MIRA INFORM REPORT

Report Date :

17.07.2012

IDENTIFICATION DETAILS

Name :	MARCURAS WATER TREATMENT (INDIA) PRIVATE LIMITED
Registered Office :	W-194 B, S Block, MIDC Bhosari, Pune-411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.03.2007
Com. Reg. No.:	25-129817
Capital Investment / Paid-up Capital :	Rs. 0.402 Million
CIN No.: [Company Identification No.]	U41000PN2007PTC129817
IEC No.:	3107012351
TAN No.: [Tax Deduction & Collection Account No.]	MUMM33954E
PAN No.: [Permanent Account No.]	AAFCM0333A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Water and Based Water Treatment Plant
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management have faile to file the current year financial detail with government department. However from the previous year track record company seem to have a satisfactory track record. Trade relations are fair. Business is active. Payment are reported to be unknown. The company can be considered for business dealing with some caution.

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

Name :	Mr. Amit Shreekant Sahasrabuddhe
Designation :	Director
Contact No.:	91-9823081502
Date :	16.07.2012

LOCATIONS

Registered Office / Factory :	W-194 B, S Block, MIDC Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-65304196/ 27480465
Mobile No.:	91-9823081502 (Mr. Amit Sahasrabuddhe)
Fax No.:	91-20-27480465
E-Mail :	info@marcuras.com amit@marcuras.com milind@marcures.com
Website :	http://www.marcuras.com
Area :	720 Sq. Mtr
Location :	Owned

DIRECTORS

As on 25.09.2010

Name :

Mr. Amit Shreekant Sahasrabuddhe

Designation :

Director

Address :

35/2, Ushashree Sahajanand Society, Kothrud, Pune – 411038, Maharashtra, India

Date of Birth/Age :

03.03.1972

Qualification :

B.E., M.B.A.

Date of Appointment:

17.03.2007

DIN No.:

02641375

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U41000PN2007PTC129817	MARCURAS WATER TREATMENT (INDIA) PRIVATE LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
2	U74900PN2009PTC134744	FIVE ELEMENTS ENERGY SOLUTIONS (INDIA) PRIVATE LIMITED	Director	29/09/2009	29/09/2009	-	Active	NO

Name :

Mr. Milind Madhukar Bibikar

Designation :

Director

Address :

A-203, Parmar Residency, Nibm Road, Kondhwa Khurd, Pune – 411048, Maharashtra, India

Date of Birth/Age :

07.03.1973

Qualification :

B.E., M.B.A.

Date of Appointment:

17.03.2007

DIN No.:

02632586

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders	No. of Shares
Amit Shreekant Sahasrabuddhe	20100
Milind Madhukar Bibikar	20100
Total	40200

As on 25.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Water and Based Water Treatment Plant
Products :	· Pretreatment · Ion Exchange · Membrane Processes · Desalination & Zero Liquid Discharge · Effluent & Sewage Treatment Plants
Exports :
Products :	Water and Based Water Treatment Plant
Countries :	· Egypt · Kenya · UAE · Tanzania · Nigeria
Imports :
Products :	Raw Material
Countries :	UAE USA
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Filtra Consultants

· Multitech

Customers :

Wholesalers, Retailers and End Users

· Eureka Forbes Limited

· Thermax Limited

No. of Employees :

40 (Approximately)

Bankers :

· Dombivli Nagari Sahakari Bank Limited, Borse Building, Near Karve Putala, Kothrud, Pune – 411038, Maharashtra, India

· Corporation Bank, Raka Chambers, MIDC Telco Road, Chinchwad Station, Chinchwad East, Pune-411019, Maharashtra, India

· ICICI Bank

· Union Bank of India

Facilities :

Cash Credit Rs.24.000 Millions form Corporation Bank

(Rs. In Millions)

Secured Loans	31.03.2010	31.03.2009
Bank TOD with DNSB	0.000	0.800
Cash Credit with Corporation Bank (Hypothecation of stock and book debts)	8.374	0.000
Term Loan form Corporation Bank (Mortgage of Factory of Bhosari and Row House of Pune)	8.946	0.000
DNSB Tow Wheeler Loon (Hypothecation of Two Wheeler)	0.000	0.168
Total	17.320	0.968
Unsecured Loans	31.03.2010	31.03.2009
Loan from Shreekant Sahastrabudhe	0.510	0.037
Loan from San Enterprises	1.767	1.426
Total	2.277	1.463

Banking Relations :	--
Auditors :
Name :	Marrks and Associates Chartered Accountant
Address :	Basement, Ram Shanti CHS., Ghantali Devi Mandir Road, Naupada, Thane (East), Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25387080/ 90
Email :	cgmg3@yahoo.co.in
Sister Concern :	· Fluid Technics Address: Row House No.9, Sr. No. 1/4/1, 1/2/3, Bavdhan Khurd, Pune – 411021, Maharashtra, India Line of Business: Trading of Spare for Water Treatment Plant)

CAPITAL STRUCTURE

AS on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40200	Equity Shares	Rs.10/- each	Rs. 0.402 Million

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		0.402	0.352	0.352
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.199	2.238	0.157
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.601	2.590	0.509
LOAN FUNDS
1] Secured Loans		17.320	0.968	0.326
2] Unsecured Loans		2.277	1.463	0.028
TOTAL BORROWING		19.597	2.431	0.354
DEFERRED TAX LIABILITIES		0.029	0.000	0.000
TOTAL		28.227	5.021	0.863
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.736	2.711	0.017
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.775	0.162	0.000
DEFERREX TAX ASSETS		0.000	0.040	0.100
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.252	1.075	0.775
	Sundry Debtors	26.951	6.676	1.395
	Cash & Bank Balances	0.075	0.600	0.169
	Other Current Assets	1.956	1.286	0.404
	Loans & Advances	0.089	0.280	0.000
Total Current Assets		35.323	9.917	2.743
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.292	4.235	1.559
	Other Current Liabilities	0.679	0.713	0.000
	Provisions	2.649	2.880	0.464
Total Current Liabilities		22.620	7.828	2.023
Net Current Assets		12.703	2.089	0.720
MISCELLANEOUS EXPENSES		0.013	0.019	0.026
TOTAL		28.227	5.021	0.863

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	70.400	36.900	7.227
		Other Income
		TOTAL (A)	70.400	36.900	7.227
Less	EXPENSES
		Office Expenses
		Administrative Expenses	64.000	33.600
		Advertising Expenses
		TOTAL (B)	64.000	33.600	6.870
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.400	3.300	(Including Depreciation and Financial charges)
Less	FINANCIAL EXPENSES (D)		0.200	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.200	3.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.400	0.200
	PROFIT BEFORE TAX (E-F) (G)		5.800	3.100	0.357
Less	TAX (H)		1.800	1.000	0.200
	PROFIT AFTER TAX (G-H) (I)		4.000	2.100	0.157
	Earnings Per Share (Rs.)		99.50	NA	NA

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	80.000	117.600
	Due to Delay Payment

Expected Sales ( 2012-13) : Rs.200.000 Millions

The above information has been parted by Mr. Amit Shreekant Sahasrabuddhe

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.68	5.69	2.17
Return on Total Assets (PBT/Total Assets}	(%)	11.59	24.55	12.93
Return on Investment (ROI) (PBT/Networth)		0.67	1.20	0.70
Debt Equity Ratio (Total Liability/Networth)		4.91	3.96	4.67
Current Ratio (Current Asset/Current Liability)		1.56	1.27	1.36

LOCAL AGENCY FURTHER INFORMATION

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

Note:

The Registered office of the company has been shifted from 36/7, Morwadi, Next to York India Limited, MIDC Road, Pimpri, Pune – 411018, Maharashtra, India to present address w.e.f. 26.11.2010

TRADE REFERENCE:

· Filtra Consultants

· Multitech

· Eureka Forbes Limited

· Thermax Limited

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U41000PN2007PTC129817
Name of the company	MARCURAS WATER TREATMENT (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	W-194 B, S Block, MIDC Bhosari, Pune-411026, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10216068
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Corporation Bank, Raka Chambers, MIDC Telco Road, Chinchwad Station, Chinchwad East, Pune-411019, Maharashtra, India
Nature of instrument creating charge	Memorandum of Deposit of Title Deeds Supplemental Common Deed of Hypothecation of Movables/ Assets/ Debts
Date of instrument Creating the charge	30.12.2010
Amount secured by the charge	Rs. 34.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On Cash Credit Facility – COBOR + 0.25% Terms of Repayment Repayable on Demand Subject to annual renewal Margin RM: Indigenous 30% Book Debts 40% Extent and Operation of the charge First charge on the movables including all products, goods, movable property of any kind brought in or stored or hereafter in the premises of godowns at MIDC Pune Until the closure of the entire Liabilities.
Short particulars of the property charged	First charge on the movables including all products, goods, movable property of anyl kind brought in or stored now or hereafter in the premises or godowns at MIDC Pune, Until the closure of the entire liabilities
Particulars of the present modification	Cash Credit limit enhanced to Rs. 24.000 Millions, from existing Rs. 7.500 Millions, by additional cash credit of Rs. 16.500 Millions and bank guarantee of Rs. 10.000 Millions.

FIXED ASSETS:

· Computer

· Furniture and Fixture

· Motor Car

· Inverter

· Mobile

· Premises

· Two Wheeler

· Plant and Machinery

· Printer

· Factory Building

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 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.54.92
UK Pound	1	Rs.85.47
Euro	1	Rs.67.15

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.