MIRA INFORM REPORT

Report Date :

19^th May, 2006.

IDENTIFICATION DETAILS

Name :	LILAC MEDICARE PRIVATE LIMITED
Registered Office :	Sungold, 303, Sher-E-Punjab, Andheri (East), Mumbai – 400093, Maharashtra, India.
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	17^th March, 1997
CIN No.:	U24230MH1997PTC106645
Com. Reg. No.:	11-106645
IEC No.:	0397067640
TAN No.: (Tax Deduction & Collection Account No.)	MUML02958E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Orgentec of Monobind – Elisa, Monobind – Chemi, Equipar - Torch

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 60000
Status :	Default Company
Payment Behaviour :	Satisfactory
Litigation :	Clear
Comments :	subject is a well established and reputed company. Directors are reported as experienced and respectable. Business is a active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Details for this report were parted by Mr. Supratik Chakraborthy.

LOCATIONS

Registered Office :

Sungold, 303, Sher-E-Punjab, Andheri (East), Mumbai – 400093, Maharashtra, India.

Tel. No.:

91-22-28235487

Fax No.:

91-22-28346422

E-Mail :

lilac@bom3.vsnl.net.in

Website :

http://www.lilacmedicare.com

Department	Phone	Email
General	91-22-28235487	admin@lilacmedicare.net
Sales	91-22-28235487	salesadmin@lilacmedicare.net
Customer Support	91-22-28305477	customersupport@lilacmedicare.net
Engineering Services	91-22-28305479	service@lilacmedicare.net
8, Sungold, Sher-e-Punjab, Andheri (E), Mumbai 400 093

Location :

Owned

Branches :

Sukh Sagar Building, Block No. 2 E, 2^nd Floor, Room No. F, 2/5 Sarat Bose Road, Kolkata – 700 020.

Tel. No.:

91-33-39593319

Mobile No.:

91-9830463295

E-Mail :

lilac@bom3.vsnl.net.in

Location :

Rented

Branches :

No. 87, 3^rd Floor, Evalappam Road, Hababullah Road, T. Nagar, Chennai – 600 017.

Tel. No.:

91-9340048740

E-Mail :

lilac@bom3.vsnl.net.in

Location :

Rented

DIRECTORS

Name :	Mrs. Jayati Chakraborty
Designation :	Director
Address :	A-201, Guruprasad, 2^nd Floor, Link Cross Road, Lokhandwala Complex, Andheri (West), Mumbai – 400053
Date of Birth/Age :	25.08.1965
Date of Appointment :	17.03.1997
Date of Resignation :	15.02.2000
Name :	Mr. Deepak J Tripathi
Designation :	Director
Address :	Panjim, Goa
Date of Birth/Age :	30.03.1962/ 44 Years
Qualification :	Immunologist Management Graduate
Date of Appointment :	17.03.1997
Name :	Mr. Natrajan Sriram
Designation :	Director
Address :	Panjim, Goa
Date of Birth/Age :	16.04.1959
Qualification :	Immunologist Management Graduate
Date of Appointment :	17.03.1997
Name :	Dr. Vinayak K. Naik
Designation :	Director
Address :	Panjim, Goa
Date of Birth/Age :	22.06.1947/ 69 Years
Qualification :	Immunologist Biochemist
Date of Appointment :	15.05.1997
Name :	Mr. Supratik Chakraborty
Designation :	Director
Address :	Kandivali, Mumbai
Date of Birth/Age :	20.11.1962/ 44 Years
Qualification :	Immunologist Management Graduate
Date of Appointment :	15.05.1997

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mrs. Jayati Chakraborty	100
Deepak G. Tripathi	100
Natrajan Sriram	100
Dr. Vinayak K. Naik	100
Deepak J Tripathi Mrs. Namita Tripathi	20500
Natrajan Sriram Mrs. Sangeeta Sriram	20500
Mrs. Jayati Chakraborty Supratik Chakraborty	20500
Dr. Vinayak K. Naik Mrs. Rekha Naik	20500
Harvinder Singh Khani	2,500
TOTAL	42,900

BUSINESS DETAILS

Line of Business :	Trader of Orgentec of Monobind – Elisa, Monobind – Chemi, Equipar - Torch
Product:	Lilac Immunoassays Instruments Reagents EIA CLIA
Imports from :	U.S., Germany, Italy
Terms :
Selling :	Credit (180 Days)
Purchasing :	Credit (90 Days)

GENERAL INFORMATION

Customers:	Retailers and End Users
No. of Employees :	173

Bankers :	Bank of India, Chakala Branch, Andheri (East), Mumbai – 400 059.
Facilities :	Credit limit: Rs. 5.000 Millions

Banking Relations :	Satisfactory
Auditors :	S. R. Divatia and Company
Qualification :	Chartered Accountants
Address :	221, Avon Arcade, D. J. Road, Vile Prale (W), Mumbai – 400056
Tel. No.:	91-22-26160791
Fax No.:	91-22-26104926
E-Mail :	shalindivatia@hotmail.com
Sister Concern :	Tulip Diagnostics Private Limited
Address:	Gitanjali Tulip Block, Dr. A. A. Rego Bagh, Alto Santacruz, Bambolim Complex P. O., Goa – 403 202
Line of Business:	Manaufacturing diagnostics kits

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89500	Equity Shares	Rs. 10/- each	Rs. 0.895 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.895
2] Share Application Money		0.000
3] Reserves & Surplus		14.955
4] (Accumulated Losses)		0.000
NETWORTH		15.850
LOAN FUNDS
1] Secured Loans		5.045
2] Unsecured Loans		0.000
TOTAL BORROWING		5.045
DEFERRED TAX LIABILITIES		2.095
TOTAL		22.990
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.715
Capital work-in-progress		0.950
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.057
	Sundry Debtors	32.357
	Cash & Bank Balances	3.971
	Other Current Assets	0.000
	Loans & Advances	3.789
Total Current Assets		54.174
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	47.002
	Provisions	5.847
Total Current Liabilities		52.849
Net Current Assets		1.325
MISCELLANEOUS EXPENSES		0.000
TOTAL		22.990

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005
Sales Turnover [including other income]	14.956
Profit/(Loss) Before Tax	10.522
Provision for Taxation	3.150
Profit/(Loss) After Tax	8.793
Import Value	94.791
Total Expenditure	12.641

KEY RATIOS

PARTICULARS		31.03.2005
PAT / Total Income	(%)	58.79
Net Profit Margin (PBT/Sales)	(%)	70.35
Return on Total Assets (PBT/Total Assets}	(%)	13.87
Return on Investment (ROI) (PBT/Networth)		0.66
Debt Equity Ratio (Total Liability/Networth)		3.65
Current Ratio (Current Asset/Current Liability)		1.03

LOCAL AGENCY FURTHER INFORMATION

DIRECTOR’S REPORT:

The company has been successful in launching its products despite severe competition from well established company’s operating since a long time. The quality of the products has been accepted by customers and strenuous efforts are being made to spread the marketing network.

The company has incurred substantial marketing expenses to establish its presence and the efforts are expected to yield benefits in subsequent years.

Being unforeseen circumstances, the company expect to perform better in the coming years.

FIXED ASSETS:

The company’s fixed assets of important value includes computers, office equipments and furniture and fixtures.

TRADE REFERENCES:

Orgen Tec Diagnostika GmbH, Cari- Zeiss – Strasse 49, D-55129 Mainz, Germany

Contact Person: Dr. Stephan Becker.

Tel No.: 91-49-6131-92580

Fax No. : 91-49-6131-925858

Email: Stephan.Becker@orgentec.com

Equipar S. R. L., Via Volonterio 36/A –21047, Saronno/VA – Italy

Contact Person: Dr. Renato Pinni.

Tel No.: 91-39-02-960-5422

Fax No. : 91-39-02-960-7106

Email: renato.pini@equipar.it

WEBSITE DETAILS ATTACHED:

Lilac Medicare is one of the most admired and fast growing Healthcare organizations in Indian subcontinent. Innovative products from state of the art technologies and a strong sales team helps to serve our customers better. With years of hands on and market experience, we strive to understand the concerns of our customers and have strong commitment towards them. Strong Organizational culture with good management practices motivates us to redefine and set new standards of business excellence.

• Lilac Immunoassays
• Aster Biologicals
• Avena Research
• Avena Technologies

PROFILE:

Lilac Medicare has partnered with global companies in different fields of operation. We operate in the segments of Immunoassay, Clinical Chemistry and Research diagnostics. The products include reagents and Instrumentation in different segments. Our partners include

• Monobind Inc., USA
• Equipar srl , Italy
• Orgentec Diagnostika GmbH, Germany
• Biotest Ag, Germany
• Anda Biologicals, France
• Diagnostic Grifols, Spain
• SFRI Laboratorie, France
• Sero As, Norway
• Cappelen Laboratory Technics, Denmark
• Berthold Technologies,Germany

The range of products includes Endocrinology, Oncology, Infectious Diseases, Autoimune disorders, Transplantation Diagnostics, Clinical Chemistry etc. Our sales forces are postgraduates in Biological sciences and management supported by Customer support and Engineering support members. The corporate Communications department fulfils the knowledge needs of our customers by publishing two newsletters, Esoteric and Periscope

CUSTOMER CARE:

Creating and retaining a satisfied customer base designs the core operational philosophy of Lilac Medicare. Corporate success in the long term never becomes achievable only through delivering excellent products, but also staying together with them at all times. Customer support at Lilac Medicare is a commitment, based on our core belief of providing support to all our customers in the minimum possible time, round the clock.

Lilac Medicare support functions cover the following aspect of product support:

• Engineering support services
• Application support
• Consumable support
• Technical training
• Marketing training and inputs
• Clinical Laboratory Management Services

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 records 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 records 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. 45.48
UK Pound	1	Rs. 85.55
Euro	1	Rs. 57.58

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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