MIRA INFORM REPORT

Report Date :

04.07.2011

IDENTIFICATION DETAILS

Name :	KODY MEDICAL ELECTRONICS PRIVATE LIMITED
Registered Office :	Plot No.347, Door No. 9, 12th East Street Kamaraj Nagar, Thiruvanmiyur, Chennai - 600041, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.11.1978
Com. Reg. No.:	007641
Capital Investment / Paid-up Capital :	Rs. 4.830 Millions
CIN No.: [Company Identification No.]	U72200TN1978PTC007641
TAN No.: [Tax Deduction & Collection Account No.]	Chek00441a
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Medical Equipments
No. of Employees :	165

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 3000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. Profitability of the company is under pressure. There appears huge accumulated losses recorded by the Company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
India	a1	a1

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

INFORMATION PARTED BY

Name :	Mr. V Jayanthi
Designation :	Admin Manager
Tel. No.:	91-44-24416960
Mobile No.:	91-9444021490 / 9380223396
Date :	02.07.2011

LOCATIONS

Registered Office / Factory :	Plot No.347, Door No. 9, 12th East Street Kamaraj Nagar, Thiruvanmiyur, Chennai - 600041, Tamil Nadu
Tel. No.:	91-44-24416960/24483608
Fax No.:	91-44-24487920
E-Mail :	kodymedical@gmail.com
Website :	www.kodymedical.com
Location :	Rented

DIRECTORS

AS ON 30.09.2010

Name :	Mr. C P Velusami
Designation :	Director
Address :	H-19 B, Ground Floor, Hig Flats, South Avenue, Kamaraj Nagar, Thiruvanmiyur, Chennai – 600 041, Tamil Nadu
Date of Birth/Age :	10.05.1941
Date of Appointment :	29.09.2007
Date of Ceasing :	30.09.2008
Name :	Ms. Luximi Manohar
Designation :	Director
Address :	Block A 3E, Regal Palm Garden, 383, Thambaram Main Road, Velachery, Chennai – 600 042, Tamil Nadu, India
Date of Birth/Age :	01.0.71967
Date of Appointment :	29.09.2007
Date of Ceasing :	30.09.2008
Name :	Ms. Saraswathy Velusami
Designation :	Executive Director
Address :	G-2-D Regal Palm Gardens, 383 Velachery – Tambaram Main Road, Velachery, Chennai – 600 042, Tamil Nadu, India
Date of Birth/Age :	04.09.1944
Date of Appointment :	25.07.2007

KEY EXECUTIVES

Name :	Mr. V Jayanthi
Designation :	Admin Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders		No. of Shares
Mr. G. Manoharan		41334
Mr. S Palanisamy		38670
Mr. P. Arumugam		23189
Mr. S Vallappan		29120
Mr. C. P Velusami		5100
Ms. Anusuya Krishnasamy		12951
Ms. Hemalatha Bommisamy		25703
Mr. K Jaganathan		20606
Mr. B S Kesavan		10099
Mr. S b Mani		12600
Mr. V Saraswathi		25011
Mr. Jagadeesan V Poola		13454
Mr. A K Nityanandam		100
M/S Chitra Agencies		100
Mr. C B Rajalakashmi		3300
Mr. C P Balasubramanian		9641
Mr. C Sivaraj		3000
Ms. Manimegalai Sivaraj		2500
Ms. B Anuradha		1000
Ms. Luximi Manohar		51387
Mr. Punithavathi Prabhu		51386
Mr. S N Manohar		51387
Mr. N. Prabhu		51386
	Total	483024

AS ON 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	47.00
Directors or relatives of Directors	53.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Medical Equipments
Products :	· Diabetic Foot Care Products · Surgical Dopplers · Surgical Probs · Regular Probs · Vascular Doppler · Fetal Dopplers · Fetal Monitors · Surgical Diathermy · Physiotherapy · Ambulatory BP Monitor · Automatic BP Monitor · Scanner · Podiatry Product
Imports :
Products :	Medical Equipment
Countries :	Japan, China
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

· S Ram and Company

· Nicolet Vascular Inc

· MA Graphics

· Balajigraphics

· Dhansai Laboratory

· Thirumala Electronics

· Hadeco Inc, Japan

· Jaishankar V, Chennai

Customers :

· A S P Physiotherapy clinic

· AGK Sabapathy Coimbatore

· Apollo Hospitals, Chennai

· Avanti Institute of Cardiology P Limited

· Balachandar, Coimbatore

· Bharat Enterprises

· Elegant Marketing

· Gold Gym

· Kody teck Limited

· Isabel Hospital, Chennai

· Gopalakrishnan, Palakkad

· Malar Hospital

· Mamal Hospital

· Medisonics

· Manu Clinic, Coimbatore

· Pargathy Hospital

· TVs Hospital

· Surgical World

· V G Hospital

· Vision Bio Systems, Varanasi

· Yes Medical Systems (Madurai)

No. of Employees :

165

Bankers :

· ICICI Bank

· Axis Bank

· Indian Bank

Facilities :

UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Dr. S N Manohar	0.679	0.679
Kody clinical Laboratory	0.068	0.068
Mr. C P Velusami	0.205	0.000
NPR finance	0.021	0.000
Saraswathi Velusami	0.281	0.000
TOTAL	1.254	0.747

Banking Relations :

----

Auditors :

Name :

S Ram and Company

Chartered Accountant

Address :

63, East Vanniar Street, West K K Nagar, Chennai – 600 078, Tamil Nadu, India

Telefax. No.:

91-44-23643710 / 23643246

E-Mail :

sramandco@gmail.com

Website :

www.sramandco.com

Associates/Subsidiaries :

Kody Clinical Laboratory

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
483024	Equity Shares	Rs.10/- each	Rs. 4.830 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	10.000

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.830	4.830	4.830
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(4.011)	(2.866)	(1.621)
NETWORTH		0.819	1.964	3.209
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.254	0.747	1.166
TOTAL BORROWING		1.254	0.747	1.166
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.073	2.711	4.375
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.865	0.948	1.026
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.318	0.318	0.318
DEFERREX TAX ASSETS		0.028	0.025	0.020
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.759	1.496	2.273
	Sundry Debtors	1.006	0.820	0.621
	Cash & Bank Balances	0.422	0.938	1.155
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.639	0.887	0.853
Total Current Assets		3.826	4.141	4.902
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.197	0.279	0.000
	Other Current Liabilities	3.971	3.619	3.062
	Provisions	0.000	0.027	0.034
Total Current Liabilities		4.168	3.925	3.096
Net Current Assets		(0.342)	0.216	1.806
MISCELLANEOUS EXPENSES		1.204	1.204	1.205
TOTAL		2.073	2.711	4.375

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	Turnover		6.739	7.093	5.632
Less	EXPENSES
		Office Expenses	Na	Na	Na
		Administrative Expenses	Na	Na	Na
		Advertising Expenses	Na	Na	Na
		TOTAL	Na	Na	Na
	Net Profit / (Loss) before Depreciation & Tax		(1.065)	(1.142)	(0.557)
Less	TAX		0.080	0.103	0.112
	Net Profit / (Loss) After Depreciation & Tax		(1.145)	(1.245)	(0.669)

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	6.62	2.38	1.33
Current Ratio (Current Asset/Current Liability)	0.92	1.06	1.58

LOCAL AGENCY FURTHER INFORMATION

Financial Results (As On 2010):-

The turnover of the company has increased in comparison with that of the previous year. The performance was satisfying but the overheads increased drastically reducing net profit but there will be an increase in the profit in this ensuring year.

Change of Address:

The Registered Address of the company has been changed from H-19 B, Ground Floor, Hig Flats, South Avenue, Kamaraj Nagar, Thiruvanmiyur, Chennai – 600 041, Tamil Nadu to present Registered Office Plot No.347, Door No. 9, 12th East Street Kamaraj Nagar, Thiruvanmiyur, Chennai - 600041, Tamil Nadu, India

Fixed Assets

· Cycle

· Office Equipment

· Laptop

· Land

· Software

· Motor Car

· R & D Building

· Furniture & Fittings

· Scooter

· Air Conditioner

· Capital 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.44.59
UK Pound	1	Rs.71.75
Euro	1	Rs.64.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	---
--CREDIT LINES	1~10	2
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	No
--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		26

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.