MIRA INFORM REPORT

Report Date :

11.03.2011

IDENTIFICATION DETAILS

Name :	VINOD MEDICAL SYSTEMS PRIVATE LIMITED
Registered Office :	B-2, Sai Nagar, Near Railway Crossing, Raipur – 492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	27.05.1994
Com. Reg. No.:	10-008363
CIN No.: [Company Identification No.]	U85110CT1994PTC008363
TAN No.: [Tax Deduction & Collection Account No.]	JBPV00237G
Legal Form :	Private Limited Liability Company
Line of Business :	Distributors, Dealer, Importer and Exporter of Kodak Photographic Materials, Agfa Medical Imaging Films, X-Ray Offset, Chemical Items, X-Ray Films and X-Ray Machines.

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 158400
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 – 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

LOCATIONS

Registered Office :	B-2, Sai Nagar, Near Railway Crossing, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2522401/ 402/ 403/ 2882401/ 4214400 / 4214455
Fax No.:	91-71-2522404 / 2882404
Mobile No.:	91-9827141405
E-Mail :	vmspl@bom6.vsnl.net.in company_corporate@yahoo.com vmspl@sancharnet.in vmspl@vinodmedical.com
Area :	4500 sq. ft.
Location :	Owned
Corporate Office:	B – 802, Rassaz Castle, Malpa Dongri No.1, Gundawali, Near Tata Compound, Western Express Highway, Andheri (E), Mumbai – 400069, India
Tel No.:	91-22-26870037
Fax No.:	91-22-26870141
E-Mail:	vmspl@vinodmedical.com
Head Office:	Kripa Kunj B 1-2, Sai Nagar, Raipur – 492009, Chhattisgarh, India
Tel No:	91-771-4214400 / 21
Fax No.:	91-771-2882404
E-Mail:	vmspl@vinodmedical.com
Branches/ Godowns :	Located at : · Chandigarh · Kolkata · Mumbai · Lucknow · Chennai · Jabalpur · Indore · Nagpur · Pondicherry · Bhopal · Gwalior · Sambalpur · Cuttak · Bhiwandi · Ahmedabad · Hyderabad · Kerala

DIRECTORS

As on 25.09.2010

Name :	Mr. Suresh Kumar Rathi
Designation :	Managing Director
Address :	S -10-11, Jeevan Vihar Colony, Opposite VIP Chowk GE Road, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	14.06.1960
Qualification :	B. Sc.
Date of Appointment :	27.05.1994
DIN :	00682330
Name :	Mr. Vinod Kumar Jaisinghani
Designation :	Director
Address :	B-95, M.P.H.B. Colony , Katora Talab, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	18.07.1964
Qualification :	B. Com.
Date of Appointment :	27.05.1994
DIN :	00682914
Name :	Mr. Kailash Kumar Rathi
Designation :	Director
Address :	C -150, Shailendra Nagar, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	29.02.1972
Qualification :	B. Com.
Date of Appointment :	10.04.1998
DIN :	00682430
Name :	Mr. Narayan Rathi
Designation :	Director
Address :	S -3-4, Jeevan Vihar Colony, Opposite VIP Chowk, GE Road, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	30.04.1967
Qualification :	B. Com.
Date of Appointment :	10.04.2003
DIN :	00682721
Name :	Mrs. Jyoti Rathi
Designation :	Director
Address :	S -10-11, Jeevan Vihar Colony, Opposite VIP Chowk GE Road, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	31.12.1964
Qualification :	H.S.C.
Date of Appointment :	27.05.1994
DIN :	00682789

KEY EXECUTIVES

Name :	Rostash Agrawal and Company
Designation :	Company Secretary
Address :	D-4, 2^nd Floor, Ekatma Parisar, BJP Complex, Rajbandha Maidan, GE Road, Raipur – 492 001, Chattisgarh, India
Tel no:	91-771-5034876
Mobile No:	91-9827165376
E –Mail ID:	rohtashagrawal@yahoo.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On (24.09.2009)

Names of Shareholders	No. of Shares
Suresh Kumar Rathi	9350
Vinod Kumar Jaisinghani	6850
Jyoti Rathi	6500
Jethmal Rathi	1600
Anjali Rathi	1600
Ashok Rathi	1100
Varsha Maheshwari	6000
Namrata Jaisinghani	4700
Ravindra Dutta	1010
Bharti Rathi	510
Ram Kumar Sahu (Huf)	1010
Shilu Rathi	1520
Narayan Rathi	5060
Shanker Rathi	510
Ratan Kanwear Rathi	1510
Manoj Rathi (Huf)	2370
Champa Devi Rathi	1000
Kailash Kumar Rathi	7680
Mangtu Rathi	1250
Sunher Kaushal	1750
Renuka Arora	10
Hemant Kumar Soni	10
Nisha Rathi	370
Vinay Nathwani	10
Jitendra Nathwani	10
Naresh Kumar Trehan	10
Vimla Devi Maheshwari	10
Amrita Nathwani	10
Ashok Jain	1000
Ajay Shrivastav	750
Bhagwati Devi Chouhan	1500
Dara Singh Sandhu	1000
Narendra Ambedkar	1000
Animesh Chandak	1500
Shikha Rathi	500
Saurabh Bhatia	1500
Hill View Agencies Private Limited	2000
Bengal Credit Corporation Private Limited	2000
RNG Fintease Private Limited	2000
Madhu Joshi	3100
Mukesh Rathi	850
Kartnimata Commerce Private limited	4000
Nagalia Enterprises Private Limited	2000
Total	88020

(As on 25.09.2010)

Category	Percentage
Directors or relatives of directors	71.01
Other top fifty (50) shareholders	28.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributors, Dealer, Importer and Exporter of Kodak Photographic Materials, Agfa Medical Imaging Films, X-Ray Offset, Chemical Items, X-Ray Films and X-Ray Machines.

Products :

Products Description	Item Code No.
X-Ray, Photographic Materials	37011000 and 37031000

· X-Ray Offset

· Chemical Items

· X-Ray Films

· X-Ray Machines

· Agfa Medical Imaging Films

Agencies Held :

· Agfa Geveart N.V., Germany

· Nova Photo Films, India

· Kodak India Limited, India

· R P Photographics

· Kiran X-Ray Sereus Limited

GENERAL INFORMATION

Customers :	Wholesalers
No. of Employees :	65 (Approximately)
Bankers :	· Bank of Maharashtra, Byron Bazar, Katora Talab, Netaji Chowk, Raipur – 492 001, Chattisgarh, India · HDFC Bank · Standard Chartered Bank, Singapore
Facilities :	Secured Loan	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
	Bank of Maharashtra
	Cash Credit
	Byron Bazar, Raipur C/C- 78	26.420	12.521
	Sitabuldi, Nagpur	1.094	0.475
	Godha Colony, Indore	(0.230)	(0.066)
	Pond cherry	0.058	0.378
	Main Branch, Jabalpur C/C No.008	(0.653)	0.081
	Raipur a/c No. C/C II Byron Bazar	52.714	39.562
	Cuttack a/c No. C/C 81	(0.187)	0.170
	Lucknow a/c No. C/C 11	1.789	1.524
	Kolkata	0.252	0.902
	Anna Nagar Chennai Branch	0.089	1.881
	Ville Parle Mumbai (secured against hypothecation of stock and book debts and personal guarantee of promoters and director )	2.382	0.807
	HDFC Bank Car Loan	0.174	0.414
	Master Card Account
	a) BOM Master Card a/c b) BOM Master Card a/c	0.000 0.029	0.010 0.040
	Standard Chartered Bank Singapore	0.000	22.072
	Total	83.931	80.772
	Unsecured loan- Director, shareholders and relatives	46.755	39.855
Banking Relations :	Satisfactory
Auditors :
Name:	Manoj Rathi and Associates Chartered Accountants
PAN No.:	ACMPR4891A
Address :	20, Lakhe School Complex, Gandhi Chowk, Raipur – 492001, Chattisgarh, India
Tel. No.:	91-771-223423

CAPITAL STRUCTURE

 As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95520	Equity shares	Rs.100/- each	Rs.9.552 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		9.552	8.802	8.202
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.049	17.869	12.585
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.601	26.671	20.787
LOAN FUNDS
1] Secured Loans		83.931	80.772	53.003
2] Unsecured Loans		46.755	39.855	35.720
TOTAL BORROWING		130.686	120.627	88.723
DEFERRED TAX LIABILITIES		2.273	1.376	1.399
TOTAL		172.560	148.674	110.909
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.872	12.136	10.664
Capital work-in-progress		0.000	14.591	0.000
INVESTMENT		0.020	0.020	0.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.425	59.939	44.824
	Sundry Debtors	56.269	54.299	45.111
	Cash & Bank Balances	3.384	3.858	3.918
	Other Current Assets	7.558	6.594	8.609
	Loans & Advances	13.857	12.981	16.065
Total Current Assets		161.493	137.671	118.527
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.273	12.109	16.082
	Current Liabilities	4.552	3.635	2.227
	Provisions	0.000	0.000	0.000
Total Current Liabilities		31.825	15.744	18.309
Net Current Assets		129.668	121.927	100.218
MISCELLANEOUS EXPENSES		0.000	0.000	0.007
TOTAL		172.560	148.674	110.909

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	749.638	655.638	585.146
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	720.695	627.137	570.063
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.943	18.501	15.083
Less	FINANCIAL EXPENSES (D)		16.504	12.666	10.305
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.439	15.835	4.778
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.442	1.467	1.270
	PROFIT BEFORE TAX (E-F) (G)		9.997	14.368	3.508
Less	TAX (I)		3.068	11.484	1.192
	PROFIT AFTER TAX (G-I) (J)		6.929	2.884	2.316
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.806	8.922	7.079
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	0.000	0.000	0.410
		Tax on Dividend	0.000	0.000	0.063
	BALANCE CARRIED TO THE B/S		18.735	11.806	8.922
	Earnings Per Share (Rs.)		72.54	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.92	0.44	0.40
Return on Total Assets (PBT/Total Assets}	(%)	4.89	2.92	2.71
Return on Investment (ROI) (PBT/Networth)		0.25	0.16	0.17
Debt Equity Ratio (Total Liability/Networth)		4.10	5.11	0.88
Current Ratio (Current Asset/Current Liability)		5.07	8.74	6.47

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE OF THE COMPANY:

The company has achieved turnover of Rs.747.400 Millions as compared to Rs.652.900 Millions in the previous year, which works out to growth of 14.47%. As a result of increase in turnover, the net profit of company has also increased to Rs.43.680 Millions in the previous year which seen the growth of 128.89%. The management is hopeful of further improvement in turnover and profitability during the current year.

FORM 8:

Corporation identity number or foreign company registrations number of the company	U85110CT1994PTC008363
Charge identification number of the modified	90207504
Name of the company	Vinod Medical Systems Private Limited
Address	B-2, Sai Nagar Near Railway Crossing, Raipur-493332, Chhattisgarh, India
This Form is for	Modification of charge
Type of Charges	Immovable property Floating Charge
Particular of the charge holder	Bank of Maharashtra, Byron Bazar, Katora Talab, Netaji Chowk, Raipur–492001, Chattisgarh, India Email ID: bom981@mahabank.co.in
Nature or description of the instrument creating charge	· Annexure "C" to CO CIR No. 5/94 Dated 11.08.1994 in Form New MG 10 - 3 Nos. · Annexure "B" to CO CIR No. 5/94 Dated 11.08.1994 in Form New MG 7- 1 No. · Annexure "A" to CO CIR No. 5/94 Dated 11.08.1994 in Form New MG 6 - 3 Nos. · Demand Promissory Note (RF 46 & 47) in Form New DO-1 - 1 No · Composite Deed of Hypothecation for all facilities (RF 66 J) in Form New HP1
Date of the instrument creating charge	20.10.2010
Amount Secure by the charge	Rs.190.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest: Cash Credit - Base rate of bank + 1.75% i.e. at present @ 10% p.a. on monthly rest. WCDL - Base rate of bank + 0.25% i.e. at present @ 8.50% p.a. on monthly rest. Term of Repayment: Cash credit (Rs. 140.000 millions) - Repayable on demand WCDL (60% of Cash Credit Limit i.e. Rs. 84.000 millions) - It may be allowed for 90 days. Revolving Import Letter of Credit (Rs. 40.000 millions) - 90 Days Bank Guarantee (Rs. 10.000 millions) - One year from date of sanction. Margin: Cash Credit - 25% in Bank's favour Revolving Import Letter of Credit - 10% of the limit in the form of Term Deposit Receipts Bank Guarantee - 10% in the form of Term Deposit Receipts Extent and operation of charge: First charge over the properties given as primary security and collateral securities
Shorts particulars of the Property charged	i) Stocks and book debts of the company at various places in India or elsewhere. ii) Land situated at Sai Nagar Fafadih, Ward No. 19, P.C. No.-108, RIC-Raipur-1 at Raipur admeasuring 4000 Sqft. having Khasra No.-113/2, Plot No.B-2 together with the buildings and structures constructed iii) Land situated at Dadra of union territory of Dadra & Nagar Haveli, Silwasa admeasuring 1553.75 sqmt. bearing Survey no 217/18, House No-902, together with the buildings and structures constructed iv) Flat No. 802 on the 8th Floor of the building B-Wing in the Rassaz Castle admeasuring 1175 Sqft. situated at Andheri (E), Mumbai
Date and brief description of instrument modifying the charge	30.03.2010
Particulars of the Present Modification	Overall limit is enhanced from Rs. 155.000 millions to Rs. 190.000 millions.

FIXED ASSETS:

· Land

· Furniture and Fixture

· Computer

· Office Equipment

· Vehicles

· Office Premises

· Electrical Installation

· Cars

WEBSITE DETAILS

COMPANY PROFILE

Their company which started a trading business in Graphic Art products in 1988 has since become a fast growing ISO 9001:2000 certified company dealing in high quality Healthcare Imaging, Accessories and Equipments and Photographic products.

In keeping with the emerging growth trend, the change to their new logo VMS strengthens their existing principals in Virtue, Merit and Security by extending this to practice ethical business, pro-activeness and creating trust in their endeavors.

With their registered office in Raipur, their corporate office in Mumbai, a strong network of branch offices in all major metros and cities of India, the recently established state-of-the-art and ISO 9001:2008 certified production facility at Dadra and the  introduction of their own VMS branded products, they are poised for a progressive commitment and growth not only for their company but also for their Principals, Business Associates and Customers.

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.45.11
UK Pound	1	Rs.72.90
Euro	1	Rs.62.56

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	YES
--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.