MIRA INFORM REPORT

Report Date :

25.02.2011

IDENTIFICATION DETAILS

Name :	COMMANDER WATERTECH PRIVATE LIMITED (w.e.f. 26.09.2005)
Formerly Known As :	PHENOWELD POLYMER PRIVATE LIMITED
Registered Office :	2^ND Floor, Joshi Building, Sakivihar Road, Sakinaka, Mumbai- 400072, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.07.1971
Com. Reg. No.:	11-015206
CIN No.: [Company Identification No.]	U24134MH1971PTC015206
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Sanitary Ware.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DECLINED BY

Management non co-operative.

LOCATIONS

Registered Office/ Ware House :	2^ND Floor, Joshi Building, Sakivihar Road, Sakinaka, Mumbai- 400072, Maharashtra, India.
Tel. No.:	91-22-28571099/ 66688103/ 28574505/ 66947859/ 66949758/ 28570194
Mobile No.:	91-9987771028 (Mr. John)
Fax No.:	91-22-28570234
E-Mail :	legal@commanderwatertech.com mumbai@commanderwatertech.com sankalp@commanderwatertech.com sales@commanderwatertech.com
Website :	http://www.commanderwatertech.com
Area :	3000 Sq FT
Location :	Leased
Factory :	Mohamod Ali Compound, Malvani, Malad West, Mumbai, Maharashtra, India.
Area :	2000 Sq Ft
Location :	Rented
Branches:	Located At:
	v Ahmedabad v Bangalore, Chennai v Kolkata v Delhi v Jaipur v Chennai v Ernakulam v Secunderabad etc

DIRECTORS

As on 28.09.2010

Name :	Mr. Adhar S Mirchandani
Designation :	Chairman
Address :	A/9, Beach House Park, Gandhigram Road, Juhu, Mumbai- 400049, Maharashtra, India.
Date of Birth/Age :	16.05.1936
Date of Appointment :	03.07.1971
Name :	Mrs. Chhandra Bihari
Designation :	Managing Director
Address :	F-221, Geetanjali, Seven Bunglows, Versova, Mumbai- 400061, Maharashtra, India.
Date of Birth/Age :	06.03.1957
Date of Appointment :	30.06.2007
Name :	Mr. Balwant P Vichare
Designation :	Director
Address :	C/ 503, Shivom Complex, Nahar Amrit Shakti Road, Chandivali, Mumbai- 400072, Maharashtra, India.
Date of Birth/Age :	09.09.1974
Date of Appointment :	09.08.2007
Name :	Mr. Bhaskar Gopaldas Parikh
Designation :	Director
Address :	Zandu Pharma Works Limited, 70, Gokhale Road, South Dadar, Mumbai- 400025, Maharashtra, India.
Date of Birth/Age :	13.09.1948
Date of Appointment :	29.09.2009
Name :	Mrs. Neeta Bhaskar Parikh
Designation :	Director
Address :	Zandu Pharma Works Limited, 70, Gokhale Road, South Dadar, Mumbai- 400025, Maharashtra, India.
Date of Birth/Age :	02.06.1958
Date of Appointment :	29.09.2009
Name :	Mr. Dhiren Sevantilal Shah
Designation :	Director
Address :	Prabhu Kunj, 5, Pedder Ro, Cumbala Hill, Post office, Gamdevi Police Station, Mumbai- 400026, Maharashtra, India.
Date of Birth/Age :	29.04.1956
Date of Appointment :	29.09.2009
Name :	Mr. Munubhai Kalidas Parekh
Designation :	Director
Address :	10, Kailash Prakash, R N N Marg, Ghaokoper, Mumbai- 400077, Maharashtra, India.
Date of Birth/Age :	03.01.1946
Date of Appointment :	29.09.2009
Name :	Mr. Jimmy Parikh
Designation :	Director
Address :	1301, Atlanta Height, Kaka Sahiba Gadgil Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
Date of Birth/Age :	05.09.1979
Date of Appointment :	06.09.2010

KEY EXECUTIVES

Name :	Mr. John Bosco
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Equity Shares
Nova Tradex Private Limited, Mumbai, Maharashtra, India	57000
Adhar S Mirchandani	3000
Chhanda Bhihari	3000
Balwant P Vichare	100
Manubhai K Parikh	100
Dhiren Shevantilal Shah	100
Janny K Shah	1200
Janny K Shah and Neeta Parikh	1300
Total	65800

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	86.62
Directors or relatives of Directors	13.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Sanitary Ware.

Products:

Product Description	ITC Code
Sanitary Water	3922

GENERAL INFORMATION

Customers :

v Dealers

v Distributors

No. of Employees :

Approximately 150 (in office + in factory + in branches)

Bankers :

v Bank of India- Andheri Kurla Branch, Andheri, Mumbai, Maharashtra, India.

v Bank of India, Saki Naka Branch, Mumbai, Maharashtra, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

v The Shamrao Vithal Co-Operative Bank Limited, Cuffe Parade, Mumbai- 400005, Maharashtra, India.

Facilities :

Secured Loans	As on 31.03.2010 Rs in Millions	As on 31.03.2009 Rs in Millions
Working Capital from Bank of India, Sakinaka Branch	5.526	7.233
TOTAL	5.526	7.233
Unsecured Loans	As on 31.03.2010 Rs in Millions	As on 31.03.2009 Rs in Millions
Loan from Directors/ Relatives	0.000	3.649
Loan from Others	5.989	12.125
Security Deposit from Customers	2.727	2.580
TOTAL	8.716	18.354

Banking Relations :	Satisfactory
Auditors :
Name :	B B Mody And Company Chartered Accountant
Address :	3/102, J P Road, New Bharda Wadi, Opposite YMCA, Andheri West, Mumbai- 400058, Maharashtra, India.
Holding Company:	Nova Tradex Private Limited U65990MH1988PTC049862

CAPITAL STRUCTURE

As on 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
95000	Equity Shares	Rs.100/- Each	Rs.9.500 Millions
5000	Preference Shares	Rs. 100/- Each	Rs. 0.500 Million
	TOTAL		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65800	Equity Shares	Rs.100/- Each	Rs. 6.580 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
95000	Equity Shares	Rs.100/- Each	Rs.9.500 Millions
5000	Preference Shares	Rs. 100/- Each	Rs. 0.500 Million
	TOTAL		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63300	Equity Shares	Rs.100/- Each	Rs.6.330 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.330	6.830	6.680
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.856	19.128	16.446
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.186	25.958	23.126
LOAN FUNDS
1] Secured Loans		5.526	7.233	9.009
2] Unsecured Loans		8.716	18.354	11.885
TOTAL BORROWING		14.242	25.587	20.894
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		50.428	51.545	44.020
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.647	22.847	11.091
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.071	0.198	0.028
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.685	19.050	25.653
	Sundry Debtors	23.705	32.884	36.299
	Cash & Bank Balances	8.154	9.526	6.793
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.050	3.914	4.002
Total Current Assets		67.594	65.374	72.747
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.110	25.415	30.302
	Other Current Liabilities	6.674	7.659	6.444
	Provisions	10.100	3.800	3.100
Total Current Liabilities		42.884	36.874	39.846
Net Current Assets		24.710	28.500	32.901
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.428	51.545	44.020

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	204.455	218.177 (Gross Turnover)	201.143 (Gross Turnover)
		Other Income		NA	NA
		TOTAL	204.455	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	184.813	NA	NA
		Advertising Expenses
		TOTAL	184.813	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (		19.642	9.865	10.127
Less/ Add	DEPRECIATION/ AMORTISATION		2.614	3.368	2.722
	PROFIT BEFORE TAX		17.028	6.497	7.405
Less	TAX		6.300	3.815	3.879
	PROFIT AFTER TAX		10.728	2.682	3.526
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.428	8.746	5.220
	BALANCE CARRIED TO THE B/S		22.156	11.428	8.746
	Earnings Per Share (Rs.)		169.48	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.25	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	18.26	7.36	8.83
Return on Investment (ROI) (PBT/Networth)		0.47	0.25	0.32
Debt Equity Ratio (Total Liability/Networth)		1.58	2.41	2.63
Current Ratio (Current Asset/Current Liability)		1.58	1.77	1.83

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs.in Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	26.110	25.415	30.302
TOTAL	26.110	25.415	30.302

Sale:

The Gross Turnover for the year was Rs. 220.072 Millions as compared to Rs. 218.177 Millions in the last year. The company’s efficiency to sell its products in such a competitive market is itself reflected in by increase in sales turnover in the current year.

Production:

Production levels have been maintained satisfactory to build inventory of saleable products and in line with the increasing sales. The Management has been making constant efforts to margins by increasing efficiency in operations and production.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24134MH1971PTC015206
Name of the company	PHENOWELD POLYMER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^ND Floor, Joshi Building, Sakivihar Road, Sakinaka, Mumbai- 400072, Maharashtra, India.
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10245243
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Delivery of Title Deeds
Date of instrument Creating the charge	06.10.2010
Amount secured by the charge	Rs. 95.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank form time to time Terms of Repayment Working Capital facility shall payable on Demand and Term Loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank form time to time. Extent and Operation of the charge The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under Item No. 15 as security for the due repayment of Rs. 95.000 Millions by the company, including principal amount of the Facility, Interest, Liquidated damages, Costs, and expenses etc.
Short particulars of the property charged	Immovable properties situated at Gat No. 3405, Hissa No. 2, Talegaon Dhamdhere, Taluka Shirur, District Pune. Immovable Properties situated at Shop No. 11-B, 12, 12/A on first floor and shop No. 12, 12/A, 14 and 15 on ground floor orchid shopping Mall
Particulars of the present modification	This present modification s for furnishing additional security of immovable property of the company situated at Pune and Ahmedabad, in addition to securities already furnished by the company at the time of creation of the charge and, there is, therefore no change in amount of charge which stands secured at Rs. 95.000 Millions in favour of the bank.

Name of the company	PHENOWELD POLYMER PRIVATE LIMITED
Presented By	The Shamrao Vithal Co-Operative Bank Limited, Cuffe Parade, Mumbai- 400005.
1) Date and description of instrument creating the change	Agreement of charge and hypothecation book debts dated 10.05.1997
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 3.050 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	All present and future, book debts, outstandings, money receivables, claims and bill, due to the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	To secure Cash credit facility granted by the bank to the borrower. Rate of Interest 19.50% p. a
5) Name and Address and description of the person entitled to the charge.	The Shamrao Vithal Co-Operative Bank Limited, Cuffe Parade, Mumbai- 400005, Maharashtra, India.
6) Date and brief description of instrument modifying the charge	No Investment Extension of equitable mortgage by deposit of title deeds dated 08.01.1998
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.	Original charge was created on 10.05.1997 for Rs. 3.050 Millions by the present modification additional security is given by way of equitable mortgage in respect of property situated at Tungwa village, Sakivihar Road, Mumbai- 400072, Maharashtra, India.

FIXED ASSETS

v Land at Pune

v Plant and Machinery

v Moulds

v Computers

v Factory Building

v Furniture and Fixtures

v Electrical Fittings

v Office Equipments

v Air Conditioner

v Vehicles

AS PER WEBSITE

Company Profile:

Subject is a pioneer since 1961 in manufacturing and marketing of innovative flushing systems, Seat Covers, Bathrooms for physically Challenged, Waterless Urinals, Macerators for basement toilets, Sanitary and Allied products. Commander has, over the years, become synonymous with quality and technology. With an established presence in the flushing cisterns filed for 46 years. Commander boasts of having superior technical expertise in product engineering.

Future Plans

To place "Commander" as the Numero Uno brand, for innovative and Quality sanitaryware.

To become the most preferred brand amongst the customers.

To Provide value addition beyond contract to customer.

Employee Involvement

People are the source of the strength and Commander shall foster team work and ensure all employees; treat each other with trust and respect.

Customer Focus

Ensure that the customer needs are identified and that products and service meet these needs effectively.

Competitiveness Strive to continuously increase business and create business surplus for sustained growth and improvement.

Innovation Strive to innovate and excel in everything they do in products, value, service, human relations, competitiveness and profitability.

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.45.37
UK Pound	1	Rs.73.54
Euro	1	Rs.62.39

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.