MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	FONTUS WATER PRIVATE LIMITED (w.e.f. 06.01.2012)
Formerly Known As :	FONTUS WATER LIMITED
Registered Office :	A-1/152, Ignou Road, Neb Sarai, New Delhi-110068
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.06.2001
Com. Reg. No.:	55-111383
Capital Investment / Paid-up Capital :	Rs. 21.098 Millions
CIN No.: [Company Identification No.]	U74899DL2001PTC111383
TAN No.: [Tax Deduction & Collection Account No.]	DELF02033D
PAN No.: [Permanent Account No.]	AAACF5565A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of materials and equipment related with the water industry
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 250000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has seen a better increase in its overall profitability during 2012. The ratings also take into consideration, the small scale of operations, highly competitive and fragmented nature of industry with stiff competition from unorganized / regional correct. In view of professional and experienced promoters, the company can be considered for 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 – 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Suspended)
Rating Explanation	Moderate risk of default
Date	July 2013

Rating Agency Name	ICRA
Rating	A4 (Suspended)
Rating Explanation	Minimal degree of safety and high credit risk.
Date	July 2013

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.

LOCATIONS

Registered Office :	A-1/152, Ignou Road, Neb Sarai, New Delhi-110068, India
Tel. No.:	91-11-43100500
Fax No.:	91-11-43100599
E-Mail :	sanjeet@ewgroup.in sales@fontuswater.com
Website :	www.fontuswater.com
East Office :	50, Chow Ringhee Road, 10^th Floor, Block-B, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-64517784
West Office :	Located At Mumbai Pune Ahmedabad Chennai Bangalore

DIRECTORS

AS ON 10.09.2012

Name :	Mr. Kewal Krishan Nohria
Designation :	Director
Address :	11, Aryavartha, N D Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	04.10.1932
Date of Appointment :	02.01.2003
DIN No.:	00060015

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	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08/10/1988	08/10/1988	-	Active	NO
2	U24295GA1988PLC000921	CG-PPI ADHESIVE PRODUCTS LIMITED	Director	04/11/1988	04/11/1988	-	Active	NO
3	U74899DL1993PTC051849	ITRON METERING SOLUTIONS INDIA PRIVATE LIMITED	Director	22/01/1993	22/01/1993	29/10/2010	Active	NO
4	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	03/07/1993	03/07/1993	-	Active	NO
5	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA PRIVATE LIMITED	Director	13/09/1993	13/09/1993	28/03/2011	Active	NO
6	U33112PN1995PTC093837	COLOGICX SYSTEMS PRIVATE LIMITED	Director	14/03/1997	14/03/1997	-	Active	NO
7	U60231KA1984PTC006017	MAINI MATERIALS MOVEMENT PRIVATE LIMITED	Director	21/07/2007	24/09/1998	-	Active	NO
8	U27201KA1972PTC002307	MAINI PRECISION PRODUCTS PRIVATE LIMITED	Director	19/09/2007	26/03/1999	-	Active	NO
9	U72200KA1999PTC033050	COREEL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29/08/2000	29/08/2000	-	Active	NO
10	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	09/09/2000	09/09/2000	-	Active	NO
11	U72200DL2001PTC112820	SUKARMA TECHNOLOGIES PRIVATE LIMITED	Director	14/03/2002	14/03/2002	04/08/2008	Active	NO
12	U74899DL2001PTC111383	FONTUS WATER PRIVATE LIMITED	Director	02/01/2003	02/01/2003	-	Active	NO
13	U74899DL2000PTC105715	E A WATER PRIVATE LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
14	U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14/01/2004	14/01/2004	-	Amalgamated	NO
15	U31102TN2003PTC052057	AGILE ELECTRIC DRIVES TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED	Director	20/05/2004	20/05/2004	-	Amalgamated	NO
16	U74899DL2000PTC103848	NET HOLDINGS PRIVATE LIMITED	Director	15/06/2004	15/06/2004	-	Active	NO
17	U29299MH1964PLC013087	C.T.R. MANUFACTURING INDUSTRIES LIMITED	Director	15/07/2004	15/07/2004	-	Active	NO
18	U31102TN2004PTC054140	AGILE ELECTRIC TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2008	19/01/2005	-	Amalgamated	NO
19	U85110MH2001PTC132960	TANCLEAN PRIVATE LIMITED	Director	01/04/2005	01/04/2005	31/07/2008	Active	NO
20	L20200MH1956PLC009899	JOLLY BOARD LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
21	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Active	NO
22	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Strike off	NO
23	U51505TN2005PTC057898	IGARASHI MOTORS SALES PRIVATE LIMITED	Director	31/10/2006	31/10/2006	-	Active	NO
24	L99999MH1982PLC026191	PRADEEP METALS LIMITED	Director	05/09/2008	14/04/2008	-	Active	NO
25	U24134MH1986PTC038671	POLYMERMANN (ASIA) PRIVATE LIMITED	Director	18/06/2010	20/11/2009	-	Active	NO
26	U85100DL2009PTC227463	HEALTHPOINT SERVICES INDIA PRIVATE LIMITED	Director	23/09/2011	12/09/2011	-	Active	NO
27	U80903HR2012NPL045688	INSPIRED LEADERSHIP GURUKUL	Director	20/04/2012	20/04/2012	-	Active	NO
28	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	22/04/2013	22/04/2013	-	Active	NO

Name :	Mr. Sunil Ghorawat
Designation :	Managing Director
Address :	H No.1507-A, Beverly Park II, DLF City, Gurgaon-122002, Haryana, India
Date of Birth/Age :	20.09.1968
Date of Appointment :	21.06.2001
DIN No.:	00189277

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	U74899DL2000PTC105715	E A WATER PRIVATE LIMITED	Director	16/05/2000	16/05/2000	-	Active	NO
2	U60231DL2000PTC107593	VERA RESOURCES PRIVATE LIMITED	Director	07/09/2000	07/09/2000	22/09/2011	Active	NO
3	U74899DL2000PTC103848	NET HOLDINGS PRIVATE LIMITED	Director	21/01/2001	21/01/2001	-	Active	NO
4	U74899DL2001PTC111383	FONTUS WATER PRIVATE LIMITED	Managing director	01/05/2009	21/06/2001	-	Active	NO
5	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
6	U85110MH2001PTC132960	TANCLEAN PRIVATE LIMITED	Director	01/04/2005	01/04/2005	31/07/2008	Active	NO
7	U74100MH2005PTC153125	ENVIROCLEAN VENTURES PRIVATE LIMITED	Director	09/05/2005	09/05/2005	31/07/2008	Active	NO
8	L36939DN1989PLC000377	NISSAN COPPER LIMITED	Director	06/11/2006	06/11/2006	02/03/2009	Active	NO
9	U74899DL1982PTC013405	DEOLALIKAR CONSULTANTS PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
10	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Additional director	02/12/2010	02/12/2010	-	Strike off	NO
11	U74140DL2011PTC219187	TAD ARTS PRIVATE LIMITED	Director	13/05/2011	13/05/2011	23/08/2011	Active	NO
12	U74994DL2011PTC219186	YA WE DO DESIGN PRIVATE LIMITED	Director	13/05/2011	13/05/2011	23/08/2011	Active	NO
13	U74140HR2011PTC043129	KARABI ARTWORKS PRIVATE LIMITED	Director	06/06/2011	06/06/2011	18/07/2011	Active	NO
14	U85100DL2009PTC227463	HEALTHPOINT SERVICES INDIA PRIVATE LIMITED	Director	23/09/2011	12/09/2011	-	Active	NO
15	U45400DL2010PTC211559	TERRA FIRMA DESIGNS PRIVATE LIMITED	Additional director	26/12/2011	26/12/2011	-	Active	NO
16	U73100MH2012NPL226204	INSTITUTE FOR ECONOMIC POLICY ANALYSIS AND RESEARCH	Director	19/01/2012	19/01/2012	-	Active	NO
17	U85100DL2013NPL246905	EARTH WATER FOUNDATION	Director	02/01/2013	02/01/2013	-	Active	NO
18	U24299DL2005PTC142116	GEIST RESEARCH PRIVATE LIMITED	Director	22/04/2013	22/04/2013	-	Active	NO
19	U74140DL2013PTC256104	AJH ADVISORY PRIVATE LIMITED	Director	31/07/2013	31/07/2013	-	Active	NO

Name :	Mr. Kamal Tiwari
Designation :	Director
Address :	House No.A-68, Sector-14, Noida-201301, Uttar Pradesh, India
Date of Birth/Age :	17.11.1970
Date of Appointment :	09.07.2008
DIN No.:	00119385

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	U51505DL1997PTC089785	AVENTURA COMPONENTS PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
2	U74899DL1982PTC013405	DEOLALIKAR CONSULTANTS PRIVATE LIMITED	Director	03/04/2007	03/04/2007	31/10/2011	Active	NO
3	U74899DL2001PTC111383	FONTUS WATER PRIVATE LIMITED	Director	09/07/2008	09/07/2008	-	Active	NO
4	U40100MH2005PTC156964	POWER ENERGY CONSERVATION (INDIA) PRIVATE LIMITED	Additional director	02/12/2010	02/12/2010	-	Strike off	NO

KEY EXECUTIVES

Name :	Ms. Ruchita Sharma
Designation :	Secretary
Address :	E1/8/33, Sector 15, Rohini, New Delhi-110068, India
Date of Birth/Age :	04.05.1987
Date of Appointment :	04.07.2011
PAN No.:	DJGPS3575C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2012

Names of Equity Shareholders	No. of Shares
Sunil Ghorawat	512000
Kewal Krishan Nohria	512000
Net Holdings Private Limited, India	15855470
Flashnet Info Solutions (India) Limited, India	4218730
Aqua Nova Investments Holdings Pte. Limited, Singapore	802
TOTAL	21099002

Names of Preference Shareholders	No. of Shares
Aqua Nova Investments Holdings Pte Limited, Singapore	556046
TOTAL	556046

AS ON 30.08.2013

Names of Allottees (Preference Shareholders)	No. of Shares
Aqua Nova Investments Holdings Pte Limited, Singapore	672008
TOTAL	672008

AS ON 10.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	4.85
Other top fifty shareholders	95.15
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of materials and equipment related with the water industry

Products :

ITC CODE	PRODUCTS
39251000	Reservoirs Tanks, Vats and Similar Containers
84863000	Machines and apparatus for manufacturer of flat panel display
84219900	RO Membranes
39174000	PVC Fitting

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank of India, F-14-15, Connaught Place, New Delhi-110001, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
From Banks	90.673	50.969
(Secured by hypothecation of inventories and book debts)
TOTAL	90.673	50.969

Banking Relations :	--
Auditors :
Name :	O p Tulsyan and Company Chartered Accountant
Address :	B-27/5, (D-S) Near Raja Garden Flyover, Ramesh Nagar, New Delhi-110015, India
Tel. No.:	91-124-2368884
E-Mail :	rakesh@optulsyan.com
PAN No.:	AAAF00729Q
Holding Company :	Net Holdings Private Limited CIN No.:- U74899DL2000PTC103848
Associates :	Aventura Components Private Limited EA Water Private Limited Deka Consultants Private Limited
Other Related Parties	Co-Logix Systems Solutions Private Limited Core-el Technologies Private Limited Grow Talent Company Limited Power Energy Conservation India Private Limited

CAPITAL STRUCTURE

AFTER 10.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.1/- each	Rs. 25.000 Millions
600000	Preference Shares	Rs.30/- each	Rs. 18.000 Millions
	TOTAL		Rs. 43.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21099002	Equity Shares	Rs.1/- each	Rs. 21.099 Millions
556046	Preference Shares	Rs.30/- each	Rs. 16.682 Millions
	TOTAL		Rs. 37.781 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.1/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21098200	Equity Shares	Rs.1/- each	Rs. 21.098 Millions

AS ON 10.09.2012

Authorised Capital : Rs. 62.020 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21099002	Equity Shares	Rs.1/- each	Rs. 21.099 Millions
556046	Preference Shares	Rs.30/- each	Rs. 16.682 Millions
672008	Preference Shares	Rs.30/- each	Rs. 20.160 Millions
	TOTAL		Rs. 57.941 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	21.098	21.098
(b) Reserves & Surplus	43.254	27.276
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	64.352	48.374
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.020	0.105
(c) Other long term liabilities	10.000	10.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.020	10.105
(4) Current Liabilities
(a) Short term borrowings	130.067	64.948
(b) Trade payables	140.681	95.115
(c) Other current liabilities	9.664	18.052
(d) Short-term provisions	8.000	7.114
Total Current Liabilities (4)	288.412	185.229
TOTAL	362.784	243.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.359	14.692
(ii) Intangible Assets	0.158	0.181
(iii) Capital work-in-progress	10.500	0.000
(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	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	25.017	14.873
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	42.301	29.540
(c) Trade receivables	255.280	160.078
(d) Cash and cash equivalents	14.966	15.522
(e) Short-term loans and advances	23.576	21.940
(f) Other current assets	1.644	1.755
Total Current Assets	337.767	228.835
TOTAL	362.784	243.708

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.098
2] Security Premium A/c		3.720
3] Reserves & Surplus		12.147
4] (Accumulated Losses)		0.000
NETWORTH		36.965
LOAN FUNDS
1] Secured Loans		31.339
2] Unsecured Loans		1.656
TOTAL BORROWING		32.995
DEFERRED TAX LIABILITIES		0.049
TOTAL		70.009
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.842
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.134
	Sundry Debtors	69.978
	Cash & Bank Balances	4.008
	Other Current Assets	0.000
	Loans & Advances	16.586
Total Current Assets		94.706
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.721
	Other Current Liabilities	23.091
	Provisions	0.727
Total Current Liabilities		37.539
Net Current Assets		57.167
MISCELLANEOUS EXPENSES		0.000
TOTAL		70.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	452.270	312.108	144.981
		Other Income		0.557	0.193
		TOTAL (A)	452.270	312.665	145.174
Less	EXPENSES
		Materials and Operating Cost	435.575	218.144	102.485
		Personnel Expenses		47.802	13.778
		Administrative Expenses		27.481	9.866
		Selling and Distribution Expenses		7.692	5.719
		Decrease in W/P		(13.398)	0.000
		TOTAL (B)	435.575	287.721	131.848
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	24.944	13.326
			Expenses
Less	FINANCIAL EXPENSES (D)		And	6.495	4.396
			Depreciation]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			18.449	8.930
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.359	1.174
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		16.695	17.090	7.756
Less	TAX (H)		5.703	5.682	2.419
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		10.992	11.408	5.337
	Deferred Tax Asset / (Liability) Adjustment		0.086	0.000	0.000
	Surplus / (Deficit) Carried to Balance Sheet		11.078	11.408	5.337
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11.820	6.340	2.601
	TOTAL EARNINGS		11.820	6.340	2.601
	IMPORTS
		Stock In Trade	9.624	1.127	0.000
	TOTAL IMPORTS		9.624	1.127	0.000
	Earnings / (Loss) Per Share (Rs.)		0.53	0.54	0.262

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.43	3.65	3.68
Net Profit Margin (PBT/Sales)	(%)	NA	5.48	5.35
Return on Total Assets (PBT/Total Assets}	(%)	4.74	7.01	7.21
Return on Investment (ROI) (PBT/Networth)		0.26	0.35	0.21
Debt Equity Ratio (Total Debt /Networth)		2.02	1.34	0.89
Current Ratio (Current Asset/Current Liability)		1.17	1.24	2.52

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	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 (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	Yes

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
Other Loans and Advances	39.394	13.979
TOTAL	39.394	13.979
NOTES SHORT TERM BORROWINGS Other loans and advances include loans form group companies amounting to Rs. 1.400 Millions (PY Nil). Maximum balance outstanding at any time during the year is Rs. 1.400 Millions (PY Nil) Other loans and advances include loans from Directors amounting to Rs. 12.185 Millions (P Y Rs. 1.500 Millions). Maximum balance outstanding at any time during the year is Rs. 12.185 Millions (P Y Rs. 1.500 Millions)

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10408629	11/02/2013	20,000,000.00	UNION BANK OF INDIA	F14-15,CONNAUGHT PLACE, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	B69840296
2	10397957	26/11/2012	140,000,000.00	UNION BANK OF INDIA(LEAD BANK)	F14-15,CONNAUGHT PLACE, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	B66215583
3	10336209	29/12/2011	20,000,000.00	ORIENTAL BANK OF COMMERCE	A-2/40 SAFDARJUNG ENCLAVE, NEW DELHI, DELHI - 1100 29, INDIA	B32378358
4	10336211	29/12/2011	60,000,000.00	ORIENTAL BANK OF COMMERCE	A-2/40 SAFDARJUNG ENCLAVE, NEW DELHI, DELHI - 1100 29, INDIA	B32378804
5	10318126	27/10/2011	240,000,000.00	UNION BANK OF INDIA	F14/15, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B25489444
6	10318122	26/11/2012 *	140,000,000.00	UNION BANK OF INDIA(LEAD BANK)	F14-15, CONNAUGHT PLACE, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	B66213026
7	10075571	25/10/2011 *	100,000,000.00	UNION BANK OF INDIA	F14/15, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B25488453
8	10001641	23/03/2006	39,500,000.00	UNION BANK OF INDIA	CONNAUGHT PLACE BRANCH, F14/15,CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	A00450916
* Date of charge modification

YEAR IN REVIEW

While the year 2011-12 started with the economy being bullish, there was a slowdown in the investment climate during the last two quarters. With the rupee depreciating and the progress on new projects slowing down, the water industry also felt the impact.

However the company saw a good growth with the income from operations increasing by 45% over the previous year. It has been able to establish itself as a leading player in the field of water and waste. Water treatment solutions for small and medium applications in the building, industrial and defense segment. The customer base continues to cover leading builder and real estate groups, hotel chains, hospitals chains and leading manufacturing industries as well as defense organizations.

With the increasing demand for treated water and the worsening water quality, the opportunities for this sector continue to grow. Increased spending on water supply and wastewater management in the government and private sector make this a vibrant sunrise industry. At the same time, stricter pollution control board norms and more public awareness on wastewater discharge norms are driving the wastewater treatment sector. Increased usage of recycled water for gardening, washing and other industrial requirements is opening up numerous new opportunities.

The company continues to build its design, detailed engineering and project management capabilities, in order to execute larger and more complex projects. However a competitive market scenario, along with a depreciating rupee, has led to a reduction in the margins this year. A conscious approach to build references and pre-qualifications aggressively has affected the profitability in the short-term. The Company is taking steps for cost containment to improve the profitability.

FIXED ASSETS

• Land
• Plant and Machinery
• Office Equipments
• Generator
• Intelligent Electronic Devices
• Furniture
• Computers
• Vehicles

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. 61.78
UK Pound	1	Rs. 99.65
Euro	1	Rs. 84.48

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.