MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	ROCHEM SEPARATION SYSTEMS (INDIA) PRIVATE LIMITED

Formerly Known As :	ROCHEM DYECHEM (INDIA) PRIVATE LIMITED

Registered Office :	101, Dheeraj Arma, Anant Kanekar Road, Bandra (West), Mumbai-400 051, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.11.1991

Com. Reg. No.:	11-064068

Capital Investment / Paid-up Capital :	Rs.4.000 Millions

CIN No.: [Company Identification No.]	U24100MH1991PTC064068

TAN No.: [Tax Deduction & Collection Account No.]	MUMR16682B MUMR06779D

PAN No.: [Permanent Account No.]	AABCR1955P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Water Treatment Plants.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 1600000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having fine trade. Financial position of the company appears to be sound. Trade relation are reported as fair. Business is active. Payment are reported to be regular 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 DECLINED BY

Name :	Mr. Mangesh
Designation :	Accounts Manager
Contact No.:	91-22-67049000
Date :	18.01.2011

LOCATIONS

Registered Office :	101, Dheeraj Arma, Anant Kanekar Road, Bandra (West), Mumbai-400 051, Maharashtra, India
Tel. No.:	91-22-67049070/65702168
Fax No.:	91-22-67049077
E-Mail :	roindia@bom3.vsnl.net.in rochem@rochemindia.com reenabang@rediffmail.com ro_chem@rochemindia.com
Website :	www.rochemindia.com

Corporate Office :	401/402, Lavlesh Court CTS Plot No. F 1412 P Varde Road, Bandra (W), Mumbai-400050, Maharashtra, India
E-Mail :	rochem@rochemindia.com

Factory :	Plot No. 50, Sector II, Gauripada Village, Vasai Taluka Co-Op Industrial Estate, Thane-401208, Maharashtra, India.
Tel. No.:	91-250-2450077
Fax No.:	91-250-2452964
E-Mail :	roindia@bom3.vsnl.net.in

Overseas Office:	Interlinks Marine Services, 27, Ravenshurst Avenue, Hendon, London NW4 4EG-UK
Tel. No.:	+44-020-82026792
Fax No.:	+44-020-82025462
Email:	shipspares@interlinks-marine.com

Branch Office:	Located At: · Chennai · Kolkata · Gandhidham · Bangalore · Patna · Ajmer · New Delhi

DIRECTORS

As on 26.09.2011

Name :

Mr. Prayas Kumar Kamlesh Goel

Designation :

Director

Address :

1201, Eben Ezer, Tagore Road, Santagruz (West), Mumbai-400 054, Maharashtra, India

Date of Birth/Age :

07.05.1977

Date of Appointment :

15.09.1997

Din No.:

00348519

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	U24100MH1991PTC064068	ROCHEM SEPARATION SYSTEMS (INDIA) PRIVATE LIMITED	Director	15-09-97	15-09-97	Active	NO
2	U74999MH2008PTC180878	INVENTA RESEARCH PRIVATE LIMITED	Director	07-04-08	07-04-08	Active	NO
3	U63090MH1984PTC032685	CONCORD SHIPPING PRIVATE LIMITED	Director	31-05-08	31-05-08	Active	NO
4	U24110MH1986PTC040401	ROCHEM (INDIA) PRIVATE LIMITED	Director	31-05-08	31-05-08	Active	NO
5	U40200MH2009PTC190132	CONCORD BLUE TECHNOLOGY PRIVATE LIMITED	Director	05-02-09	05-02-09	Active	NO
6	U45209MH1999PTC120599	CONCORD ENVIRO SYSTEMS PRIVATE LIMITED	Managing director	30-11-09	05-05-09	Active	NO
7	U74999MH1984PTC034303	REVA ENVIRO SYSTEMS PRIVATE LIMITED	Director	15-06-09	15-06-09	Active	NO
8	U40107MH2010PTC206230	ROCHEM GREEN ENERGY PRIVATE LIMITED	Director	04-08-10	04-08-10	Active	NO
9	U40300MH2011PTC224054	RGE SIKAR PRIVATE LIMITED	Director	18-11-11	18-11-11	Active	NO

Name :

Mrs. Manish Mohanlal Kanchan

Designation :

Director

Address :

1201, Eben Ezer, Tagore Road, Santagruz (West), Mumbai-400 054, Maharashtra, India

Date of Birth/Age :

27.10.1968

Date of Appointment :

21.12.2009

Din No.:

00003264

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	U74140MH1997PTC107598	AMBIT CAPITAL PRIVATE LIMITED	Director	01-06-05	01-06-05	21-09-07	Active	NO
2	U65923MH2007PTC171219	S.J. FINESTOCK PRIVATE LIMITED	Director	30-05-07	30-05-07	07-10-08	Active	NO
3	U74140MH2007PTC171252	S.J.CAPITAL ADVISORS PRIVATE LIMITED	Director	01-06-07	01-06-07	08-08-08	Active	NO
4	U51909MH1995PTC089738	PALS OVERSEAS PRIVATE LIMITED	Director	10-07-07	10-07-07	20-05-08	Active	NO
5	U65191MH2008PTC177331	SAGE CAPITAL FUNDS MANAGEMENT PRIVATE LIMITED	Managing director	01-06-09	04-01-08	-	Active	NO
6	U80301MH2009PTC190573	ILEAP ACADEMY PRIVATE LIMITED	Director	25-02-09	25-02-09	-	Active	NO
7	U31101GA1996PTC002221	POWER ENGINEERING (INDIA) PRIVATE LIMITED	Nominee director	27-10-09	06-03-09	-	Active	NO
8	U74140MH2009PTC195614	CAPNINE FUNDS MANAGEMENT PRIVATE LIMITED	Director	09-09-09	09-09-09	-	Active	NO
9	U24100MH1991PTC064068	ROCHEM SEPARATION SYSTEMS (INDIA) PRIVATE LIMITED	Nominee director	30-09-10	21-12-09	-	Active	NO
10	U74999MH1984PTC034303	REVA ENVIRO SYSTEMS PRIVATE LIMITED	Nominee director	30-09-10	21-12-09	-	Active	NO
11	U40200MH2009PTC190132	CONCORD BLUE TECHNOLOGY PRIVATE LIMITED	Nominee director	30-09-10	21-12-09	-	Active	NO
12	U45209MH1999PTC120599	CONCORD ENVIRO SYSTEMS PRIVATE LIMITED	Nominee director	30-09-10	21-12-09	-	Active	NO
13	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	29-09-10	31-03-10	-	Active	NO
14	U40107MH2010PTC206230	ROCHEM GREEN ENERGY PRIVATE LIMITED	Nominee director	04-01-11	04-01-11	-	Active	NO
15	U40300MH2011PTC224054	RGE SIKAR PRIVATE LIMITED	Nominee director	18-11-11	18-11-11	-	Active	NO

Name :

Mr. Prerak Kumar Kamlesh Goel

Designation :

Director

Address :

1001, Eben Ezer, Tagore Road, Santagruz (West), Mumbai-400 054, Maharashtra, India

Date of Birth/Age :

11.09.1979

Date of Appointment :

01.04.2005

Din No.:

00348563

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	U63090MH1984PTC032685	CONCORD SHIPPING PRIVATE LIMITED	Director	01-06-04	01-06-04	Active	NO
2	U24110MH1986PTC040401	ROCHEM (INDIA) PRIVATE LIMITED	Director	01-04-05	01-04-05	Active	NO
3	U24100MH1991PTC064068	ROCHEM SEPARATION SYSTEMS (INDIA) PRIVATE LIMITED	Director	01-04-05	01-04-05	Active	NO
4	U74999MH2008PTC180878	INVENTA RESEARCH PRIVATE LIMITED	Director	07-04-08	07-04-08	Active	NO
5	U40200MH2009PTC190132	CONCORD BLUE TECHNOLOGY PRIVATE LIMITED	Director	05-02-09	05-02-09	Active	NO
6	U74999MH1984PTC034303	REVA ENVIRO SYSTEMS PRIVATE LIMITED	Director	15-06-09	15-06-09	Active	NO
7	U45209MH1999PTC120599	CONCORD ENVIRO SYSTEMS PRIVATE LIMITED	Director	10-08-09	10-08-09	Active	NO
8	U40107MH2010PTC206230	ROCHEM GREEN ENERGY PRIVATE LIMITED	Director	04-08-10	04-08-10	Active	NO
9	U40300MH2011PTC224054	RGE SIKAR PRIVATE LIMITED	Director	18-11-11	18-11-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Mangesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders		No. of Shares
Concord Enviro Systems Private Limited, India		39999
Concord Enviro Systems Private Limited, India Jointly with Prayas Kumar Kamlesh Goel		1

Total		40000

As on 26.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Water Treatment Plants.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai-400001, Maharashtra, India
Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai-400051, Maharashtra, India
The Hongkong And Shanghai Banking Corporation Limited, 52/60, M.G. Road, Fort, Mumbai - 400001, Maharashtra, India
Punjab National Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	12.476	18.731
Working capital loans [Repayable on demand]	289.453	182.323
Loan taken for vehicles	4.577	5.592
Total	306.506	206.646

Unsecured Loan
Other debts	87.529	130.997
Total	87.529	130.997


Banking Relations :	--

Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai-400 011, Maharashtra, India
Pan No.:	AAIFB7357B

Holding Company:	Concord Enviro Systems Private Limited

Subsidiaries:	Concord Enviro S.A.de.C.V.

Fellow Subsidiaries:	· Concord Blue Technology Private Limited · Reva Enviro Systems Private Limited · Concord Enviro FZE · Blue Water T and T
	·
Enterprises over which director and their relatives exercise significant influence:	· Rochem (India) Private Limited · Concord Shipping Private Limited · Inventa Research Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		409.847	353.463	278.682
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		413.847	357.463	282.682
LOAN FUNDS
1] Secured Loans		306.506	206.646	181.974
2] Unsecured Loans		87.529	130.997	0.000
TOTAL BORROWING		394.035	337.643	181.974
DEFERRED TAX LIABILITIES		9.838	11.002	11.277

TOTAL		817.720	706.108	475.933

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		148.784	137.095	128.919
Capital work-in-progress		77.362	0.000	5.238

INVESTMENT		6.879	6.879	8.134
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	228.364	314.858	146.349
	Sundry Debtors	654.676	497.424	347.709
	Cash & Bank Balances	47.746	38.717	59.575
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	76.553	63.908	37.438
Total Current Assets		1007.339	914.907	591.071
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	344.907	264.056	135.742
	Other Current Liabilities	57.243	77.724	106.030
	Provisions	20.494	10.993	15.657
Total Current Liabilities		422.644	352.773	257.429
Net Current Assets		584.695	562.134	333.642

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		817.720	706.108	475.933

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1267.511	996.975	856.683

Less	EXPENSES
		Office Expenses
		Administrative Expenses	1157.311	860.263	760.988
		Advertising Expenses
		TOTAL	1157.311	860.263	760.988

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		110.200	136.712	95.695

Less/ Add	DEPRECIATION/ AMORTISATION		23.850	21.100	19.939

	PROFIT BEFORE TAX		86.350	115.612	75.756

Less	TAX		29.970	40.832	43.987

	PROFIT AFTER TAX		56.380	74.780	31.769

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	118.996	164.861	110.879

	IMPORTS
		Raw Materials	326.708	365.345	170.755
	TOTAL IMPORTS

	Earnings Per Share (Rs.)		1409.50	1869.52	794.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.45	7.50	3.71

Return on Total Assets (PBT/Total Assets}	(%)	7.47	10.99	10.52

Return on Investment (ROI) (PBT/Networth)		0.21	0.32	0.27

Debt Equity Ratio (Total Liability/Networth)		1.97	1.93	1.55

Current Ratio (Current Asset/Current Liability)		2.38	2.59	2.30

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors

344.907

264.056

135.742

BACKGROUND:

Subject was incorporated as limited liability company as on November 19, 1991 under the Companies Act, 1956. The company is engaged in the business of manufacturing water treatment systems, water pollution control equipment, bio filters and resource recovery systems using membrane technology.

OPERATIONS:

During the year, the Company has earned total revenue of Rs. 1267.511 Millions (previous year Rs. 996.975 Millions). Operating Profit has been Rs. 110.210 Millions as against of Rs. 136.712 Millions in the previous year. Net profit before tax of Rs.86.358 Millions (previous year Rs.115.612 Millions) has been reported. After providing for tax, Company earned a post tax profit of Rs. 56.384 Millions (previous year Rs.74.780 Millions). The Company expects to improve its performance in the current year barring any unforeseen circumstances

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U24100MH1991PTC064068
Name of the company	ROCHEM SEPARATION SYSTEMS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Dheeraj Arma, Anant Kanekar Road, Bandra (West), Mumbai-400 051, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai-400051, Maharashtra, India
Email	sme.form8@sc.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry recording creation of equitable mortgage
Date of instrument Creating the charge	21.10.2011
Amount secured by the charge	Rs.414.288 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first and exclusive charge on the security given by the Concord Shipping Private Limited.
Short particulars of the property charged	First and exclusive charge on 101, 1st Floor, Dheeraj Arma, Anant Kanekar Marg, Station Road, Bandra East, Mumbai 400 051. (Owned by Concord Shipping Private Limited.)

FIXED ASSETS:

Intangible Assets
Technical Knowhow
Tangible Assets
Land
Factory Building
Factory Building-55 New
Building
Office Premises
Plant and Machinery
Project Machinery
Air Conditioning System
Office Equipment
Computer
Furniture and Fixtures
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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.65.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		57

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.