Krsihnan K Shetry
Designation :	Director
Address :	W-5/40a, Sainiik Farms , Village Devli , Tehsil Mehrauli, New Delhi -110 062, India
Date of Birth/Age :	06.06.1949
Date of Appointment :	23.03.1984
Name :	Mr. Subhash Sapra
Designation :	Whole Time Director
Address :	38 Ring Road, Lajpat Nagar Iii, New Delhi – 110 024, India
Date of Birth/Age :	25.12.1941
Date of Appointment :	01.11.2002
Name :	Mr. Vijayalaxmi Khannah
Designation :	Director
Address :	B -6/18, Safdarjung Enclave, New Delhi – 110 029, India
Date of Birth/Age :	23.05.1928
Date of Appointment :	24.12.2004
Name :	Mr. Puran Chand Khannah
Designation :	Director
Address :	B -6/18, Safdarjung Enclave, New Delhi – 110 029, India
Date of Birth/Age :	19.09.1925
Date of Appointment :	14.10.2004
Name :	Mr. Anil Kumar Chauhan
Designation :	Director
Address :	77, Khirki Halviya Nagar., New Delhi – 110 017, India
Date of Birth/Age :	01.08.1972
Date of Appointment :	18.08.2000
Name :	Mr. Satya Dev Khosla
Designation :	Director
Address :	R -227, Greater Kailash, Part I, New Delhi, India
Date of Birth/Age :	12.01.1926
Date of Appointment :	14.10.2002
Name :	Mr. Lalit Kumar Jaggi
Designation :	Director
Date of Birth/Age :	12.06.1949
Date of Appointment :	22.08.2007

KEY EXECUTIVES

Name :	Mr. Anil Kumar Chauhan
Designation :	Company Secretary
Date of Birth/Age :	01.08.1972
Date of Appointment :	18.08.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 25.09.2004)

Names of Shareholders	No. of Shares
Mr. Puran chand Khannah	627218
Mr. Krishnan Mohan Kshetry	944000
Mr. Subhash Sapra	1802
Mrs. Usha Sapra	16200
Mr. Vijay Khannah	72640
Mrs. Chandrani Kshetry	8800
Mr. Krishna Chadha	1200
Mrs. Sheela Taneja	2400
Mrs. Sangita Kshetry	535600
Total	2209860

Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2006):-

Category	Percentage
Foreign holdings (Foreign institutional investors) foreign companies foreign financial institutions , non residents or Overseas corporate bodies or others	66.90
Directors or relative of directors	32.80
Other top fifty share Holders	00.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of Water Treatment Plants

Products :

Product Description	ITC Code
Waster Water Treatment plants	841989.04
Filtering and Purifying Water plants	842121.00

GENERAL INFORMATION

Customers :	· Hotel Resorts, Sri Lanka · Toray Nylon, Thailand · Tietex, Thailand · ACFC, Kenya · Himalayan Distillery, Nepal · Procter and Gamble, Indonesia · Birmingham Steel, USA · Nakornthai Steel, Thailand · Nakornthai Steel, Thailand · TTWS-Penal, Trinidad · CCU, Chile · Noon Sugar, Pakistan · MHES/PKNS, Malaysia · MHES/PKNS, Malaysia · MHES/ Regal Alliance · Usha Intercontinental Limited., Sri Lanka · TTWS-WASA, Trinidad · TTWS-WASA, Trinidad · Dextro Miser, Egypt · TTWS-WASA, Trinidad · TTWS-WASA, Tobago · TTWS-WASA, Tobago · Coca Cola Bottlers, Katmandu, Nepal · Coca Cola Bottlers Terai, Nepal · Kuruwita Project, Sri Lanka · Bristol Myers Squibb, Ecuador · St. Kitts, Caribbean · Procter and Gamble. Thailand · American and Efird, Sri Lanka · American and Efird, Bangladesh · Quenby Lanka Prints, Sri Lanka · Coca Cola Franchisee Maldives · Nevis, Caribbean · Gombe, Nigeria · Bristol Myers Squibb, Pakistan · Bristol Myers Squibb, Mexico · GUYWA, World Bank, IDB, Guyana · GUYWA, World Bank, IDB, Guyana · GUYWA, World Bank, IDB, Guyana · GUYWA, World Bank, IDB, Guyana · Levers Brothers, Ecuador · WTP, Dominican Republic · KNAPPE, Germany · Al Abbas, Pakistan
No. of Employees :	Around 160
Bankers :	· ICICI Bank Limited 9-A, Connaught Place branch, New Delhi, India · ICICI Bank Limited Landmark Race Cource Circle, Alkapuri , Baroda – 390 015, Gujarat, India · Standard Chartered Connaught Place Branch, New Delhi , India (Fund Base and Non Fund Base) Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi – 110 001, India

Banking Relations :	Satisfactory
Auditors :
Name :	S S Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India
Tel No. :	91-11-66628888
Fax No. :	91-11-66628889

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs. 10/- each	Rs. 110.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2209900	Equity shares	Rs. 10/- each	Rs. 22.099 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		22.099	22.099	22.099
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		77.551	59.174	49.592
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.650	81.273	71.691
LOAN FUNDS
1] Secured Loans		122.790	96.360	23.672
2] Unsecured Loans		82.192	75.339	75.339
TOTAL BORROWING		204.982	171.699	99.011
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		304.632	252.972	170.702
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.741	21.747	22.474
Capital work-in-progress		98.088	65.989	0.000
INVESTMENT		0.000	0.000	1.277
DEFERREX TAX ASSETS		0.269	0.055	0.038
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.872	28.631	17.509
	Sundry Debtors	251.812	177.054	120.011
	Cash & Bank Balances	29.634	36.244	60.009
	Other Current Assets	33.566	0.000	0.000
	Loans & Advances	51.940	45.374	42.715
Total Current Assets		373.824	287.303	240.244
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	187.109	120.151	87.975
	Provisions	2.181	1.971	5.356
Total Current Liabilities		189.290	122.122	93.331
Net Current Assets		184.534	165.181	146.913
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		304.632	252.972	170.702

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		513.402	492.446	270.646
Other Income		5.092	3.482	4.410
Total Income		518.494	495.928	275.056
Profit/(Loss) Before Tax		26.703	6.009	8.076
Provision for Taxation		9.801	2.266	3.008
Profit/(Loss) After Tax		16.902	3.743	5.068
Earnings in Foreign Currency :
	Export Earnings	34.493	89.569	97.326
Imports :
	CIF Value
	Spare Parts and Components	15.050	20.692	0.731
	Components	0.164	0.000	0.020
	Total Imports	15.214	20.692	0.751
Expenditures :
	Raw Material Consumed	370.710	392.402	153.151
	Cost of Trading goods Sold	16.388	9.713	50.805
	Personnel Expenses	38.224	33.718	27.705
	Administrative Expenses	47.342	39.352	26.844
	Selling Expenses	4.380	3.398	2.685
	Financial Charges	13.103	9.524	4.041
	Depreciation and Amortization	1.644	1.813	1.749
Total Expenditure		491.791	489.919	266.980

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	3.26	0.75	1.84
Net Profit Margin (PBT/Sales)	(%)	5.20	1.22	2.98
Return on Total Assets (PBT/Total Assets}	(%)	6.75	1.60	3.06
Return on Investment (ROI) (PBT/Networth)		0.27	0.07	0.11
Debt Equity Ratio (Total Liability/Networth)		3.96	3.62	2.68
Current Ratio (Current Asset/Current Liability)		1.97	2.35	2.57

LOCAL AGENCY FURTHER INFORMATION

Trade References :

· DWS, Delhi

(Mr. Rajeev -91-9818667370)

· ROTO Pumps, Noida

(Mr. S P Singh- 91-9350201302)

· R S Application, Delhi

(Mr. Shripal Sharma – 91-9810310559)

· Steel Grace, Delhi

(Mr. Sachin – 91-9810640612)

Form No. 8 :

Corporation identity number or foreign company registrations number of the company	U51909DL1984PLC017765
Name of the company	UEM INDIA LIMITED
Address	D -19, Kalkaji New Delhi- 110 019, India
This Form is for	Creation of Charge
Type of Charges	· Immovable Property · Movable Property · Book Debts · Others
Particular of the charge holder	ICICI Bank Limited Address: Landmark Race Cource Circle, Alkapuri , Baroda – 390 015, Gujarat, India E-mail: sudhir@brmco.com
Nature or description of the instrument creating charge	Deed of hypothecation
Date of the instrument creating charge	19.02.2007
Amount Secure by the charge	Rs. 180.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest : Cash credit 3.5% p.a below the sum of IBAR and Cash credit Risk Prevailing on each day , plus applicable Interest tax or other statutory levy, if any. Commission Buyer’s Credit : As quoted by IBG – Cost Fund + 30 bps (subject to ceiling as stipulated by RBI) LC and BG: 1.5% subject to a minimum of Rs. 0.001 millions payable upfront. Terms of repayment: BG : tenor Max period of BG (including claim period, if any) to be restricted to 3 years Buyer’s credit tenor : Upto 1 years from the date of shipment WCDL: Max tenor of each tranche should be 180 days limit validity period whichever is earlier individual draw down can be of varying maturities subject to a min tenor of 15 days fro each tranche out of the facility. Principal amount of each tranche is to be repaid as bullet payment on the maturity date or in installments as agreed upon. Margin: Cash credit and Working capital Demand Loan Uniform margin of 25% against all components of inventory and book debts (cover period 90 days) Buyers Credit : Nil Cash Margin: on LC :5% Cash Margin on BG : Guarantee covering disputed liabilities – 100% Financial guarantee – 5% Performance guarantee – 5% Extent and operation of the charge: First pari passu charge on the following: Entire stocks and book debts bills, outstanding monies, receivables. All movable fixed asset (save and except vehicles etc charged to other banks / financial institution) Immovable fixed assets of company at property at Habibpur , Greater Noida and property at B – 7, Sikanadarabad Property at D – 19, kalkaji, New Delhi in name of Mrs. Usha Sapra and Mrs Sangeeta Kshetry Residential; plot of land a E – 51, south City , Gurgaon in name of Mr. K M Kshetry Others: The above is to secure the cash credit limit of Rs. 10.000 millions, WCDL (as a sub limit of cash credit) Rs. 10 millions, buyers credit (as a sub limit of LC) Rs. 10 millions and Bank guarantee Rs. 160 million.
Short particulars of the Property charged	· Entire stocks and book debts , bills , outstanding monies, receivables · All movable fixed asset (save and except vehicles, equipment, etc charged to other banks / financial institution) · Immovable fixed assets of company at property at Habibpur , Greater Noida and property at B – 7, Sikanadarabad · Property at D – 19, kalkaji, New Delhi in name of Mrs. Usha Sapra and Mrs Sangeeta Kshetry · Residential; plot of land a E – 51, south City , Gurgaon in name of Mr. K M Kshetry

Name of the company	UEM INDIA LIMITED
Presented By	ICICI Bank Limited
1) Date and description of instrument creating the change	Credit facility agreement and deed of hypothecation both dated 29.10.1996 and registered on 27.12.1996. modified on 05.03.1998 and 30.03.1998 and registered on 06.03.1998. Further modified on 23.10.2001 and registered on 07.12.2001, Further modified on 08.12.2003 and registered on 02.01.2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 70.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	First charge by way of hypothecation of the borrower entire stocks of raw materials, semi finished goods, consumable stores and such other movables including book debts , outstanding monies , receivables , both present and future and a charge in favour of the bank of all the borrower immovable properties both present and future including movable machinery spares, tools, and accessories , present and future.
4) Gist of the terms and conditions and extent and operation of the charge.	The above is to secure Bills discounting Limit of Rs. 5.000 millions Bank guarantee limit of Rs. 55.000 millions and inland / Import LC Limit of Rs. 10.000 millions Interest @ 2.0% p.a (inclusive of Interest tax) for bill discounted / Cheques purchased, Interest as per FEDAI guidelines for inland / import LC and as per banks extent instruction. For Bank guarantee. Margin @ 20%
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited 9 A Connaught Place, New Delhi – 110 001, India
6) Date and brief description of instrument modifying the charge	Master Facility Agreement and deed of hypothecation both dated 02.02.2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The total limits of Rs. 122.50 millions has been modified as follows: Cash credit : 7.50 millions Short Term Line of credit : 22.50 millions (Fully Interchangeability with non fund limit) Letter of credit : 10.000 millions Bank guarantee : 82.50 millions Rate of Interest ; For short term Line of credit: The rate of Interest for each tranche of the facility will be stipulated by ICICI Bank at the time of disbursement of each tranche on the basis of the repayment schedule for that Tranche. Commission on LC: 2.50% p.a subject to a minimum of Rs. 500/- per payable upfront at the time of opening of the LC (Cash Margin: 10%) Commission on BG: 1.50% p.a subject to a minimum of Rs. 500/- per guarantee payable upfront at the time of opening of the BG (cash Margin: 15%).

Website details:

The Company is an international multi-disciplined company specializing in providing Design and Turnkey Execution services in the field of Water and Wastewater Collection, Treatment and Disposal.

The Company began as Utility Equipment Management in the early 1970's and had operation and maintenance contracts for over 80 sewage treatment plants in Florida, USA. The company later evolved into a turnkey supplier for the design and construction of industrial and municipal water and wastewater treatment plants on a turnkey basis around the world.

The Company now inherits the strength of a strong team of over 170 full time experienced professionals in the field of Environmental, Chemical, Mechanical, Civil, Structural, Electrical and Instrumentation Engineering and has offices in the United States, Trinidad, India, and Dubai.

The Company offers in-house services for the Design, Engineering, Process Technology Know-how, Equipments Supply, Fabrication, Construction, Erection, Commissioning and Start-up. This allows the group to be able to provide the highest quality systems based on the latest available technologies at competitive prices for International Turnkey Projects.

The Company has designed and installed over 300 water and wastewater treatment plants of all sizes - large, medium, and small - throughout the world and is capable enough to undertake large multi-million dollar turnkey projects as well as implement medium or small projects with personalized service. The Company has implemented projects for many multinational companies (such as Coca-Cola, Procter and Gamble, Bristol Myers Squibb, Tietex Limited, Toray Nylon, Kuruwita Manchester, American and Efrid and Birmingham Steel among others) as well as projects funded by the World Bank, Asian Development Bank, Inter-American Development Bank, and Caribbean Development Bank.

Them size and the specialized expertise enables us to be responsive to the specific needs of them clients including Industries, Municipalities, EPC Contractors and other such companies and to implement projects in any part of the world.

What Sets Them Apart?

· The Company holds process and system technology know-how in all areas of water and wastewater treatment systems. Process know-how includes conventional and innovative/alternative technologies for water and wastewater treatment and reuse. The Company offers systems and technologies based on international standards.

· With offices located in many countries, The Company is capable of undertaking cost-effective international turnkey projects in water and wastewater treatment plants.

· The Company is able to utilize its low-cost resources from Asia to undertake fabrication and construction services on its turnkey projects.

· The Company offers in-house services including engineering, equipment supply, process technology know-how, fabrication, construction and start-up services. This allows the group to be competitive on international turnkey projects, thereby offering the most cost-effective solution to the client and end-users.

The Company Group's vision and mission as an international turnkey systems provider is to afford the highest quality system within the scope and budget of its client.

UEM Group – Partners

The Company has implemented turnkey projects for a worldwide network of clients, ranging from regional to multinational companies. Below is a partial list of worldwide clients/consultants that The Company has worked with on various international projects.

Name of Client, Country	Type of ETP System	Flow Rate (M3/d)	BOD In (mg/l)	BOD Reduction
Hotel Resorts, Sri Lanka	Aerobic (STP)	50	300	93.3%
Toray Nylon, Thailand	Anaerobic / Aerobic	320	4500 / 450	90.0% / 93.0%
Tietex, Thailand	Phys.-Chem. / Aerobic	800	2100 / 1260	60% / 98%
ACFC, Kenya	Anaerobic / Aerobic	1200	50000 / 5000	90% / 98%
Himalayan Distillery, Nepal	Anaerobic / Aerobic	750	50000 / 5000	90.0% / 98.0%
Procter & Gamble, Indonesia	Anaerobic / Aerobic	230	5200 / 520	90% / 98%
Birmingham Steel, USA	Pressure Filters	NA	NA	NA
Nakornthai Steel, Thailand	Aerobic (STP)	40 (2 units)	300	90.0%
Nakornthai Steel, Thailand	Duplex Pump Lift Stations	10-50 (9 units)	N/A	N/A
TTWS-Penal, Trinidad	Aeration/ Clarification/ Filteration/ Disinfection	5800	N/A	Drinking Water Stds.
CCU, Chile	Aerobic (STP)	45	350	92.0%
Noon Sugar, Pakistan	Anaerobic / Aerobic	800	50000 / 5000	90% / 98%
MHES/PKNS, Malaysia	Aerobic	83270	350	98%
MHES/PKNS, Malaysia	Aerobic	7570	350	98%
MHES/ Regal Alliance	Aerobic	7570	350	98%
Usha Intercontinental Ltd., Sri Lanka	Anaerobic / Aerobic	15.20 / 15.20	4178 / 417	90.0% / 92.8%
TTWS-WASA, Trinidad	Aeration, Clarification, Filteration, Lime/Chlorine addition	4500	N/A	Drinking water stds.
TTWS-WASA, Trinidad	Aeration, Clarification, Filteration, Lime/Chlorine addition	13500	N/A	Drinking water stds.
Dextro Miser, Egypt	Anaerobic followed by Aerobic	442	1268	90%+
TTWS-WASA, Trinidad	Aeration, Clarification, Filteration, Lime/Chlorine addition, Powdered Carbon addition	98,000	N/A	Drinking water stds.
TTWS-WASA, Tobago	Aeration, Clarification, Filteration, Lime/Chlorine addition, Powdered Carbon addition	5,800	N/A	Drinking water stds.
TTWS-WASA, Tobago	Aeration, Clarification, Filteration, Lime/Chlorine addition, Powdered Carbon addition	13,500	N/A	Drinking water stds.
Coca Cola Bottlers, Katmandu, Nepal	Aerobic	600	600	95%
Coca Cola Bottlers Terai, Nepal	Aerobic	500	720	96%
Kuruwita Project, Sri Lanka	Aerobic (Modification)	1,600	900	>97%
Bristol Myers Squibb, Ecuador	Aerobic STP of Factory Sewage	100	250 - 300	93%
St. Kitts, Caribbean	Aerobic STP	300	300	>90%
Procter & Gamble. Thailand	Anaerobic (Relocation from Indonesia to Thailand)	300	10,000	>97%
American & Efird, Sri Lanka	Phys/Chem And Aerobic	400	800	>97%
American & Efird, Bangladesh	Phys/Chem And Aerobic	300	800	>97%
Quenby Lanka Prints, Sri Lanka	Phys/Chem And Aerobic	300	600	>97%
Coca Cola Franchisee Maldives	Aerobic	500	720	>96%
Nevis, Caribbean	Aerobic	475	350	>98%
Gombe, Nigeria	Aeration, Clarification, Filteration, Lime/Chlorine addition, Powdered Carbon addition	70,000	Surface Water	Drinking water stds. WHO Standards
Bristol Myers Squibb, Pakistan	Aerobic STP of Factory Sewage & WW	150	250 - 300	93%
Bristol Myers Squibb, Mexico	Aerobic STP of Factory Sewage & WW	150	250 - 300	93%
GUYWA, World Bank, IDB, Guyana	Water Treatment Mount Repos	14,800	Surface Water	WHO Standards
GUYWA, World Bank, IDB, Guyana	Water Treatment , Better Hope	14,800	Surface Water	WHO Standards
GUYWA, World Bank, IDB, Guyana	Collection & Distribution System	15.88 KM of Pipeline Work	N/A	World Bank IDB Project Standards
GUYWA, World Bank, IDB, Guyana	Pumping Stations	170 LPS	Surface Water	World Bank IDB Project Standards
Levers Brothers, Ecuador		250
WTP, Dominican Republic		10 GPM
KNAPPE, Germany	Brackish Water Desalination	10,000	Seawater to Potable Water
Al Abbas, Pakistan	Anaerobic WWTP	1,200	50,000	>90%

Bottling Facilities

The Company is approved by Coca-Cola Company for designing and installing Wastewater Treatment Systems for wastewater generated in their Beverage Bottling Plants in various parts of the world.

The wastewater from such Bottling Plants contains suspended impurities, oil and gas, and organic impurities in the form of high BOD, COD, etc.

The Company has installed wastewater treatment systems for various plants of Coca-Cola, some of which are at Kathmandu - Nepal, Terai - Nepal, Meghalaya - India, Thulsdhoo Island - Maldives, Mombassa - Kenya, Moshi - Tanzania, etc. These plants have been achieving the guaranteed treated water parameters (BOD < 30 ppm) for last several years.

The treatment scheme incorporates Screening, Oil and Gas Removal, Equalization, Neutralization, Aeration, Clarification, Disinfection, Mechanical Sludge Dewatering, etc.

Breweries

During the brewing process, a large quantity wastewater containing a high concentration of organic pollutants is discharged from various process units, fermentors, washing areas, etc. This wastewater was traditionally treated using aerobic activated sludge treatment systems, which are energy intensive and produce large quantities of sludge.

The Company has installed an Anaerobic Hybrid Digester system for United Breweries (Kingfisher) for their Punjab Breweries unit at Ludhiana (India). This system is designed to reduce BOD by 80 - 90% and COD by 60 - 70% before the subsequent aerobic treatment. This has helped to reduce the operating power cost and the sludge produced significantly.

The Company has also installed aerobic activated sludge treatment systems for McDowells / UB Group for their Breweries at Goa and Hyderabad in India which have been working satisfactorily for the last several years.

Yeast Manufacturing

During yeast manufacturing, wastewater is discharged from various stages of the fermentation process as well as from washings, etc. This wastewater contains high levels of organic pollutants in the form of high BOD, COD, TSS, etc. Traditionally, this wastewater was treated by an Aerobic Activated Sludge Process, which is quite energy intensive. Also, achieving low final BODs is difficult with the aerobic treatment alone.

The Company came up with a solution of anaerobic pre-treatment of this wastewater to Reduce the BOD by 80 - 90% and the COD by 60 - 70% using ADI - Bulk Volume Fermentor (BVF) Technology. The anaerobically treated wastewater is subsequently treated in aerobic activated sludge treatment systems to achieve low final BODs. During the anaerobic treatment process, methane rich biogas is also generated. This biogas is can be used as an energy source and can replace fuel oil in plant boilers. This has offered substantial savings in terms of energy cost and have helped yeast manufacturers achieve a substantial return on their investments in these anaerobic digester systems.

The Company has installed an anaerobic followed by aerobic treatment system for Kalyani Yeast in West Bengal (India) and an anaerobic digester system for SAF Yeast at their Sandila (U.P. - India) and Chiplun (Maharashtra - India) plants. The Company has also installed an anaerobic digester system for Burn Philps (Mauri Yeast) plant at Sikanderabad (U.P. - India). These plants have been consistently producing satisfactory results for the last several years.

Oil and Gas

The Company has worked with the Oil and Gas Industry on many projects, including a 260 MLD seawater filtration system for Reliance Petroleum, India and a 10.5 MLD water desalination system for National Oil, Iran.

Chemicals

The Company has installed treatment plants for many reputed clients in the chemicals industry. One such installation is a PTA wastewater treatment system for Reliance Industries, India.

Distilleries

The Company's experience in providing water treatment solutions to distilleries includes a Cane Molasses Distillery Effluent Treatment System for Mohan Breweries and Distilleries, India and a Distillery Wastewater Anaerobic Treatment System for Noon Sugar, Pakistan.

Consumer Products

The Company was responsible for the turkey construction of a Shampoo and Soap Unit Wastewater Treatment System for PT Procter and Gamble, Indonesia and has been involved in many projects for the consumer products industry.

Tannery

One of the Company's installations for the tannery industry is a Common Effluent Treatment Plant for 136 Tanneries effluent in Tamil Nadu, India. This project was conceptualized by UNIDO and coordinated by the Tamil Nadu Pollution Control Authority.

Beverage

The Company has implemented many solutions for the beverage industry, including a 950 M³/day wastewater treatment plant for the recycle/reuse of industrial waste water. This plant has been installed for Minute Maid (Coca Cola Group Company), USA and includes anaerobic digestion followed by a membrane bioreactor and a reverse osmosis system.

Pulp and Paper

The Company was responsible for the turnkey construction of a Rayon Grade Pulp Unit Wastewater Treatment System for Century Pulp and Paper, India.

Pharmaceuticals

The Company has been involved in many projects for the pharmaceutical industry including a Pharmaceutical Wastewater Treatment System for Bristol Myers Squibb, Ecuador and a Penicillin-G Plant Wastewater Treatment System for J.K. Pharmachem Limited., India.

Other Industries

· Agricultural Waste

· Citric Acid

· Dairy Processing

· Fermentation

· Fish Processing

· Food Processing

· Glucose Manufacturing

· Hotels and Housing Subdivisions

· Landfill

· Meat Processing

· Metal Finishing

· Paint and Pigment

· Steel Mills

· Textiles

Subject was promoted by technocrat with more than 25 years experience of over 250 installations of water and wastewater treatment plants in USA and third world countries including India.

Incorporated on 23rd April, 1984 with the Registrar of companies, Delhi and Haryana (India). Also registered with Secretariat for Industrial Approvals (SIA), Government of India.

Government approved technical collaboration with M/s. ADI Systems Inc. of Canada for Anaerobic Treatment Systems with Biogas Generation.

Ongoing tie-ups with M/s. Graver Water, Walker Process and J M Smith and Associates from USA for Water and Wasterwater Treatment Systems for Industrial and Domestic Wastes.

Arrangements with various U.S. Companies for technologies and equipments for Industrial Water and Wastewater and Municipal Sewage and Solid Waste Treatment Systems.

Having More than 75 installations in various countries viz. India, Thailand, Malaysia, Indonesia, Trinidad, Chile, Egypt, USA, Nepal, Sri Lanka, Kenya, Pakistan for various difficult to treat wastes.

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 records 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 records 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.42.82
UK Pound	1	Rs.84.72
Euro	1	Rs.66.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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