MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	RAJ WATER TECHNOLOGY (GUJ.) PRIVATE LIMITED
Registered Office :	Plot No. 27, Survey No. 47, Jivraj Industrial Area, Opp. Falcon Pump, Gondal Road, Vavdi Rajkot – 360004, Gujarat,
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.03.2009
Com. Reg. No.:	04-056306
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U29259GJ2009PTC056306
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Different Types of Drinking Water Plants, Industrial Water Treatment Plant, Swimming Pool Filtration Plant etc.
No. of Employees :	Not Divulged

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 7000
Status :	Small Company
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scales of activities are limited. The rating is constrained on account of company’s small scales of business operation and low reserves of the company. However, trade relations are reported to be fair. Business is active. Payments terms are slow but correct The company can be considered for small 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 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 DENIED BY

Name :	Mr. Kamal
Designation :	Sales Departments
Contact No.:	91-281-3292791
Date :	25.09.2014

LOCATIONS

Registered Office :	Plot No. 27, Survey No. 47, Jivraj Industrial Area, Opp. Falcon Pump, Gondal Road, Vavdi Rajkot – 360004, Gujarat, India
Tel. No. :	91-281-3291791/2922777
Mobile No. :	91-9375755777 / 7405055777 (Mr. Sanjay Patel)
Fax No. :	91-281-2922481
E-Mail :	info@rajwater.com
Website :	www.rajwater.com
Mumbai Office :	Unit no. 11, Ruby Coach Lane, Marol Nake, Near Hindi Saurashtra Indl. Estate, Office. Andheri – Kurla Road, Andheri East, Mumbai -400059, Maharashtra, India
Tel. No. :	91-22-28505403
Mobile No. :	91-9372805577
E-Mail :	rajwater@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjaybhai Himatlal Dhuliya

Designation :

Director

Address :

359, Gokul Dham Society, Gondal Road Rajkot – 360002, Gujarat, India

Date of Birth/Age :

04.10.1968

Date of Appointment :

09.03.2009

DIN No. :

02292134

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	U29259GJ2009PTC056306	RAJ WATER TECHNOLOGY (GUJ.) PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
2	U41000MH2012PTC229768	OKEY MINERALS WATER PRIVATE LIMITED	Director	17/04/2012	17/04/2012	-	Active	NO

Name :

Ms. Soniyaben Sanjaybhai Dhulia

Designation :

Director

Address :

359, Gokul Dham Society, Gondal Road Rajkot – 360002, Gujarat, India

Date of Birth/Age :

05.03.1975

Date of Appointment :

09.03.2009

DIN No. :

02247594

Name :

Ms. Vijyaben Hematlal Dholiya

Designation :

Director

Address :

Gokul Dham Society, Block No. 358 Navjivan Mahilla Mandal, Rajkot – 360002, Gujarat, India

Date of Birth/Age :

15.04.1949

Date of Appointment :

09.03.2009

DIN No. :

02292182

KEY EXECUTIVES

Name :	P.H. Keshariya and Associates
Designation :	Company Secretaries
Address :	308, Rashtradeep Complex, Rashtriyasala Main Road, Dr. Yagnik Road Corner, Rajkot – 360001, Gujarat, India
Qualification :	B.Com, FCS, LLB
Tel. No. :	91-281-2465049
Mobile No. :	91-9825259490 (Mr. Pratik Keshariya)
Fax No. :	91-281-2465049

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sanjaybhai Himatlal Dhuliya	40600
Soniyaben Sanjaybhai Dhulia	31600
Vijyaben Hematlal Dholiya	12300
Sadhnaben Bhut	10000
Nileshbhai Khant	10000
Ketan Kalavadiya	10000
Shitalben Kalavadiya	10000
Manishbhai Dhuliya	10000
Sanjaybhai H. Dhuliya	15500
Total	150000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Different Types of Drinking Water Plants, Industrial Water Treatment Plant, Swimming Pool Filtration Plant etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of Patiala, Krishna Con Arch – 2, 8-14, First Floor, Tagore Road, Rajkot – 360002, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
State Bank of Patiala Term Loan A/C No. 7696	0.970	1.461
State Bank of Patiala Term Loan A/C No. 9062	0.050	0.489
State Bank of Patiala CC A/C No.3438	3.065	2.032
Total	4.085	3.982

Banking Relations :	--
Auditors :
Name :	Gaurav Mehta and Company Chartered Accountants
Address :	216, Auto Point Complex, SVP Road, Near Lodhawad Police Chowki, Rajkot – 360002, Gujarat, India
PAN No. :	AIRPM8145P

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.500	1.500	1.500
(b) Reserves & Surplus	0.251	0.147	0.048
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.751	1.647	1.548
(3) Non-Current Liabilities
(a) long-term borrowings	4.614	4.099	4.329
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.614	4.099	4.329
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.339	2.913	3.531
(c) Other current liabilities	12.059	4.076	0.655
(d) Short-term provisions	0.736	0.589	0.646
Total Current Liabilities (4)	20.134	7.578	4.832
TOTAL	26.499	13.324	10.709
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.196	4.751	5.302
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.528	0.249	0.282
(e) Other Non-current assets	0.001	0.003	0.005
Total Non-Current Assets	10.725	5.003	5.589
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.734	3.422	2.075
(c) Trade receivables	5.045	2.906	2.737
(d) Cash and cash equivalents	0.059	0.019	0.013
(e) Short-term loans and advances	1.936	1.974	0.295
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	15.774	8.321	5.120
TOTAL	26.499	13.324	10.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	29.420	15.320	9.351
		Other Income	0.279	0.596	0.000
		TOTAL	29.699	15.916	9.351
Less	EXPENSES
		TOTAL	29.057	15.201	8.809
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.642	0.715	0.542
Less/ Add	DEPRECIATION/ AMORTISATION		0.504	0.588	0.435
	PROFIT/ (LOSS) BEFORE TAX		0.138	0.127	0.107
Less	TAX		0.034	0.029	(0.021)
	PROFIT/ (LOSS) AFTER TAX		0.104	0.098	0.086
	Earnings / (Loss) Per Share (Rs.)		0.69	0.65	0.57

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.35	0.62	0.92
Net Profit Margin (PBT/Sales)	(%)	0.47	0.83	1.14
Return on Total Assets (PBT/Total Assets}	(%)	0.52	0.95	1.00
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.07
Debt Equity Ratio (Total Debt/Networth)		2.64	2.49	2.80
Current Ratio (Current Asset/Current Liability)		0.78	1.10	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.500	1.500	1.500
Reserves & Surplus	0.048	0.147	0.251
Net worth	1.548	1.647	1.751
long-term borrowings	4.329	4.099	4.614
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.329	4.099	4.614
Debt/Equity ratio	2.797	2.489	2.635

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9.351	15.320	29.420
		63.833	92.037

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9.351	15.320	29.420
Profit	0.086	0.098	0.104
	0.92%	0.64%	0.35%

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	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

UNSECURED LOANS

(Rs. In Millions)

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Soniyaben S. Dhuliya	0.168	0.045
Vijyaben H. Dhuliya	0.361	0.071
Total	0.528	0.116

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10402229	15/12/2012	3,500,000.00	State Bank of Patiala	Krishna Con Arch - 2, 8-14, First Floor, Tagore Road, Rajkot, Gujarat - 360002, INDIA	B67799189
2	10173001	14/12/2012 *	6,750,000.00	State Bank of Patiala	Krishna Con Arch - 2, 8-14, First Floor, Tagore Road, Rajkot, Gujarat - 360002, INDIA	B67798462

FIXED ASSETS

· Building Construction

· Machinery

· Air Conditioner

· Mobile

· Machinery-4+1%

· CC TV Camera

· Fax Machinery

· Telephone

· Furniture

· Computer

· Scanner

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.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	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		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.