MIRA INFORM REPORT

Report Date :

21.02.2011

IDENTIFICATION DETAILS

Name :	B. BRAUN MEDICAL (INDIA) PRIVATE LIMITED

Formerly Known As :	SARINDIA PLASTICS PRIVATE LIMITED

Registered Office :	L56, 4^th Floor, Alfran Plaza, Panjim-403001, Goa

Country :	India

Financials (as on) :	31.12.2009

Date of Incorporation :	28.03.1984

Com. Reg. No.:	000568

CIN No.: [Company Identification No.]	U33112GA1984PTC00568

Legal Form :	Private Limited Liability Company.

Line of Business :	Manufacturer of Other Medical Supplies and Surgical Medical Consumables.

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	L56, 4^th Floor, Alfran Plaza, Panjim-403001, Goa, India
E-Mail :	bbraun@indiatimes.com
Website :	http://www.bbraun.co.in

Factory 1 :	Unit No. 1, 5^th Floor, East Quardrant, The IL and FS Finance Centre, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-66682281
Fax No.:	91-22-66682121
E-Mail :	Jagdishchandra.mody@bbraun.com

Branch Office 1 :	8^th Floor, Prince Towers 25 and 26 College Road, Chennai-600006, Tamilnadu, India
Tel. No.:	91-44-28255637/ 28255639
Fax No.:	91-44-28252019

Branch Office 2 :	3^rd Floor, 23/A, Shivaji Marg, Najafgarh Road, New Delhi-110015, India
Tel. No.:	91-11-25928876/ 55421646/ 55421647
Fax No.:	91-11-25928210

DIRECTORS

As on 30.06.2010

Name :	Mr. Hae Dong Kim
Designation :	Director
Address :	3302, Mont Kiara Dama I, Jaln Kaira 2, Kualalumpur, Malaysia
Date of Birth/Age :	13.08.1953
Date of Appointment :	05.11.2004

Name :	Mr. Anand C Apte
Designation :	Director
Address :	A2 1101 Hyde Park, Regency, Chitalstr, Thane-400067, Maharashtra, India
Date of Birth/Age :	30.04.1971
Date of Appointment :	29.10.2007

Name :	Mr. Lim Nee Yean
Designation :	Director
Address :	No. 77, Leng Kenari Satu Sungai Ara, Penang, Malaysia
Date of Birth/Age :	29.01.1959
Date of Appointment :	30.06.2008

Name :	Mr. Dieter Heinz Gemmer
Designation :	Director
Address :	B Braun Medical India Bayan Lepas Free Zone. P.O. Box No. 880, Penang, Malaysia
Date of Birth/Age :	18.02.1972
Date of Appointment :	12.12.2008

Name :	Mr. Aditya Ashit Banerjee
Designation :	Director
Address :	No. 1131, 3^rd Floor, Building No. 11, Kohinoor City, Off LBS Marg, Kuria, Mumbai-400070, Maharashtra, India
Date of Birth/Age :	13.03.1965
Date of Appointment :	25.08.2009

Name :	Mr. Julian Gerard Nair
Designation :	Director
Address :	Flat No. 1702, Odyssey Hira Nandani Garden, Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	23.09.1969
Date of Appointment :	09.08.2007
Date of Ceasing:	25.08.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2010

Names of Shareholders		No. of Shares
B Braun Medical Industries Bhd Sdn, Malaysia		1633081
B Braun Medical International, Barcelona, Spain		1
Total		1633082

Equity Share Breakup (Percentage of Total Equity)

As on 30.06.2010

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Other Medical Supplies and Surgical Medical Consumables.

Products :

Product Description	ITC Code
Cannulae (Vasofix)	901839-03
Other (Intrafix Eco)	901839-00
Other medical instruments and	901839-09

GENERAL INFORMATION

Bankers :

Deutsche Bank, Bombay Branch Post Box No. 1142, Hazarimal Somani Marg, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Unsecured Loans	31.12.2009 (Rs. in Millions)	31.12.2008 (Rs. in Millions)
Short Term Loan from Bank	188.136	95.219
Cash Credit from Bank (Repayable within one year Rs. 213.231 Millions (Previous Year: Rs. 155.022 Millions)	25.095	59.803
Total	213.231	155.022


Banking Relations :	--

Auditors :
Name :	Price Water House Chartered Accountant
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India

Holding Company:	B Braun Medical Industries Bhd Sdn, Malaysia

CAPITAL STRUCTURE

As on 31.12.2009

Authorised Capital :

No. of Shares	Type	Value	Amount

1910000	Equity Shares	Rs. 100/- each	Rs. 191.000 Millions
Note:	During the year, the authorised share capital has been increased to Rs. 191,000 (000's) by creating 500,000 Equity Shares of Rs. 100 each pursuant to a resolution passed by the shareholders during Extraordinary General Meeting held on December 18, 2009.

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1633082	Equity Shares	Rs. 100/- each	Rs. 163.308 Millions

Notes:

Of the above, 1,633,082 Equity Shares (Previous Year: 1,334,882 Equity Shares) of Rs. 100 each fully paid-up are held by B Braun Medical Industries Sdn. Bhd., Malaysia, the Holding Company and its nominee. The Ultimate Holding Company is B Braun Melsungen AG., Germany
Of the above, 248,031 Equity Shares (Previous Year: 248,031 Equity Shares) of Rs. 100 each are allotted as fully paid-up pursuant to a contract without payments being received in cash
During the year, the Company has alloted 298,200 Equity Shares of Rs. 100 each at a securities premium of Rs. 10 per Equity Share to B Braun Medical Industries Sdn. Bhd., Malaysia pursuant to a resolution passed by the Board of Directors on December 29, 2009.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009	31.12.2008	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		163.308	133.488	133.488
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		120.335	90.216	77.428
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		283.643	223.704	210.916
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		213.231	155.022	106.212
TOTAL BORROWING		213.231	155.022	106.212
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		496.874	378.726	317.128

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		275.563	151.294	148.545
Capital work-in-progress		1.396	14.995	29.149

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		18.149	16.275	15.374

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	282.428	208.452	186.348
	Sundry Debtors	288.666	218.131	188.716
	Cash & Bank Balances	21.218	11.220	6.179
	Other Current Assets	0.273	0.128	0.000
	Loans & Advances	125.199	72.831	38.611
Total Current Assets		717.784	510.762	419.854
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	442.974	246.503	250.899
	Other Current Liabilities	38.522	39.297	39.160
	Provisions	34.522	28.800	5.735
Total Current Liabilities		516.018	314.600	295.794
Net Current Assets		201.766	196.162	124.060

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		496.874	378.726	317.128

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2009	31.12.2008	31.12.2007
	SALES
		Income	1421.270	1072.173	753.657
		Other Operating Income	184.138	151.805	0.000
		Other Income	0.563	0.887	188.054
		TOTAL (A)	1605.971	1224.865	941.711

Less	EXPENSES
		Cost of Goods Sold	988.573	676.741
		Employee Cost	189.748	168.779
		Operating Expenses	330.824	300.325
		TOTAL (B)	1509.145	1145.845	962.357

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.826	79.020	(Including Depreciation and Interest)

Less	FINANCIAL EXPENSES (D)		27.370	18.524

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.456	60.496

Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.770	20.808

	PROFIT BEFORE TAX (E-F) (G)		41.686	39.688	[20.646]

Less	TAX (I)		14.550	26.900	[3.802]

	PROFIT AFTER TAX (G-I) (J)		27.136	12.788	[16.844]

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		71.934	59.146	75.990

	BALANCE CARRIED TO THE B/S		99.070	71.934	59.146

	Earnings Per Share (Rs.)		16.62	--	--

KEY RATIOS

PARTICULARS		31.12.2009	31.12.2008	31.12.2007
PAT / Total Income	(%)	1.69	1.04	[1.79]

Net Profit Margin (PBT/Sales)	(%)	2.93	3.70	[2.74]

Return on Total Assets (PBT/Total Assets}	(%)	4.20	5.99	[3.63]

Return on Investment (ROI) (PBT/Networth)		0.15	0.18	[0.10]

Debt Equity Ratio (Total Liability/Networth)		2.57	2.10	1.91

Current Ratio (Current Asset/Current Liability)		1.39	1.62	1.42

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from Panji-403001, Goa, India to present address w.e.f. 01.08.2006

OPERATIONS:

The Company’s sales for the current year amounted to INR 1421.27 million as compared to INR 1072.17 million during the previous year thereby recording an approximate growth i.e of INR 349.1 million. The Company made a profit of INR 41.69 million(before extra-ordinary item and taxation) during the year.

Bankers Charges Report as per Registry

Name of the company	B. BRAUN MEDICAL (INDIA) PRIVATE LIMITED
Presented By	Mr. Anand Krishnan Naidu, Managing Director
1) Date and description of instrument creating the change	Deed of Hypothecation dated 18.09.1996
2) Amount secured by the charge/amount owing on the securities of charge	Rs 40.000 Millions
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	a) Hypothecation of present and future trangible assets including stock-in-trade consisting of stocks of raw material, goods in process, semi finished and finished goods, stores, spare parts brought in acquired, in transit or stored form time to time at its factory premises, ponda or godowns with its agents or places wherever situated in India.
4) Gist of the terms and conditions and extent and operation of the charge.	a) Repayable on demand b) Interest @ 1% over Deutsche Bank prime rate of Interest and the present and future book debts outstandings monies, receivables, claims, bills, constructs, engagements, security etc.
5) Name and Address and description of the person entitled to the charge.	Deutsche Bank, Bombay Branch Post Box No. 1142, Hazarimal Somani Marg, Fort, Mumbai-400001, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
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.	NA

Fixed Assets:

Computer Software
Leasehold Land
Building
Plant and Machinery
Office Equipments
Furniture and Fittings
Vehicles
Computer

AS PER WEBSITE

History:

The products of B. Braun were available to India con sumers for more than two decades though channel partners. The Company came into existence in 1994 as a joint venture between B. Braun and a local India company.

The company established a factory in Ponda, Goa for manufacturing Medical Disposables in 1996 and then it re-located to Chennai in the year 2007, which manufactures IV Sets and Sutures, Right Heart Catheters along with other blue chip products. Since 2001, all the products available in the international markets were introduced in the Indian Market which led to a marked increase in its range and turnover.

Since 2003 and continuing through 2004, the company has been focussing on decentralizing its activities to provide better services to its customers and has been establishing its regional offices in every region.

The future of B. Braun in India holds a lot of promise mainly due to its double digit growth plans, improvements in healthcare facilities in the country.

Company:

B. Braun - Partner In Health, Committed To Progress

International healthcare markets are characterized by steady growth. As a family-owned company, B. Braun faces especially tough competition.

They offer outstanding products and process-orientated services to the healthcare industry worldwide. They strive to be a strong and reliable partner - for both people and markets and to grow from the own strength.

The 38,132 B. Braun employees around the world have committed themselves to these goals, earning sales of 3.79 billion euros in fiscal 2008.

The recipe for success: progress, founded on a long tradition established in business for over 170 years.

History of the B. Braun Brand

B. Braun. Always a Brand?

Remarks on the History of the Brand

The new corporate branding will become mandatory for B. Braun and all its subsidiaries at the turn of the year. A uniform appearance of the company with the same message worldwide is to turn the brand into "something which can be experienced".

Although this is the first time in the history of B. Braun that the corporate brand has been conceived as an umbrella brand, the company has by necessity also given thought to the subject of presentation in the past – logos and claims are also not something completely new.

What were things like in the past? When were there significant changes in presentation and what were the reasons for this? A look into the company archives provides answers.

News:

New Beginnings

B. Braun India´s Chennai Manufacturing Facility Gets an Auspicious Start

B. Braun Medical [I] Private Limited fomally launched its state-of-the-art production facility at Mahindra World City, Chengalpattu, Chennai on 30th Jan 2007. The manufacturing plant is an advanced development and production centre for blue chip products which will manufacture products for the healthcare markets. The plant was inaugurated by Prof. Dr. h. c. Ludwig Georg Braun, Chairman of the B. Braun Melsungen AG Managing Board, Germany. Prof. Dr. Braun expressed his immense delight at this achievement and his gratitude towards those who made it possible. He also stressed the importance of the international production facility to be established in India which happens to be one of the company´s key investments.

He stated that "The B. Braun India manufacturing plant will meet the growing customer demand and hence confer future economic success." He further added that, "India will be one of the main production bases among the B. Braun manufacturing plants worldwide".

Also present at the inauguration, Mr. Ananda K. Naidu, M.D. B. Braun Medical [I] Private Limited, stated that "B. Braun India is a shining example of exemplary growth in the past few years and the factory is a good opportunity to explore, expand the existing possibilities in the industry and cater to the growing demand of quality healthcare products in the country."

The highlight of the celebration was the unveiling of the advanced RHC (Right Heart Catheters) which will be manufactured at this site. Earlier manufactured in the United States, RHC will now be made easily available to the Indian market and the plant will also be a centre of excellence for Research and Development.

In order to meet the demanding quality production requirements, the company plans to expand its production facilities in the near future. B. Braun has invested more than USD 3 million in the new factory, and is further looking to invest in other avenues to strategically expand its operations in India.

Frost and Sullivan once again awards Medical Professional Education Institution of the Year Award 2006 to Aesculap Academy

Frost and Sullivan selected Aesculap Academy as the recipient of the 2006 Medical Professional Education Institution of the Year Award for consistent global growth and excellence in professional education in the medical field.

The Frost and Sullivan Award for Professional Education Institution of the Year recognizes excellence in training and education. The recipient is selected on the basis of numerous factors including the courses offered, target audience for the courses, and global reach. The Award lauds exceptional customer service and satisfaction as well as the ability to combine technology and successful strategic initiatives.

A firm believer in the philosophy of knowledge transfer by the people, for the people, the Aesculap Academy prides itself of having one of the most renowned faculties, each member being an expert in his field. The lecturers share their knowledge and expertise with the course participants and train them on theoretical and practical aspects. The course participants are also shaped to become trainers of tomorrow.

Apart from reaching out to every continent on the globe, it is the only institute that covers most medical specialties from general surgery, endoscopy, neurosurgery, orthopaedics and cardiology to infection control, dentistry, veterinary medicine, anesthesia and intensive care.

100 Columbus Knees Celebration

B. Braun India and Amandeep Hospital celebrated 100 Computer Assisted Knees by Dr. Avtar Singh. On the occasion Dr. Singh was presented with a certificate by Mr. Navjot Sidhu, M.P. Amritsar, India, for achieving 100 successful implantations of Knees with Orthopilot. The event was attended by academicians, government officials and the media.The 100 computer assisted knees achievement was also coupled by Dr. Singh becoming the youngest surgeon in India to operate 100 knees in one year. He was also presented a certificate from Aesculap Academy, by Mr. Sinan Eserman, Director Aesculap, making him and Amandeep Hospital the first referral and training center of Orthopilot in India. The achievement added another distinction, with only 450 Orthopilot centers in the world, the hospital is now part of 450 installations worldwide. Testimonials play an importnat role for any product credibility, two patients operated by Dr. Singh shared their experience at the event, the patients were Ex - Commissioner of Income Tax and other Ex - M.L.A. - Punjab Government.

New Product Launches:

Cardiovascular Sutures

B. Braun India unveiled the Cardiovascular range of Sutures at an impressive launch ceremony. Making its first splash in the Indian market, the product lived up to its commitment¨ to become the "surgeon´s preferred partner in cardiovascular surgery".

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.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.

MIRA INFORM REPORT

282.428

288.666

21.218

0.273

125.199

717.784

442.974

38.522

34.522

516.018

201.766

1.69

2.93

4.20

0.15

2.57

1.39

Unit