MIRA INFORM REPORT

Report Date :

04.07.2011

IDENTIFICATION DETAILS

Name :	ESAOTE INDIA (NS) LIMITED
Registered Office :	604/704, Oxford Tower, Gurukul Road, Ahmedabad – 380 052, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.06.2000
Com. Reg. No.:	04-38235
Capital Investment / Paid-up Capital :	Rs.2.410 millions
CIN No.: [Company Identification No.]	U32109GJ2000PLC038235
TAN No.: [Tax Deduction & Collection Account No.]	AHME00053E
PAN No.: [Permanent Account No.]	AAACE7569H
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Trader and dealer of Medical Equipments like Ultra Sound Scanners, etc
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 40000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. . The company can be considered normal for 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	604/704, Oxford Tower, Gurukul Road, Ahmedabad – 380 052, Gujarat, India
Tel. No.:	91-79-2744 9440 / 2743 3140 / 3012 4999
Fax No.:	91-79-2749 0245
E-Mail :	esoate@youtele.com
Website :	www.esaoteindia.com
Area :	2000 Sq.fts
Location :	Owned
Corporate Office :	C-1, Sneha Enclave Srinagar Colony Road, Hyderabad – 500 073, Andhra Pradesh, India
Tel. No.:	91-40-6662 0405 / 6662 7342
Fax No.:	91-40-2373 2664
Branches :	Located at: · Delhi · Ahmedabad · Kolkata · Mumbai · Hyderabad · Bangalore · Chennai

DIRECTORS

As on 28.09.2010

Name :	Mr. Mohanlal Kizhepat
Designation :	Managing Director
Address :	31, Shyam Vihar Bunglows Shilaj Thaltej Road, Thaltej, Ahmedabad– 380 052, Gujarat
Date of Birth/Age :	30.05.1960
Date of Appointment :	26.06.2000
DIN No. :	00904043
Name :	Mrs. Sailaja Kizhepat
Designation :	Director
Address :	31, Shyam Vihar Bunglows Shilaj Thaltej Road, Thaltej, Ahmedabad– 380 052, Gujarat
Date of Birth/Age :	23.05.1963
Date of Appointment :	22.06.2000
DIN No. :	01746354
Name :	Mr. Guturu Kannababu
Designation :	Director
Address :	C-1/101, Sneha Enclave, Srinagar Colony Road, Yellareddyguda, Hyderabad
Date of Birth/Age :	23.08.1968
Date of Appointment :	26.06.2000
DIN No. :	00924669
Name :	Mr. shalin N Shah
Designation :	Director
Address :	3/A, Shakti Society, Near5 New Sharda Mandir, Shreyas Crossing, Ahmedabad – 380 052, Gujarat
Date of Birth/Age :	02.02.1969
Date of Appointment :	02.08.2004
DIN No. :	00824609
Name :	Mr. V Sukumar
Designation :	Director
Address :	Kundamarakkadu Kuruvikkaramba (PO) Tanjore District – 614 802
Date of Birth/Age :	29.09.1967
Date of Appointment :	26.06.2000
Name :	Mr. Vidyullatha Guturu
Designation :	Director
Address :	8-3-960/1, Flat No. 101, Sneha Enclave, Srinagar Colony, Hyderabad – 500 073, Andhra Pradesh
Date of Birth/Age :	12.08.1974
Date of Appointment :	01.04.2007
DIN No. :	01870953

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
Mr. Mohanlal Kizhepat	105600
Mr. Guturu Murali Kannababu	67200
Mr. Venkutusamy Sukumar	67200
Mrs. Sailaja Mohanlal	240
Mr. K Vidyullatha Guturu	240
Mr. Chitraleka Sukumar	240
Mr. Ronak N Shah	240
Total	240960

AS ON 28.09.2010

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

BUSINESS DETAILS

Line of Business :	Trader and dealer of Medical Equipments like Ultra Sound Scanners, etc
Agencies Held :	· DMS Bejing Company Limited · Esaote

GENERAL INFORMATION

No. of Employees :

65 (Approximately)

Financial Institutions :

3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai -400 703, Maharashtra, India

Bankers :

· ICICI Bank

· Kotak Mahindra Bank Limited

· Axis Bank

· State Bank of India

· State Bank of Bikaner and Jaipur

· IDBI Bank

· Andhra Bank, Sanjeevanagar, Hyderabad – 500038, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From banks and Financial institute (Secured against hypothecation of Vehicles)	3.203	2.362
Total	3.203	2.362

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From directors	1.025	2.339
From others From Banks (Personal Guarantee of directors)	5.471	10.085
Total	6.496	12.424

Banking Relations :

---

Financial Institution :

3I Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No. 5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India

Auditors :

Name :

Ajit Shah and Associates

Chartered Accountants

Address :

101, Labh Office Complex, 12-B, Sattar Taluka Society, income Tax, Ahmedabad – 380 014, Gujarat

CAPITAL STRUCTURE

As on: 29.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240960	Equity Shares	Rs. 10/- each	Rs.2.410 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.410	2.410	2.410
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.732	5.573	4.974
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.142	7.983	7.384
LOAN FUNDS
1] Secured Loans		3.203	2.362	1.784
2] Unsecured Loans		6.496	12.424	6.304
TOTAL BORROWING		9.699	14.786	8.088
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		19.841	22.769	15.472
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.659	6.590	5.923
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.255	5.743	4.650
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.779	46.281	39.260
	Sundry Debtors	46.548	46.151	53.036
	Cash & Bank Balances	3.339	3.499	3.614
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.897	9.387	7.662
Total Current Assets		134.563	105.318	103.572
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.650	67.050	77.786
	Other Current Liabilities	23.915	12.100	12.042
	Provisions	5.586	10.319	9.195
Total Current Liabilities		132.151	95.269	99.023
Net Current Assets		2.412	10.049	4.549
MISCELLANEOUS EXPENSES		0.515	0.387	0.349
TOTAL		19.841	22.769	15.472

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	171.735	206.418	228.486
		Commission Income	13.879	10.415	10.641
		Services Charge	11.992	10.501	9.196
		Other Income	0.672	0.454	0.407
		TOTAL (A)	198.278	227.788	248.730
Less	EXPENSES
		Cost of Goods Sold	141.266	168.024	193.250
		Administrative Expenses	49.306	52.328	49.075
		Foreign Exchange Fluctuation	0.810	2.420	(2.612)
		TOTAL (B)	191.382	222.772	239.713
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.896	5.016	9.017
Less	FINANCIAL EXPENSES (D)		1.811	1.333	1.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.085	3.683	7.073
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.886	1.934	1.680
	PROFIT BEFORE TAX (E-F) (G)		3.199	1.749	5.393
Less	TAX (I)		1.040	1.150	2.119
	PROFIT AFTER TAX (G-I) (J)		2.159	0.599	3.274
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.573	4.974	1.700
	BALANCE CARRIED TO THE B/S		7.732	5.573	4.974
	Earnings Per Share (Rs.)		8.96	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.09	0.26	1.32
Net Profit Margin (PBT/Sales)	(%)	1.86	0.85	2.36
Return on Total Assets (PBT/Total Assets)	(%)	2.25	1.56	4.72
Return on Investment (ROI) (PBT/Networth)		0.31	0.22	0.73
Debt Equity Ratio (Total Liability/Networth)		13.99	13.79	14.51
Current Ratio (Current Asset/Current Liability)		1.02	1.10	1.05

LOCAL AGENCY FURTHER INFORMATION

form 8:-

Corporate identity number of the company	U32109GJ2000PLC038235
Name of the company	ESAOTE INDIA (NS) LIMITED
Address of the registered office or of the principal place of business in India of the company	604 704 Oxford Towergurukul Road, Ahmedabad – 380 052, Gujarat
This form is for	Creation of charge
Type of charge	Floating charge
Particular of charge holder	Andhra Bank, Sanjeevanagar, Hyderabad – 500038, Andhra Pradesh, India
Nature of instrument creating charge	Composite agreement as counter guarantee in respect of performance favouring government department / vorporate hospitals, etc.
Date of instrument Creating the charge	17.03.2011
Amount secured by the charge	Rs. 5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin : 25% cash margin by pledge of fixed deposit. Extent and operations of the charge : Personal Guarantee of all directors and flat of G. M. Kannababu ANF G. Kannababu and under section 125(4) of the companies act, 1956
Short particulars of the property charged (Including location of the property)	Bank guarantee for performance favouring government and corporate hospitals. Flat No. 502 SO FTMCH 8-3-1100/6, Nitya Enclave Srinagar Colony Hyderabad.

Fixed assets

· Computer

· Furniture and Fixtures

· Vehicles

· Office Equipments

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.44.58
UK Pound	1	Rs.71.75
Euro	1	Rs.64.80

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	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		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	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.