MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED
Registered Office :	4, Gopal Nagar, Nandida Char Rasta, Bardoli, Surat – 395001, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.01.2000
Com. Reg. No.:	04-37188
Capital Investment / Paid-up Capital :	Rs.23.104 Millions
CIN No.: [Company Identification No.]	U45205GJ2000PTC037188
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Commercial Water Purification Plant, Natural Water Purifier and Dolphin Water Purifier.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 550000
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 commitment. Company can be considered normal for business dealings at usual trade terms and conditions. Profit and Loss of the company is not available.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY (General Details)

Name :	Mr. Kamlesh Patel
Designation :	Marketing Manager
Contact No.:	91-9974088718
Date :	25.10.2011

LOCATIONS

Registered Office/ Factory :	4, Gopal Nagar, Nandida Char Rasta, Bardoli, Surat-395001, Gujarat, India
Tel. No.:	91-261-2236426/ 2354020/ 3053079/ /91/ 3056779/ 2330079
Mobile No.:	91-9974088718 (Mr. Kamlesh Patel, Marketing Manager)
Fax No.:	91-261-2234907
E-Mail :	lohiya_kailash@yahoo.com sbmgandco@gmail.com info@hi-techwater.com kamlesh@hitechro.net
Website :	http://www.hitechro.net
Location :	Owned
Marketing Office Address :	229-30 Turning Point Complex, Ghod Road, Surat, Gujarat, India
Branch Office :	Located at : · Delhi · Chennai · Bangalore · Mumbai · Hyderabad · Ludhiayana · Vishakhapatnam · Lucknow · Kolkata · Ahmedabad · Anand · Baroda · Bharuch · Kamrej · Nadiad · Navsari · Valsad · Vapi · Dhule · Nashik · Nandurbar · Nagpur · Chattisgarh · Indore · Bhilwada · Jaipur · Kerala

DIRECTORS

Name :

Mr. Vijay Shobhalal Shah

Designation :

Director

Address :

1, Rajendra Nagar, Ten Road, Taluka Bardoli, District Surat, Gujarat, India

Date of Birth/Age :

25.03.1969

Qualification :

B Com

Date of Appointment :

18.01.2000

DIN No.:

01061823

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45205GJ2000PTC037188	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED	Director	18-01-00	18-01-00	Active	NO
2	U51909GJ1995PTC027743	VISHAL AUTO-TECH PRIVATE LIMITED	Managing director	09-05-07	09-05-07	Active	NO
3	U63022GJ2008PTC053097	HITECH FROZEN FACILITIES PRIVATE LIMITED	Director	29-02-08	29-02-08	Active	NO
4	U45201GJ1995PTC024717	VIVAR PROJECTS PRIVATE LIMITED	Director	17-06-08	17-06-08	Active	NO
5	U45200GJ2005PTC046799	AAVKASH REALTY PRIVATE LIMITED	Director	26-09-08	26-09-08	Active	NO
6	U45200GJ2005PTC046800	BHOLE REALTY PRIVATE LIMITED	Director	26-09-08	26-09-08	Active	NO
7	U45200GJ2006PTC047777	MANALI INFRASTRUCTURE PRIVATE LIMITED	Additional director	26-06-09	26-06-09	Active	NO
8	U17290GJ2005PTC046904	MANALI SYNTHETICS PRIVATE LIMITED	Director	01-09-09	21-08-09	Active	NO
9	U17291GJ2008PTC055662	FABULOUSS NARROW TEX PRIVATE LIMITED	Director	26-08-09	26-08-09	Active	NO
10	U45201GJ2010PTC059706	HITECH DEV-CON PRIVATE LIMITED	Director	25-02-10	25-02-10	Active	NO
11	U29100GJ2010PTC062249	HI-ENVIROS TECHNOLOGIES PRIVATE LIMITED	Director	08-09-10	08-09-10	Active	NO

Name :

Mr. Satish Dhanraj Agarwal

Designation :

Director

Address :

9/10, Gotri Road Co-operative Housing Society, Vadodara- 390001, Gujarat, India

Date of Birth/Age :

09.01.1959

Date of Appointment :

17.03.2005

DIN No.:

02084916

Name :

Mr. Kailash Lohia

Designation :

Director

Date of Birth/Age :

35 years

Qualification :

Chartered Accountant

Name :

Mr. Rajesh Joshi

Designation :

Director

Date of Birth/Age :

42 years

KEY EXECUTIVES

Name :	Mr. Kamlesh Patel
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Vijay Shobhala Shah	901500
Kavita Vijay Shah	130000
Jayesh Shobhalal Shah	108600
Sadhna Jayesh Jain	60000
Satish Dhanraj Agarwal	5000
Aashish Satish Agarwal	62000
Dinesh Dhanraj Garg	10000
Amit Agarwal	20000
Ashok Garg	22500
Aayush Marriage Trust	30000
Aakash Ritika Benefit Trust	20000
Akshay and Pooja Benefit Trust	25000
Akshay Marriage Trust	22500
Ankit Marriage Trust	70000
Ashok Kumar Garg, HUF	45500
Nikhil Marriage Trust	21000
Pallavi Marriage Trust	35500
Prem Prakash, HUF	30000
Princy Marriage Trust	20000
Utsav and Princy Marriage Trust	30000
Utsav Marriage Trust	5000
Pooja Garg	1000
Narendra Dhanraj Garg	224900
Total	1900000

AS ON 30.09.2009

Equity Share Breakup (Percentage of Total Equity)	Percentage
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Commercial Water Purification Plant, Natural Water Purifier and Dolphin Water Purifier.
Exports :
Products :	Components Water Purifier
Countries :	· Dubai · USA

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· Bank of Baroda,

Puja Kiran Apartment, Bharat Road Branch, Surat-395007, Gujarat, India

· HDFC Bank, Bardoli, Surat, Gujarat, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Cash credit facility from Bank of Baroda (Secured against Hypothecation of stock and book debts of company and collateral security of company’s factory land and building and directors residential assets )	131.067	90.589
Term Loan building and P and M (secured against hypothecation of plant and Machinery and security of company’s factory land and building and directors personal guarantee)	59.224	0.000
Buyers credit on Import	21.463	0.000
auto and business loans (Secured by hypothecation of vehicles and personal guarantee of Directors	8.771	4.709
Total	220.525	95.298
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors	0.641	12.297
From Share Holders	0.725	1.025
Inter corporate deposit	7.659	26.658
Total	9.025	39.980

Banking Relations :	--
Auditors :
Name :	S Jain and Associates Chartered Accountant
Address :	3032, Textile Tower, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2341031 / 3243696
Pan No.:	AADFS8446F
Memberships :	· Water Quality Association of USA since 1995 · Indian Water Works Association since 1999
Associates :	· Agarwal Road Lines · Pacific RO Systern · Globex India · Hi-Tech Frozen Facilities Private Limited · Avkash Reality Private Limited · Vivar Project private Limited · Hi – Tech Dev Con Private Limited · Hi-Tech Residency · Hi-Tech Construction

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital : Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.32.445 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2310450	Equity Shares	Rs.10/- each	Rs.23.104 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		23.104	19.000	19.000
2] Share Application Money		38.400	0.000	0.000
3] Reserves & Surplus		77.025	33.201	26.815
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.529	52.201	45.815
LOAN FUNDS
1] Secured Loans		220.525	95.298	65.806
2] Unsecured Loans		9.025	39.980	32.865
TOTAL BORROWING		229.550	135.278	98.671
DEFERRED TAX LIABILITIES		7.697	1.913	0.300
TOTAL		375.776	189.392	144.786
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.818	35.004	23.037
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.739	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.018	70.258	60.140
	Sundry Debtors	131.073	75.262	84.963
	Cash & Bank Balances	18.860	10.053	6.975
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	74.933	23.702	21.362
Total Current Assets		295.884	179.275	173.440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.674	7.374	40.598
	Other Current Liabilities	8.348	13.432	7.710
	Provisions	5.712	4.167	3.486
Total Current Liabilities		38.734	24.973	51.794
Net Current Assets		257.150	154.302	121.646
MISCELLANEOUS EXPENSES		0.069	0.086	0.103
TOTAL		375.776	189.392	144.786

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	1.93	3.91	1.13
Current Ratio (Current Asset/Current Liability)	7.63	7.17	3.35

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	----------
No. of Employees	No
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	Yes
Market Information	----------
Litigations that the firm/ Promoters Involved in	----------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	----------
Buyer visit details	----------
Financials, if provided	----------
Incorporation details is applicable	----------
Last Accounts filed at ROC	----------
Major Shareholders, if available	----------

FORM 8

Corporate identity number of the company	U45205GJ2000PTC037188
Name of the company	HITECH SWEET WATER TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Nandida Char Rastagopalnagar GIDC Bardoli, Surat, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property
Particular of charge holder	Bank of Baroda, Bharat Road Branch, Surat-395007, Gujarat, India
Nature of instrument creating charge	Supplemental Composite Agreement of Hypothecation of movable Machinery and Vehicles
Date of instrument Creating the charge	28.12.2009
Amount secured by the charge	Rs.82.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : At 0.50% over BPLR (at present 12.50%) subject to change in BPLR / Credit rating. Terms of repayment : Term loan is to be repaid in 59 equally monthly installments each of RS. 0.417 millions and last installments of Rs.0.397 millions, commencing after 6 monthly from the date of 1^st. Interest to be charged in the account during moratorium and repayment period is to be services separately Margin : 33%
Short Particulars of the property charged	1. E.M. of factory land situated at block NO. 20/P/13, Survey No. 29/1, Plot No. 11, 12, 13 and 14 Mauje 10, Taluka Bardoli District, Surat. In the name of Hi-Tech Sweet Water Technologies P. Limited 2. Extension of charge by way of E.M. on immovable assets in the name of Hi-Tech Sweet Water Technologies P. Limited and Its Directors. 3. Extension of charge by way of hypothecation of plant and Machinery and other movable fixed assets of the company, present and future.

FIXED ASSETS

· Land

· Computer

· Motor Cycle

· Office Building

· Factory Building

· Furniture

· Office Equipments

· Plant and Machinery

· Car

· Generators

· Delivery Van

· Wind

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.