MIRA INFORM REPORT

Report No. :	315230
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	DEXTER WATER TECH
Registered Office :	No. 20/10, 5th Main, 1st Cross, Gangappa Block, Ganganagar, R T Nagar, Bangalore – 560032, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.06.2012
Capital Investment / Paid-up Capital :	Rs.1.479 Million
TIN No.:	29620650638
IEC No.:	Not Available
PAN No.: [Permanent Account No.]	AAIFD3716G
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer of STP, WTP, RO Plant, Softener, ETP, Water Treatment Plant etc.
No. of Employees :	26 (Approximately) (In Office 22 + In Branch 4)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having a satisfactory track record. The rating takes into consideration concern’s sound operational risk profile and fair profitability margins of the concern. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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 31-03-2014.

LOCATIONS

Registered Office / Corporate Office :	No. 20/10, 5th Main, 1st Cross, Gangappa Block, Ganga Nagar, R T Nagar, Bangalore – 560032, Karnataka, India
Tel. No.:	91-80-23536409
Mobile No.:	91-9844045128
Fax No.:	91-80-23536409
E-Mail :	dexterwatertech@gmail.com dextergm@hotmail.co.in
Website :	http://www.dexterwatertech.com http://www.dextertech.in
Location :	Rented
Branch Office / Regional Office :	No 7/720, 2nd Floor, C-16, Land World Centre, S.M. Street, Calicut – 673601, Kerala, India

PARTNERS

Name :	Mr. Shrikant S. Kambale
Designation :	Partner
Address :	No. 20/10, 5th Main, 1st Cross, Gangappa Block, Ganganagar, R T Nagar, Bangalore – 560032, Karnataka, India
Date of Birth/Age :	01.01.1978
Qualification :	M.Com
Name :	Mr. Ashok R. Kammar
Designation :	Partner
Address :	56, 6^th Main Road, Brundhavan Nagar, Bangalore – 560054, Karnataka, India
Date of Birth/Age :	01.06.1974
Qualification :	Diploma

BUSINESS DETAILS

Line of Business :	Manufacturer of STP, WTP, RO Plant, Softener, ETP, Water Treatment Plant etc.
Products :	Water Treatment: Reverse Osmosis Plants Pressure Sand Filter Activated Carbon Filter Iron Removal Filter Demineralization Plants Dialysis Water Treatment Swimming Pool Filters Packaged Drinking Water Plants Fluoride Removal Filter Rain Water Harvesting Waste Water Treatment: Sewage Treatment Plants Effluent Treatment Plants Sequential Batch Reactors Membrane Bio-Reactors Textile Wash Treatment Car Wash Water Treatment Mechanical Evaporators Modular (MS) S T P Bio-Reactors Zero Discharge Treatment Plant
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	Cash

PRODUCTION STATUS

Products	Installed Capacity	Actual Production
Water Treatment Plant	40M3	40M3

GENERAL INFORMATION

Suppliers :

• Adcock Ingram Limited
• Anjappar Chettinad Restaurant
• Ashirwad Pipes
• Astral India Private Limited
• Bennett Property Holdings Company Limited
• Confident Projects India Private Limited
• Confident Projects India Private Limited (Athik)
• Country Club
• Indian Naval Academy
• Platinum Property Builders And Developers
• Vacuum Techniques Private Limited

Customers :

• Ramky Samaruthi
• Shobha Developers
• St. Philomina Hospital
• Well Thought Enterprises
• S V Marketing
• Ion Global Solution (P) Limited
• Radhaswamy Satsung
• Narayan Nethariya
• Hotel Novatel
• Renuka Sugar Limited
• Astra India (P) Limited
• Mysore Beverages Limited
• Kemwell International Limited
• Satoria India Limited
• P V R Cinema
• Mother Diary
• Emas Constructions
• Woodbine Heritage
• Tajs Homes
• Wave Mechanics
• Spring Field Apartments
• Puravankar Apartments
• Vijayashree Heritage

No. of Employees :

26 (Approximately) (In Office 22 + In Branch 4)

Bankers :

Banker Name	Canara Bank
Branch Address	R T Nagar, Bangalore, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
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)	Not Divulged

Auditors :
Name :	Mr. CA Shivanand Kamate Chartered Accountants
Address :	Bhide Complex, First Floor, Post Road, Sankeshwar, District Belgaum, Karnataka, India
Tel. No.:	91-8333272433 / 9035227801
E-Mail :	cashivakamate@gmail.com
Memberships :	--
Collaborators :	--
Sister Concern :	Revosys Water Tech Address: No. 23 1st Floor, Dinnur Main Road, R T Nagar, Bangalore – 560032, Karnataka, India Line of Business : Water Treatment Items

CAPITAL STRUCTURE

As on 31.03.2014

PARTNERS CAPITAL ACCOUNT

MR. SHRIKANT S. KAMBALE

Particulars	Rs. In Million	Particulars	Rs. In Million
To Drawing	0.578	By Balance B/d	0.643
		By interest on capital	0.066
		By remuneration from firm	0.458
To Balance C/d	0.742	By net profit during the year	0.153
Total	1.320	Total	1.320

MR. ASHOK R. KAMMAR

Particulars	Rs. In Million	Particulars	Rs. In Million
To Drawing	0.583	By Balance B/d	0.643
		By interest on capital	0.066
		By remuneration from firm	0.458
To Balance C/d	0.737	By net profit during the year	0.153
Total	1.320	Total	1.320

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		1.479	1.286	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.479	1.286	0.400
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.090	0.000	0.000
TOTAL BORROWING		0.090	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.569	1.286	0.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.214	0.068	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.079	0.055	0.039
	Sundry Debtors	5.233	2.588	0.658
	Cash & Bank Balances	0.310	1.132	0.056
	Other Current Assets	0.272	0.146	0.061
	Loans & Advances	0.006	0.000	0.000
Total Current Assets		5.900	3.921	0.814
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.719	1.626	0.316
	Other Current Liabilities	0.349	0.452	0.098
	Provisions	1.477	0.625	0.000
Total Current Liabilities		4.545	2.703	0.414
Net Current Assets		1.355	1.218	0.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.569	1.286	0.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	14.120	13.207	0.950
		Other Income	4.093	1.841	0.102
		TOTAL (A)	18.213	15.048	1.052
Less	EXPENSES
		Cost of Goods sold	10.288	10.053	0.527
		Freight and transport	0.218	0.063	0.037
		Direct labour charges	2.496	0.051	0.042
		Direct Expenses- Works	0.003	0.000	0.000
		Water testing charges	0.000	0.034	0.000
		Staff salary	1.849	1.935	0.065
		Salary to supervisor	0.000	0.144	0.000
		Employer's Contribution to PF	0.096	0.000	0.000
		Employer's Contribution to ESI	0.069	0.000	0.000
		Staff Welfare Expenses	0.024	0.000	0.000
		Bonus to Employees	0.124	0.142	0.025
		Advisement Expenses	0.132	0.080	0.000
		Audit fees	0.018	0.016	0.000
		Office rent	0.104	0.083	0.022
		Telephone Expenses	0.049	0.016	0.001
		Travelling Expenses	0.346	0.150	0.012
		Postage & Telegram	0.007	0.015	0.000
		Business Development Exp.	0.517	0.344	0.100
		Printing & Stationery	0.024	0.033	0.002
		Bank charges	0.016	0.007	0.001
		Professionals Fees paid	0.081	0.039	0.000
		Miscellaneous Expenses	0.001	0.084	0.012
		Bad debts	0.105	0.000	0.000
		Repairs & Maintenance	0.051	0.022	0.000
		Interest on Loan	0.033	0.000	0.000
		Remuneration to Partners	0.916	0.531	0.144
		Interest paid to income tax	0.133	0.048	0.008
		TOTAL	17.700	13.890	0.998
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.513	1.158	0.054
Less	DEPRECIATION/ AMORTISATION		0.059	0.029	0.000
	PROFIT/(LOSS) BEFORE TAX		0.454	1.129	0.054
Less	TAX		0.148	0.066	0.006
	PROFIT/(LOSS) AFTER TAX		0.306	1.063	0.048

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.17	8.05	5.05
Operating Profit Margin (PBDIT/Sales)	(%)	3.63	8.77	5.68
Return on Total Assets (PBT/Total Assets}	(%)	7.43	28.30	6.63
Return on Investment (ROI) (PBT/Networth)		0.31	0.88	0.14
Debt Equity Ratio (Total Debt /Networth)		0.06	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.30	1.45	1.97

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	0.400	1.286	1.479
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.400	1.286	1.479
Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.090
Total borrowings	0.000	0.000	0.090
Debt/Equity ratio	0.000	0.000	0.061

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	0.950	13.207	14.120
		1,290.211	6.913

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	0.950	13.207	14.120
Profit	0.048	1.063	0.306
	5.05%	8.05%	2.17%

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)	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	No
30]	Major Shareholders, if available	No
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:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Unsecured Loans	0.090	0.000
Total	0.090	0.000

TRADE REFERENCES

• WESP Engineering

Address: No.23, 1st Floor, Dinnur Main Road, Opposite ING Vysya Bank, R T Nagar, Bangalore - 560032, Karnataka, India

Contact No.: 91-9686491707 (Mr. Sadiq)

• Proion Projects

Address: #1, Chowdeshwari Nilaya, Near Water Tank, Neriga Village and Post, Sarjapura Hobli, Anekal (TQ) Bangalore - 562125, Karnataka, India

Contact No.: 91-9986988655 (Mr. Shashidhar)

• VA Power Controls

Address: #105, Selvam Industrial Estate, Prashanth Nagar Main Road, 1st Cross, Near KHB Colony, Magadi Road, Bangalore - 560079, Karnataka, India

Contact No.: 98451 32516 (Mr. K. Soundararajan)

• De-Ion Engineering

Address: No.B-79/2, 2nd Cross, 1st Stage, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India

Contact No.: 91-93412 26739 (Mr. Suresh)

FIXED ASSETS:

· Computer

· Software

· Furniture and Fixture

· Office Equipment

· Santro Car

· Plant and Machinery

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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		43

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.