MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	FORZA MEDI (INDIA) PRIVATE LIMITED

Registered Office :	A-5, Malcha Marg, Diplomatic Enclave, New Delhi – 110021

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.05.2000

Com. Reg. No.:	55-105761

Capital Investment / Paid-up Capital :	Rs.8.500 Millions

CIN No.: [Company Identification No.]	U51397DL2000PTC105761

TAN No.: [Tax Deduction & Collection Account No.]	DELF01867F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of Wheel Chair Frames and Trading of Tool Kits, Wheel Chair Frames, Medicine, Pharmaceuticals, Formulation Drugs, Health Care and Cosmetic Items.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 996000

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 – 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 :	A-5, Malcha Marg, Diplomatic Enclave, New Delhi – 110021, India
Tel. No.:	91-11-26874603
E-Mail :	fmi@forzmedi.com forzymedi@sify.com
Website :	www.forzmedi.com

Factory :	Plot No. 166, Sector 4, IMT, Manesar, Gurgaon – 122050, Haryana , India
Tel. No.:	91-124-4365142/4365150
Fax No.:	91-124-4365156

DIRECTORS

As on 30.09.2010

Name :

Mr. Ahish Jain

Designation :

Director

Address :

A-5, Malcha Marg, New Delhi – 110021, India

Date of Birth/Age :

20.09.1972

Date of Appointment :

03.12.2001

DIN No.:

00898038

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	U51397DL2000PTC105761	Forza Medi (India) Private Limited	Director	03-12-01	19-05-00	-	Active	NO
2	U45200DL2007PTC162395	Three D Leasere and Agro Private Limited	Director	23-04-07	23-04-07	-	Active	NO
3	U70100DL2007PTC162212	Reshash Agro Private Limited	Director	11-06-07	11-06-07	-	Active	NO
4	U45200DL2007PTC160261	Shri Kunj Bihari Builders Private Limited	Director	24-10-07	24-10-07	-	Active	NO
5	U45201DL2006PTC147528	Embryonic Properties Private Limited	Director	01-09-08	01-09-08	-	Active	NO

Name :

Mrs. Reshma Jain

Designation :

Director

Address :

A-5, Malcha Marg, New Delhi – 110021, India

Date of Birth/Age :

23.09.1971

Date of Appointment :

07.06.2006

DIN No.:

00898063

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	U51397DL2000PTC105761	Forza Medi (India) Private Limited	Director	07-06-00	07-06-00	-	Active	NO
2	U45200DL2007PTC162395	Three D Leasere and Agro Private Limited	Director	23-04-07	23-04-07	-	Active	NO
3	U70100DL2007PTC162212	Reshash Agro Private Limited	Director	11-06-07	11-06-07	-	Active	NO
4	U45201DL2006PTC147528	Embryonic Properties Private Limited	Director	01-09-08	01-09-08	-	Active	NO
5	U74899DL1974PTC007079	Bahami Prints Private Limited	Director	15-10-09	15-10-09	-	Dormant	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Ashish Jain		715010
Reshma Jain		135010
TOTAL		850020

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Wheel Chair Frames and Trading of Tool Kits, Wheel Chair Frames, Medicine, Pharmaceuticals, Formulation Drugs, Health Care and Cosmetic Items.

Products :

Product Description	Item Code No.
Wheel Chair Components and Assembled Wheel Chairs	94021090

PRODUCTION STATUS 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wheel Chair Components
Aluminum	Qty	NA	NA	993804
Steel	Qty	NA	NA	695548
Wheel Chair Assembled	Qty	NA	NA	43222
Wheel Chair Modules	Qty	NA	NA	55555
Others	Qty	NA	NA	219316
TOTAL				2007445

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ING Vysya Bank Limited, 16, 11, R.D. Chambers, Main Arya Samaj Road, P.B.No. 2598, Karolbagh, New Delhi – 110005, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan-1 (Secured against the property for which loan has been taken Amount due for repayment in next one year in Rs. 1.361 millions)	30.000	48.382
Term Loan – 2 (Secured by hypothecation of plant and machinery, Equitable mortgage of factory land and building at manesar and other fixed assets excluding vehicles)	0.000	5.846
Vehicle Loan (Secured by hypothecation of the vehicle loan)	1.683	2.684
Bill Discounted (Secured by hypothecation of stock and book debts and documents of little of goods in transit)	44.587	19.425
Total	76.270	76.337

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Director	1.350	0.000
From Other	0.163	0.163
Total	1.513	0.163

Banking Relations :	--

Auditors :
Name :	S.N. Dhawan and Company Chartered Accountants
Address :	C-37, Connaught Place, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-43684444
Fax No.:	91-11-43684445
PAN.:	AAQFS0580H

CAPITAL STRUCTURE

As on 31.30.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

850020	Equity Shares	Rs.10/- each	Rs. 8.500 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		8.500	8.500	8.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		240.591	161.930	96.761
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		249.091	170.430	105.261
LOAN FUNDS
1] Secured Loans		76.270	76.337	74.144
2] Unsecured Loans		1.513	0.163	0.182
TOTAL BORROWING		77.783	76.500	74.326
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		326.874	246.930	179.587

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		87.336	58.576	53.941
Capital work-in-progress		0.000	4.737	1.605

INVESTMENT		0.000	3.000	0.500
DEFERREX TAX ASSETS		1.903	1.367	0.663

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.873	68.605	53.627
	Sundry Debtors	116.928	75.415	61.110
	Cash & Bank Balances	7.869	15.017	9.611
	Other Current Assets	0.000	131.207	0.000
	Loans & Advances	177.890	0.000	101.403
Total Current Assets		419.560	290.244	225.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.524	23.989	23.031
	Other Current Liabilities	37.278	43.873	49.003
	Provisions	76.123	43.132	30.839
Total Current Liabilities		181.925	110.994	102.873
Net Current Assets		237.635	179.250	122.878

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		326.874	246.930	179.587

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	672.407	402.180	371.094
		Other Income	3.732	8.666	7.994
		TOTAL	676.139	410.846	379.088

Less	EXPENSES
		Office Expenses	570.547	332.208	300.854
		Administrative Expenses
		Advertising Expenses
		TOTAL	570.547	332.208	300.854

	PROFIT BEFORE TAX		105.592	78.638	78.234

Less	TAX		0.414	1.424	9.501

	PROFIT AFTER TAX		105.178	77.214	68.733

		Export Sales (on FOB Basis)	663.399	394.368	364.354
	TOTAL EARNINGS		663.399	394.368	364.354

	IMPORTS
		Raw Materials	100.486	78.435	52.996
		Components and Consumables	142.040	81.725	71.112
	TOTAL IMPORTS		242.526	160.160	124.108

	Earnings Per Share (Rs.)		123.74	90.84	80.86

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.56	18.79	18.13

Net Profit Margin (PBT/Sales)	(%)	15.70	19.55	21.08

Return on Total Assets (PBT/Total Assets}	(%)	20.83	22.54	27.97

Return on Investment (ROI) (PBT/Networth)		0.42	0.46	0.74

Debt Equity Ratio (Total Liability/Networth)		1.04	1.65	1.68

Current Ratio (Current Asset/Current Liability)		2.31	2.61	2.19

LOCAL AGENCY FURTHER INFORMATION

WORKING RESULT:

As will be observed from the statements of accounts the company has performed well during the said period and effected total sales of Rs. 672.400 millions (as against 402.100 millions in last year) the net results was however a profit of Rs. 105.178 millions (as against profit of Rs. 77.214 millions during the previous year). However, your directors are making hard effort to do better in future.

CONTINGENT LIABILITIES:

The company has been granted E.O.U status for which it has furnished a bank guarantee of Rs. 2.700 millions in favour of the Customs and Excise Commissioner for fulfillment of export obligation, failing which the company may have to pay Rs. 2.700 millions as penalty to the said department.

FORM 8:

Corporate identity number of the company	U51397DL2000PTC105761
Name of the company	FORZA MEDI (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-5, Malcha Marg, Diplomatic Enclave, New Delhi – 110021, India Email : fmi@forzamedi.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10005726
Type of charge	Book Debts Movable Property (not being pledge) Floating charge Others
Particular of charge holder	ING Vysya Bank Limited, 16,11, R.D. Chambers, Main Arya Samaj Road, P.B.No. 2598, Karolbagh, New Delhi – 110005, India Email: cms@companiesinn.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	18.04.2011
Amount secured by the charge	Rs. 70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : PSL : IVBR+3.10% SOD(Sub limit of PSL) : IVBR+3.10% BG: Commission as per bank guidelines. LC: Commission as per bank guidelines. Terms of Repayment: PSL: Usance period 75 days. SOD(Sub limit of PSL) : On Demand BG : 3 years LC: Usance period 90 days. Margin: PSL : Nil SOD(Sub limit of PSL) : Nil BG : By way of deposit - 10% LC : Cash margin 10% Extent and Operation of the charge: Exclusive charge on hypothecation of stock, machinery all other movables of the company both present and future. Exclusive charge on hypothecation of book debts/receivables of the company both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock, machinery all other movables stored/ to be stored at Plot no -166, sec-4, Manesar, Haryana or anywhere else from time to time. Hypothecation of Book debts/ Receivable of the company both present and future.
Particulars of the present modification	The limit has been modified to Rs.70.000 millions as follows: PSL of Rs.60.000 millions , SOD(Sub limit of PSL) of Rs.(2.500) millions, BG of Rs.5.000 millions and LC of Rs.5.000 millions. The hypothecation on the assets of the company extended to the modified limit.

FIXED ASSETS:

TENGIBLE ASSETS

Land
Building
Plant and Machinery
Furniture and Fixture

Tools and Dies
Vehicles
Computers
Printings and Sculptures

INTENGIBLE FIXED ASSETS

Computer Software

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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		49

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

116.873

116.928

7.869

0.000

177.890

419.560

68.524

37.278

76.123

181.925

237.635

15.56

15.70

20.83

0.42

1.04

2.31

Unit