MIRA INFORM REPORT

Report Date :

11.07.2011

IDENTIFICATION DETAILS

Name :	CAREVEL MEDICAL SYSTEMS PRIVATE LIMITED
Registered Office :	S-35/36, Site IV Industrial Area, Sahibabad, Ghaziabad-201010, Uttar Pradesh.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.01.2000
Com. Reg. No.:	55-103367
Capital Investment / Paid-up Capital :	Rs. 14.100 millions
CIN No.: [Company Identification No.]	U33119DL2000PTC103367
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of hospital equipments and medical furniture.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 61000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 cautions.

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	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. Anant Mishra
Designation :	Senior Executive
Contact No.:	91-9971589561
Date :	07.07.2011

LOCATIONS

Registered Office :	S-35/36, Site IV Industrial Area, Sahibabad, Ghaziabad-201010, Uttar Pradesh, India.
Tel. No.:	91-120-3249594
Mobile No.:	91-9958147710 (Mr. Rajendra Kurup)
Fax No.:	91-120-2897266/67/68
E-Mail :	carevel@vsnl.net
Website :	http://www.carevelmedical.com
Area :	Owned
Factory :	52, Pandav Nagar, Bulandshahar Road, Industrial Area, Ghaziabad-201002, Uttar Pradesh, India.

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Rajendra Kurup
Designation :	Director
Address :	B-53, Shekhar Aparment, Mayur Vihar, Phase-I, Extension New Delhi-110091, India.
Date of Birth/Age :	17.11.1959
Date of Appointment :	20.01.2000
DIN No :	02578649
Name :	Mr. Dhanya Kurup
Designation :	Director
Address :	B-53, Shekhar Aparment, Mayur Vihar, Phase-I, Extension New Delhi-110091, India.
Date of Birth/Age :	03.04.1961
Date of Appointment :	20.01.2000
DIN No :	02898514
Name :	Mr. Nirmal Kumar Dey
Designation :	Director
Address :	Tarapur Vill, Mejiya PO-Mejiya, Bankura-722143, West Bengal, India
Date of Birth/Age :	28.08.1958
Date of Appointment :	09.07.2009
DIN No :	00824267
Name :	Mr. Sundar Bhalotia
Designation :	Director
Address :	Chakarmbati, Post-Baktarnagar, Burdwan-713321, West Bengal, India
Date of Birth/Age :	18.02.1970
Date of Appointment :	09.07.2009
DIN No :	00825103
Name :	Mr. Kabita Mondal
Designation :	Director
Address :	Baktarnagar, Ballabhpur, Raniganj, Burdwan-713321, West Bengal, India
Date of Birth/Age :	28.11.1980
Date of Appointment :	09.07.2009
DIN No :	00825145

KEY EXECUTIVES

Name :	Mr. Anant Mishra
Designation :	Senior Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Rajendra Kurup	5000
Dhanya Kurup	5000
Trinayarni Vyapar Private Limited, India	900000
Amazing Vinimay Private Limited, India	50000
Anubhav Commondeal Private Limited, India	150000
VSG Leasing and Finance Company Limited, India	150000
Pawan Putra Trading Private Limited	150000
Total	1410000

AS ON 30.09.2010

Category	Percentage
Bodies corporate	99.30
Directors or relatives of Directors	0.70
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of hospital equipments and medical furniture.
Exports :
Products :	· Hospital Equipments
Countries :	· Nepal

GENERAL INFORMATION

Customers :

· End Users

· Others

· Hospital

No. of Employees :

60 (Approximately)

Bankers :

Syndicate Bank, Shastri Nagar, Ghaziabad, Ghaziabad-201001, Uttar Pradesh, India.

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
OVERDRAFT LIMIT:
From Syndicate Bank Against Hypothecation of Machinery, Book Debts and Stock	0.050	1.154
Total	0.050	1.154
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors	0.140	0.140
Inter Corporate Deposit	18.033	0.000
Total	18.173	0.140

Banking Relations :	--
Auditors :
Name :	Kumar Pramod and Company Chartered Accountant
Address :	101, Hans Plaza, Ambedkar Road, Ghaziabad-201001, Uttar Pradesh, India.

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1410000	Equity Shares	Rs.10/- each	Rs. 14.100 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		14.100	0.100	0.100
2] Share Application Money		0.900	0.900	0.900
3] Reserves & Surplus		0.428	0.124	0.120
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15.428	1.124	1.120
LOAN FUNDS
1] Secured Loans		0.050	1.154	0.000
2] Unsecured Loans		18.173	0.140	0.190
TOTAL BORROWING		18.223	1.294	0.190
DEFERRED TAX LIABILITIES		0.000	0.016	0.016
OTHERS		0.000	0.000	0.007
TOTAL		33.651	2.434	1.333
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.994	0.359	0.311
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.897	0.768	1.386
	Sundry Debtors	3.875	2.515	0.544
	Cash & Bank Balances	1.887	1.603	0.643
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.697	0.400	0.781
Total Current Assets		11.356	5.286	3.354
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.032	1.259
	Other Current Liabilities	1.766	1.242	2.333
	Provisions	0.132	0.710	0.000
Total Current Liabilities		2.930	3.211	2.333
Net Current Assets		8.426	2.075	1.021
MISCELLANEOUS EXPENSES		0.231	0.000	0.001
TOTAL		33.651	2.434	1.333

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	12.234	14.103	9.464
		Other Income
		TOTAL	12.234	14.103	9.464
Less	EXPENSES
		Office Expenses
		Administrative Expenses		13.958	9.373
		Advertising Expenses
		TOTAL		13.958	9.373
			11.814
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			0.145	0.091
Less/ Add	DEPRECIATION/ AMORTISATION			0.081	0.073
	PROFIT BEFORE TAX		0.420	0.064	0.018
	TAX		0.117	NA	NA
	PROFIT AFTER TAX		0.303	NA	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	23.276

Expected Sales (2011-2012) : Rs. 40.000 millions.

The above information has been parted by Mr. Anant Mishra.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.48	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.16	1.13	0.49
Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.02
Debt Equity Ratio (Total Liability/Networth)		1.37	4.00	2.25
Current Ratio (Current Asset/Current Liability)		3.86	1.65	1.44

LOCAL AGENCY FURTHER INFORMATION

Note : Registered Office of the company has been shifted from B-53, Shekhar Apartment, Mayur Vihar, Phase-I, Extension New Delhi-110091, India to the present address w.e.f. 17.09.2010.

PERFORMANCE:

The company has achieved total turnover of Rs. 12.234 millions instead of laugh competition in the market. Even the profitability of the company has also improved. The directors of the company are hopeful of achieving even much better results in the next year.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U33119DL2000PTC103367
Name of the company	CAREVEL MEDICAL SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-53, Shekhar Apartment, Mayur Vihar, Phase-I, Extension New Delhi-110091, India.
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	Syndicate Bank, Shastri Nagar, Ghaziabad, Ghaziabad-201001, Uttar Pradesh, India.
Nature of description of the instrument creating or modifying the charge	The composite hypothecation agreement attached herewith
Date of instrument Creating the charge	17.01.2009
Amount secured by the charge	Rs.1.000 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rate as may be prescribed by bank from time to time. Terms of Repayment On Demand Margin As may be prescribed by bank from time to time Extent and Operation of the charge 100% Others The said hypothecation is to secure the credit facility of Rs.1.000 millions for working capital requirement granted by bank to the Company.
Short particulars of the property charged	1) Hypothecation of finished goods consisting medical furniture and equipment, semi-finished products consisting of medical furniture and equipment and Raw material of SS pipes cartons, channels etc stored at 52 Pandav Nagar BSR Industrial Area Ghaziabad and any other place or Location. 2) Hypothecation Of Book Debts (Present and Future). 3) Personal Guarantee of Directors.

Trade References:

• Garg Tubes, Ghaziabad
• Kumar Enterprises
• Amar Hospital
• R K Enterprises

FIXED ASSETS

· Land

· Computer

· Cycle

· Plant and Machinery

· D G Set

· Motor Vehicles

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.44.32
UK Pound	1	Rs.70.74
Euro	1	Rs.63.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.