MIRA INFORM REPORT

Report Date :

10.11.2008

IDENTIFICATION DETAILS

Name :	YOGESHWAR IMPLANTS (INDIA) PRIVATE LIMITED
Registered Office :	58 Om Anand Industrial Estate Mohanji Sunderji Road, Ragunath Nagar, Thane – 400 604, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	03.09.2002
Com. Reg. No.:	11-137049
CIN No.: [Company Identification No.]	U33110MH2002PTC137049
CST No.:	27570010741C
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01348E
PAN No.: [Permanent Account No.]	AAACY1874B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Orthopaedic Implants and Instruments.

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 6000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a well – established company having satisfactory track. Business is steady. Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Ms. Poonam
Designation :	Quality Assurance Head
Contact No.:	91-9324542426
Date :	07.11.2008

LOCATIONS

Registered Office :	58 Om Anand Industrial Estate Mohanji Sunderji Road, Ragunath Nagar, Thane (West) – 400 604, Maharashtra, India
Tel No.:	91-22-25800075
	91-22-25800075
E-Mail :	cancerian22515@rediffmail.com jobanputra@mtnl.net.in sales@yogeshwarimplants.com
Website :	http://yogeshwarimplants.com
Area:	1000 Sq.fts
Locations:	Owned
Factory :	D/2, Kothari Estate No. 2, Tikuji-ni-wadi Road, Off. S. V. Road, Thane (West), Mumbai - 400 604, India
Tel. No.:	91-22-2582 7102.
Fax No.:	91-22-2580 0075.
E-Mail :	ptushar@vsnl.com

DIRECTORS

Name :	Mr. Tushar Pandya
Designation :	Director
Address :	A /703, Ravi Estate, Off. Pokhran, No. 1, Thane (West), Pin Code – 400 606, Maharashtra, India
Date of Appointment :	03.09.2002
Name :	Mrs. Sangeeta Pandya
Designation :	Director
Address :	A /703, Ravi Estate, Off. Pokhran, No. 1, Thane (West), Pin Code – 400 606, Maharashtra, India
Date of Appointment :	03.09.2002
Name :	Mr. Jayesh Pandya
Designation :	Director
Address :	A / 902, Ravi Estate, Off Pokhran No. 1, Thane (West), Pin Code – 400 606, Maharashtra, India
Date of Appointment :	03.09.2002
Name :	Mrs. Chetna Pandya
Designation :	Director
Address :	A / 902, Ravi Estate, Off Pokhran No. 1, Thane (West), Pin Code – 400 606, Maharashtra, India
Date of Appointment :	03.09.2002

KEY EXECUTIVES

Name :	Ms. Poonam
Designation :	Quality Assurance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Tushar Pandya	1248
Mrs. Sangeeta Pandya	750
Mr. Jayesh Pandya	1250
Mrs. Chetna Pandya	750
Mr. Thakkar Dvchand (HUF)	1
Mr. Ajay Thakkar (HUF)	1

(AS ON 29.09.2007)

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Orthopaedic Implants and Instruments.
Products :	· Intramedullary Nail System · Self Cutting Locking Bolt For Intramedullary Nails · Trauma · Trauma Instruments

GENERAL INFORMATION

Customers :	Dealers
No. of Employees :	38 (8 in Office and 30 in Factory)
Bankers :	The Thane Janata Sahakari Bank, Thane (West), Maharashtra, India
Facilities :	Cash Credit – Rs. 3.500 Millions
Banking Relations :	Satisfactory
Auditors :
Name :	N M Joban Putra and Company Chartered Accountants
Address :	B – 002, Ravi Apartments, Sevaram Lalvani Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel No.:	91-22-25693682
Fax No.:	91-22-25644576
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

(AS ON 29.09.2007)

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs. 100/- Each	Rs. 1.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000	Equity Shares	Rs. 10/- Each	Rs. 0.400 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		0.400	0.400	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.729	0.582	0.465
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.129	0.982	0.865
LOAN FUNDS
1] Secured Loans		5.132	6.486	4.698
2] Unsecured Loans		2.223	1.881	3.860
TOTAL BORROWING		7.355	8.367	8.558
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.484	9.349	9.423
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.574	6.895	7.735
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances	12.340	13.326	7.245
	Other Current Assets
	Loans & Advances
Total Current Assets		12.340	13.326	7.245
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	11.530	10.979	5.672
	Provisions
Total Current Liabilities		11.530	10.979	5.672
Net Current Assets		0.810	2.347	1.573
MISCELLANEOUS EXPENSES		0.000	0.007	0.015
TOTAL		8.484	9.349	9.423

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		29.451	22.669	21.447
Other Income		0.000	0.000	0.000
Total Income		29.451	22.669	21.447
Profit/(Loss) Before Tax		0.294	0.229	0.383
Provision for Taxation		[0.435]	[0.353]	0.000
Profit/(Loss) After Tax		0.729	0.582	0.383
Expenditures :
	Manufacturing Expenses	23.716	18.822	21.064
	Administrative Expenses	3.882	3.548	NA
	Increase/(Decrease) in Finished Goods	[1.318]	[1.830]	NA
	Salaries, Wages, Bonus, etc.	1.020	0.444	NA
	Interest	0.892	0.649	NA
	Depreciation & Amortization	0.958	1.000	NA
	Other Expenditure	0.007	0.007	NA
Total Expenditure		29.157	22.640	21.064

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	2.48	1.01	1.79
Net Profit Margin (PBT/Sales)	(%)	2.48	2.67	1.79
Return on Total Assets (PBT/Total Assets}	(%)	1.47	1.13	2.54
Return on Investment (ROI) (PBT/Networth)		0.26	0.23	0.44
Debt Equity Ratio (Total Liability/Networth)		16.73	19.70	16.45
Current Ratio (Current Asset/Current Liability)		1.07	1.21	1.28

LOCAL AGENCY FURTHER INFORMATION

Additional Requirement of Indiamart for Trust-Seal

TIN : 27570010741

PAN TAN : AAACY1874B

Bank Name : Thane Janta Sahakari Bank

Bank Address : Thane (West)

Account Since : 12 years

In case of any affiliations / memberships / certifications :

Name : ISO 9001:2000

Type : TUV India Private Limited

Expiry Date : 2010

FORM 8:-

This form is for	Creation of charge
Corporate identity number of the company	U33110MH2002PTC137049
Name of the company	YOGESHWAR IMPLANTS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	58 Om Anand Industrial Estate Mohanji Sunderji Road, Ragunath Nagar, Thane (West) – 400 604, Maharashtra, India
Type of charge	· Book Debts · Movable property
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Shreenagar Branch, Thane – 400 602, Maharashtra, India E-Mail: tjsb@bom5.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	· Hypothecation of goods and book debts · Records mortgage by deposit of title deeds.
Date of instrument Creating the charge	07.02.2008
Amount secured by the charge	Rs. 3.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest: Rate of interest is @ 13.00% p.a (at monthly rests) I>E 0.50% p.a. below PLr Terms of repayment : Period – 12 months shall be reviewed on yearly basis. i.e. in the monthly of December, 2008. Margin: Margin – 30% Extent and operation of the charge: Charge is created for hypothecation of goods, book debts and immovable property of the company in favour of the bank.
Short particulars of the property charged	Charge is secured against hypothecation of present and future stock of raw materials, work in progress, finished goods, stores sand spare, book debts, outstanding monies, receivables, claims and bills described as Hypothecated goods in agreement and also by equitable mortgage by way of deposit of title deed AOF and in Respect of the unit No. 58 on the 2^nd Floor in building of OM Anand Industrial Premises CGS Limited, bearing old S No.: 94/1 (P), 93/(P).

TRADE References:-

· Deep Samarth Enterprise, Mulund

· Ramson Corporation, Nagpur

FIXED ASETS:-

· MIDC plot

· Factory Building

· Machinery

· Generator

· Furniture

· Electrical Line

· Air Conditioner

· Computer

· Printer

· LCD Projector

· Fax Machine

· Store Well

· Invertor and UPS

· Motor Car

· Machine Stabilizer

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.47.76
UK Pound	1	Rs.74.87
Euro	1	Rs.60.81

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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