MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Name :	EMERGENT MEDI-TECH (INDIA) PRIVATE LIMITED
Registered Office :	118, Damji Shamji Industrial Complex, 9, LBS Marg, Kurla (West), Mumbai 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.09.2000
Com. Reg. No.:	11-128913
Capital Investment / Paid-up Capital :	Rs.19.401 Millions
CIN No.: [Company Identification No.]	U33100MH2000PTC128913
TAN No.: [Tax Deduction & Collection Account No.]	MUME03722F
Legal Form :	Private Limited Liability Company
Line of Business :	Company is engaged in trading of Bio medical devices
No. of Employees :	30 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B [30]

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

Maximum Credit Limit :	USD 213000
Status :	Moderate
Payment Behaviour :	Slow but Correct
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 but correct. The Company can be considered for small to mediocre business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Jagdish
Designation :	Accounts Manager
Date :	18.07.2011

LOCATIONS

Registered Office :	118, Damji Shamji Industrial Complex, 9, LBS Marg, Kurla (West), Mumbai 400070, Maharashtra, India
Tel. No.:	91-22-67982204 / 05 / 25951445/ 5135169
Fax No.:	91-22-25135169
E-Mail :	info@emergentindia.com kjmeghani@gmail.com
Website :	http://www.emergentindia.com http://www.emergent.in http://www.medicards.in/emergent
Branches :	Located at Ahmedabad Bangalore Hyderabad Chennai New Delhi

DIRECTORS

As on 30.09.2010

Name :	Mr. Anil Koni Hebbar
Designation :	Director
Address :	A- 503, Sai Sankar CHS, Deonar, Mumbai 400088, Maharashtra, India
Date of Birth/Age :	17.08.1964
DIN :	00630670
Date of Appointment :	28.09.2000
Name :	Mr. Mahander Singh Dagar
Designation :	Director
Address :	175, Maidan Garhi, Near Shiv Mandir, New Delhi - 110068, Delhi, India
Date of Birth/Age :	18.06.1961
DIN :	00096815
Date of Appointment :	29.07.2008
Name :	Harish Mundoor Rao
Designation :	Director
Address :	B/301, New Rachana Park, Manorama Nagar, Thane, Mumbai 400607, Maharashtra, India
Date of Birth/Age :	20.05.1970
DIN :	00630604
Date of Appointment :	30.09.2000
Name :	Mr. Kumar Salagame Narain Rao
Designation :	Director
Address :	No. 40/41, Bharat Housing, Society Layout, Bannerghatta, Banglore – 560076, Karnataka, India
Date of Birth/Age :	13.11.1943
DIN :	00464124
Date of Appointment :	29.07.2008
Name :	Ms. Merin Mary George
Designation :	Director
Address :	Cherady House, Old Railway Station Road, Kombara, Ernakulam, Kerala - 682018
Date of Birth/Age :	17.11.1982
DIN :	02210452
Date of Appointment :	29.07.2008

KEY EXECUTIVES

Name :	Mr. Jagdish
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mr. Anil Hebbar K	64203
Mr. S. N. Kumar	2250
Mr. S. K. Bhat Jointly: - Mrs. Vimala K. Bhat	2025
Mr. Omprakash Jaiswal	11250
Mr. Iqbal Kasim	9000
Mr. Virendra Parelkar	6225
Mr. Harish Rao Mundoor Jointly: - Mrs. Rekha Rao	16598
Mr. Udipi Ravindranath Bhat Jointly: - Ms. Suchitra Bhat	15688
Mr. Ajay M. Tambe	10688
Mr. Sunil Ballal	2250
Dr. Samuel Mathew	649875
Miss. Rithambara Hebbar	11088
Mr. Tushar P. Shah Jointly: - Mrs. Jyoti T. Shah	191600
Mr. Anil Hebbar K Jointly: - Mrs. Sunita A. Hebbar and Ms. Srushti A. Hebbar	16864
Mr. Ajay Menon	12500
Dr. Vipul Patel	5000
Mr. Sam Mathew	80000
Ms. Anna. Mathew	80000
Ms. Bina Mathew	60000
Mr. Darshanjeet Singh	200000
Mrigya Investment and Marketing Private Limited , India	200000
Dr. Mathew Samuel	224000

As on 15.04.2011

Names of Allottees	No. of Shares Allotted
Mr. Anil Hebbar K	64203
Mr. S. N. Kumar	2250
Mr. Omprakash Jaiswal	11250
Mr. Iqbal Kasim	9000
Mr. Virendra Parelkar	6225
Mr. Harish Rao Mundoor Jointly: - Mrs. Rekha Rao	16598
Mr. Udipi Ravindranath Bhat Jointly: - Ms. Suchitra Bhat	15688
Mr. Ajay M. Tambe	10688
Mr. Sunil Ballal	2250
Dr. Samuel Mathew	649875
Miss. Rithambara Hebbar	11088
Mr. Tushar P. Shah Jointly: - Mrs. Jyoti T. Shah	191600
Mr. Anil Hebbar K Jointly: - Mrs. Sunita A. Hebbar and Ms. Srushti A. Hebbar	16864
Mr. Ajit Menon	12500
Dr. Vipul Patel	5000
Mr. Sam Mathew	80000
Ms. Anna. Mathew	80000
Ms. Bina Mathew	60000
Mrigya Investment and Marketing Private Limited , India	200000
Dr. Mathew Samuel	224000

As on 20.04.2011

Names of Allottees	No. of Shares Allotted
Mrs. Manmohini Kaur	620230

As on 30.09.2010

Category	Percentage
Bodies corporate	10.30
Directors or relatives of Directors	15.60
Other top fifty shareholders	74.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Company is engaged in trading of Bio medical devices

Products :

Products Description	ITC Code No.
Bio Medical Devices	9018.90

GENERAL INFORMATION

No. of Employees :

30 [Approximately]

Bankers :

Ø IDBI Bank

Ø HDFC Bank

Ø Tamilnadu Mercantile Bank Limited, Goradia House, 1^st Floor, 101, 104 Kazi Syed Street, Mandvi, Post Box No. 3181, Mumbai – 400003

Ø Standard Chartered Bank

Ø Karnataka Bank Limited

Ø Citi Bank

Ø State Bank Of India, Chembur Branch, Sunbeam, 18th Road, Chembur,, Mumbai - 400071, Maharashtra, India

Ø Karnataka Bank Limited, 239-A, Tamil Sangam Road, Sion East, Mumbai – 400022, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
State Bank of India	11.712	9.761
Vehicle Loans	2.351	1.673
Total	14.063	11.434
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
From Share Holders	9.078	8.058
From other Companies	0.000	8.000
From Banks and Financial Institutes	17.930	7.457
Total	27.008	23.515

Banking Relations :	--
Auditors :
Name :	Rao and Ashok Chartered Accountant
Address :	Unit 111, 1^st Floor, Hiren Light Industrial Premises, 408, Moghul Lane, Mahim, Mumbai – 400016, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/-each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,940,059	Equity Shares	Rs.10/-each	Rs.19.401 millions

After 30.09.2010

Authorised Capital : Rs. 100.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 75.451 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		19.401	19.401	19.401
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.002	33.259	30.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.403	52.660	50.048
LOAN FUNDS
1] Secured Loans		14.063	11.434	8.301
2] Unsecured Loans		27.008	23.515	31.971
TOTAL BORROWING		41.071	34.949	40.272
DEFERRED TAX LIABILITIES		0.964	0.591	0.514
TOTAL		95.438	88.200	90.834
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.312	14.119	8.792
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.438	1.225	0.801
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	34.693	22.556	28.000
	Sundry Debtors	56.168	43.627	48.068
	Cash & Bank Balances	10.504	12.200	2.482
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.999	40.093	41.113
Total Current Assets		137.364	118.476	119.663
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.081	29.569	31.525
	Other Current Liabilities	12.923	11.016	3.423
	Provisions	3.839	5.064	3.529
Total Current Liabilities		62.843	45.649	38.477
Net Current Assets		74.521	72.827	81.186
MISCELLANEOUS EXPENSES		0.167	0.029	0.055
TOTAL		95.438	88.200	90.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES AND OTHER INCOME		279.865	241.018	181.843
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.624	6.880	7.708
Less/ Add	DEPRECIATION/ AMORTISATION		4.742	NA	NA
	PROFIT BEFORE TAX		5.882	NA	NA
Less	TAX		2.416	--	--
	PROFIT AFTER TAX		3.466	2.613	4.180
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.952	1.339	0.043
	APPROPRIATIONS
		Transfer to Reserves	0.241	0.000	NA
		Proposed Dividend	2.724	0.000	NA
	BALANCE CARRIED TO THE B/S		4.453	3.952	1.339
	IMPORTS		114.003	NA	NA
	EARNING IN FOREIGN CURRENCY		25.988	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.24	1.08	2.30
Return on Total Assets (PBT/Total Assets}	(%)	3.78	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.11	NA	NA
Debt Equity Ratio (Total Liability/Networth)		1.94	1.53	1.57
Current Ratio (Current Asset/Current Liability)		2.18	2.59	3.11

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details

Rs in Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	41.770	25.355	29.398
Sundry Creditors for Expenses	4.311	4.214	2.127
Total	46.081	29.569	31.525

Contingent Liabilities

Rs in Millions

Particulars	31.03.2010
Disputed Income Tax Liability	4.694
Bank Guarantee	8.762
Pending Letters of Credit	14.099

Bankers Charges Report as per Registry

Corporate identity number of the company	U33100MH2000PTC128913
Name of the company	EMERGENT MEDI-TECH (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	118, Damji Shamji Ind. Complex, 9 L.B.S.Rd, Kurla (West) Mumbai – 400070, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Karnataka Bank Limited, 239-A, Tamil Sangam Road, Sion East, Mumbai – 400022, Maharashtra, India
Nature of instrument creating charge	No instrument was executed. Charge created by equitable mortgage by way of deposit of title deeds.
Date of instrument Creating the charge	01.03.2011
Amount secured by the charge	Rs.10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Not Applicable Terms of Repayment - Not Applicable Margin - Not Applicable Extent and Operation of the charge - Security to cover the DPN facility sanctioned as per Resolution No. MDS (LCFD) 260/10-11 dated 26.02.11
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property viz., commercial building / office premises bearing Gala no. 116 and 117 on first floor, Damji Shamji Industrial complex, 9, Lal Bahadur Shastri Marg, Kurla (West), Mumbai 400070

FIXED ASSETS :

• Office Premises
• Furniture and Fixtures
• Office Equipments
• Computers, Software and Demo Equipments
• Motor Vehicles
• Club Mahindra Lease
• Capital Work in Progress

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.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.