MIRA INFORM REPORT

Report Date :

04.08.2014

IDENTIFICATION DETAILS

Name :	MARCURAS WATER TREATMENT (INDIA) PRIVATE LIMITED
Registered Office :	W-194 B, S Block, MIDC Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.03.2007
Com. Reg. No.:	11-129817
Capital Investment / Paid-up Capital :	Rs.0.402 Million
CIN No.: [Company Identification No.]	U41000PN2007PTC129817
IEC No.:	3107012351
TAN No.: [Tax Deduction & Collection Account No.]	MUMM33954E
PAN No.: [Permanent Account No.]	AAFCM0333A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Water and Based Water Treatment Plant.
No. of Employees :	45 (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 48000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, the company has incurred loss from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Amit Sahasrabudhe
Designation :	Director
Contact No.:	91-9823081502
Date :	01.08.2014

LOCATIONS

Registered Office/ Factory :	W-194 B, S Block, MIDC Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-65304196/ 27480465
Mobile No.:	91-9823081502 (Mr. Amit Sahasrabudhe)
Fax No.:	91-20-27480465
E-Mail :	info@marcuras.com amit@marcuras.com milind@marcures.com
Website :	http://www.marcuras.com
Area :	720 Sq. Mtr
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Amit Shreekant Sahasrabuddhe

Designation :

Director

Address :

35/2, Ushashree Sahajanand Society, Kothrud, Pune – 411038, Maharashtra, India

Date of Birth/Age :

03.03.1972

Qualification :

B.E., M.B.A.

Date of Appointment:

17.03.2007

DIN No.:

02641375

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	U41000PN2007PTC129817	MARCURAS WATER TREATMENT (INDIA) PRIVATE LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
2	U74900PN2009PTC134744	FIVE ELEMENTS ENERGY SOLUTIONS (INDIA) PRIVATE LIMITED	Director	29/09/2009	29/09/2009	-	Active	NO

Name :

Mr. Milind Madhukar Bibikar

Designation :

Director

Address :

A-203, Parmar Residency, Nibm Road, Kondhwa Khurd, Pune – 411048, Maharashtra, India

Date of Birth/Age :

07.03.1973

Qualification :

B.E., M.B.A.

Date of Appointment:

17.03.2007

DIN No.:

02632586

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Amit Shreekant Sahasrabuddhe	20100
Milind Madhukar Bibikar	20100
Total	40200

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 Exporter of Water and Based Water Treatment Plant.
Exports :
Products :	Water and Based Water Treatment Plant
Countries :	· Egypt · Kenya · UAE · Tanzania · Nigeria
Imports :
Products :	Raw Material
Countries :	UAE USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

45 (Approximately)

Bankers :

· Dombivli Nagari Sahakari Bank Limited, Borse Building, Near Karve Putala, Kothrud, Pune – 411038, Maharashtra, India

· Corporation Bank, Raka Chambers, MIDC Telco Road, Chinchwad Station, Chinchwad East, Pune - 411019, Maharashtra, India

· ICICI Bank Limited

· Union Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loan From Corporation Bank (Secured against Land, Building and Plant and Machinery)	10.543	11.757
Term Loan From Corporation Bank (Secured against Toyota Altis)	1.251	0.000
SHORT TERM BORROWINGS
Cash Credit from Corporation Bank (Secured against Stock and Book debts)	23.616	24.429
Total	35.410	36.186

Banking Relations :	--
Auditors :
Name :	Marrks and Associates Chartered Accountant
Address :	Basement, Ram Shanti CHS., Ghantali Devi Mandir Road, Naupada, Thane (East), Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25387080/ 90
Email :	cgmg3@yahoo.co.in
PAN No.:	AAFCM0333A
Sister Concern :	· Fluid Technics Address: Row House No.9, Sr. No. 1/4/1, 1/2/3, Bavdhan Khurd, Pune – 411021, Maharashtra, India Line of Business: Trading of Spare for Water Treatment Plant

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40200	Equity Shares	Rs.10/- each	Rs.0.402 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.402	0.402
(b) Reserves & Surplus	11.715	14.276
(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)	12.117	14.678
(3) Non-Current Liabilities
(a) long-term borrowings	11.886	13.077
(b) Deferred tax liabilities (Net)	0.214	0.115
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	12.100	13.192
(4) Current Liabilities
(a) Short term borrowings	23.616	24.429
(b) Trade payables	25.703	19.854
(c) Other current liabilities	0.024	0.002
(d) Short-term provisions	2.074	6.062
(e) Advance from Debtors	0.273	0.641
Total Current Liabilities (4)	51.690	50.988
TOTAL	75.907	78.858
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.052	17.241
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.474	0.775
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.125	0.122
Total Non-Current Assets	18.651	18.138
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	16.019	8.726
(c) Trade receivables	38.690	47.846
(d) Cash and cash equivalents	0.733	1.009
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	1.814	3.139
Total Current Assets	57.256	60.720
TOTAL	75.907	78.858

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.402
2] Share Application Money		0.000
3] Reserves & Surplus		8.199
4] (Accumulated Losses)		0.000
NETWORTH		8.601
LOAN FUNDS
1] Secured Loans		17.320
2] Unsecured Loans		2.277
TOTAL BORROWING		19.597
DEFERRED TAX LIABILITIES		0.029
TOTAL		28.227
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.736
Capital work-in-progress		0.000
INVESTMENT		0.775
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.252
	Sundry Debtors	26.951
	Cash & Bank Balances	0.075
	Other Current Assets	1.956
	Loans & Advances	0.089
Total Current Assets		35.323
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.292
	Other Current Liabilities	0.679
	Provisions	2.649
Total Current Liabilities		22.620
Net Current Assets		12.703
MISCELLANEOUS EXPENSES		0.013
TOTAL		28.227

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	NA	119.500	70.400
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	105.737	64.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.763	6.400
Less	FINANCIAL EXPENSES (D)			3.000	0.200
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.128)	10.763	6.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.333	1.730	0.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2.461)	9.033	5.800
Less	TAX (H)		0.100	2.956	1.800
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2.561)	6.077	4.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.276	6.199	2.199
	BALANCE CARRIED TO THE B/S		9.715	12.276	6.199
	EARNINGS IN FOREIGN CURRENCY		12.087	15.462	NA
	Earnings/ (Loss) Per Share (Rs.)		(63.71)	151.17	99.50

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	5.09	5.68
Return on Total Assets (PBT/Total Assets}	(%)	(3.31)	11.57	11.59
Return on Investment (ROI) (PBT/Networth)		(0.22)	0.62	0.67
Debt Equity Ratio (Total Debt/Networth)		2.93	2.56	2.28
Current Ratio (Current Asset/Current Liability)		1.11	1.19	1.56

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.402	0.402
Reserves & Surplus	14.276	11.715
Net worth	14.678	12.117
long-term borrowings	13.077	11.886
Short term borrowings	24.429	23.616
Total borrowings	37.506	35.502
Debt/Equity ratio	2.555	2.930

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 two 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)	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

Note:

The Registered office of the company has been shifted from 36/7, Morwadi, MIDC Road, Pimpri, Pune – 411018, Maharashtra, India to present address w.e.f. 26.11.2010

REVIEW OF BUSINESS OPERATIONS:

The Company in the current financial year has reported a loss of Rs.2.561 Millions during the year from its operation. The Board of Directors of the company are taking various measures so as to ensure that the company is able to increase the profit in the conning financial years. The company intends to move forward with an emphasis being laid to service the client's base of the company more efficiently and in turn to expand business in near future.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loan From Amit Sahasrabudhe	0.091	0.603
Loan From Shrikant Sahasrabudhe	0.001	0.001
Loan From Neela Sahasrabudhe	0.000	0.716
Total	0.092	1.320

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address		Service Request Number (SRN)
1	10216068	30/12/2010 *	34,000,000.00	CORPORATION BANK		RAKA CHANBERS, MIDC TELCO ROAD, CHINCHWAD STATION, CHINCHWAD EAST, PUNE, MAHARASHTRA - 411019, INDIA	B05637061
2	10216067	09/03/2010	12,500,000.00	CORPORATION BANK		RAKA CHANBERS, MIDC TELCO ROAD, CHINCHWAD STATION, CHINCHWAD EAST, PUNE, MAHARASHTRA - 411019, INDIA	A84514728

Note: * Date of charge modification

FIXED ASSETS:

· Computer

· Furniture and Fixture

· Motor Car

· Inverter

· Mobile

· Premises

· Two Wheeler

· Plant and Machinery

· Printer

· Factory Building

· Air Conditioner

· Factory Building

· Projector

· Office Equipment

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.
UK Pound	1	Rs.
Euro	1	Rs.

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

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