MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	ENHANCED WAPP SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	B-140, Okhla Industrial Area, Phase-1, New Delhi-110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.1996
Com. Reg. No.:	55-076653
Capital Investment / Paid-up Capital :	Rs. 10.792 Millions
CIN No.: [Company Identification No.]	U74899DL1996PTC076653
TAN No.: [Tax Deduction & Collection Account No.]	DELE02966F DELE06226D
PAN No.: [Permanent Account No.]	AAACE1484F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Service Provider of Turnkey Projects and Water Treatment Plant
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 230000
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.

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

LOCATIONS

Registered Office :	B-140, Okhla Industrial Area, Phase-1, New Delhi-110020, India
Tel. No.:	91-11-46039580
Fax No.:	Not Available
E-Mail :	akjainca@vsnl.net
Website :	www.appsys.com
Corporate Office :	914/B, 9^th Floor, Park Centra, NH 8, Sector 30, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-6710000
Fax No.:	91-124-6710099
E-Mail :	sales@wappsys.com
Branch Office :	Located At · Delhi · Mumbai · Hyderabad · Kolkata

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Rajesh Jain
Designation :	Whole Time Director
Address :	B1/1226, Vasant Kunj, New Delhi-110070, India
Date of Appointment :	27.02.1996
DIN No.:	00411880

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	U74899DL1996PTC076653	ENHANCED WAPP SYSTEMS (INDIA) PRIVATE LMITED	Whole-time director	27-02-96	27-02-96	Active	NO
2	U74999DL2000PTC104703	EXERGY ENGINEERS (INDIA) PRIVATE LIMITED	Director	24-03-00	24-03-00	Active	NO

Name :	Mrs. Shalini Jain
Designation :	Whole Time Director
Address :	B1/1226, Vasant Kunj, New Delhi-110070, India
Date of Appointment :	27.02.1996
DIN No.:	00411912

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	U74899DL1996PTC076653	ENHANCED WAPP SYSTEMS (INDIA) PRIVATE LMITED	Whole-time director	27-02-96	27-02-96	Active	NO
2	U74999DL2000PTC104703	EXERGY ENGINEERS (INDIA) PRIVATE LIMITED	Director	24-03-00	24-03-00	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rajesh Jain	362100
Shalini Jain	362100
Sagar Maldugar	355000
TOTAL	1079200

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Service Provider of Turnkey Projects and Water Treatment Plant
Products :	Pollution Control Equipments

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Actual Production
S.T.P.	28
W.T.P	3
E.T.P.	1
Other	11

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Green Park Extension, 9 Community Centre, Gulmohar Enclave, New Delhi-110049, India

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Overdraft From Canara Bank (Against hypothecation of Sundry Debtors, EMT of house property of Mumbai, Gurgaon, Fixed Assets except Motor Car LIC Policies, Shares of Directors and Personal Guarantee of Directors)	2.783	2.923
ICICI and Canara Bank Vehicle Loan (Secured against Motor Car)	0.224	0.733
Total	3.007	3.656

Banking Relations :	--
Auditors :
Name :	AHPN and Associates Chartered Accountant
Address :	16/194, 2^nd Floor, Faiz Road, Karol Bagh, New Delhi-110005, India
Pan No.:	AATFA3389D
Subsidiaries :	Exergy Engineers (India) Private Limited CIN No.: U74999DL2000PTC104703

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15200	Equity Shares	Rs.10/- each	Rs. 0.152 Million
1064000	Equity Shares	Rs.10/- each	Rs. 10.640 Millions
	TOTAL		Rs. 10.792 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		10.792	0.152	0.152
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47.923	51.325	36.795
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.715	51.477	36.947
LOAN FUNDS
1] Secured Loans		3.007	3.656	4.779
2] Unsecured Loans		28.325	19.829	15.833
TOTAL BORROWING		31.332	23.485	20.612
DEFERRED TAX LIABILITIES		0.773	0.842	0.703
TOTAL		90.820	75.804	58.262
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.128	22.710	21.932
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.173	0.217	0.232
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.148	16.111	6.079
	Sundry Debtors	73.854	77.326	86.987
	Cash & Bank Balances	8.074	10.220	13.996
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.161	13.833	12.542
Total Current Assets		119.237	117.490	119.604
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.151	30.194	33.987
	Other Current Liabilities	27.796	27.021	43.942
	Provisions	3.771	7.398	5.577
Total Current Liabilities		49.718	64.613	83.506
Net Current Assets		69.519	52.877	36.098
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		90.820	75.804	58.262

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	177.827	293.428	209.151
		Other Income
		TOTAL	177.827	293.428	209.151
Less	EXPENSES
		Office Expenses	166.878	271.274	193.217
		Administrative Expenses
		Advertising Expenses
		TOTAL	166.878	271.274	193.217
	PROFIT BEFORE TAX		10.949	22.154	15.934
Less	TAX		3.711	7.597	5.621
	PROFIT AFTER TAX		7.238	14.557	10.313
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.325	36.795	26.509
Less	BONUS SHARES ISSUED		10.640	0.000	0.000
Less	DIVIDEND INCLUDING CDT		0.000	0.027	0.027
	BALANCE CARRIED TO THE B/S		47.923	51.325	36.795
	Earnings Per Share (Rs.)		6.71	957.67	678.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.07	4.96	4.93
Return on Total Assets (PBT/Total Assets}	(%)	7.80	15.80	11.26
Return on Investment (ROI) (PBT/Networth)		0.19	0.43	0.43
Debt Equity Ratio (Total Liability/Networth)		1.93	1.73	2.84
Current Ratio (Current Asset/Current Liability)		2.40	1.82	1.43

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. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
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	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

NOTE

Registered office has been shifted from 44D/9, 1^st Floor, Kishan Garh, Vasant Kunj, New Delhi-110070, India to the present address w.e.f.01.09.2011.

FORM 8

Corporate identity number of the company	U74899DL1996PTC076653
Name of the company	ENHANCED WAPP SYSTEMS (INDIA) PRIVATE LMITED
Address of the registered office or of the principal place of business in India of the company	B-140, Okhla Industrial Area, Phase-1, New Delhi-110020, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Canara Bank, Green Park Extension, 9 Community Centre, Gulmohar Enclave, New Delhi-110049, India
Nature of instrument creating charge	Letter evidencing deposit of title deeds (2 Nos.) dated 04.05.2011
Date of instrument Creating the charge	04.05.2011
Amount secured by the charge	Rs. 10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest @ 3.75% p.a. above Base Rate i.e. 12.75% p.a. Terms of repayment Payable on demand. Margin Book Debts - 40% Extent and operation of the charge 100% Other To secure all amounts payable under ODBD Limit of Rs. 10.000 Millions granted to the Company together with all interests, costs, charges, expenses etc.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage of Property bearing house flat no. 401, 4th Floor, A Wing Hari Krupa Co-operative Housing Society, 1st Parisiwada, Chakla, Sahar Road, Andheri, East Mumbai Equitable Mortgage of Property at Unit No. 914-B, 9th Floor, "Park Centra", Sector - 30, Gurgaon (Haryana) measuring 198.02 sq. meters.
Charge identification number of the charge to be modified	90057193
Particulars of the present modification	ODBD Limit of Rs. 10.000 Millions renewed and further collaterally secured by EMT of house flat no. 401, 4th Floor, A Wing Hari Krupa CHS, 1st Parisiwada, Chakla, Sahar Road, Andheri, East Mumbai and Property at Unit No. 914-B, 9th Floor, "Park Centra", Sector - 30, Gurgaon (Haryana) measuring 198.02 sq. meters. Rate of interest stands changed to 3.75% p.a. above Base Rate i.e. 12.75% p.a. Other terms and conditions remained the same.

FIXED ASSETS

· Computer

· Printer

· Office Equipments

· Furniture and Fixtures

· Motor Car

· Electrical Equipments

· Office Premises

· Tools

· Energy Instruments

· Mobile Phone

· Computer Software

· Digital Camera

· Television

· Generator

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. 55.72
UK Pound	1	Rs. 87.26
Euro	1	Rs. 69.89

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.