MIRA INFORM REPORT

Report No. :	335297
Report Date :	04.08.2015

IDENTIFICATION DETAILS

Name :	UEM INDIA PRIVATE LIMITED (w.e.f. 27.04.2010)
Formerly Known As :	UEM INDIA LIMITED (w.e.f. 07.11.2001) UTILITY EQUIPMENT AND MANAGEMENT PRIVATE LIMITED
Registered Office :	D-19, Kalkaji, New Delhi-110019
Tel. No.:	91-120-3817000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.1984
Com. Reg. No.:	55-017765
Capital Investment / Paid-up Capital :	Rs. 93.958 Million
CIN No.: [Company Identification No.]	U51909DL1984PTC017765
IEC No.:	0588087084
TAN No.: [Tax Deduction & Collection Account No.]	DELU02128A
PAN No.: [Permanent Account No.]	AAACU0043Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of Construction and Installation of Water Treatment Plant.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	UEM India Private Limited is a water and waste solutions provider that undertakes design, engineering, supply, erecting and commissioning of sewerage and water treatment plants. It is established company having a satisfactory track record. The rating reflects the equity infusion by Toshiba Corporation, Japan at end-March 2014 which would compensate for EBITDA losses incurred by UEM on a standalone basis in FY13 (year end March). The equity infusion will result from UEM’s 26% imminent strategic stake sale to Toshiba. The rating also reflects UEM’s comfortable revenue visibility reflected in an improved confirmed order book, healthy financials risk profile and debt protection metrics. The rating constrained on a drop in UEM’s sales turnover and reported losses over past few years resulted by the tender-driven nature of its business and further remain constrained by the nature of the services rendered by company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2013.

LOCATIONS

Registered Office :	D-19, Kalkaji, New Delhi-110019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	anilchauhan@uemgroup.com
Website :	http://uemgroup.com
Corporate Office :	2nd and 3rd Floor, Tower-B, A-1 Windsor IT Park, Sector-125, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-3817000/ 1/ 2
Fax No.:	91-120-3817005
E-Mail :	uemindia@uemgroup.com

DIRECTORS

AS ON 10.09.2014

Name :

Mr. Krishan Mohan Kshetry

Designation :

Managing Director

Address :

W-5/40A, Sainik Farms, Village Devli, Tehsil Mehrauli, New Delhi-110062, Delhi, India

Date of Birth/Age :

06.06.1949

Date of Appointment :

23.03.1984

PAN No.:

BVYPK9373C

DIN No.:

00420623

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	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Managing Director	15-07-2010	23-03-1984	-	Active	NO
2	U74899DL1992PTC050734	UEM TRADING PRIVATE LIMITED	Director	22-08-2007	22-08-2007	14-11-2012	Active	NO

Name :

Mr. Sanjay Narendrakumar Arte

Designation :

Director

Address :

501 Ashoka-1 15th Road, Khar West, Mumbai- 400052, Maharashtra, India

Date of Birth/Age :

12.05.1958

Date of Appointment :

30.09.2011

DIN No.:

01000716

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	U99999MH1989PTC052116	GALA PRECISION TECHNOLOGY PRIVATE LIMITED	Director	15-07-2005	15-07-2005	01-06-2009	Active	NO
2	U74999MH1993PTC172842	RDC CONCRETE(INDIA)PRIVATE LIMITED	Director	29-09-2005	29-09-2005	28-05-2010	Active	NO
3	U92120MH2005PTC156817	CITY SOUND AND MUSIC PRIVATE LIMITED	Director	19-10-2005	19-10-2005	-	Amalgamated	NO
4	U26921KL2002PTC015427	NEPTUNE READYMIX CONCRETE PRIVATE LIMITED	Director	27-07-2006	27-07-2006	26-05-2010	Active	NO
5	L85110KA1984PLC006116	DISA INDIA LIMITED	Director	02-11-2006	02-11-2006	-	Active	NO
6	U74140MH2006PTC164125	IVF ADVISORS PRIVATE LIMITED	Director	19-06-2007	19-06-2007	05-09-2013	Active	NO
7	U28993TG1999PTC033188	ROBO SILICON PRIVATE LIMITED	Director	26-12-2007	26-12-2007	-	Active	NO
8	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-2008	22-01-2008	-	Amalgamated	NO
9	U85110PN1996PLC104292	PRERANA HOSPITAL LIMITED	Director	29-09-2009	08-11-2008	-	Active	NO
10	U85110KL2008PLC021703	ASTER DM HEALTHCARE LIMITED	Director	14-12-2008	14-12-2008	-	Active	NO
11	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Director	30-09-2011	15-06-2011	-	Active	NO
12	AAA-1685	INDIA VALUE FUND MANAGERS LLP	Designated Partner	28-06-2010	28-06-2010	-	Active	NO

Name :

Mr. Vikram Nirula

Designation :

Director

Address :

1501, Raheja Princess, S K Bole Marg, Agar Bazar, Dadar (West), Mumbai-400028, Maharashtra, India

Date of Birth/Age :

28.08.1972

Date of Appointment :

30.09.2010

DIN No.:

01655115

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	U64200MH1999PLC137729	MUSIC BROADCAST LIMITED	Director	30-09-2005	02-03-2005	03-07-2014	Active	NO
2	U63040MH2006PTC165955	V-LINK FLEET SOLUTIONS PRIVATE LIMITED	Director	30-09-2008	29-11-2007	30-04-2014	Active	NO
3	U63040MH2006PTC165956	MERU TRAVEL SOLUTIONS PRIVATE LIMITED	Director	30-09-2008	29-11-2007	-	Active	NO
4	U63040MH2006PTC165959	MERU CAB COMPANY PRIVATE LIMITED.	Director	30-09-2008	29-11-2007	-	Active	NO
5	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-2008	22-01-2008	04-10-2013	Amalgamated	NO
6	U72900KA2000PTC027290	ATRIA CONVERGENCE TECHNOLOGIES PRIVATE LIMITED	Director	21-06-2008	21-06-2008	-	Active	NO
7	U29268MH2009PTC190522	GALA PRECISION ENGINEERING PRIVATE LIMITED	Director	23-02-2009	23-02-2009	16-09-2009	Active	NO
8	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Director	30-09-2010	30-07-2010	-	Active	NO
9	U52100MH2007PTC173441	VKL SEASONING PRIVATE LIMITED	Nominee Director	30-09-2013	28-01-2013	-	Active	NO
10	U29294MH1993PTC072222	HICARE SERVICES PRIVATE LIMITED	Nominee Director	29-01-2014	29-01-2014	-	Active	NO
11	U63030MH2005PTC152747	NATIONAL BULK HANDLING CORPORATION PRIVATE LIMITED	Director	30-09-2014	26-04-2014	-	Active	NO

Name :

Mr. Satish Chander Subbanna

Designation :

Director

Address :

No. 205, Wings, Halasuru BG, Cambridge Road, Bangalore-560008, Karnataka, India

Date of Birth/Age :

11.03.1975

Date of Appointment :

26.03.2014

DIN No.:

02849420

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	U92100MH2007PTC171119	CRYSTAL SOUND AND MUSIC PRIVATE LIMITED	Director	30-09-2010	29-01-2010	10-06-2015	Active	NO
2	U92311UR1989PTC010798	MADKINI HYDRO POWER PRIVATE LIMITED	Nominee director	11-08-2010	20-07-2010	11-02-2011	Active	NO
3	U22222MH2011PTC223905	MEGA SOUND AND MUSIC PRIVATE LIMITED	Director	14-11-2011	14-11-2011	10-06-2015	Active	NO
4	U22300MH2011PTC224564	VIBRANT SOUND AND MUSIC PRIVATE LIMITED	Director	02-12-2011	02-12-2011	10-06-2015	Active	NO
5	U85110KL2008PLC021703	ASTER DM HEALTHCARE LIMITED	Alternate director	17-01-2012	17-01-2012	13-05-2013	Active	NO
6	U51909DL1984PTC017765	UEM INDIA PRIVATE LIMITED	Director	26-03-2014	26-03-2014	-	Active	NO

Name :

Mr. Koichi Matsui

Designation :

Director

Address :

30-2-401, Nozawa 3-Chome, Setagaya-KU, Tokyo, 1540003, Japan

Date of Birth/Age :

02.10.1973

Date of Appointment :

26.03.2014

DIN No.:

06776385

KEY EXECUTIVES

Name :	Mr. Anil Kumar Chauhan
Designation :	Secretary
Address :	77, KHIRKI VILLAGE,, NEW DELHI, 110017, Delhi, INDIA
Date of Birth/Age :	01.08.1972
Date of Appointment :	18.08.2000
PAN No.:	ADNPC6005D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Krishan Mohan Kshetry	939584	10.00
Sangita Kshetry	574418	6.11
Hersh Vardhan Kshetry	627218	6.68
Nina Kshetry	68640	0.73
IVF Trustee Company Private Limited, India	4743058	50.48
Toshiba Corporation, Japan	2442917	26.00
Total	9395835	100.00

AS ON 10.09.2014

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	50.48
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of Construction and Installation of Water Treatment Plant.

Products :

ITC Code No.	Product Descriptions
98010011	Service

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· HDFC Bank Limited

HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013,

Maharashtra, India

· State Bank Of India

Industrial Finance Branch, Jawahar Vyapar Bhawan, STC Building, 1, Tolstoy Marg, New Delhi - 110001, Delhi, India

· Punjab National Bank

46, Dohil Chambers, Nehru Place, New Delhi-110019, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	500.000	0.000
Long-term maturities of finance lease obligations	0.000	1.418
Other loans and advances	0.235	0.599
SHORT TERM BORROWINGS
Loans repayable on demand from banks	158.099	235.089
Other loans and advances	0.000	44.208
Total	658.334	281.314

Banking Relations :	--
Financial Institution :	· L and T Finance Limited L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAIFB7357B
Memberships :	--
Collaborators :	--
Holding Company :	IVF Trustee Company Private Limited, India
Fellow Subsidiary Company :	India Value Fund Advisors Private Limited, India
Subsidiary Company :	· UEM Environment Limited, Mauritius · UEM INC , USA · UEM Infrastructure Private Limited, India (U41000DL2012PTC234720)
Associates :	General Earth Movers, United States

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million
1000000	Preference Shares	Rs. 10/- each	Rs. 10.000 Million
	Total		Rs. 110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9395835	Equity Shares	Rs. 10/- each	Rs. 93.958 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	93.958	69.529	45.099
(b) Reserves & Surplus	1484.142	416.305	1115.292
(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)	1578.100	485.834	1160.391
(3) Non-Current Liabilities
(a) Long-term borrowings	500.235	492.017	3.716
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.721	8.754	89.752
(d) long-term provisions	14.640	60.676	27.568
Total Non-current Liabilities (3)	523.596	561.447	121.036
(4) Current Liabilities
(a) Short term borrowings	395.499	516.697	662.049
(b) Trade payables	1047.747	1248.268	689.246
(c) Other current liabilities	532.801	472.272	650.979
(d) Short-term provisions	131.750	251.837	123.317
Total Current Liabilities (4)	2107.797	2489.074	2125.591
TOTAL	4209.493	3536.355	3407.018
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.443	108.987	115.059
(ii) Intangible Assets	13.059	21.499	13.064
(iii) Capital work-in-progress	0.000	0.000	1.629
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	107.017	4.820	3.916
(c) Deferred tax assets (net)	228.287	182.380	7.405
(d) Long-term Loan and Advances	605.533	143.715	92.557
(e) Other Non-current assets	622.785	215.191	216.470
Total Non-Current Assets	1674.124	676.592	450.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.288	18.590	57.457
(c) Trade receivables	823.412	1279.584	1577.171
(d) Cash and cash equivalents	466.507	591.672	638.663
(e) Short-term loans and advances	263.499	231.206	171.172
(f) Other current assets	962.663	738.711	512.455
Total Current Assets	2535.369	2859.763	2956.918
TOTAL	4209.493	3536.355	3407.018

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2685.042	2958.590	3054.985
		Other Income	201.607	45.778	64.116
		TOTAL (A)	2886.649	3004.368	3119.101
Less	EXPENSES
		TOTAL (B)	2760.687	3746.170	2922.273
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		125.962	(741.802)	196.828
Less	FINANCIAL EXPENSES (D)		212.094	110.665	98.283
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(86.132)	(852.467)	98.545
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.752	21.307	29.466
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(108.884)	(873.774)	69.079
Less	TAX (H)		(45.907)	(174.974)	14.793
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(62.977)	(698.800)	54.286
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(496.809)	201.991	147.705
	BALANCE CARRIED TO THE B/S		(559.786)	(496.809)	201.991
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	56.943	246.506	222.557
	TOTAL EARNINGS		56.943	246.506	222.557
	Earnings/ (LOSS) Per Share (Rs.)		6.70	100.50	12.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.782	2.617	26.558
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	(814.598)	(357.587)	(454.374)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.35)	(23.62)	1.78
Operating Profit Margin (PBDIT/Sales)	(%)	4.69	(25.07)	6.44
Return on Total Assets (PBT/Total Assets}	(%)	(2.81)	(26.09)	2.04
Return on Investment (ROI) (PBT/Networth)		(0.07)	(1.80)	0.06
Debt Equity Ratio (Total Liability/Networth)		0.57	2.08	0.60
Current Ratio (Current Asset/Current Liability)		1.20	1.15	1.39

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	45.099	69.529	93.958
Reserves & Surplus	1115.292	416.305	1484.142
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1160.391	485.834	1578.100
Long-term borrowings	3.716	492.017	500.235
Short term borrowings	662.049	516.697	395.499
CURRENT MATURITIES OF LONG-TERM DEBTS	26.558	2.617	1.782
Total borrowings	692.323	1011.331	897.516
Debt/Equity ratio	0.597	2.082	0.569

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3054.985	2958.590	2685.042
		(3.155)	(9.246)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3054.985	2958.590	2685.042
Profit/ (Loss)	54.286	(698.800)	(62.977)
	1.78%	(23.62%)	(2.35%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10185726	16/08/2013 *	3,100,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, STC BUILDING, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B84309426

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Intercorporate borrowings	0.000	490.000
SHORT TERM BORROWINGS
Loans and advances from related parties	237.400	237.400
Total	237.400	727.400

OPERATIONS:

During FY 2014, the Company achieved a turnover of Rs. 2685.000 Million and a negative Profit Before Tax (PBT) of Rs. (108.900) Million as compared to a turnover of Rs 2958.600 Million and a PBT of Rs.(873.800) Million in FY 2013.

MANAGEMENT DISCUSSION AND ANALYSIS:

During the year, Toshiba Corporation (Toshiba) has invested in the Company to acquire a strategic stake.

Toshiba has been Japans leading manufacturer of electrical system for water supply and sewerage facilities for over 40 years. The company has also expanded the business into overseas markets, including China and Indonesia and has an R and D facility in Singapore. Toshiba recognizes India as a promising country for developing water-related business in the future, and has been searching for a strategic partner.

This collaboration will enable the Company to grow to greater heights, as it gains access to new geographies and new business segments while retaining its India cost advantage. Along with the investment, an executive officer from Toshiba has joined the Companys Board.

It has been a challenging year for the EPC industry with economic slowdown combined with slowdown in infrastructure spending by the Government in the period before the national elections. Tight working capital cycles have affected clients investment in new projects and also execution of ongoing projects. Despite this challenging business environment, the Company booked prestigious new orders during the year.

· Waste Water Treatment Plant for JBF Petrochemicals Limited at Mangalore, Karnataka.

· Common Effluent Treatment Plant for Haryana State Industrial Infrastructure Development Corporation (HSIIDC) at Manesar, Haryana.

· Sewage Pumping System at Varanasi, Uttar Pradesh

· RCC Sewer system at Alwar, Rajasthan

· Repeat Orders from O and M customers

During the last year the Company continued its focus on execution and completion of ongoing projects. The Company successfully commissioned and handed over the following projects during the year:

107MLD Sewage Treatment Plant at Trivandrum for Kerala Sustainable Urban Development Project, Kerala

Effluent Treatment Plant at Procter and Gamble, Baddi, H.P.

Common Effluent Treatment Plant at Srinagar for State Industrial Development Corporation, Srinagar.

The Company sees following key opportunities in the coming year:

· Economic revival resulting in increased investment in new projects by the private industrial clients.

· Municipalities renewing focus on building urban infrastructure major projects being announced across various states.

· Increasing trend of outsourcing Operations and Maintenance of water plants leading to increased demand of high margin O and M projects.

· Leveraging synergies with Toshiba and expanding to new international markets.

· The Company will leverage its strengths and capitalize on the key opportunity areas for growth.

· Strong pre-qualifications in the key opportunity areas of Hydrocarbon segment, Power, Steel and Municipal projects.

· Experience in implementing projects in different technologies in multiple industries and geographies.

· Tie-ups with key technology owners giving the Company access to the right technologies to offer low life cycle cost solutions.

The Core Management team is committed to the Companys growth and it continues to strengthen its core process across business development and project execution across design and engineering, procurement and project management. Mr. Krishan K Shetry will continue to lead the Company along with Core Management Team and will focus on defining strategic initiatives towards establishing UEM as a leading global water and waste water treatment firm.

CORPORATE INFORMATION:

UEM India Private Limited (hereinafter referred to as the Company) is in the business of construction and installation of Water Treatment Plant within and outside India.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

· Other 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. 63.96
UK Pound	1	Rs. 99.93
Euro	1	Rs. 70.16

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		41

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.