MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	NUMATIK ENGINEERS PRIVATE LIMITED
Registered Office :	305/B Shiv Bhawani Towers, Link Road, Near Anadn Nagar, Dahisar (E), Mumbai – 400068, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.2000
Com. Reg. No.:	11-125951
Capital Investment / Paid-up Capital :	Rs. 0.100 million
CIN No.: [Company Identification No.]	U28900MH2000PTC125951
TAN No.: [Tax Deduction & Collection Account No.]	MUMN10597G
PAN No.: [Permanent Account No.]	AABCN3164A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Water Treatment Plant and Fuel Treatment Plant.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 3800
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company having moderate track. The liquidity position of the company appears to be weak. Its scale of operations are limited. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for small to mediocre business dealings 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Manu Patel
Designation :	Director
Contact No.:	91-9820684990
Date :	10.10.2012

LOCATIONS

Registered Office :	305/B Shiv Bhawani Towers, Link Road, Near Anadn Nagar, Dahisar (E), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-28480866
Mobile No.:	91-9820684990 (Mr. Manu Patel)
Fax No.:	91-22-28480100
E-Mail :	water.tech60@yahoo.com bd_vasani@email.com numatikengineers@gmail.com manu305@bom8.vsnl.net.in
Website :	www.numatikaqua.com www.roplantssanddmplants.com
Area :	10000 Sq. ft.
Location :	Owned
Corporate Office :	Shop No. 6, Bobby Pathak Avenue, Near Corporation Bank, Opposite Rotary Garden, C.S. Complex, Dahisar (E), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-28482642/40142490/28480866
Fax No.:	91-22-28480100

DIRECTORS

As on 29.09.2011

Name :	Mr. Manu C Patel
Designation :	Director
Address :	B/305, Shiv Bhawani Towers Link Road, Anand Nagar, Dahisar (E), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	16.07.1952
Date of Appointment :	19.04.2000
DIN No.:	01753174
Name :	Mrs. Tila M. patel
Designation :	Director
Address :	B/305, Shiv Bhawani Towers Link Road, Anand Nagar, Dahisar (E), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	02.05.1955
Date of Appointment :	19.04.2000
DIN No.:	01753285

MAJOR SHAREHOLDERS

As on 29.09.2011

Names of Shareholders	No. of Shares
Mr. Manu C. Patel	5000
Mrs. Tila Patel	5000
TOTAL	10000

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 :	Trader, Exporter and Importer of Water Treatment Plant and Fuel Treatment Plant.
Products :	· Water Treatment Chemicals · Fuel Addictive · Boiler Chemical · Cooling Tower · R.O. Chemical · Descaling Chemicals · Heat Exchanger Chemical · Oxygen Scavenger · Softener Resin · Cation Exchange Resins · Super Charged Resin · D M Plant Resin · Ion Exchange Resin
Exports :
Products :	· Water and Fuel Treatment Plant
Countries :	· Middle East · Africa Country
Imports :
Products :	· Water and Fuel Treatment Plant
Countries :	· Europe
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

· Thermax Limited

Customers :

End Users

· Hindustan Unilever Limited, India

· Mahindra & Mahindra Limited, India

· Hotel Leela Kempinski

· The Paper Products Limited, India

· Monotona Tyer Limited, India

· Nagreeka Foil Limited, India

· J.W. Marriott Hotel

· Nilkamal Limited, India

· Sabero Organic Gujarat Limited, India

· Taj Wellington Mews

· Saint – Gobain Gyproc India Limited, India

· Dodhia Synthetics Limited, India

· Auro Laboratories Limited, India

· Hotel Sea Princess

· Kundan Industries Limited, India

· K.S. Oils Limited, India

· Jindal Drugs Limited, India

· Hotel Kohinoor Continental

· Paras Organic Private Limited, India

· Ciron Drugs & Pharmaceuticals Private Limited, India

· Premier Hollowares Private Limited, India

· Spykar Lifestyles

· Jayco Chemical Industries

· Agog Pharma Limited, India

· Avlon Cosmetics Private Limited, India

No. of Employees :

8 (Approximately)

Bankers :

Corporation Bank, Lakshmi Apartments, Shubham Karoti Housing Complex,, Anand Nagar, Dahisar (East), Mumbai - 400068, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Overdraft facility from Corporation Bank against Fixed Deposit	0.813	0.000
Total	0.813	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Members	0.117	0.724
Total	0.117	0.724

Banking Relations :	--
Auditors :
Name :	Haresh Karvat and Company Chartered Accountants
Address :	101, Kailash Darshan, New Link Road, Anand Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India
PAN No.:	AGKPL0476C
Associates/Subsidiaries :	· Water Tech Engineering Address: 305/B Shiv Bhawani Towers, Link Road, Near Anand Nagar, Dahisar (E), Mumbai – 400068, Maharashtra, India Line of Business: Trader, Exporter and Importer of Water and Fuel Treatment Products.

CAPITAL STRUCTURE

As on 29.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.855	0.679	0.341
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.955	0.779	0.441
LOAN FUNDS
1] Secured Loans		0.813	0.000	0.465
2] Unsecured Loans		0.117	0.724	0.293
TOTAL BORROWING		0.930	0.724	0.758
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.885	1.503	1.199
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.810	0.945	0.611
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.013	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.733	1.368	0.585
	Sundry Debtors	1.401	1.933	1.891
	Cash & Bank Balances	0.161	1.123	0.353
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.214	0.206	0.200
Total Current Assets		3.509	4.630	3.029
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.750	0.335	2.441
	Other Current Liabilities	1.697	3.737	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.447	4.072	2.441
Net Current Assets		1.062	0.558	0.588
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.885	1.503	1.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18.575	18.005	15.097
		Other Income	0.002	0.000	0.000
		TOTAL	18.577	18.005	15.097
Less	EXPENSES
		Consumption on Material	14.643	13.892	11.252
		Direct Expenses	0.061	0.111	0.147
		Office, Administration, Selling and Other Expenses	3.450	3.417	3.366
		TOTAL	18.154	17.420	14.765
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.423	0.585	0.332
Less/ Add	DEPRECIATION/ AMORTISATION		0.160	0.109	0.085
	PROFIT BEFORE TAX		0.263	0.476	0.247
Less	TAX		0.088	0.137	0.098
	PROFIT AFTER TAX		0.175	0.339	0.149
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.679	0.341	0.192
	BALANCE CARRIED TO THE B/S		0.854	0.680	0.341
	Earnings Per Share (Rs.)		17.5	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	21.000

Expected Sales ( 2012-13 ) : Rs. 22.000 millions

The above information has been parted by Mr. Manu Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.94	1.88	0.98
Net Profit Margin (PBT/Sales)	(%)	1.41	2.64	1.63
Return on Total Assets (PBT/Total Assets}	(%)	6.08	8.53	6.78
Return on Investment (ROI) (PBT/Networth)		0.27	0.61	0.56
Debt Equity Ratio (Total Liability/Networth)		3.53	6.15	7.25
Current Ratio (Current Asset/Current Liability)		1.43	1.13	1.24

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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%	----
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 (if applicable)	Yes
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U28900MH2000PTC125951
Name of the company	NUMATIK ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	305/B Shiv Bhawani Towers, Link Road, Near Anadn Nagar, Dahisar (E), Mumbai – 400068, Maharashtra, India
Type of charge	Immovable Property Movable Property Others (Common Deed Of Hypothecation and Deposit Of Title Deed)
Particular of charge holder	Corporation Bank, Lakshmi Apartment, Shubham Karoti Housing Complex, Anand Nagar, Dahisar (East), Mumbai - 400068, Maharashtra, India Email :cb430@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Common Deed of Hypothecation of Movables /Assets/Debts And Memorandum Of Deposit Of Title Deeds.
Date of instrument Creating the charge	25.03.2009
Amount secured by the charge	Rs. 0.930 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest @ 14.00% Terms of Repayment Running Account, to Be Reviewed/Renewed Annually Margin NA. Extent and Operation of the charge NA.
Short particulars of the property charged	Stocks, Receivables and Moveable Assets of the Company Present and Future. And EMG of Shop No. A/2, Ground Floor, Bobby Pathak Avenue CHS Limited Bobby Avenue, C S Road No.3, Anand Nagar, Dahisar East, Mumbai - 400 068. ADMG 239 Sq. Ft.

TRADE REFERENCES

· Thermax Limited

· Mahindra and Mahindra

Fixed Assets

• Air Conditioner
• Computer
• EPBX System
• Furniture
• Printer
• Car/Scooter
• Fax Machine
• Tempo
• Godown Purchase

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.53.07
UK Pound	1	Rs.84.95
Euro	1	Rs.68.24

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.