MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	CHRIST NISHOTECH WATER SYSTEMS PRIVATE LIMITED
Registered Office :	Plot No. W-159, MIDC Pawane, TTC Industrial Area, Navi Mumbai – 400705, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.11.2003
Com. Reg. No.:	11 - 143309
Capital Investment / Paid-up Capital :	Rs. 9.000 Millions
CIN No.: [Company Identification No.]	U41000MH2003PTC143309
TAN No.: [Tax Deduction & Collection Account No.]	MUMC11024G
PAN No.: [Permanent Account No.]	AACCC2935P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of water treatment systems.
No of Employees :	100 (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 147000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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.

INFORMATION PARTED BY

Name :	Mr. Husen Topiwala
Designation :	Chartered Accountant
Contact No.:	91-9820984784
Date :	27.09.2011

LOCATIONS

Registered Office :	Plot No. W-159, MIDC Pawane, TTC Industrial Area, Navi Mumbai – 400705, Maharasahtra, India
Tel. No.:	91-22-27617655/ 27619274/ 27619275
Mobile No.:	91-7738532222 (Mr. Mayur Jadhao)
Fax No.:	91-22-27619278
E-Mail :	shoeb@christ-nishotech.com kurawad@yahoomail.co.in
Area :	100 Sq. Mtr.
Branch Office :	Plot No. 61, Asbestos Staff Colony, Opposite Food World, Karkhana, Secunderabad – 500009, Andhra Pradesh, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Shoeb Abbasali Kurawadwala
Designation :	Managing Director
Address :	Flat 2003, Heritage, Hiranandani Gardens, Powai, Mumbai – 400076, Maharasahtra, India
Date of Birth/Age :	50 Years
Qualification :	B. Tech
Date of Appointment :	27.11.2003
DIN No.:	00786253

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1994PTC076445	Microfilt India Private Limited	Director	07-02-94	07-02-94	31-12-07	Active	NO
2	U74999MH1996PTC099783	Nilsan Nishotech System Private Limited	Director	23-05-96	23-05-96	27-08-10	Active	NO
3	U41000MH2003PTC143309	Christ Nishotech Water Systems Private Limited	Managing director	22-10-08	27-11-03	-	Active	NO
4	U74200MH2010PTC204112	C N Tech Engineers Private Limited	Director	12-06-10	12-06-10	-	Active	NO

Name :	Mrs. Sakina Shoeb Kurawadwala
Designation :	Director
Address :	Flat 2003, Heritage Building, Cliff Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharasahtra, India
Date of Birth/Age :	21.05.1958
Date of Appointment :	15.06.2009
DIN No.:	02699635

Other Directorship:

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	U41000MH2003PTC143309	Christ Nishotech Water Systems Private Limited	Director	30-09-09	15-06-09	Active	NO
2	U74200MH2010PTC204112	C N Tech Engineers Private Limited	Director	12-06-10	12-06-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Shoeb Abbasali Kurawadwala	150000
Sakina Shoeb Kurawadwala	100000
Abbasali Abidhusein Kurawadwala	5000
Hussaina Abidhusein Kurawadwala	5000
Sarfraz Abbasali Kurawadwala	5000
Shabbir Abbasali Kurawadwala	5000
Chirst Pharma and Life Science AG, Switzarland	450000
Shoeb Abbasali Kurawadwala and Sakina Shoeb Kurawadwala	108000
Sakina Shoeb Kurawadwala and Shoeb Abbasali Kurawadwala	72000
Total	900000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.55
Directors or relatives of Directors	49.45
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of water treatment systems.
Brand Names :	· C N Water
Exports :
Products :	· Water Treatment Systems
Countries :	· Italy · Switzerland
Imports :
Products :	· Components
Countries :	· Germany · Australia · Switzerland
Terms :
Selling :	Credit (60 days)
Purchasing :	Credit (60 days)

GENERAL INFORMATION

Suppliers :

· Endress and Hausser

Customers :

· End Users

· Cipla Limited

No. of Employees :

100 (Approximately)

Bankers :

· Canara Bank, Vikhroli (West) Branch, Hazari Bagh, Vikhroli, Mumbai – 400083, Maharasahtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions
From Bankers Secured against hypothecation of goods and book debts	12.784	5.686
Term Loan Secured against hypothecation of machineries (due within one year Rs. 1.068 Millions)	2.933	0.000
Total	15.717	5.686
Un Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions
Unsecured against hypothecation of a vehicle	0.000	0.176
Total	0.000	0.176

Canara Bank Cash Credit Limit – Rs. 80.000 Millions

Banking Relations :	---
Auditors :
Name :	H H Topiwala and Company Chartered Accountant
Address :	C-2/ 501, Sarkar Residency, Opposite Anjirwadi, Mazgaon, Mumbai – 400010, Maharasahtra, India
Tel. No.:	91-22-66570162
E-Mail :	huseniht@vsnl.com
Associates/Subsidiaries :	CNTech Engineers Private Limited Sanitech Engineers Private Limited Microfilt India Private Limited Nishotech Systems Private Limited Christ Nordic AB Christ Pharma and Life Science AG Christ Pharma and Life Science GmBH Christ Aqua AG

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

900000

Equity Shares

Rs. 10/- each

Rs. 9.000 Millions

Note:

Out of the above 50000 equity shares of Rs. 10/- each issued for consideration other than cash

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		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.871	22.418	17.993
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.871	31.418	26.993
LOAN FUNDS
1] Secured Loans		15.717	5.686	11.155
2] Unsecured Loans		0.000	0.176	2.483
TOTAL BORROWING		15.717	5.862	13.638
DEFERRED TAX LIABILITIES		0.672	0.604	0.000
TOTAL		53.260	37.884	40.631
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.597	11.613	7.918
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.189	24.692	20.323
	Sundry Debtors	52.260	37.976	32.266
	Cash & Bank Balances	15.734	13.304	9.380
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.157	13.138	16.440
Total Current Assets		114.340	89.110	78.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.081	50.420	29.099
	Other Current Liabilities	14.596	12.419	8.980
	Provisions	0.000	0.000	7.617
Total Current Liabilities		73.677	62.839	45.696
Net Current Assets		40.663	26.271	32.713
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		53.260	37.884	40.631

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Turnover)		173.309	125.480
		Other Income			17.861
		TOTAL (A)	NA	173.309	143.341
Less	EXPENSES
		Cost of Materials Consumed			83.360
		Manufacturing and Other Expenses			31.424
		Employees Remuneration and Benefits			18.796
		Preliminary Expenses written off			0.027
		TOTAL (B)	NA	188.450	133.607
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				9.734
Less	FINANCIAL EXPENSES (D)				1.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				7.983
Less/ Add	DEPRECIATION/ AMORTISATION (F)				1.085
	PROFIT BEFORE TAX (E-F) (G)		7.891	7.258	6.898
Less	TAX (I)		2.439	2.490	2.191
	PROFIT AFTER TAX (G-I) (J)		5.452	4.768	4.707
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	5.686
	BALANCE CARRIED TO THE B/S		NA	NA	10.393
	EARNINGS IN FOREIGN CURRENCY
		Export at F.O.B. Value	1.481	0.034
		Services	0.235	6.250
	TOTAL EARNINGS		1.716	6.284	NA
	IMPORTS
	TOTAL IMPORTS		50.729	33.669	NA
	Earnings Per Share (Rs.)		--	5.30	--

Particulars	31.03.2011
Sales Turnover (Approximately)	400.000

The above information has been parted by Mr. Hussain Topiwala.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	2.75	3.28
Net Profit Margin (PBT/Sales)	(%)	NA	NA	5.50
Return on Total Assets (PBT/Total Assets}	(%)	6.22	7.20	7.99
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.25
Debt Equity Ratio (Total Liability/Networth)		2.42	2.19	2.20
Current Ratio (Current Asset/Current Liability)		1.55	1.42	1.71s

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Statutory Payments	1.415	1.794	0.847
Goods and Services	54.310	46.102	26.585
Expenses	2.376	1.653	1.325
Others	0.980	0.871	0.342
Total	59.081	50.420	29.099

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-----
22. Litigations that the firm / promoter involved	-----
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	-----
26. Buyer visit details	-----
27. Financials, if provided	No
28. Incorporation details, if applicable	----
29. Last accounts filed at ROC	----
30. Major Shareholders, if available	----

Change of Address:

Registered office of the company has been shifted from W-199-E, MIDC Khairnettc Industrial Area, Thane – Belapur Road, Navi Mumbai – 400705, Maharasahtra, India to the present address w.e.f. 01.04.2010

Financial Results:

During the year, the company has made profit of Rs. 7.891 Millions. After providing for current and deferred tax, the net profit stood at Rs. 5.452 Millions (Last year net profit of Rs. 4.768 Millions.)

Form 8:

Corporate identity number of the company	U41000MH2003PTC143309
Name of the company	CHIRST NISHOTECH WATER SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. W-159, MIDC Pawane, TTC Industrial Area, Navi Mumbai – 400705, Maharasahtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80041942
Type of charge	Book Debts Movable Property Others (Plant and Machinery)
Particular of charge holder	Canara Bank, Vikhroli (West) Branch, Hazari Bagh, Vikhroli, Mumbai – 400083, Maharasahtra, India
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	03.12.2010
Amount secured by the charge	Rs. 83.120 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Terms Terms of Repayment Fresh Term loan of Rs. 9.000 Millions 36 Monthly Installments of Rs. 0.250 Millions and Interest as and when Due. Margin As Per Sanction Terms Extent and Operation of the charge As Per Sanction Terms
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All Present and Future Book Debts, Outstanding Monies, Receivables, Claims, Bills, Contracts, Securities Investments, Rights and Assets and Relating to or Immovable Properties
Date of instrument modifying the charge	25.05.2010
Particulars of the present modification	Now by the Present Modfn. Date 03.12.2010. The Limit has been increased from Rs. 54.120 Millions to Rs. 83.120 Millions. Description of Machinery: Tools and Hardware Purchased out of term Loan. Hypothection of Machineries under term loan.

Contingent liability not provided for:

Particulars	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Guarantees Given By Company’s Bankers (Previous Year: Rs. 12.917 Millions)	23.231	12.917
Estimated amounts of contracts remaining to be executed on capital account and not provided for (Previous Year: Rs. Nil)	0.000	0.000
Disputed demand towards Employee’s Provident Fund Rs. 3.211 Millions against which the company has deposited Rs. 0.800 Millions	3.211	3.211
Bonds executed in favour of customs authorities	15.500	15.500
Total	41.942	31.628

Fixed Assets:

• Leasehold Premises Renovation
• Electrical fittings and Fixture
• Plant and Machinery
• Data Processing Systems
• Office Equipments
• Furniture and Fixture
• Air Conditioners
• Motor Car
• Technology Licence Fees

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.49.17
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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	NO
--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.