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                                                                   EXHIBIT 10.32

THIS LEASE is made the 1st day of March, 2003.

BETWEEN:
                             COLMAR LTD.
                             of P. O. Box 31492 SMB
                             Grand Cayman

                             (hereinafter called "the Landlord")

AND
                             CONSOLIDATED WATER CO. LTD.
                             P. O. Box 1114 GT
                             Grand Cayman
                             Cayman Islands

                             (hereinafter called "the Tenant")


WITNESSES AS FOLLOWS:

1.       In consideration of the rent and Tenant's covenants hereinafter
         reserved and contained the Landlord HEREBY DEMISES unto the Tenant ALL
         THOSE premises described in the first schedule hereto (hereinafter
         called the "Demised Premises") and which form part of the buildings
         known as Trafalgar Place, West Bay Road, Grand Cayman, Cayman Islands
         (hereinafter called "the Building") TOGETHER WITH AND SUBJECT TO (but
         to the exclusion of all other liberties, easements, rights and
         advantages) the particular rights and matters also contained in the
         Schedule hereto TO HOLD the same unto the Tenant for the period from
         March 1st 2003 ("the Commencement Date") to January 31st 2004 subject
         nevertheless to the provisos for sooner determination hereafter
         contained and paying therefor from the Commencement Date the annual
         rents set forth in the second schedule hereto payable in equal monthly
         installments in advance for the said period the first of which payments
         shall be due on March 1st 2003.

2.       The Tenant HEREBY COVENANTS with the Landlord as follows:

         2.1.     To pay the said rent on the days and in the manner aforesaid
                  and to pay to the Landlord a sum equal to a fair proportion as
                  hereinafter defined of the amount of the aggregate annual sum
                  payable (if any) to the Cayman Islands Government or to any
                  other authority whether local, governmental and/or otherwise
                  in respect of the Building for site value tax or for any other
                  rates, taxes, assessments or outgoings (including without
                  restricting the foregoing, sewage and water) whatsoever now or
                  hereafter imposed or charged such additional payment to be
                  made on the date for payment of rent next after receipt by the
                  Landlord of a demand therefor. For the purpose of this
                  sub-clause the amount of such fair proportion of the sum
                  hereinbefore referred to shall be such proportion thereof as
                  equals the proportion which the area of the Demised Premises
                  as set forth in the First Schedule hereto ("the Floor Area")
                  bears to 15,687 square feet being the total area of the
                  Building PROVIDED THAT should different areas of the Building


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                  suffer land tax at different rates then the said proportion
                  shall be adjusted ratably to reflect such difference.

         2.2.     To pay to the Landlord on exchange and delivery of this Lease
                  a security deposit ("the Deposit") of CI$2,048.49 which
                  deposit shall be held by the Landlord on the following terms
                  and conditions:

                  2.2.1.   No interest shall accrue to the Deposit.

                  2.2.2.   The Landlord may deduct from the Deposit 7 days after
                           notifying the Tenant of its intention to do so any
                           unpaid rent; unremedied damage or unpaid late
                           charges.

                  2.2.3.   Upon the deduction of any sum pursuant to Clause
                           2.2.2 hereof the Tenant shall within 14 days of the
                           Landlord deducting the said sum pay the Landlord such
                           sum as is necessary to reinstate the Deposit to the
                           monthly rent payable by the Tenant at the time the
                           reinstatement is due.

                  2.2.4.   Upon the expiry of this Lease and upon the Tenant
                           having observed its covenants hereunder the Landlord
                           shall return the Deposit to the Tenant provided
                           always that if the Tenant is in breach of any
                           provisions of this Lease or has failed to remedy any
                           such breach or damage the Landlord may deduct from
                           the Deposit such sums as may be necessary including
                           reasonably incurred attorney's fees (whether such are
                           allowed on a taxation or otherwise) to remedy the
                           said breach or make good the said damage.

         2.3.     To pay all charges for telephone, electricity, sewage, water,
                  and other utilities actually consumed or charged to or used in
                  the Demised Premises or such fair proportion thereof during
                  the said term and in January of each year to pay to the
                  Landlord an annual amount of CI$800.00 towards the maintenance
                  of a dumpster for garbage disposal at the Demised Premises.

         2.4.     To keep the interior of the Demised Premises and the
                  appurtenances thereof including floors, walls, ceilings, the
                  insides of doors entering into corridors, the glass windows
                  and all the fixtures and fittings and painting, papering and
                  decoration in the Demised Premises well and sufficiently
                  cleaned (in the case of windows at regular intervals) and in
                  good and substantial repair and condition (including where
                  relevant replacement thereof) and to permit the Landlord and


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                  the Landlord's agents or contractors on its behalf to clean,
                  paint or treat as the case may be the outside of all doors
                  entering into corridors from the Demised Premises and the
                  outside of all window frames and glass in the Demised Premises
                  in such colour and in such manner and at such times as the
                  Landlord may desire or direct with the right to enter the
                  Demised Premises as may be necessary for such purposes.

         2.5.     Not to alter, injure, cut or maim any of the floors, walls,
                  ceilings, windows, doors, wiring, pipes, appurtenances,
                  fixtures or fittings including air conditioning and other
                  equipment in, of or to the Demised Premises nor to make any
                  alterations or additions to the interior or exterior
                  appearance of the Demised Premises without the prior consent
                  in writing of the Landlord nor permit any of the foregoing to
                  be done. Such consent not to be unreasonably withheld by the
                  Landlord.

         2.6.     To permit any agent or employee of the Landlord to enter the
                  Demised Premises in the ordinary course of his duty and to
                  permit the Landlord and the Landlord's agents surveyors and
                  workmen to enter with all necessary appliances upon the
                  Demised Premises at any reasonable time having given prior
                  notice of such intention and in the case of fire or any other
                  emergency without notice and/or for the purpose of examining
                  the condition thereof or of doing such works and things as may
                  be required for any repairs, alterations, additions,
                  maintenance, cleaning, installations, improvements or renewals
                  of or to the Demised Premises or any part of the Building or
                  apparatus or equipment therein and also for the purpose of
                  viewing the state and condition of the Demised Premises and
                  before the expiration of one calendar month's notice given in
                  writing by the Landlord to execute any repairs lawfully
                  required to be done by the Tenant and in accordance with such
                  notice and if the Tenant shall within such time fail to
                  execute such work the Landlord may thereupon cause such work
                  to be done and recover the cost thereof from the Tenant but
                  without prejudice to the Landlord's right of re-entry
                  hereinafter mentioned.

         2.7.     Subject to sub clause 2.25, to use the Demised Premises only
                  as business offices for Consolidated Water Co. Ltd.

         2.8.     Not knowingly to do or permit or suffer to be done upon or
                  within the Demised Premises anything which shall constitute or
                  may be or become a nuisance or annoyance to or in any way
                  interfere with the quiet and peaceful user of the other
                  portions of the Building or any adjoining or neighbouring
                  premises.

         2.9.     Not to use or permit the Demised Premises to be used for
                  residential purposes or for overnight accommodation.



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         2.10.    Not to obstruct or litter or deface in any manner the
                  vestibules, lifts, entrances, stairways, corridors, passages
                  and other common areas of the Building or the carpark and
                  areas adjacent to the Building.

         2.11.    Not to do or suffer to be done knowingly anything whereby the
                  policy or policies of insurance on the Demised Premises or on
                  the Building against fire or any other risk may become void or
                  voidable or whereby the premium thereon may be increased and
                  to repay to the Landlord all sums paid by the Landlord by way
                  of increased premiums and all expenses incurred by the
                  Landlord in or about any renewal of such policy or policies
                  and any other expenses or charges incurred by the Landlord or
                  rendered necessary by reason of a breach or nonobservance of
                  the provisions of this sub-clause.

         2.12.    Not to permit any open use of internal combustion fire to be
                  burned or cooking to be done (excluding the heating of water
                  for beverages or cooking appliances within a restaurant that
                  is in good standing with all Cayman Islands Government
                  departments) within the Demised Premises without the prior
                  consent in writing of the Landlord.

         2.13.    Not without the prior consent of the Landlord to bring or
                  allow to be brought on to the Demised Premises or any part of
                  the Building any machines or machinery save equipment and
                  furnishings as are requisite for the Tenant's business and to
                  observe such regulations as the Landlord shall specify
                  regarding load factors and stresses within the Building.

         2.14.    Not to paint, affix or exhibit any name or writing or any
                  sign, placard or advertisement in the vestibules, entrances,
                  stairways, corridors or passages of or upon or outside any
                  wall, door, entrance, window, roof or exterior wall of the
                  Building or any entrance door to the Demised Premises from the
                  corridors giving access thereto without the consent in writing
                  from the Landlord such consent not to be unreasonably refused
                  PROVIDED however that all signs of any type whatsoever shall
                  in each case conform with that reasonably approved by the
                  Landlord and any requirements of the Central Planning
                  Authority.

         2.15.    Not to charge, encumber, assign, sublet or part with
                  possession of the Demised Premises or any part thereof without
                  the previous consent in writing of the Landlord (which shall
                  not be unreasonably withheld) PROVIDED that upon any breach by
                  the Tenant of this sub-clause the Landlord may at any time
                  re-enter upon the Demised Premises and if the Landlord shall
                  do so the term hereby created shall terminate absolutely.



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         2.16.    Not to bring or permit or suffer to be brought onto the
                  Demised Premises any materials or objects of a type likely to
                  cause a nuisance and to indemnify the Landlord against all
                  actions, suits, claims or demands arising out of the presence
                  on the Demised Premises of any materials or objects or out of
                  their escape or leakage therefrom.

         2.17.    Not to bring or permit to be brought any vehicles, bicycles,
                  animals or birds into the Building and not to use the Demised
                  Premises or permit the same to be used for any illegal or
                  immoral purpose or any purpose of a nature likely to injure
                  the reputation of Trafalgar Place.

         2.18.    To observe and conform to all reasonable regulations and
                  restrictions made by the Landlord or its agents or servants
                  for the proper management of the Building and notified in
                  writing by the Landlord or its agents or servants to the
                  Tenant from time to time.

         2.19.    To indemnify and hold harmless the Landlord against all
                  damage, loss or injury to the Demised Premises or any other
                  part of the Building or Trafalgar Place (including windows
                  thereof) or to any person caused by any act, default or
                  negligence of the Tenant, its servants, agents, licencees or
                  invitees and to pay and make good to the Landlord all and
                  every loss or damage whatsoever incurred or sustained by the
                  Landlord as a consequence of every breach or non-observance of
                  the Tenant's covenants herein contained and to indemnify and
                  hold harmless the Landlord against all actions, claims,
                  liabilities costs and expenses thereby rising.

         2.20.    To yield up the Demised Premises as the expiration or sooner
                  determination of the term hereby created with fixtures and
                  fittings thereto in good and tenantable repair and condition
                  fair wear and tear excepted.

         2.21.    To pay the stamp duty attracted by this Lease from time to
                  time and registration fees in relation thereto.

         2.22.    To pay a charge of CI$50.00 for each day that the rent payable
                  by the Tenant under this Lease remains unpaid for 5 days or
                  more, provided that the Landlord shall have notified the
                  Tenant in writing by delivery of a notice of unpaid rent to
                  the Demised Premises. The notice specified by this clause need
                  not be a notice of default as defined by the Registered Land
                  Law.

         2.23.    To obtain and keep in force at the sole expense of the Tenant
                  a policy of insurance against public liability in respect of
                  death, injury or other damage to persons when in or upon the
                  Leased Premises with an insurance company and in an amount of
                  not less than US$1,000,000.00 such policy naming the Landlord


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                  as an additional insured party and including a ten day notice
                  of cancellation or non-renewal to the Landlord and to pay all
                  premiums necessary for the above purposes and to produce to
                  the Landlord or its agent on request the policy and the
                  receipts for payment of the premiums.

         2.24.    To keep at the Tenant's expense the air-conditioning equipment
                  installed in and utilized for the Leased Premises in good
                  running order and to pay the running and maintenance costs
                  (including, but not limited to the cost of replacing and
                  maintaining the air conditioning filters) in respect thereof.

         2.25.    To obtain and maintain all licenses and other approvals from
                  the Cayman Islands Government or any other appropriate
                  licensing authorities in the Cayman Islands as shall be
                  necessary to conduct the business set out in sub clause 2.7.

3.       The Landlord hereby covenants with the Tenant as follows:

         3.1.     Subject to the provisions of sub-clauses 2.1, 2.2, 2.3, 2.21
                  and 2.22 to pay all existing and future taxes, rates and
                  out-goings payable in respect of the Demised Premises or of
                  the Building.

         3.2.     To insure and at all times during the said term keep insured
                  the Building (unless the insurance thereon shall be made void
                  through or by reason of the act or default of the tenants or
                  any of them) against loss or damage by fire, hurricane,
                  earthquake, riot, strike and such other hazards and risks as
                  the Landlord may desire.

         3.3.     Unless prevented by any cause beyond the control of the
                  Landlord to clean and keep tidy the common areas of and
                  adjacent to the Building and as and when necessary repair and
                  re-paint the same and all windows affording light to the same
                  and keep the same and the building in good and tenantable
                  repair (and in the case of lavatories and washing conveniences
                  supplied with running water) TOGETHER WITH the roofs, and
                  exterior walls of the Building and the wiring, drains,
                  downpipes and water pipes thereof.

         3.4.     That the Tenant paying the rent hereby reserved and performing
                  and observing the covenants on the Tenant's part herein
                  contained shall subject to the provisions of this Lease be
                  entitled peaceably to hold and enjoy the Demised Premises
                  without any interruption by the Landlord or any person
                  rightfully claiming under it.



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4.       Provided always and it is hereby agreed as follows:

         4.1.     All fixtures, fittings, partitioning, installations,
                  alterations and additions in the Demised Premises (except all
                  such fixtures in the nature of trade fixtures or machinery as
                  shall have been installed by the Tenant during the term hereof
                  which subject to the proviso hereinafter as to repair of
                  damage the Tenant shall be entitled to remove at the
                  termination of the term hereby created) shall unless expressly
                  otherwise agreed in writing by the Landlord, be and become the
                  property of the Landlord (whether paid for by the Tenant or
                  the Landlord) and shall not be removed by the Tenant PROVIDED
                  always that the Landlord may at the termination of the term
                  hereby created require if it so desires the Tenant to remove
                  any of the foregoing (including trade fixtures or machinery)
                  placed or affixed by the Tenant in the Demised Premises and to
                  make good at the Tenant's expense any damage caused thereby.

         4.2.     If the Demised Premises or any part thereof is damaged or
                  destroyed by fire, storm or tempest or other act of God or the
                  Queen's enemies or any other cause whatsoever during the
                  continuance of the term hereby created so as to render the
                  Demised Premises unfit for occupation and use the Landlord
                  will until such time as the Demised Premises shall be fit for
                  occupation or use allow the Tenant total or just proportionate
                  abatement of the rent reserved as the case may be according to
                  the nature and extent of the damage sustained for so long as
                  the Demised Premises shall be unfit for occupation and use
                  PROVIDED always that the Tenant's right to abatement of the
                  rent shall cease if the insurance monies shall be wholly or
                  partially irrecoverable by reason solely or in part of any act
                  or default of the Tenant.

         4.3.     If at any time during the term hereby created the Demised
                  Premises shall be destroyed or damaged by fire, storm or
                  tempest or other act of God or the Queen's enemies so as to
                  become totally unfit for occupation and use or such damage
                  shall in the opinion of the Landlord not be capable of repair
                  within 180 days of its occurrence then and in such case the
                  Landlord shall be under no liability to reinstate the Demised
                  Premises and in such case either party shall have the right to
                  terminate this demise by giving to the other fourteen days'
                  notice in writing whereupon this demise and everything
                  contained herein shall cease but without prejudice to the
                  rights and remedies of either party in respect of any
                  antecedent claim or breach of covenant.

         4.4.     If the rent hereby reserved or any part thereof shall at any
                  time be unpaid for 14 days after becoming payable (whether
                  formally demanded or not) or if any of the stipulations on the
                  Tenant's part herein contained shall not be performed or


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                  observed or if the Tenant shall go into liquidation whether
                  voluntarily or otherwise or shall call a meeting of the
                  Tenant's creditors or enter into any agreement with such
                  creditors it shall be lawful for the Landlord at any time
                  thereafter to re-enter the Demised Premises or any part
                  thereof in the name of the whole and thereupon the term
                  created hereby shall absolutely determine but without
                  prejudice to the right of action of the Landlord in respect of
                  any antecedent breach of the Tenant's obligations herein
                  contained.

         4.5.     During the last three months of the term hereby created the
                  Landlord shall have the right at reasonable times and upon
                  giving the Tenant 24 hours notice to enter and show the
                  Demised Premises to prospective tenants thereof.

         4.6.     Any notice under this Lease shall be in writing. Any notice to
                  the Tenant shall be sufficiently served if addressed to the
                  Tenant and delivered to the Demised Premises. Any notice to
                  the Landlord shall be sufficiently served if addressed to the
                  Landlord at its registered office. Any notice posted to the
                  Landlord or the Tenant shall be deemed to have been served
                  within two days following that on which it was posted.

         4.7.     Insofar as terms and provisions of this Lease are inconsistent
                  with the terms and provisions of the Registered Land Law,
                  (1995 Revision) the said Registered Land Law, (1995 Revision)
                  shall be deemed to have been varied to that extent.

         4.8.     In this Lease where the context so admits:-

                  4.8.1.   words importing the masculine gender shall include
                           the feminine gender and VICE VERSA and words
                           importing the singular number only shall include the
                           plural number and VICE VERSA and words importing
                           persons and all references to persons shall include
                           corporations and firms;

                  4.8.2.   if at any time two or more persons are included in
                           the expression "the Tenant" then covenants entered
                           into or implied therein by or on the part of the
                           Tenant shall be deemed to be and shall be construed
                           as covenants entered into by and binding on such
                           persons jointly and severally.

         4.9.     The Lease shall be binding on and enure to the benefit of each
                  party's respective successors and assigns.

         5.0.     The Tenant shall have the right to extend the term of this
                  lease for 1 further Term of 1 year ending on January 31, 2005
                  provided that the rents payable by the Tenant to the Landlord


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                  shall be as set forth in the Second Schedule. Any such
                  exercise of this option by the Tenant shall be exercised by
                  notice in writing delivered to the Landlord at least 3 months
                  prior to the termination of the current period.

                               THE FIRST SCHEDULE

ALL THOSE premises comprising 2 separate units of 640 and 512 square feet in
Trafalgar Place ("the Building") known as B5 on the second floor of Building B
and C4 on the second floor of Building C situated on the West Bay Road, Grand
Cayman, Cayman Islands and shown edged red on the plans annexed hereto and being
part of parcel 79 of block 11B of the West Bay Beach North Registration Section
TOGETHER WITH the use in common with the Landlord and other tenants of the
Building (and their servants, agents, invitees, licencees or visitors) parking
and other conveniences provided for the use of the tenants of the Building AND
TOGETHER ALSO WITH the right for the Tenant to the free and uninterrupted use of
all electric, telephone and other wires and cables upon, through or under
adjacent premises in the Building so far as necessary in the enjoyment of the
Demised Premises and in common with the Landlord and all others so authorised by
the Landlord and all other persons entitled thereto EXCEPTING AND RESERVING to
the Landlord and the tenants and occupiers of other parts of the Property and
all such other persons entitled thereto the right of free passage and running of
water, upon, through or under the Demised Premises and the free and
uninterrupted use of all electric, telephone and other wires, pipes and cables
upon, through or under the same.

                               THE SECOND SCHEDULE
              MARCH 1ST 2003 TO JANUARY 31ST 2004 CI$2,048.49 P.M.

                               PERIOD OF EXTENSION
            FEBRUARY 1ST 2004 TO JANUARY 31ST 2005 CI$25,565.00 P.A.

Ref: Lease - Consolidated Water (B5 & C4) 2003

IN WITNESS WHEREOF the parties hereto have caused this Deed to be executed as
their respective acts and deeds the day and year before written.

THE COMMON SEAL OF             )
COLMAR LTD.                    )
was hereunto affixed and       )
acknowledged by                )
                               )                 /s/ Andrew Johnson
                               )                 ------------------------------
         Andrew N. Johnson     )                 Alternate Director
                               )
                               )                 /s/ Christopher Whorms
and                            )                 ------------------------------
         Christopher M. Whorms )                 Assistant Secretary
                               )


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in the presence of:            )
                               )
/s/ illegible                  )
------------------------------ )



THE COMMON SEAL OF             )
CONSOLIDATED WATER CO. LTD.    )
was hereunto affixed by        )
                               )                 /s/ Frederick McTaggart
Frederick McTaggart            )                 ------------------------------
                               )                 Director
         and                   )
                               )                 /s/ Peter Ribbins
Peter Ribbins                  )                 ------------------------------
                               )                 Secretary
in the presence of:            )
                               )
/s/ Jeffrey Parker             )
------------------------------ )






                          CERTIFICATE OF IDENTIFICATION
                                   COLMAR LTD.
                   By: ANDREW N. JOHNSON - ALTERNATE DIRECTOR
               and by: CHRISTOPHER M. WHORMS - ASSISTANT SECRETARY

I HEREBY CERTIFY that the above named persons appeared before me on the
....10th.. day of......March..... 2003 and being known to me acknowledged the
above signature or mark to be theirs and that they had freely and voluntarily
executed this instrument and understood its contents.

                                  /s/ illegible
                 ----------------------------------------------
                 Signature and designation of person certifying


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                          CERTIFICATE OF IDENTIFICATION
                           CONSOLIDATED WATER CO. LTD.

                     By:          PETER RIBBINS
                        ---------------------------------------


                     and by:        FREDERICK MCTAGGART
                             ----------------------------------

I HEREBY CERTIFY that the above named persons appeared before me on the
....4th... day of...March.. 2003 and being known to me acknowledged the above
signature or mark to be theirs and that they had freely and voluntarily executed
this instrument and understood its contents.

                                 Jeffrey Parker
                 ----------------------------------------------
                 Signature and designation of person certifying



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