MIRA INFORM REPORT

Summary Information

		Country	India
Company Name	INSTROMEDIX (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Ramit Bhasin
Status	Moderate	Principal Name 2	Mr. Rajpal Singh
		Registration #	55-35634
Street Address	Pragati Chambers, A-5/ A-6, Ranjit Nagar Commercial Complex, New Delhi – 110 008
Established Date	28.03.1989	SIC Code	--
Telephone#	91-11-25704962, 65, 66, 67, 68	Business Style 1	Marketing
Fax #	91-11-25702368, 25700897	Business Style 2	Importing
Homepage	http://www.instromedixindia.com	Product Name 1	Surgical Instruments
# of employees	97 (Approximately)	Product Name 2	Medical Equipment
Paid up capital	Rs. 10,585,600/-	Product Name 3	Hospital Supplies
Shareholders	Directors or relatives of directors – 100%	Banking	Canara Bank
Public Limited Corp.	No	Business Period	22 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (30)
Related Company
Relation	Country	Company Name
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	92,322,000	Current Liabilities	16,542,000
Inventories	29,118,000	Long-term Liabilities	96,701,000
Fixed Assets	11,679,000	Other Liabilities	2,022,000
Deferred Assets	0,000	Total Liabilities	115,265,000
Invest& other Assets	0,000	Retained Earnings	7,268,000
		Net Worth	17,854,000
Total Assets	133,119,000	Total Liab. & Equity	113,119,000
Total Assets (Previous Year)	168,199,000
P/L Statement as of	31.03.211		(Unit: Indian Rs.)
Sales	154,617,000	Net Profit	4,795,000
Sales(Previous yr)	93,793,000	Net Profit(Prev.yr)	25,650,000

MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	INSTROMEDIX (INDIA) PRIVATE LIMITED

Registered Office :	Pragati Chambers, A-5/ A-6, Ranjit Nagar Commercial Complex, New Delhi – 110 008

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.03.1989

Com. Reg. No.:	55-35634

Capital Investment / Paid-up Capital :	Rs. 10.586 Millions

CIN No.: [Company Identification No.]	U74899DL1989PTC035634

TAN No.: [Tax Deduction & Collection Account No.]	DELI04550A DELI05089A

PAN No.: [Permanent Account No.]	AAACI1478H

Legal Form :	Private Limited Liability Company

Line of Business :	Marketing, Importing and Supplying of Surgical Instruments, Medical Equipment and Hospital Supplies.

No. of Employees :	97 (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 71000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears huge losses incurred by the company in the year 2009-10. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office/ Corporate Office 1 :	Pragati Chambers, A-5/ A-6, Ranjit Nagar Commercial Complex, New Delhi – 110 008, India
Tel. No.:	91-11-25704962/ 65/ 66/ 67/68
Fax No.:	91-11-25702368/25700897
E-Mail :	instro@del2.vsnl.net.in
Website :	http://www.instromedixindia.com

Corporate Office 2 :	543, T, Sector -37, Pace City- ll, Gurgaon – 122001, Haryana, India

Regional Offices – Kolkata :	1252, Mahatma Gandhi Road, Opposite Aponjon Club, Ground Floor, Kolkata – 700082, India
Tel. No.:	91-9230645281
E-Mail :	bhowmick.ibm@gmail.com

Branch Office :	Located at: Bangalore · Chandigarh · Jaipur · Chennai

DIRECTORS

As on 30.09.2011

Name :

Mr.Gulshan Singh Rajpal

Designation :

Managing Director

Address :

EC-2, Inderpuri, New Delhi – 110012 , India

Date of Birth/Age :

30.091958

Date of Appointment :

28.03.1989

DIN No.:

00820780

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1989PTC035634	Instromedix (India) Private Limited	Director	28-03-89	28-03-89	-	Active	NO
2	U74899DL1995PTC074017	Taurus Health Care Private Limited	Director	21-11-95	21-11-95	-	Active	YES
3	U65929DL1996PTC075702	Instromedix (India) Finance Private Limited	Director	23-01-96	23-01-96	-	Active	YES
4	U33119DL2003PTC120387	Life Support Systems and Services Private Limited	Director	28-02-05	28-02-05	-	Active	YES
5	U33119DL2003PTC120736	Krishna Medi Equipments Private Limited	Director	28-02-05	28-02-05	-	Active	YES

Name :

Mr. Gurmehar Singh Dhupia

Designation :

Director

Address :

C/46, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

29.08.1975

Date of Appointment :

29.09.2009

DIN No.:

00965336

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120DL1996PTC079423	Anchor Portfolios Private Limited	Director	16-10-96	16-10-96	-	Active	NO
2	U45201DL1992PTC048572	Intercon Developers And Finvest Private Limited	Director	29-08-97	29-08-97	-	Strike off	NO
3	U67200DL2001PLC109330	Storg Solutions Limited	Additional director	09-01-09	09-01-09	-	Active	YES
4	U74899DL1989PTC035634	Instromedix (India) Private Limited	Additional director	29-09-09	29-09-09	-	Active	NO
5	U33119DL2003PTC120387	Life Support Systems and Services Private Limited	Additional director	29-09-09	29-09-09	-	Active	YES
6	U33119DL2003PTC120736	Krishna Medi Equipments Private Limited	Additional director	29-09-09	29-09-09	-	Active	YES

Name :

Mr. Ramit Bhasin

Designation :

Director

Address :

A-9/37, 1^st Floor, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

29.07.1965

Date of Appointment :

29.09.2009

DIN No.:

02478599

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67200DL2001PLC109330	Storg Solutions Limited	Additional director	09-01-09	09-01-09	-	Active	YES
2	U74899DL1989PTC035634	Instromedix (India) Private Limited	Additional director	29-09-09	29-09-09	-	Active	NO
3	U33119DL2003PTC120387	Life Support Systems and Services Private Limited	Additional director	29-09-09	29-09-09	-	Active	YES
4	U33119DL2003PTC120736	Krishna Medi Equipments Private Limited	Additional director	29-09-09	29-09-09	-	Active	YES
5	U67120MH1997PTC112574	RBS Financial Services (India) Private Limited	Director	30-06-10	15-12-09	-	Active	NO
6	U67120MH1993PLC073120	RBS Equities (India) Limited	Director	13-09-10	18-05-10	-	Active	NO

Name :

Anter Preet Kaur

Designation :

Director

Address :

EC-2, Inderpuri, New Delhi – 110012, India

Date of Birth/Age :

16.03.1960

Date of Appointment :

29.09.2009

DIN No.:

01189849

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC074017	Taurus Health Care Private Limited	Director	07-07-04	07-07-04	-	Active	YES
2	U65929DL1996PTC075702	Instromedix (India) Finance Private Limited	Director	07-07-04	07-07-04	-	Active	YES
3	U33119DL2003PTC120736	Krishna Medi Equipments Private Limited	Additional director	29-09-09	29-09-09	-	Active	YES
4	U74899DL1989PTC035634	Instromedix (India) Private Limited	Additional director	29-09-09	29-09-09	-	Active	NO
5	U33119DL2003PTC120387	Life Support Systems and Services Private Limited	Additional director	29-09-09	29-09-09	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Gulshan Singh Rajpal		494880
Anterpreet Kaur		24000
Amarpal Singh		4800
Jaspreet Kaur		4800
R.P. Singh (HUF)		800
Ramit Bhasin		264640
Garmehar Singh Dhupia		264640
TOTAL		1058560

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Marketing, Importing and Supplying of Surgical Instruments, Medical Equipment and Hospital Supplies.

GENERAL INFORMATION

No. of Employees :

97 (Approximately)

Bankers :

Canara Bank, Janpath, New Delhi – 110 001, India
ANZ Grindlays Bank Plc
Punjab National Bank
American Express Bank Limited
HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans (Cash/Credit Discounting) From Canara Bank	16.448	19.554
Term Loans- Ambulance From Canara Bank	0.140	0.202
Vehicle Loan
From Kotak Mahindra Primus Limited	0.000	0.000
From TML Financial Services Limited	0.081	0.122
From HDFC Bank Limited	2.947	1.618
Total	19.616	21.496
Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	72.959	96.959
From Shareholder and Relatives	4.126	4.160
Total	77.085	101.119

Banking Relations :	--

Financial Institution :	TML Financial Service Limited

Auditors :
Name :	Saxena and Saxena Chartered Accountant
Address :	811, Ansal Bhawan, K.G. Marg, New Delhi – 110001, India
Tel. No.:	91-11-43044999
Fax No.:	91-11-43091834
E-Mail :	arunsaxena@saxenaandsaxena.com
PAN.:	AABFS1263L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1058560

Equity Shares

(Includes 1036340 shares of Rs. 10 each fully paid up allotted as bonus shares by capitalization of genera reserve)

Rs.10/- each

Rs. 10.586 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.586	10.586	10.586
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.268	2.472	28.122
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.854	13.058	38.708
LOAN FUNDS
1] Secured Loans		19.616	21.496	47.120
2] Unsecured Loans		77.085	101.119	51.350
TOTAL BORROWING		96.701	122.615	98.470
DEFERRED TAX LIABILITIES		0.206	0.000	0.000

TOTAL		114.761	135.673	137.178

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		11.679	9.334	7.414
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.285

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.118	34.694	76.579
	Sundry Debtors	41.979	67.563	52.974
	Cash & Bank Balances	15.227	18.997	8.859
	Other Current Assets	7.554	4.872	10.638
	Loans & Advances	27.562	32.739	18.022
Total Current Assets		121.440	158.865	167.072
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.173	22.221	20.620
	Other Current Liabilities	5.369	9.382	14.199
	Provisions	1.816	0.923	2.774
Total Current Liabilities		18.358	32.526	37.593
Net Current Assets		103.082	126.339	129.479

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		114.761	135.673	137.178

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Turnover	154.617	93.793	98.876

NET PROFIT/LOSS		4.795	(25.650)	1.575

Earnings Per Share (Rs.)
Basic		4.53	NA	NA
Dilated		4.53	NA	NA

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	6.44	11.88	3.52

Current Ratio (Current Asset/Current Liability)	6.62	4.88	4.44

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE:

During the year turnover of the company has been Rs. 154.617 Millions and earned Net Profit of Rs. 4.795 Millions.

CONTINGENT LIABILITY

(Rs. in millions)

Particular	31.03.2011	31.03.2010
Guarantees Given	55.916	47.944
TOTAL	55.916	47.944

FORM 8

Corporate identity number of the company	U74899DL1989PTC035634
Name of the company	INSTROMEDIX (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Pragati Chambers, A-5/ A-6, Ranjit Nagar Commercial Complex, New Delhi – 110 008, India Email : sac_ca1982@yahoo.com
This form is for	Creation of Charge
Type of charge	Book Debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Canara Bank, 74 Janpath, New Delhi – 110 001, India Email : shahjindal@gmail.com
Nature of instrument creating charge	Hypothecation agreement of goods and book debts and common hypothecation agreement
Date of instrument Creating the charge	24.04.2010
Amount secured by the charge	Rs. 40.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Rate of interest as may be specified by the bank from time to time Terms of Repayment : On demand Margin : 35% Extent and operation of the charge: 100% Others : The above is to secure FLC (ST) limit of Rs. 17.600 millions ILC(ST) limit of Rs. 4.400 millions and BG(ST) limit of Rs. 18.000 millions aggregating to Rs. 40.000 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the goods and commodities procured, imported under ILC(ST) limit of Rs. 4.400 millions , FLC (ST) limit of Rs. 17.600 millions and BG (ST) limit of Rs. 18.000 millions for the creation of charge the order received from Indian air 1^st charge on plant and machineries.

FIXED ASSETS:

Plant and Machinery
Furniture and Fixture
Office Flat
Vehicles
Computers
Cycle
Buildings

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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.

MIRA INFORM REPORT

29.118

41.979

15.227

7.554

27.562

121.440

11.173

5.369

1.816

18.358

103.082

6.44

6.62

Unit