MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	DOSHION VEOLIA WATER SOLUTIONS PRIVATE LIMITED LIMITED (w.e.f. 15.05.2008)
Formerly Known As :	DOSHION WATER SOLUTIONS PRIVATE LIMITED
Registered Office :	347, Warehousing Complex, ACME Compound Road, Wadala (East), Mumbai-400037, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.08.2007
Com. Reg. No.:	11-173486
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U41000MH2007PTC173486
TAN No.: [Tax Deduction & Collection Account No.]	MUMD16188E
Legal Form :	Private Limited Liability Company
Line of Business :	The company is in the business of the Engineering, Procurement and Construction (EPC) segment of the Total Water Treatment Business.
No. of Employees :	Information Denied by the Management

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 4200000
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.

INFORMATION DENIED BY

Name :	Mr. Deepak
Designation :	Senior Manager
Contact No.:	91-9377370013
Date :	16.01.2012

LOCATIONS

Registered Office :	347, Warehousing Complex, ACME Compound Road, Wadala (East), Mumbai-400037, Maharashtra, India
Tel. No.:	Not Available
E-Mail :	yogesh@doshion.com
Website:	http://www.doshionveollia.com
Corporate Office :	Plot No. 24, Phase II, GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-30406000/ 25831156/ 25891916
Fax No.:	91-79-30406299
E-Mail :	info@doshinveolia.com
Factory 1 :	Chemicals Plant Plot No. 25, 26, Phase II, GIDC Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25832661/ 25890848
Fax No.:	91-79-25893408
E-Mail :	unit1@doshionveolia.com
Factory 2 :	Plot No. 107 to 112, Phase-I, GIDC Estate, Kathwada, Ahmedabad-382420, Gujarat, India
Tel. No.:	91-79-22901248/ 22901250
Fax No.:	91-79-22900040
E-Mail :	unit2@doshionveolia.com
Factory 3 :	Shri Ambica Estate, Plot No. A 65 to A 70, By Pass Road, Aslai, Ahmedabad-382427, Gujarat, India
E-Mail :	unit3@doshionveolia.com
Factory 4:	Plot No. 89 and 103, Road No. B/8, Phase-1, GIDC Estate, Kathwada, Ahmedabad-382420, Gujarat, India
Tel. No.:	91-79-32508480
E-Mail :	unit4@doshionveolia.com
Factory 5 :	Shed No. 284 (A-II Type), Plot Nol. 5D, Sector 3, Kandla Special Economic Zone, Gandhidham, Kutch, Gujarat, India
Tel. No.:	91-2836-321434
Fax No.:	91-2836-252957
E-Mail :	unit5@doshionveolia.com
Factory 6 :	Mouje Naranpura, Chandrasan, Taluka Plot No. 36P, 38 to 41, 42P, 43P A-A Sanand, Ahmedabad – 382170, Gujarat, India
Branches :	Located at: Ahmedabad Kolkata Jakarta Indonesia Mumbai Chennai New Delhi Hyderabad

DIRECTORS

As on 23.09.2011

Name :

Mr. Ashit Dhirajlal Doshi

Designation :

Managing Director

Address :

A-103, 10th Floor, Tirthbhoomi Apartment, Behind Law College, Ahmedabad-380006, Gujarat, India

Date of Birth/Age :

18.08.1965

Qualification:

B.Sc.

Experience:

24 Years

Date of Appointment :

27.08.2007

DIN No.:

00150851

Other Directorship :

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
U24110GJ1995PTC025307	Doshion Private Limited	Managing director	3/04/1995	3/04/1995	-	Active	NO
U74999GJ2006PTC049658	De Aryans Private Limited	Director	27/12/2006	27/12/2006	-	Active	NO
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Managing director	26/12/2008	27/08/2007	-	Active	NO
U28110GJ2008PTC053182	Pacific Pipe Systems Private Limited	Director	8/03/2008	8/03/2008	-	Active	NO
U31501TN1992PTC023326	Thomson Nusa Metals Private Limited	Director	17/09/2009	11/07/2008	-	Active	NO
U29100GJ2008PTC055415	Doshion Fabrication Company Private Limited	Director	12/11/2008	12/11/2008	-	Active	NO
U45203GJ2008PTC055416	Doshion Infrastructure Development Private Limited	Director	12/11/2008	12/11/2008	-	Active	NO
U74999GJ2009PTC056044	Fivestar Management Services Private Limited	Director	4/02/2009	4/02/2009	-	Active	NO
U41000GJ2009PTC057906	Shivpuri Water Infrastructure Private Limited	Director	28/08/2009	28/08/2009	-	Active	NO
U41000GJ2011PTC064934	Doshion Water Umbrella (Cuddalore) Private Limited	Director	13/04/2011	13/04/2011	-	Active	NO
U28920MH1982PLC027105	Gondwana Engineers Limited	Additional director	14/05/2011	14/05/2011	-	Active	NO

Name :

Mr. Rakshit Dhirajlal Doshi

Designation :

Whole Time Director

Address :

A/103, 10^th Floor, Trithbhoomi Apartment, Behind Law College, Ahmedabad-380006, Gujarat, India

Date of Birth/Age :

29.09.1969

Qualification:

B.E. (Chemical)

Experience:

40 Years

Date of Appointment :

26.12.2008

DIN No.:

00150910

Other Directorship :

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
U24110GJ1995PTC025307	Doshion Private Limited	Director	26/12/2008	3/04/1995	-	Active	NO
U41000GJ2008PTC053373	Nagaur Water Supply Company Private Limited	Director	26/03/2008	26/03/2008	-	Active	NO
U28110GJ2008PTC053182	Pacific Pipe Systems Private Limited	Director	5/09/2009	10/05/2008	-	Active	NO
U31501TN1992PTC023326	Thomson Nusa Metals Private Limited	Director	17/09/2009	11/07/2008	-	Active	NO
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Whole-time director	26/12/2008	26/12/2008	-	Active	NO
U41000GJ2009PTC057906	Shivpuri Water Infrastructure Private Limited	Director	28/08/2009	28/08/2009	-	Active	NO
U41000GJ2011PTC064934	Doshion Water Umbrella (Cuddalore) Private Limited	Director	13/04/2011	13/04/2011	-	Active	NO
U28920MH1982PLC027105	Gondwana Engineers Limited	Additional director	14/05/2011	14/05/2011	-	Active	NO

Name :

Mr. Calude Soler

Designation :

Director

Address :

14, Rue DE Nancy, Vesailles-78000, France

Date of Birth/Age :

24.12.1946

Date of Appointment :

26.12.2008

DIN No.:

02469273

Other Directorship :

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
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Director	29/09/2009	26/12/2008	-	Active	NO

Name :

Mr. Ganapathy Viswanathan Iyear

Designation :

Director

Address :

7, Nilgiri, Chhed Nagar, Chembur, Mumbai-400089, Maharashtra, India

Date of Birth/Age :

24.09.1953

Date of Appointment :

26.12.2008

DIN No.:

00081038

Other Directorship :

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
U24110GJ1995PTC025307	Doshion Private Limited	Director	1/11/2004	1/11/2004	-	Active	NO
L64200MH1984PLC031852	Atlanta Limited	Director	9/12/2005	9/12/2005	-	Active	NO
U29246MH2003PTC142133	Pranav Construction Systems Private Limited	Director	15/01/2007	15/01/2007	12/04/2010	Active	NO
U23200MH1981PLC190838	Hope Gases Limited	Additional director	20/08/2007	20/08/2007	12/04/2010	Amalgamated	NO
U45203MH2005PLC157445	Atlanta Infra Assets Limited	Director	5/04/2008	5/04/2008	-	Active	NO
U28110GJ2008PTC053182	Pacific Pipe Systems Private Limited	Director	5/09/2009	10/05/2008	-	Active	NO
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Director	29/09/2009	26/12/2008	-	Active	NO
U28920MH1982PLC027105	Gondwana Engineers Limited	Additional director	14/05/2011	14/05/2011	-	Active	NO

Name :

Mr. Dhirajlal Shivlal Doshi

Designation :

Director

Address :

71, Oceana Apartments, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India

Date of Birth/Age :

08.05.1939

Date of Appointment :

27.08.2007

DIN No.:

00158450

Other Directorship :

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
U24110GJ1995PTC025307	Doshion Private Limited	Whole-time director	3/04/1995	3/04/1995	-	Active	NO
U36028MH1982PLC028091	Antop Hill Warehousing Company Limited	Director	29/09/2005	29/09/2005	-	Active	NO
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Director	27/08/2007	27/08/2007	-	Active	NO
U29100GJ2008PTC055415	Doshion Fabrication Company Private Limited	Director	12/11/2008	12/11/2008	-	Active	NO
U45203GJ2008PTC055416	Doshion Infrastructure Development Private Limited	Director	12/11/2008	12/11/2008	-	Active	NO
U74999GJ2009PTC056044	Fivestar Management Services Private Limited	Director	4/02/2009	4/02/2009	-	Active	NO
U41000GJ2009PTC057906	Shivpuri Water Infrastructure Private Limited	Director	28/08/2009	28/08/2009	-	Active	NO

Name :

Mr. Prasad Gadkari

Designation :

Nominee Director

Address :

111, Laxmi Niketan, 4^th Road, Hindu Colony, Dadar, Matunga, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

20.02.1974

Date of Appointment :

25.11.2010

DIN No.:

02607255

Other Directorship :

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
U65921MH2006PTC163408	SMMS Investments Private Limited	Director	30/09/2009	29/04/2009	24/11/2011	Active	NO
U64200MH1995PTC087657	Omega Telecom Holdings Private Limited	Director	29/09/2009	10/08/2009	24/11/2011	Active	NO
U15200KA1998PLC023489	Healthcare Global Enterprises Limited	Nominee director	18/11/2010	18/11/2010	29/03/2011	Active	NO
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Nominee director	25/11/2010	25/11/2010	-	Active	NO
U28110GJ2008PTC053182	Pacific Pipe Systems Private Limited	Nominee director	11/01/2011	11/01/2011	-	Active	NO
U24110GJ1995PTC025307	Doshion Private Limited	Nominee director	11/01/2011	11/01/2011	-	Active	NO
U40108DL2011PLC221862	Green Infra Wind Power Projects Limited	Director	4/07/2011	4/07/2011	29/11/2011	Active	NO
U40108DL2011PLC221863	Green Infra Bio Energy Power Projects Limited	Director	4/07/2011	4/07/2011	29/11/2011	Active	NO
U40108DL2011PLC221871	Green Infra Bio Energy Assets Limited	Director	4/07/2011	4/07/2011	29/11/2011	Active	NO
U40108DL2011PLC221875	Green Infra Wind Energy Project Limited	Director	4/07/2011	4/07/2011	29/11/2011	Active	NO
U40300DL2011PLC221876	Green Infra Wind Generation Limited	Director	4/07/2011	4/07/2011	29/11/2011	Active	NO
U40101HP2011PLC031699	Green Infra Hydro Energy Projects Limited	Director	4/07/2011	4/07/2011	29/11/2011	Active	NO
U40106DL2011PLC222911	Green Infra Bio Energy Generation Limited	Director	28/07/2011	28/07/2011	29/11/2011	Active	NO
U40106DL2011PLC224943	Green Infra Corporate Solar Limited	Director	12/09/2011	12/09/2011	30/11/2011	Active	NO
U40108DL2011PLC224946	Green Infra Solar Projects Limited	Director	12/09/2011	12/09/2011	30/11/2011	Active	NO
U40102DL2011PLC225066	Green Infra Wind Farm Assets Limited	Director	14/09/2011	14/09/2011	30/11/2011	Active	NO
U40101DL2011PLC225067	Green Infra Wind Energy Assets Limited	Director	14/09/2011	14/09/2011	30/11/2011	Active	NO

Name :

Mr. Fabrice Pascal Jacques Brochet

Designation :

Director

Address :

52, Allee Santos Dumont, Suresnes – 92150, France

Date of Birth/Age :

22.08.1966

Date of Appointment :

14.05.2011

DIN No.:

03530334

Other Directorship :

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
U41000MH2007PTC173486	Doshion Veolia Water Solutions Private Limited	Director	23/09/2011	14/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Kumar Mishra
Designation :	Secretary
Address :	B-1, 42, Nirman Complex, R C Tech, Road, Ghatlodia, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	03.05.1970
Date of Appointment :	02.12.2008
PAN No.:	AJEPM8843L
Name :	Mr. Deepak
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Equity Shares
Doshion Limited, India	3500000
Veolia Water Solutions and Technologies, France	1500000
Total	5000000

Names of Shareholders	No. of Preference Shares
Doshion Limited, India	9488000
Total	9488000

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2011

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	30.00
Bodies corporate	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is in the business of the Engineering, Procurement and Construction (EPC) segment of the Total Water Treatment Business.

Products :

Product Description	ITC Code
Water Treatment Plant	84211991
ION Exchange Resin	84212190

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Resin	Ltrs	2160000	2038060
Pharma Grade Resins	Kgs	168000	164932
Water Treatment Chemicals	Kgs.	1800000	508983
WT Plants	Nos.	479	479

GENERAL INFORMATION

No. of Employees :

Information Denied by the Management

Bankers :

The Karur Vysya Bank Limited, Motilal Centre, Ashram Road, Ahmedabad-380009, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loans from
Banks	0.000	74.202
A Finance Company	153.333	200.000
Working Capital Loans from Banks	185.872	70.321
Vehicles Finance From
Bank	3.692	10.850
Financial Institution	0.207	4.707
Total	343.104	360.080
Note: 1) Secured by first pari passu charge on all current assets and second charge on all fixed assets and guarantees by directors in their personal capacity. 2) Secured by first pari passu charge, on all current assets and movable fixed assets including inventories, receivables, plant and machinery, furniture, electrical installation and office equipments, both present and future and guarantee by directors in their personal capacity. 3) Secured by hypothecation of the related vehicles. 4) Amounts repayable within one year Rs. 180.308 Millions (As at 31.03.2009 Rs. 104.049 Millions)
Unsecured Loans	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Holding Company- Doshion Limited	0.000	45.347
From Bank	250.000	0.000
Total	250.000	45.347
Note: Amount repayable within one year is Rs. 250.000 Millions

Financial Institute :	· Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India · IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C22 G Block Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	“Heritage”, 3^rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India
PAN No.:	AABFD7919A
Subsidiary Company:	PT Doshion Veoila Water Solution Indonesia
Enterprises having substantial interest in voting power of the company :	Veolia Water Solutions and Technology
Enterprises Controlled by the company:	DVWSPL Employees Gratuity Trust
Holding Company :	Doshion Limited, Gujarat, India U24110GJ1995PLC025307

CAPITAL STRUCTURE

As on 23.09.2011

Authorised Capital : Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
9488000	Preference Shares	Rs.10/- each	Rs.94.880 Millions
	Total		Rs.144.880 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Note:

Out of the above:

1) 3500000 equity Shares of Rs. 10 each were issued as fully paid up Equity Shares pursuant to the Business transfer Agreement (BTA) between Doshion Limited and the company at a price of Rs. 9177143 per equity shares (i.e. Rs. 10 each of face value and Rs. 8177143 each of security premium) aggregating to Rs. 321200000 (i.e. Rs. 35000000 as paid up share capital and Rs. 286200000 as security premium) without payment being received in cash.

2) 3500000 (As at 31^st March 2009 3500000) Equity Share of Rs 10 each are held by Doshion Limited, the holding company.

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		50.000	50.000	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		991.364	927.275	0.000
4] (Accumulated Losses)		0.000	0.000	[0.045]
NETWORTH		1041.364	977.275	0.055
LOAN FUNDS
1] Secured Loans		343.104	360.080	0.000
2] Unsecured Loans		250.000	45.347	0.000
TOTAL BORROWING		593.104	405.427	0.000
DEFERRED TAX LIABILITIES		12.866	14.189	0.000
TOTAL		1647.334	1396.891	0.055
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		229.804	231.298	0.000
Capital work-in-progress		0.900	0.000	0.000
INVESTMENT		10.856	10.856	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	292.970	242.388	0.000
	Sundry Debtors	1626.235	1640.503	0.000
	Cash & Bank Balances	150.779	156.173	0.100
	Other Current Assets	14.298	17.804	0.000
	Loans & Advances	248.208	161.246	0.000
Total Current Assets		2332.490	2218.114	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	741.339	911.474	0.040
	Other Current Liabilities	150.287	132.263	0.005
	Provisions	35.090	19.640	0.000
Total Current Liabilities		926.716	1063.377	0.045
Net Current Assets		1405.774	1154.737	0.055
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1647.334	1396.891	0.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	2919.100	2909.700
		Other Income
		TOTAL	2919.100	2909.700
Less	TOTAL EXPENSES		2839.900	2806.800
	PROFIT BEFORE TAX		79.200	102.900
Less	TAX		9.300	21.900
	PROFIT AFTER TAX		69.900	81.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		79.000	[0.045]
Less	APPROPRIATIONS
		Proposed Dividend	5.000	1.600
		Corporate Dividend Tax	0.800	0.200
	BALANCE CARRIED TO THE B/S		143.100	79.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	219.186	605.561
	TOTAL EARNINGS		219.186	605.561
	IMPORTS
		Raw Materials	319.578	324.578
		Capital Goods	0.250	0.000
	TOTAL IMPORTS		319.828	324.578
	Earnings Per Share (Rs.)		13.98	20.14

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.39	2.78	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.09	4.21	NA
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	NA
Debt Equity Ratio (Total Liability/Networth)		1.46	1.50	0.82
Current Ratio (Current Asset/Current Liability)		2.52	2.09	2.22

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Micro, Small and Medium Enterprises	6.198	16.707	0.000
Others	735.141	894.767	0.040
Total	741.339	911.474	0.040

Note: The registered office of the company has been shifted from Office No. 3, 2^nd Floor, A Wing, Godrej Coliseum, Eastern Express Highway, Sion, Mumbai-400022, Maharashtra, India to present address w.e.f. 22.02.2008

Business:

The company is in the business of the Engineering, Procurement and Construction (EPC) segment of the Total Water Treatment Business and focused on providing total solutions in the water management services by becoming “Single Window Water Solution Company”.

Operations:

The total turnover revenue of the company was increased from Rs.2910.000 Millions to Rs.2920.000 Millions. The net profit after tax has decreased to Rs.70.000 Millions as compared to previous year’s net profit of Rs.80.000 Millions. The EPS (Earning per share) has also decreased from Rs.20.14 to 13.98.

Future Outlook:

In order to capture optimum business in different sectors like power, Oil and Gas, Metal and Mining, the company has focused on offering total solution from source to solution and providing unique selling proposition which no competitor can offer. The company, to have presence in the ferrous sector and to strengthen the position in this segment, is exploring to tap up the steel market with steel giants like Tisco, Jindal, JSW, SAIL etc. the company is also targeting to promote and explore new avenues for winning EPC projects in SEZ Further, the company is concentrating to capture markets for large International Airports and Internationl Cargo Terminalas, Power SEZs, Petrochemicals SEZs, semi conductor SEZs and Pharma SEZs etc.

Contingent Liabilities:

Particulars	As on 31.03.2010 (Rs. in Millions)
Guarantee issued by Banks	1180.224
Claims against the company not acknowledged as debts
i) Disputed demand of Work Contract Tax	0.094
ii) Disputed demand of Excise Duty	27.927
iii) Disputed demand of Custom Duty	18.998
iv) Disputed demand of Income Tax for which an appeal has been preferred	24.612

Bankers Charges Report as per Registry

Corporate identity number of the company	U41000MH2007PTC173486
Name of the company	Doshion Veolia Water Solutions Private Limited
Address of the registered office or of the principal place of business in India of the company	347, Warehousing Complex, ACME Compound Road, Wadala (East), Mumbai-400037, Maharashtra, India
This form is for	Modification of Charge
Type of charge	Immovable Property
Particular of charge holder	IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C22 G Block Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India
Nature of instrument creating charge	Indenture of Mortgage
Date of instrument Creating the charge	03.05.2010
Amount secured by the charge	Rs. 2770.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be charged as per rates prescribed by financing Bank/ Institutions from time to time Terms of Repayment Working Capital repayable on demand. Term Loan Repayment as per schedule prescribed by Financing Institutions. Margin As prescribed by financing Bank/ Institutions from time to time. Extent and Operation of the charge Charge on immovable assets in favour of security trustee ranking first pari passu amongst consortium lenders namely Bank of Baroda, IDBI Bank Limited, Union Bank of India, Standard Chartered Bank and Ranking second charge in favour of L and T Infrastructure Finance Company Limited
Date of instrument modifying the charge	14.12.2009
Particulars of the present modification	The credit facilities aggregating to Rs.2770.000 Millions presently secured by way of hypothecation over movable/ current assets of the company is now further secured by mortgage of immovable assets of the company.

This form is for	Creation of charge
Corporate identity number of the company	U41000MH2007PTC173486
Name of the company	Doshion Veolia Water Solutions Private Limited
Address of the registered office or of the principal place of business in India of the company	347, Warehousing Complex, ACME Compound Road, Wadala (East), Mumbai-400037, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge Immovable property Any interest in immovable property
Particular of charge holder	U72900MH2001PLC132441 3i Infotech Trusteeship Services Limited 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India Email Id : raman.jayaraman@3i-itsl.com
Nature of description of the instrument creating or modifying the charge	Tripartate Agrement between Doshion Limited, Doshion Veolia Water Solutions Private Limited and 3i Infotech Trusteeship Services Limited acting as a security trustee for the lender i.e. ICICI Bank Limited
Date of instrument Creating the charge	01.06.2009
Amount secured by the charge	Rs.557.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Master facility agreement dated 24th October, 2007 and Corporate Rupee Loan facility agreement dated 31st October, 2007. Terms of Repayment As per the Master facility agreement dated 24th October, 2007 and Corporate Rupee Loan facility agreement dated 31st October, 2007. Margin As per the Master facility agreement dated 24th October, 2007 and Corporate Rupee Loan facility agreement dated 31st October, 2007. Extent and Operation of the charge The charge of the Bank extends to the principal amount of the loan together with interest, costs, commission, charges and other moneys payable by the Borrower to the Bank. Extent of charge is more particularly described in Annexure I attached herewith. Others NIL

Fixed Assets:

· Freehold Land

· Buildings

· Plant and Machinery

· Electrical Fittings

· Furniture, Fixture and Office Equipments

· Vehicles

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.51.65
UK Pound	1	Rs.79.09
Euro	1	Rs.65.32

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	NO
--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	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.