MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	AQUARIUS ENGINEERS PRIVATE LIMITED
Registered Office :	Aquarius House, Plot No. 65, S No. 297, Sheelavihar Colony,  Off Karve Road, Erandavana, Pune - 411038, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.1997
Com. Reg. No.:	11-110008
Capital Investment / Paid-up Capital :	Rs.15.152 Millions
CIN No.: [Company Identification No.]	U29244MH1997PTC110008
TAN No.: [Tax Deduction & Collection Account No.]	PNEA02409B
PAN No.: [Permanent Account No.]	AACCA2748L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Concrete Pump, Concrete Batching Plants, Batching Plant, Concrete Paver and Slip Form Paver etc.
No. of Employees :	270 (Approximately)

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 470000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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. Nitin Vaidya
Designation :	Marketing Manager
Contact No.:	91-9960366000
Date :	15.06.2013

LOCATIONS

Registered Office :	Aquarius House, Plot No. 65, S No. 297, Sheelavihar Colony,  Off Karve Road, Erandavana, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25445227
Mobile No.:	91-9960366000 (Mr. Nitin Vaidya)
Fax No.:	91-20-25445228
E-Mail :	ppigoa@sanchamet.in info@aquariusengineers.biz pgnahar@aquariusengineers.biz accptpune@aquariusengineers.biz boipunmb@vsnl.net enquiries@aquariusengineers.biz
Website :	http://www.aquariusconsult.biz http://www.aquriusengineers.biz
Area :	3500 Sq. ft.
Location :	Owned
Factory 1 :	190, 191 Kundaim Industrial Estate, Kundaim, Goa - 403115, India
Tel. No.:	91-832-2396334 / 2395974
Fax No.:	91-832-2396253
Factory 2 :	Survey No. 480, 481, 482 Ambadvet, Taluka, Mulshi, District Pune - 412115, Maharashtra, India
Tel. No.:	91-20-32348053 / 25171636
Fax No.:	91-20-32348054 / 25171635
Warehouse :	S No.532/1, At-Bhugaon Taluka-Mulshi, District Pune - 412115, Maharashtra, India
E-Mail :	spares@aquariusengineers.biz
Regional Offices :	Located at : Ahmedabad Bangalore Chandigarh Delhi Hyderabad Indore Kolkata Mumbai Jaipur Raipur Goa Chennai Bhubaneswar Pune

DIRECTORS

As on: 26.09.2012

Name :

Mr. Milind S. Bhadbhade

Designation :

Managing Director

Address :

7, Anand Baugh Society, Navi Peth, Pune – 411030, Maharashtra, India

Date of Birth/Age :

27.01.1955

Date of Appointment :

15.09.2004

DIN No.:

00254933

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	U74140PN1995PTC092528	AQUARIUS ENGINEERING CONSULTANCY PRIVATE LIMITED	Director	11/09/1995	11/09/1995	18/09/2010	Active	NO
2	U29120GA1998PTC002511	PUTZMEISTER INDIA PRIVATE LIMITED	Managing director	23/01/1998	23/01/1998	-	Active	NO
3	U29248GA2000PTC002838	RELEVANT INFRATECH INDIA PRIVATE LIMITED	Managing director	24/03/2000	24/03/2000	-	Active	NO
4	U45209GA2000PTC002837	MEVA (INDIA) PRIVATE LIMITED	Managing director	24/03/2000	24/03/2000	-	Active	NO
5	U29244PN1997PTC110008	AQUARIUS ENGINEERS PRIVATE LIMITED	Managing director	15/09/2004	15/09/2004	-	Active	NO

Name :

Mr. Ashok V. Dikshit

Designation :

Director

Address :

12 Shamali Society, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

13.01.1953

Date of Appointment :

16.08.1997

DIN No.:

00254967

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	U29244PN1997PTC110008	AQUARIUS ENGINEERS PRIVATE LIMITED	Director	16/08/1997	16/08/1997	-	Active	NO
2	U29120GA1998PTC002511	PUTZMEISTER INDIA PRIVATE LIMITED	Director	23/01/1998	23/01/1998	-	Active	NO
3	U29248GA2000PTC002838	RELEVANT INFRATECH INDIA PRIVATE LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
4	U45209GA2000PTC002837	MEVA (INDIA) PRIVATE LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
5	U74140PN1995PTC092528	AQUARIUS ENGINEERING CONSULTANCY PRIVATE LIMITED	Director	15/09/2005	15/09/2005	18/09/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Vaidya
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.09.2012

Names of Equity Shareholders	No. of Shares
Milind Bhadbhade	1350000
Nita M. Bhadbhade	150000
Ashok Dikshit	15000
TOTAL	1515000

Names of Preference Shareholders	No. of Shares
Indumati S. Bhadbhade	15
Tanvi M Bhadbhade	10
Mona M Bhadbhade	10
Mona M Bhadbhade - HUF	10
Milind Bhadbhade – HUF	10
Ashutosh Bhadbade	100
Milind Bhadbhade	05
TOTAL	160

Equity Share Break up (Percentage of Total Equity)

As on: 26.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Concrete Pump, Concrete Batching Plants, Batching Plant, Concrete Paver and Slip Form Paver etc.

Products :

Product Description	Item Code
Concrete Batching Plant and Concrete Handling Machines	84743110, 84749000, 84134000, 73049000
Spares for above	84743110, 84749000, 84134000, 73049000

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Production Quantity	Nos.	74

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

270 (Approximately)

Bankers :

• Bank of India, Main Branch, Pune, Maharashtra, India
• HDFC Bank Limited, Pune, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Term Loans
Form Bank	9.272	11.618
SHORT TERM BORROWING
Loan from Banks
Cash Credit	71.577	55.617
Total	80.849	67.235

Banking Relations :	--
Financial Institute :	Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India
Auditors :
Name :	MZSK and Associates Chartered Accountants
Address :	Level 3, Business Bay, Plot No.84, Wellesley Road, Next to RTO, (Sangam Bridge), Pune - 411001, Maharashtra, India
Tel. No.:	91-20-40186999
Fax No.:	91-20-40186922
E-Mail :	info@skjgloble.net
Website :	http://www.skjglobal.net
Pan No.:	AACFK3470E
Enterprises in which KMP are interested :	Putzmeister India Private Limited Meva India Private Limited Siemem India Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1950000	Equity Shares	Rs.10/- each	Rs.19.500 Millions
50000	Preference Share	Rs.10/- each	Rs.0.500 Million
	Total		Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1515000	Equity Shares	Rs.10/- each	Rs.15.150 Millions
160	Preference Share	Rs.10/- each	Rs.0.002 Million
	Total		Rs.15.152 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.152	15.152
(b) Reserves & Surplus	103.974	80.890
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	23.302	24.198
(b) Deferred tax liabilities (Net)	2.104	1.544
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.828	1.065
(4) Current liabilities
(a) Short term borrowings	71.577	55.617
(b) Trade payables	93.378	80.270
(c) Other current liabilities	35.763	30.148
(d) Short-term provisions	10.861	25.036
TOTAL	358.939	313.920
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.743	63.219
(ii) Intangible Assets	1.034	1.316
(iii) Capital work-in-progress	0.000	2.676
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.387	2.054
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	5.000	5.120
(b) Inventories	123.493	81.672
(c) Trade receivables	91.107	100.376
(d) Cash and cash equivalents	21.737	17.978
(e) Short-term loans and advances	27.438	39.509
(f) Other current assets	0.000	0.000
TOTAL	358.939	313.920

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.150
2] Share Application Money		0.000
3] Reserves & Surplus		53.086
4] (Accumulated Losses)		0.000
NETWORTH		68.236
LOAN FUNDS
1] Secured Loans		68.927
2] Unsecured Loans		16.455
TOTAL BORROWING		85.382
DEFERRED TAX LIABILITIES		2.095
TOTAL		155.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.110
Capital work-in-progress		13.217
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.848
	Sundry Debtors	44.769
	Cash & Bank Balances	20.311
	Other Current Assets	0.000
	Loans & Advances	27.269
Total Current Assets		174.197
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.166
	Other Current Liabilities	16.462
	Provisions	14.183
Total Current Liabilities		82.811
Net Current Assets		91.386
MISCELLANEOUS EXPENSES		0.000
TOTAL		155.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	619.516	503.846	267.193
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL		458.812	255.559
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		40.198	45.034	11.634
Less/ Add	DEPRECIATION/ AMORTISATION		5.837	4.711	3.836
	PROFIT BEFORE TAX		34.361	40.323	7.798
Less	TAX		11.277	12.519	5.581
	PROFIT AFTER TAX		23.084	27.804	2.217
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.733	5.422	2.575
		Commission Earnings	0.000	0.000	2.733
	TOTAL EARNINGS		12.733	5.422	5.308
	IMPORTS
		Raw Materials	40.874	29.990	60.100
	TOTAL IMPORTS		40.874	29.990	60.100
	Earnings Per Share (Rs.)		15.24	18.35	1.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.73	5.52	0.83
Return on Total Assets (PBT/Total Assets}	(%)	9.57	12.96	3.46
Return on Investment (ROI) (PBT/Networth)		0.29	0.42	0.11
Debt Equity Ratio (Total Debt/Networth)		0.80	0.83	1.25
Current Ratio (Current Asset/Current Liability)		1.27	1.28	2.10

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	No
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)	No
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

FINANCIAL HIGHLIGHTS

The Company recorded turnover of Rs. 619.500 Millions as against Rs. 503.800 Millions during the previous year, which is approximately 23 % increase over the last year's turnover. The profit after tax has decreased to Rs.22.872 Millions as against Rs. 27.803 Millions during the previous year.

The main reasons for decline in net profit are stiff competition from local and multinational companies recessionary trend prevailing in the market, depreciation in the value of rupee and at the same time establishment cost of the company has gone up due to increase in all India infrastructures keeping in view of long term growth objective of the company. The directors are confident of reasonable growth in the current year.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Loans from
Shareholders	13.635	12.335
Relatives of Directors	0.395	0.245
Total	14.030	12.580

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29244PN1997PTC110008
Name of the company	AQUARIUS ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Aquarius House, Plot No. 65, S No. 297, Sheelavihar Colony,  Off Karve Road, Erandavana, Pune - 411038, Maharashtra, India E-mail: acctpune@aquariusengineers.biz
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400710, Maharashtra, India E-mail: rahul.zende@rcap.co.in
Nature of instrument creating charge	Loan Agreement and Deed of Mortgage
Date of instrument Creating the charge	30.01.2013
Amount secured by the charge	Rs.18.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.5% floating Terms of Repayment Equated monthly installments of Rs.0.303 Million for 108 months Margin NA Extent and Operation of the charge First charge on the property mentioned
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Flat S No 8 13 1 1 8 13 1 1 3 CTS No 1409 1410 Row House No 41 42, Sankul, Erandwane, Pune - 411004

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Machinery
• Electrical Installations
• Furniture and Fixture
• Office Equipment
• Motor Car
• Vehicle
• Computer

Intangible Assets

• Computer Software

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 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 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.57.73
UK Pound	1	Rs.90.61
Euro	1	Rs.76.96

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	VRN

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.