MIRA INFORM REPORT

Report Date :

15.11.2011

IDENTIFICATION DETAILS

Name :	KARMA HEALTH CARE LIMITED
Registered Office :	GD 347, Salt Lake, Sector III, Kolkata – 700 106, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.2007
Com. Reg. No.:	21-116378
Capital Investment / Paid-up Capital :	Rs.32.224 millions
CIN No.: [Company Identification No.]	U85100WB2007PLC116378
TAN No.: [Tax Deduction & Collection Account No.]	CALK05672C
PAN No.: [Permanent Account No.]	AADCK0924H
Legal Form :	A closely held public limited liability company
Line of Business :	Trader of Wheel Chairs, Power Wheel Chairs etc.
No. of Employees :	32 (Approximately)

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 54000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability of the company is under pressure. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 (GENERAL DETAILS)

Name :	Mr. S. Ganguly
Designation :	Manager
Contact No.:	91-9836067477
Date :	12.11.2011

LOCATIONS

Registered Office :	GD 347, Salt Lake, Sector III, Kolkata – 700 106, West Bengal, India
Tel. No.:	91-33-64507062 / 64507061 / 40221905 / 22871366 / 67
Mobile No.:	91-9836067477 (Mr. S. Ganguly)
Fax No.:	91-33-64507061 / 40221910 / 22871084
E-Mail :	service@karmahealthcare.com gk.sons@hotmail.com tumpa@karmahealthcare.com
Location :	Owned

DIRECTORS

As on 16.09.2011

Name :

Mr. Kuo Hu Kai

Designation :

Director

Address :

Apartment No. 221, Tower 4, 22^nd Floor, South City, Prince Anwar Shah Road, South City Mall, Kolkata – 700 068, West Bengal, India

Date of Birth/Age :

28.07.1973

Date of Appointment :

30.06.2011

DIN No.:

03562741

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85100WB2007PLC116378	Karma Health Care Limited	Director	17-09-11	30-06-11	Active	NO

Name :

Mr. Tien Yu Tsai

Designation :

Director

Address :

No. 7, Lane 44, Jifu Street, Neighborhood 20, Jinsing Village, Minsyong Township, Chiayi Country - 062154

Date of Birth/Age :

14.11.1971

Date of Appointment :

11.11.2008

DIN No.:

02212088

Name :

Mr. Ying Chun Chen

Designation :

Director

Address :

No. 302, Sector – 1, Daya Road, Neighborhood 9, Lucuo Village East, District Chiayi - 060076

Date of Birth/Age :

03.01.1956

Date of Appointment :

11.11.2008

DIN No.:

02212106

Name :

Mr. Chun Hsu Chen

Designation :

Director

Address :

410, Vardaan Building, 25A, Camac Street, Kolkata – 700 016, West Bengal, India

Date of Birth/Age :

08.10.1971

Date of Appointment :

17.08.2010

DIN No.:

02949502

Name :

Mr. Jay Singh Bardia

Designation :

Director

Address :

BD 365, Salt Lake City, Sector – 1, Kolkata – 700 064, West Bengal, India

Date of Birth/Age :

21.12.1968

Date of Appointment :

07.06.2007

Date of Ceasing :

30.11.2010

DIN No.:

00467932

Election Commission Identity Card No.:

WB/20/139/696695

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	L25199WB1990PLC048791	Krypton Industries Limited	Managing director	01-01-11	01-10-92	-	Active	NO
2	U70101WB1984PLC038115	Swastik Projects Limited	Director	17-08-98	17-08-98	-	Active	NO
3	U24119WB1996PTC081151	Digvijay Fin Impex Private Limited	Director	08-11-00	08-11-00	11-11-08	Active	NO
4	U72900WB2000PTC092630	I-Brainz Infotech Private Limited	Director	27-11-00	27-11-00	11-11-08	Active	YES
5	U25111WB2002PTC094785	ECO Wheels Private Limited	Director	24-06-02	24-06-02	-	Active	NO
6	U25199WB2002PTC094970	Barons Polymers Private Limited	Director	16-08-02	16-08-02	-	Active	NO
7	U51900WB2006PLC110019	Krypton Developers Limited	Director	21-06-06	21-06-06	-	Active	NO
8	U85310WB2007PLC113771	Krypton Tyres Limited	Director	28-02-07	28-02-07	-	Active	NO
9	U85100WB2007PLC116378	Karma Health Care Limited	Director	07-06-07	07-06-07	30-11-10	Active	NO
10	U22300WB2007PTC121254	Shanghrila Media Communications Private Limited	Director	29-12-07	29-12-07	05-01-08	Active	YES
11	U45400WB2010PTC151876	Tarachand Estates Private Limited	Director	31-07-10	31-07-10	01-12-10	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Ganguly
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

Names of Shareholders	No. of Shares
Bluwa International Company Limited, Mauritius	4518990
Ying Chun Chen	422420
Hsiao Chin Kun	99240
Wang Li Jung	521780
Tsai Yu Tien	99275
Chen Pei Ching	9855
Chen Hsu Chun	39635
Devendra nath Trivedi	100
Sumanta Ganguly	100
Tumpa Roychowdhury	100
Total	5711495

As on 16.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	79.12
Directors or relatives of directors	9.83
Other top fifty shareholders	11.05
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Wheel Chairs, Power Wheel Chairs etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Therma Medical Products Limited
Customers :	End Users · Medanta Hospital
No. of Employees :	32 (Approximately)
Bankers :	· State Bank of India, Kolkata · ICICI Bank, Sector II, Salt Lake · HDFC Bank · Bank of Baroda

Banking Relations :	--
Auditors :
Name :	H R Agarwal and Associates Chartered Accountants
Address :	219C, Old China Bazar Street, 1^st Floor, Room No. B-6, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22486561 / 30226561
Telefax No.:	91-33-22303207
E-Mail :	gk.sons@hotmail.com
PAN No.:	AACFH9792E
Related Party :	Krypton Industries Limited

CAPITAL STRUCTURE

As on 16.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6300000	Equity Shares	Rs.10/- each	Rs.63.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5711495	Equity Shares	Rs.10/- each	Rs.57.115 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3300000	Equity Shares	Rs.10/- each	Rs.33.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3222390	Equity Shares	Rs.10/- each	Rs.32.224 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		32.224	17.053	5.000
2] Share Application Money		0.002	0.002	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(18.816)	(7.497)	(4.171)
NETWORTH		13.410	9.558	0.829
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.052	0.005	0.005
TOTAL		13.462	9.563	0.834
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.034	0.118	0.037
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	17.558	9.516	2.770
	Sundry Debtors	16.308	4.922	1.043
	Cash & Bank Balances	1.432	2.067	0.248
	Other Current Assets	0.054	0.000	0.000
	Loans & Advances	1.696	0.025	0.019
Total Current Assets		37.048	16.530	4.080
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.418	6.329	3.068
	Other Current Liabilities	0.573	0.799	0.264
	Provisions	3.650	0.000	0.016
Total Current Liabilities		24.641	7.128	3.348
Net Current Assets		12.407	9.402	0.732
MISCELLANEOUS EXPENSES		0.021	0.043	0.065
TOTAL		13.462	9.563	0.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	39.354	10.007	5.468
		Exchange Gain / Loss	0.417	0.092	(0.338)
		Other Income	0.001	0.000	0.000
		TOTAL	39.772	10.099	5.130
Less	EXPENSES
		Purchase	35.163	13.300	5.820
		Spare Parts	0.000	0.004	0.000
		Carriage Inward	0.044	0.000	0.056
		Custom Duty	0.063	0.379	0.196
		Packing Material	0.019	0.024	0.013
		Administrative and Other Expenses	21.790	6.115	3.120
		Preliminary Expenses Written / Off	0.022	0.022	0.022
		Clearing Expenses	1.888	0.319	0.359
		Increase in Stock	(8.042)	(6.746)	(1.623)
		TOTAL	50.947	13.417	7.963
	PROFIT/(LOSS)BEFORE TAX, DEPRECIATION AND AMORTISATION		(11.175)	(3.318)	(2.833)
Less/ Add	DEPRECIATION/ AMORTISATION		0.096	0.008	0.005
	PROFIT/(LOSS) BEFORE TAX		(11.271)	(3.326)	(2.838)
Less	TAX		0.048	0.000	0.018
	PROFIT/(LOSS)AFTER TAX		(11.319)	(3.326)	(2.856)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.497)	(4.171)	(1.315)
	BALANCE CARRIED TO THE B/S		(18.816)	(7.497)	(4.171)
	IMPORTS
		Finished Goods	40.968	NA	6.375
	Earnings / (Loss) Per Share (Rs.)		(4.88)	(4.58)	(6.51)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(28.46)	(32.93)	(55.67)
Net Profit Margin (PBT/Sales)	(%)	(28.64)	(33.24)	(51.90)
Return on Total Assets (PBT/Total Assets}	(%)	(29.60)	(19.98)	(68.93)
Return on Investment (ROI) (PBT/Networth)		(0.84)	(0.35)	(3.42)
Debt Equity Ratio (Total Liability/Networth)		1.84	0.75	4.04
Current Ratio (Current Asset/Current Liability)		1.50	2.32	1.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	NO
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	NO
15.	Capital in the business	NO
16.	Details of sister concerns	--
17.	Major Suppliers	YES
18.	Major Customers	YES
19.	Payment terms	YES
20.	Export / Import details (is applicable)	--
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	--
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

NOTE

The Registered office of the company has been shifted from 410, Vardan Building, 25A, Camac Street, Kolkata – 700 016, West Bengal, India to the present address w.e.f. 16.08.2010.

TRADE REFERENCES

· Therma Medical Products Limited

· Medanta Hospital

FIXED ASSETS

· Computer

· Office Equipment

· Furniture and Fixture

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.50.08
UK Pound	1	Rs.80.36
Euro	1	Rs.68.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	2
--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	NO
--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.