MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	TOP H2O TECHNOLOGIES PRIVATE LIMITED
Registered Office :	509, Nanasutharvadni Pole, Khadiya, Ahmedabad – 380 001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.09.2011
Com. Reg. No.:	04-067276
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29259GJ2011PTC067276
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Water Treatment Plants.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having a moderate track record. It has achieved minimal turnover in its first year of operation (2012). The company has incurred loss from its operations. The financial position of the company is weak as loss exceeds the net worth. Mr. Pratik Gajjar, Marketing Department has provided all information and claimed that the company has achieved sizeable turnover of Rs. 50.000 Millions during 2013 but this figure is not verified. However, trade relations are improving. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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 – 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

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. Pratik Gajjar
Designation :	Marketing Department
Contact No.:	91-9904512770
Date :	11.05.2013

LOCATIONS

Registered Office :	509, Nanasutharvadni Pole, Khadiya, Ahmedabad – 380 001, Gujarat, India
Tel. No.:	91-79-66087245
Mobile No.:	91-9904512770 (Mr. Pratik Gajjar)
Fax No.:	Not Available
E-Mail :	cachetanj@gmail.com mkt4h2o@gmail.com
Website :	www.toph2otech.com
Location :	Owned
Head Office/ Factory :	39, Mahagujarat Industrial Estate, Opposite Sarvoday Hotel, Near Intas Bio Pharma, At. Moraiya, Changodai, Ahmedabad – 382213, Gujarat, India
Branch Office :	Opposite Krishna Hotel, Koparia, Highway No.8, Vadodara, Gujarat, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Pradeepbhai Basantilal Shah

Designation :

Director

Address :

103-Wellcome Flats, Behind Dinesh Mill, Vadodara – 390001, Gujarat, India

Date of Birth/Age :

06.01.1979

Date of Appointment :

27.09.2011

DIN No.:

03454730

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	U29259GJ2010PTC062314	SPRING WATER HYDRATION TECHNOLOGIES PRIVATE LIMITED	Additional director	10/06/2011	10/06/2011	16/12/2011	Active	NO
2	U29259GJ2011PTC067276	TOP H2O TECHNOLOGIES PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
3	U67120GJ2011PTC064241	STATUS WEALTH MANAGEMENT PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	26/02/2012	Active	NO

Name :

Mr. Chetan Ramesh Jain

Designation :

Director

Address :

Jivdaya Society, R-19, Jivdaya Lane, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

Date of Birth/Age :

24.10.1991

Date of Appointment :

27.09.2011

DIN No.:

03611798

KEY EXECUTIVES

Name :	Mr. Pratik Gajjar
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Pradeepbhai Basantilal Shah	5000
Chetan Ramesh Jain	5000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Water Treatment Plants.
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Instant services Jai Maadi Beverages Umesh breverages Water World Appliances Active Marketing Enterprise Assosiated Pack Tech Engineers Aventure Components Private Limited Filtra Consultant and Engineers Limited Hi-Tech Sweet Water Private Limited Jay Water Management Private Limited Oasis Water treatment Private Limited White Wave Enterprise Private Limited Accute Marketing State bank of India-Naika
Customers :	Wholesalers, Retailers and Manufacturers Aqure Water Technologies Private Limited Breech Oralcare Private Limited Contemporary Targett Private Limited Devyami Automic Pumps and Control Private Limited Jason Water Technologies Manhattan Technologies Private Limited Mira Electricals and Engineers Monnet Ispat and Energy Limited Sole Water Systems and Solutions Narayan Powertech Private Limited Navnath Milk and Milk Products Siddhi Vinayak Home Care Specialty Products State bank Of India SBI-Godasar SBI-Naika Top H2O Consultancy Vraj Packaging Private Limited Fivebro International Private Limited Jay Pumps Mega Steel
No. of Employees :	25 (Approximately)
Bankers :	Yes Bank, C. G. Road, Ahmedabad – 380009, Gujarat, India Tel No.: 91-79-66318431 (Ringing but no response)

Banking Relations :	--
Auditors :
Name :	Chetan J. Shah and Company Chartered Accountants
Address :	202, Nalanda Enclave, Opposite Sudamaresorts, Pritamnagar, Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN.:	ANKPS1078F

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 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		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.614)
NETWORTH		(0.514)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		(0.514)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.155
Capital work-in-progress		0.000
INVESTMENT		0.020
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.713
	Sundry Debtors	2.252
	Cash & Bank Balances	0.169
	Other Current Assets	0.000
	Loans & Advances	0.221
Total Current Assets		8.355
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.516
	Other Current Liabilities	0.528
	Provisions	0.000
Total Current Liabilities		9.044
Net Current Assets		(0.689)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(0.514)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	2.827
		Other Income
		TOTAL	2.827
Less	EXPENSES
		Office Expenses	3.441
		Administrative Expenses
		Advertising Expenses
		TOTAL	3.441
	PROFIT/ (LOSS) BEFORE TAX		(0.614)
Less	TAX		0.000
	PROFIT/ (LOSS) AFTER TAX		(0.614)
	BALANCE CARRIED TO THE B/S		(0.614)
	Earnings/ (LOSS) Per Share (Rs.)		(61.40)

Particulars	31.03.2013
Sales Turnover (Approximately)	50.000

The above information has been parted by Mr. Pratik Gajjar

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	(21.72)
Return on Total Assets (PBT/Total Assets}	(%)	(7.22)
Return on Investment (ROI) (PBT/Networth)		(1.19)
Debt Equity Ratio (Total Debt /Networth)		0.00
Current Ratio (Current Asset/Current Liability)		0.92

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	No
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 two years	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

OPERATION:

In the year, the Company has done manufacturing and trading activities, has incurred loss of Rs. 0.614 Million from sale of water purifier but due to expenses beyond control of the management. As company is newly incorporated, Company is developing market for its products.

FIXED ASSETS

• Apple i-pad
• CCTV Camera
• Computer

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 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. 54.71
UK Pound	1	Rs. 83.31
Euro	1	Rs. 70.46

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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.