MIRA INFORM REPORT

Report Date :

27.11.2008

IDENTIFICATION DETAILS

Name :	TRANS HEALTH CARE INDIA PRIVATE LIMITED
Registered Office :	A.P. 740, 15^th Sector, 95^th Street, K K Nagar, Chennai – 600 078, Tamilnadu
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	27.09.1994
Com. Reg. No.:	18-28740
CIN No.: [Company Identification No.]	U52599TN1994PTC028740
TAN No.: [Tax Deduction & Collection Account No.]	CHET02246G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Distributor of Medical Equipments, Disposables and X-Ray films

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 36000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

LOCATIONS

Registered Office / Factory :	A.P. 740, 15^th Sector, 95^th Street, K K Nagar, Chennai – 600 078, Tamilnadu, India
Tel. No.:	91-44-24722345 / 23722020 / 24723057
Fax No.:	91-44-23722040
Tele Fax No.:	91-44-24723057
E-Mail :	transind3@vsnl.com transind@md2.vsnl.net.in
Website :	www.transhealthcare.com
Branch Office :	Located at · Bangalore · Pondicerry · Hyderabad

DIRECTORS

Name :	Mr. G Mahendran
Designation :	Chairman
Address :	AP-1213, 12^th Sector, 76^th Street, K K Nagar, Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	03.01.1968
Mobile No :	91-9840355335
Date of Appointment :	27.09.1994
Name :	Mr. G Muthukrishnan
Designation :	Managing Director
Address :	AP-1062, 11^th Sector, 69^th Street, K K Nagar, Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	18.04.1967
Mobile No :	91-9840078636
Date of Appointment :	30.10.1995
Name :	Mr. G Vijayaraghavan
Designation :	Director
Address :	AP-908, 11^th Sector, 66^th Street, K K Nagar, Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	14.05.1972
Mobile No :	91-9840098920
Date of Appointment :	27.09.1994
Name :	Mr. G Gurusamy
Designation :	Director
Address :	AP-947, 11^th Sector, 66^th Street, K K Nagar, Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	15.06.1942
Date of Appointment :	28.09.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 27.09.2008)

Names of Shareholders	No. of Shares
G Mahendran	13540
G Muthukrishnan	13545
G Vijayaraghavan	13540
G Gurusamy	2250
G Bhuvaneswari	7125
Total	50000

List of Allotment

Names of Allottees	No. of Shares
G Mahendran	2500
G Muthukrishnan	2500
G Vijayaraghavan	2500
G Gurusamy	1425
G Bhuvaneswari	450
Total	9375

List of Allotment

Names of Allottees	No. of Shares
G Mahendran	3050
G Muthukrishnan	2410
G Vijayaraghavan	3100
G Gurusamy	1200
Total	9760

List of Allotment

Names of Allottees	No. of Shares
G Mahendran	1040
G Muthukrishnan	1045
G Vijayaraghavan	1040
Total	3125

Equity shares Breakup (percentage of total equity)

(As on 30.09.2008)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Distributor of Medical Equipments, Disposables and X-Ray films
Products :	· Ecg Machines · Multipameter Monitiors · Pulseoximeters · Infusions Pumps · Syringe Pumps · Neonatal Care Equipments

GENERAL INFORMATION

Bankers :

· ICICI Bank Limited

· The Catholic Syrian Bank Limited

No. 49, Arcot Road, Kodambakkam, Chennai – 600 024, Tamilnadu, India

· HDFC Bank

Facilities :

Secured Loans	(As on 31.03.2008) Rs. In millions
Optra 4647 (ICICI Bank Limited, Chennai)	0.189
Optra 4959 (ICICI Bank Limited, Chennai)	0.189
Innova Car 1920 (Catholic Syrian Bank, Chennai)	0.686
Toyota Corolla Car 2829 (HDFC Bank, Chennai)	0.783
Total	1.847

Banking Relations :	Satisfactory
Auditors :
Name :	M R Subbiah Chartered Accountants
Address :	New No. 11, Old No. 5, IInd Street, Kamraj Nagar, Sathya Gardens, Saligramam, Chennai – 600 093, Tamilnadu, India
Tel. No.:	91-44-65347589 / 65132924
Mobile No.:	91-9840025600 / 9940069967
E-Mail :	solai4@vsnl.net s_guhan1609@yahoo.com

CAPITAL STRUCTURE

(As on 30.09.2008)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 millions

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		5.000	3.750	2.774
2] Share Application Money		0.000	0.000	0.976
3] Reserves & Surplus		2.135	1.159	1.071
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.135	4.909	4.821
LOAN FUNDS
1] Secured Loans		1.847	1.741	2.176
2] Unsecured Loans		0.436	0.711	0.616
TOTAL BORROWING		2.283	2.452	2.792
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.418	7.361	7.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.981	4.388	4.895
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.007	0.007	0.059
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.542	14.288	9.823
	Sundry Debtors	13.887	17.498	17.707
	Cash & Bank Balances	0.092	0.065	0.031
	Other Current Assets	0.000	3.047	0.000
	Loans & Advances	5.123	3.047	1.671
Total Current Assets		37.644	37.945	29.232
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	31.643	30.257	26.046
	Provisions	1.571	4.722	0.527
Total Current Liabilities		33.214	34.979	26.573
Net Current Assets		4.430	2.966	2.659
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.418	7.361	7.613

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		107.949	79.302	64.731
Other Income		0.000	0.722	0.641
Total Income		107.949	80.024	65.372
Profit/(Loss) Before Tax		2.863	0.578	0.256
Provision for Taxation		0.950	0.490	0.200
Profit/(Loss) After Tax		1.913	0.088	0.056
Expenditures :
	Financial charges	0.000	0.000	1.808
	Depreciation & Amortization	0.766	0.932	0.825
	Other Expenditure	104.320	78.514	62.483
Total Expenditure		105.086	79.446	65.116

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	1.77	0.11	0.09
Net Profit Margin (PBT/Sales)	(%)	2.65	0.73	0.40
Return on Total Assets (PBT/Total Assets}	(%)	6.72	1.37	0.75
Return on Investment (ROI) (PBT/Networth)		0.40	0.12	0.05
Debt Equity Ratio (Total Liability/Networth)		4.98	7.62	6.09
Current Ratio (Current Asset/Current Liability)		1.13	1.08	1.10

LOCAL AGENCY FURTHER INFORMATION

Form No. 8

Name of the company

TRANS HEALTH CARE INDIA PRIVATE LIMITED

Presented By

Shri G Gurusamy, Director

1) Date and description of instrument creating the change

Hypothecation agreement of stocks dated 09.09.1995

2) Amount secured by the charge/amount owing on the securities of charge

Rs.0.800 million

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stocks in trade (Medical equipments)

4) Gist of the terms and conditions and extent and operation of the charge.

Margin : 25%

Interest : 15.5%

5) Name and Address and description of the person entitled to the charge.

The Catholic Syrian Bank Limited

Kodambakkam Branch, Chennai – 600 024

6) Date and brief description of instrument modifying the charge

· Hypothecation agreement (Stocks) dated 29.05.2004 – Rs.4.000 millions

Margin : 25% Interest : 14.5% (Limit enhanced to Rs.10.000 millions from 6.000 millions

Sub-Limit

Hypothecation agreement (Book debts) dated 29.05.2004 Rs.2.500 millions

Margin : 50% Interest : 14.5%

· Bills agreement dated 29.05.2004 Interest 14.5% Rs.0.750 million

· Bank Guarantee : Counter Indemnity dated 29.05.2004 Rs.1.500 millions

· Mortgage loan : Supplementary memorandum of title deed dated 29.05.2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Hypothecation of stocks in trade / Book debts / Receivables.

The limit is also collaterally secured by the factory land and building at Module No. 33, Block 2, Electronics Industrial Complex, SIDCO Ind Estate, Guindy.

Modification of charge	From	To
Overdraft against stocks Margin 25% Interest 14.5%	Rs.6.000 millions	Rs.10.000 millions
Overdraft against Book Debts	Rs.2.500 millions	Rs.2.500 millions (Sub Limit)
Biils Interest 14.5%	Nil	Rs.0.750 million
Bank Guarantee	Nil	Rs.1.500 millions
Mortgage Loan	Rs.0.638 million	Rs.0.638 million

Corporate identity number of the company	U52599TN1994PTC028740
Name of the company	TRANS HEALTH CARE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A.P. 740, 15^th Sector, 95^th Street, K K Nagar, Madras – 600 078, Tamilnadu, India
This form is for	Creation of charge
Type of charge	· Others o Counter Guarantee
Particular of charge holder	The Catholic Syrian Bank Limited 49, Arcot Road, Kodambakkam, Chennai – 600 024, Tamilnadu, India
Nature of instrument creating charge	Counter Guarantee Agreement dated 29.06.2007
Date of instrument Creating the charge	29.06.2007
Amount secured by the charge	Rs.0.726 million
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest Not Applicable · Terms of repayment One Year · Margin 35% · Extent and operation of the charge First charge on the Assets of the Company
Particulars of the property charged	Hypothecation of Stocks of the Company

Financial Result

This is the 14^th year of operations and they have made profits consistently every year from inception. The Sales has more than that of the last year. Similarly the Gross Profit and Profit before depreciation are too above that of previous year figures. The net profit after depreciation and Income – tax is Rs.1.913 millions.

In order to augment the Capital base of the Company the directors have not recommended any dividend for the year. The Reserve as of March 31, 2008 is Rs.2.134 millions.

In this year, 12500 bonus shares of Rs.100/- each issued to the shareholders of the company in the ration 4:1 out of Free Reserve and Surplus.

Manufacturing Activity

The Production operations in Guindy shed is going on as scheduled and the full benefit thereof will be felt for the next year.

Fixed Assets

· Land

· Factory Land

· Computer

· Office Equipments

· Furniture and Fixtures

· Car

· Two Wheeler

Web Details

Over 12 Years of Service To Health Care

Subject was established in 1994, with a mission to bring the benefits of the ever evolving innovations in the Health Care Domain to today’s health care professionals and institutions.

Since its inception, the company has showed steady growth and development and has captured a prominent and formidable position amongst the highly rated companies in its territory.

With the close association and the understanding the company had developed with its clients, the company in the year 1999 , had entered into Manufacturing of Products like And Etc in collaboration with global manufacturers of repute, so as to provide quality products on an economical basis. The company does operate on a open policy to manufacture equipments under private lable to other companies and welcomes interested parties.

Soon, in the year 2004, the company was awarded with ISO 9000:2000 by TUV Rheinland , as an hallmark of the quality of the products and services provided by the company.

ISO 9001 Approved Medical Equipment Manufacturer and Distributor

Today, subject, operates in the whole of South Indian Territory with its own sales force providing solutions at the leading edge of technology supplying high quality and user friendly equipment for specialities, such as Anaesthesia, Critical Care, Respiratory Care, Cardiology and Radiology.

With the constant changes in medical technology, economics and industry trends we are continually upgrading the products lines so as to assist the health care fraternity face the evolving challenges of this industry.

Partners

· Arcomedag Medical Systems

· Viasys Healthcare

· Fisher and Paykel Healthcare

· Kodak

· Bear Medical Systems, Inc.

· Vascon

· Sensor Medics

· InterMed Penlon

· Translumina

· Ansamed

· Balton

· C U Medical Systems, Inc.

· Minimally Invasive Vascular Systems

· Lake Region

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.49.85
UK Pound	1	Rs.76.60
Euro	1	Rs.64.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		45

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