MIRA INFORM REPORT

Report No. :	309528
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	WESTECH PROCESS EQUIPMENT INDIA PRIVATE LIMITED
Registered Office :	E-155, Classic Appartment, Plot No. 11, Sector – 22, Dwarka, New Delhi - 110077
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.12.2010
Com. Reg. No.:	55-211352
Capital Investment / Paid-up Capital :	Rs. 59.998 Million
CIN No.: [Company Identification No.]	U29253DL2010PTC211352
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of industrial equipment like water treatment plant.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded accumulated losses during year 2013-14 due to which position of net worth has deteriorated. Trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Suresh Ballani
Designation :	Additional Director
Contact No.:	91-982052043
Date :	24.02.2015

LOCATIONS

Registered Office :	E-155, Classic Appartment, Plot No. 11, Sector – 22, Dwarka, New Delhi – 110077, India
Tel. No.:	91-11-45621097
Mobile No.:	91-9892792919 (Mr. Girish Dave) 91-9820520430 (Mr. Suresh)
Fax No.:	Not Available
E-Mail :	bpmisra@westech-inc.in
Location :	Rented
Branches :	Located at: USA Africa China Brazil Mumbai

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Bhagabati Prasad Misra

Designation :

Director

Address :

346, DDA-SFS, Flats, Pocket – 2, Sector – 9, Dwarka, New Delhi – 110075, India

Date of Birth/Age :

17.10.1952

Date of Appointment :

13.12.2010

DIN No.:

01320170

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	U29253DL1976PTC216812	HUMBOLDT WEDAG INDIA PRIVATE LIMITED	Director	29/06/2007	08/11/2006	31/03/2009	Active	NO
2	U27100WB2009PTC137428	MBE Coal & Mineral Technology India Private Limited	Director	27/10/2009	27/10/2009	31/03/2011	Active	NO
3	U29253DL2010PTC211352	WesTech Process Equipment India Private Limited	Director	13/12/2010	13/12/2010	-	Active	NO

Name :

Mr. Ramaswamy Palghat Parameswaran

Designation :

Director

Address :

T-48A, New No. 31, 7^th Avenue, M.G. Road, Besant Nagar, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

26.03.1949

Date of Appointment :

13.12.2010

DIN No.:

03283850

Name :

Mr. Ralph Ashton Cutler

Designation :

Director

Address :

2177, North Main Street, Centerville - 84014, United States

Date of Birth/Age :

05.11.1958

Date of Appointment :

27.06.2011

DIN No.:

03558760

Name :

Mr. Craig Norman Martin

Designation :

Director

Address :

2607, West 11275 South , South Jordan - 84095, United States

Date of Birth/Age :

28.10.1966

Date of Appointment :

27.06.2011

DIN No.:

03559417

Name :

Mr. Rex Randolph Plaizier

Designation :

Director

Address :

1344, North 900 East, Bountiful – 84010, United States

Date of Birth/Age :

14.03.1959

Date of Appointment :

27.03.2011

DIN No.:

03560405

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Bhagbati Prasad Misra	540000	9.00
Ramaswamy Palghat Parameswaran	300000	5.00
Suresh Ballani	300000	5.00
Subhash C Patra	40000	0.67
Westech Engineering Inc., USA	4799849	80.00
Praveen Sanil	10000	0.17
Prasad Sutar	10000	0.17
Total	5999849	100.00

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	80.00
Directors or relatives of Directors	14.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader industrial equipment like water treatment plant.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Machinery
Countries :	Mexico
Imports :
Products :	Spare Part
Countries :	USA China Taiwan Germany
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Oriental Fabritech Private Limited
Name of the Person :	Mr. Taher S Amin (Director)
Contact No.:	91-9820050772
Since How Long Known :	3 Years
Experience :	Good
Maximum Limit Dealt :	Rs. 60.000 Million
Remark :	Mr. Taher Amin informed that they satisfied with their timely payment behavior.

Customers :

Reference :	Mesto Mineral India Private Limited
Name of the Person :	Mr. Kailash Raina (Project Manager)
Contact No.:	91-9999079043
Since How Long Known :	2 ½ Years
Experience :	Excellent
Maximum Limit Dealt :	Rs. 20.000 Milion
Remark :	Mr. Kailash Raina informed that they satisfied with their product quality and delivery behavior.

No. of Employees :

700 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank
Branch Address	KG Marg Branch, New Delhi, India
Person Name (With Designation)	Mr. Syed Abidi
Contact Number	91-89376804136
Name of Account Holder	Not Divulged
Account Number	6711495814
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Mr. Syed told me drop mail on syed.abidi@kotak.com he will revert on mali.

Auditors :
Name :	PKF Sridhar and Santhanam Chartered Accountants
Address :	KRD Gee Gee Crystal, 91-92, 7^th Floor, Dr. Radhkrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India
PAN No.:	AAOFS2783G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Westech Engineering Incorporation

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5999849	Equity Shares	Rs. 10/- each	Rs. 59.998 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	59.998	43.152	20.000
(b) Reserves & Surplus	(55.527)	(43.187)	(20.727)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	3.416
Total Shareholders’ Funds (1) + (2)	4.471	(0.035)	2.689
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.032	0.046
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.691	0.155	0.000
Total Non-current Liabilities (3)	0.691	0.187	0.046
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.433	2.084	1.123
(c) Other current liabilities	15.766	5.696	1.030
(d) Short-term provisions	0.000	0.000	0.427
Total Current Liabilities (4)	18.199	7.780	2.580
TOTAL	23.361	7.932	5.315
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.529	0.695	0.864
(ii) Intangible Assets	0.045	0.110	0.275
(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)	5.190	0.000	0.000
(d) Long-term Loan and Advances	0.697	0.185	0.030
(e) Other Non-current assets	0.100	0.100	0.258
Total Non-Current Assets	6.561	1.090	1.427
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	8.177	1.186	1.311
(d) Cash and cash equivalents	2.107	1.718	1.133
(e) Short-term loans and advances	6.491	3.932	1.230
(f) Other current assets	0.025	0.006	0.214
Total Current Assets	16.800	6.842	3.888
TOTAL	23.361	7.932	5.315

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	36.988	13.195	5.878
Less	EXPENSES
		TOTAL	54.550	35.669	26.080
	PROFIT/ (LOSS) BEFORE TAX		(17.562)	(22.474)	(20.202)
Less	TAX		(5.222)	(0.014)	0.046
	PROFIT/ (LOSS) AFTER TAX		(12.340)	(22.460)	(20.248)
	Earnings / (Loss) Per Share (Rs.)		(2.06)	(3.74)	(3.37)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(67.91)	(283.16)	(380.96)
Return on Investment (ROI) (PBT/Networth)		(2.76)	641.71	(7.53)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.92	0.88	1.51

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	20.000	43.152	59.998
Reserves & Surplus	(20.727)	(43.187)	(55.527)
Share Application money pending allotment	3.416	0.000	0.000
Net worth	2.689	(0.035)	4.471
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	5.878	13.195	36.988
		124.481	180.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5.878	13.195	36.988
Profit	(20.248)	(22.460)	(12.340)
	(344.47%)	(170.22%)	(33.36%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	------------
26]	Buyer visit details	-------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Furniture and Fixture
• Office Equipments
• Computer
• Other Equipments

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. 62.28
UK Pound	1	Rs. 96.21
Euro	1	Rs. 70.60

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUC
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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		28

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.