MIRA INFORM REPORT

Report Date :

09.09.2011

IDENTIFICATION DETAILS

Name :	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat 395004, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.10.2001
Com. Reg. No.:	04-40121
Capital Investment / Paid-up Capital :	Rs.49.384 millions
CIN No.: [Company Identification No.]	U33119GJ2001PTC040121
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00849C
PAN No.: [Permanent Account No.]	AALFS5210P
Legal Form :	Private Limited Liability Company
Line of Business :	Developer and Manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry.
No. of Employees :	200 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 987350
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses incurred by the company in the current year, however the Networth appears to be satisfactory. 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 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 / Corporate Office :	Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat 395004, Gujarat
Tel. No.:	91-261-3060606
Fax No.:	91-261-3060607
E-Mail :	contact@sahmed.com dlalkotadia@sahmed.com contact@smtpl.com
Website :	http://www.smtpl.com
Group Company Address:	304 Sahajanand House, Parsi Street, Saiyedpura, Surat – 395 003, Gujarat, India
Tel. No.:	91-261-2451451-58
Fax No.:	91-261-2452458
Factory:	Plot No.168/96/A, Dabhel Industrial Co-Operative Society Limited, Village Dabhel, Daman-396 210, Uttar Pradesh, India
Tel. No.:	91-260-2244151
Fax No.:	91-260-2241136

DIRECTORS

AS ON 18.09.2010

Name :	Mr. Dhirajlal Vallabhbhai Kotadia
Designation :	Director
Address :	43, Narayanmuninagar, Near Swaminarayan Gurukul, Ved Road, Surat – 395 004, Gujarat, India
Date of Birth/Age :	03.04.1962
Qualification :	B.E.
Date of Appointment :	25.03.2004
Din No.:	00013035
Name :	Mr. Dhirajkumar Savjibhai Vasoya
Designation :	Director
Address :	“Parishram” 47, Narmad Nagar, Athwalines, Surat – 395 001, Gujarat, India
Date of Birth/Age :	01.01.1958
Date of Appointment :	12.05.2006
Din No.:	00013067
Name :	Mr. Jayantilal Kanubhai Vaghasia
Designation :	Director
Address :	601-B, Ravidarshan Apartments, B/H Sarjan Society, Parle Point, Surat – 395 007, Gujarat, India
Date of Birth/Age :	15.04.1974
Date of Appointment :	02.08.2003
Din No.:	00035694

KEY EXECUTIVES

Name :	Mr. Kantilal H Savaliya
Designation :	Company Secretary
Address :	302, Mangal Deep Apartment, Om Nagar Society, Parvat Patia, Surat, Gujarat, India
Date of Cessation :	30.03.2009
Din No.:	ACIPS3349E
Name :	Mr. Anil Misra
Designation :	Vice President – Marketing and Sales
Name :	Mr. Harivadan Pandya
Designation :	Chief Finance Officer
Name :	Mr. J P Dutta
Designation :	Chief Operations Officer
Name :	Mr. Ronak Choksi
Designation :	Vice President (Operations and Human Relations)
Name :	Mr. Rahul Gaywala
Designation :	Executive Director
Name :	Dr. Atul Abhyankar
Designation :	Chief Medical Officer
Name :	Mr. Sanjay Shah
Designation :	Chief Project Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2010

Names of Shareholders	No. of Shares
Sharda D. Kotadia	26250000
Dhirajlal Vallabhbhai Kotadia	16443800
Dhirajkumar Savjibhai Vasoya	2135000
Vinod Kumar Vasoya	2093700
Jitendra Kotadia	70000
Naynaben Vasoaya	336000
Sahajanand Tchnologies Private Limited, India	748900
Vasantben Vasoya	336000
Martin Leon	50000
Manish Patel	70000
Jayantilal Vaghasia	74750
Vallabhbhai Naroda	28000
Rahul Gaywala	56000
Hitesh Vachchani	70000
Kaushal Kishor Shroff	2000

AS ON 18.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.10
Bodies corporate	1.54
Directors or relatives of directors	96.88
Other top fifty shareholders	1.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Developer and Manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry

Products :

· Infinnium-Core - Eluting Coronary Stent System has a biodegradable · Supralimus-Core - Eluting Coronary Stent System is based on the three powerful · Supralimus - is based on the three powerful tools. The CE approved The Millennium Matrix · Coronnium - (CE approved) Cobalt Chromium Coronary Stent System contains · Infinnium - (CE approved)-Paclitaxel Eluting Coronary Stent System contains · Millennium Matrix - (CE approved) Coronary Stent System contains excellent technical...

PRODUCTION STATUS (31.03.2009 and 31.03.2008)

Particulars	Unit	Installed Capacity		Actual Production
		2009	2008	2009	2008
Bare Stent	Nos.	30000	30000	18706	13734
Crimped Stent	Nos.	21600	19800	--	--
Crimped Stent
a) Mounted Stent	Nos.	--	--	6533	5362
b) Infinnium Stent	Nos.	--	--	4495	3709
c) Supralimus and Supralimus HS	Nos.	--	--	7678	4663

GENERAL INFORMATION

No. of Employees :

200 Approximately

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

• The Sutex Co-operative Bank Limited, 2^nd Floor, Surbhi Complex, Near Poona Octroi Naka, Parvat Patia, Surat-394210, Gujarat, India

Facilities :

SECURED LOANS	As on 31.03.2010 Rs. In millions	As on 31.03.2009 Rs. In millions
From Punjab National Bank
Cash Credit Facility	34.298	55.284
Export packing Credit Facility	19.906	31.234
From ICICI Bank Limited
Term Loan	9.871	39.778
Vehicle Loan	0.571	2.477
From HDFC Bank Limited
Vehicle Loan	1.059	0.674
From Kotak Mahindra Prime Limited
Vehicle Loan	0.452	--
TOTAL	66.157	129.447
UNSECURED LOANS
From a Director (Interest Free)	--	6.400
TOTAL	--	6.400

Banking Relations :	-
Auditors :
Name :	Surendra Shah and Associates Chartered Accountants
Address :	7006, 7^th Floor, World Trade Centre, Near Udhna Darwaja, Ring Road, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-2353774 / 2302346 / 3912346 / 6662346
Fax No.:	91-261-2334427
E-Mail :	rajeshshah_surat@hotmail.com
Associates/Subsidiaries :	· Sahajanand Medical Technologies Inc. U K · Sahajanand Medical Technologies Canada Inc. · Sahajanand Medical Technologies Inc USA · Sahajanand Medical Technologies (Europe) Limited
Group Companies :	· Sahajanand Technologies (Private) Limited · Sahajanand Medical Technologies (Private) Limited · Sahajanand Healthcare Limited · Sahajanand Biotech (Private) Limited · Sahajanand Vascular Technoventions Private Limited · Sahajanand Enterprise

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.1/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49383700	Equity Shares	Rs.1/- each	Rs.49.384 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		49.384	49.175	48.657
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		197.455	115.933	146.422
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		246.839	165.108	195.079
LOAN FUNDS
1] Secured Loans		66.157	129.447	170.275
2] Unsecured Loans		0.000	6.400	6.400
TOTAL BORROWING		66.157	135.847	176.675
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		312.996	300.955	371.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.626	74.182	69.992
Capital work-in-progress		1.945	23.263	5.322
INVESTMENT		0.000	0.000	0.176
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.267	52.414	83.352
	Sundry Debtors	131.388	176.414	186.995
	Cash & Bank Balances	30.847	1.404	0.708
	Other Current Assets	90.532	73.993	72.780
	Loans & Advances	3.058	0.918	0.570
Total Current Assets		299.092	305.143	344.405
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.194	42.923
	Other Current Liabilities	11.057	50.127	45.435
	Provisions	17.427	8.762	3.064
Total Current Liabilities		69.678	101.812	48.499
Net Current Assets		229.414	203.331	295.906
MISCELLANEOUS EXPENSES		0.011	0.179	0.358
TOTAL		312.996	300.955	371.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	421.262	351.136	400.600
		Other Income	1.999	1.518	0.761
		TOTAL (A)	423.261	352.654	401.361
Less	EXPENSES
		TOTAL (B)	288.915	330.480	360.944
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.346	22.174	40.417
Less	FINANCIAL EXPENSES (D)		10.403	19.542	17.442
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.943	2.632	22.975
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.814	28.675	18.857
	PROFIT BEFORE TAX (E-F) (G)		97.129	(26.043)	4.118
Less	TAX (H)		16.508	6.000	3.065
	PROFIT AFTER TAX (G-H) (I)		80.621	(32.043)	1.053
	BALANCE CARRIED TO THE B/S		80.621	(32.043)	1.053
	EARNINGS IN FOREIGN CURRENCY		NA	146.367	188.705
	IMPORTS
		FOB value	NA	80.721	84.869
		Custom Duty	NA	9.011	10.255
		Freight, Insurance and Clearing forwarding Expenses	NA	2.015	2.271
	TOTAL IMPORTS		NA	91.747	97.395
	Earnings Per Share (Rs.)		1.63	(0.66)	0.05

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	18.61	(9.09)	0.26
Net Profit Margin (PBT/Sales)	(%)	23.06	(7.42)	1.03
Return on Total Assets (PBT/Total Assets}	(%)	25.51	(6.87)	0.99
Return on Investment (ROI) (PBT/Networth)		0.39	(0.16)	0.02
Debt Equity Ratio (Total Liability/Networth)		0.55	1.44	1.15
Current Ratio (Current Asset/Current Liability)		4.29	3.00	7.10

LOCAL AGENCY FURTHER INFORMATION

Performance of the Company

The Company registered a good growth during the period ended 31^st March, 2010. The total sales and other revenue at Rs.421.300 Millions were up by 20% when compared to sales of Rs.351.100 millions of the last corresponding period. Profit before Tax (PBT) at Rs.97.100 millions was up when compared to negative PBT of Rs.26.000 millions of the last corresponding periods. Similarly. Profit after Tax (PAT) at Rs.80.600 millions has shown a healthy growth versus the negative PAT of Rs.32 millions for the last corresponding period. This strong financial performance and significant increase in Company’s net profits have been driven by continued business growth and sustained demonstration of cost synergies. The Company continues to retain relatively strong market holding in all its strategic geographic location.

At SMTPL, they are united by their Mission to contribute to human welfare with cardiac products that restore health and extend life for millions of people. In this regard, the directors take great pride to inform that the company has achieved to sell more than 100,000 stents, and thereby saving lives of thousands since inception.

The Company continues to drive on excellence in execution both at the front end of sales operations and the back end of manufacturing processes, which have helped growth and margins. The Company continues to strengthen its brand images by reaching out to various cardiologists, medical practitioners and other stakeholders in various forums and seminars.

During the year. the Company has also decided to expand manufacturing facility at Surat, SEZ Sachin to help support the increasing demand for their products. The Directors are pleased to inform you that the setting up of new plant in favorable tax zones and the expansion of manufacturing capacities are in line with the continuing growth of the coronary stent markets as demonstrated in the current year. This also supports the Company’s commitment to invest and grow to provide high quality and cost effective healthcare.

The year was therefore, at the strategic level marked by a year of unperturbed enthusiasm and the careful charting of a course for the company for the next coming years. The main elements are on the one hand a careful assessment of what had been achieved, on the other hand the development and adoption of strategy to truly establish itself as one of the biggest multi national player of India in cardiac industry.

Business

The coronary stent industry witnessed double digit growth in India. The Company continued its endeavor to provide high quality products and retained its market share by withstanding ever increasing heightened competition from multi national companies as well as other local players. The company was also successful in gaining outstanding growth in its commercially available DES products in India except Infinnium. Sales of Infinnium suffered on account cardiologist preference over sirolimus drug instead of paclitaxel based infinnium sterns. The market is slowly moving from BMS to DES stents. Even with the decreasing demand for BMS, the company achieved noticeable growth in its BMS products.

The international market also showed signs of recovery and the company achieved substantial revenue growth in its key markets like Brazil. Argentina and Cyprus.

FORM NO. 8

Name of the company	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED
Presented By	Mr. Manish I. Doshi
1) Date and description of instrument creating the change	29.03.2004. Agreement for hypothecation of machineries.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.9.400 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All kind of existing and new machineries of company as described in agreement of hypothecation of machineries and stock.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ minimum rate of 13% per annum to be charged monthly or otherwise.
5) Name and Address and description of the person entitled to the charge.	The Sutex Co-operative Bank Limited 2^nd Floor, Surbhi Complex, Near Poona Octroi Naka, Parvat Patia, Surat-394210, Gujarat, India
6) Date and brief description of instrument modifying the charge	22.06.2004 Letter of modification / confirmation of charge.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The charge of the bank to secure the term loan of Rs.9.400 Millions is modified on release of stock and existing machinery other terms and conditions of the original changes remains unchanged. Description of machinery : LASER SYSTEM (for cutting thin Tubell to be purchased)

Corporate identity number of the company	U33119GJ2001PTC040121
Name of the company	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	304 Sahajanand House, Parsi Street, Saiyedpura, Surat – 395 003, Gujarat, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others o Fixed Deposit
Particular of charge holder	ICICI Bank Limited Address : Landmarkrace Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India Email : jyotin.mehta@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation dated 6^th July, 2007 executed by Sahajanand Medical Technologies Private Limited in favour of ICICI Bank Limited for Rs.300.000 millions.
Date of instrument Creating the charge	06.07.2007
Amount secured by the charge	Rs.300.000 millions

FIXED ASSETS:

· Building

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

● Leasehold Improvements

● Patent

● Computer Software

WEB DETAILS :

PROFILE

Subject is developer and manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry. They committed to the welfare of all patients around the world; they shall provide best evidence based products to fight cardiovascular disease. Subject has a strong international presence and they are proud to be a first company to secure CE mark for biodegradable polymer based Drug Eluting Stents. They are committed to the philosophy “PLEDGED TO SAVE MILLIONS”.

BUSINESS

Sahajanand Technologies (Private) Limited

Sahajanand Technologies was incorporated in 1993 inspired by unique advantages of Laser Technology like high productivity, automation worthiness, elimination of finishing operations and reduced processing cost for diamond industry. They believe in delivering valuable and dependable solutions based on high end technology in the benefit of the industry. Sahajanand is one of the very few companies who provide product range for entire segment of diamond processing. Sahajanand has become a trendsetter company by initiating and defining innovative products.

Sahajanand Medical Technologies (Private) Limited

Established in the year 1998, company became the first Indigenous Stent Manufacturer in world to have two DES systems in its product portfolio. It is India’s largest manufacturing company based on Evidence Based Implantable Medical Devices and Medical Equipments. The products are manufactured conforming to the international quality standards and are offered at the most competitive prices. The Company is ISO 9000 certified and also obtained CE certification for its advanced range of products. This gives assurance of company’s quality consciousness.

Sahajanand Biotech (Private) Limited

An innovative drug discovery company creating safe quality of life solutions through all natural products. It is manufacturer of herbal medicinal formulations and is also engaged in research in Biotechnology.

Sahajanand Medical Technologies is the first Indian Modern Scientific Medical Devices Company in the world to discover “Biodegradable Polymer Stent” for Angioplasty

'Biodegradable Polymer Stent' designs innovated by Sahajanand Medical Technologies (SMT) have been accepted and approved by Cardiologists, researchers and operators from 37 countries all over the world. SMT is authenticated world wide as the first Indian company to develop Biodegradable Polymer Stent as the legend, in field of Modern Scientific Polymer Stents; Dr. Antineo Colombo used the SMT's Stent during a live demonstration at the Angioplasty conference. Because of the innovation of 'Biodegradable Polymer Stent' by Sahajanand reputed stent producing companies all over the globe has been forced to decrease their price tags.
Angioplasty is the term in medical science for the procedure of mechanically widening a narrowed or totally obstructed blood vessel (arteries) that have been blocked due to dumping of cholesterol and other fatty deposits. The Angioplasty can only be performed by the Cardiologists having super specialist DM degree.
With continuous developments in medical technologies, Angioplasty has also passed through various R and D efforts. In the early years, Balloon procedure was in practice for blocked Artery, but within short span of 6 months 30 to 35 % patients suffer from restenosis. In effect, new and more effective technology compared to Balloon Technology was discovered called ‘Stenting’. The word 'Stent' comes from the 'Tentistry'. Stents are most advanced, tiny, expandable slotted tubes or mesh tubes made of metal. They made Angioplasty procedure more effective. But in the 15% patients complained about re-stenosis owing to improper recovery. Now again question raised about how this problem can be resolved? After intensive research the 'Medicated Stent' was discovered where drug was used for better recovery. It is a modern and most effective scientific process. In this process drug is mixed with the polymer on the surface of the Stent. The drug releases with specific amount per day and sets more effective recovery after 6 weeks of Stent placement. After 6 weeks drug release process completes as normally patients recover within span of 2 to 4 weeks patients don’t need such drugs. This type of stent was   innovated-

Company started producing stents with new, extraordinary concept of “Biodegradable Polymer”. Development and marketing of such stents was not an easy task as multinational companies and well-known Cardiologists were using “Biostable Polymer”. Although the RandD team at Sahajanand continued their efforts without loosing courage. During the time when this research was undertaken, the world of medical technology was unable to decide between Biostable or Biodegradable. But now it is proved that Biostable polymer stays for long in the coronary artery that might cause blood clots in vessels while in Biodegradable stent polymer diffuses with time, thus this technology is now considered more effective and secure.

Sahajanand Medical Technologies takes pride for the fact that the scientists and Cardiologists around the world are using “Biodegradable” Technology in interest of the patients. In a way, Biodegradable Polymer Stent Technology from “Sahajanand Medical Technologies” seems to be the 'Path Breaking' and 'Pioneer' technology in the world. Noticeable concern is the cost of stent which is decided as Rs.70,000 by the company, choosing affordability over profit making. Now, middle classes can also afford Angioplasty. Because of this successful development of low priced stents, multinational companies are forced to reduce the cost of Stent from 0.150 million to 0.100 million.

Sahajanand Medical Technologies has once again proved that Indian companies can compete with R and D based companies worldwide. Today, stents from Sahajanand are being used successfully in more than 37 countries across the world including progressing nations like South America, Brazil, Argentina, Italy, Greece, and Germany.

Medical Technologies and actively contributing in further R and D work.

For benefit of the patients, Sahajanand is making its stents more authentic with taking a noticeable move. Sahajanand collaborated with the well-known insurance company and insured its stents. Now, if there is any problem or failure of the Stent (possibility is lesser than 3 to 4%) patients can make insurance claim and get help for next stenting procedure. This step is taken for the benefit of the patient and is hugely acceptable.

PRESS RELEASE

Sahajanand Medical Technologies, India Receives CE mark on Two Sirolimus Eluting Coronary Stents

Jun 29, 2011

Surat:  The CE approval for Supralimus® and Supralimus-Core® brings the company the distinction of being the first in the world to have CE approval for both Sirolimus and Paclitaxel -eluting coronary stents and in total three CE approved drug eluting stents. “The CE mark for Supralimus® and Supralimus-Core® is a significant accomplishment that substantiates our product’s excellent clinical outcomes. This further confirms our commitment to providing patients and clinicians new treatment options for coronary artery disease.” shared Dhirajlal Kotadia-CEO of Sahajanand, “The excellent flexibility, highly deliverable system and proven safety and efficacy of Sirolimus with the biodegradable polymers make our stents an excellent choice for a variety of patients” he added.

‘The drug coating in multiple layers with the use of biodegradable layers for the Supralimus and Supralimus Core stent is designed to deliver the drug in a biphasic manner: an initial burst dose, followed by a controlled release of the drug which will likely reduce late adverse clinical events compared to stents with non-biodegradable polymer’ said Dr. Atul Abhyankar, Medical Director of SMT and a renowned cardiologist. “In the early days of evolution of drug eluting stents SMT had the foresight about the safety of biodegradable polymers and was the first to pioneer the utilization of biodegradable polymer on all of its type of drug -eluting stents ” he added. Dr. Pedro Lemos MD, Ph.D, from InCor Institute, University of São Paulo Medical School shared his own experience “I have been using the Supralimus stent for more than 5 years now, with an accumulated clinical experience that sums hundreds of patients. In addition, we have run a randomized trial that evaluated the short and long-term outcomes of patients treated with that stent. Both in daily practice as well as in the context of a clinical study, the Supralimus presented a very good clinical performance”. SMT offers Stainless Steel and Cobalt Chromium bare metal stents, Paclitaxel eluting Stainless Steel stent and Sirolimus eluting Stainless Steel and Cobalt Chromium stents. The wide range of sizes of both Supralimus® and Supralimus-Core® from 8 mm to 40 mm with one of lowest strut thickness of CE approved chromium-cobalt and stainless steel stents.

Indications (Supralimus)

Supralimus® Sirolimus eluting coronary stent system is indicated for use in-patients with symptomatic ischemic heart disease due to coronary artery lesions with a reference vessel diameter ranging from 2.25 mm to 4.00 mm and is intended to improve coronary luminal diameter.

Indications (Supralimus-Core)

Supralimus-Core™ Sirolimus eluting coronary stent system is indicated for use in-patients with symptomatic ischemic heart disease due to coronary artery lesions with a reference vessel diameter ranging from 2.5 mm to 3.5 mm and is intended to improve coronary luminal diameter.

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.46.18
UK Pound	1	Rs.73.64
Euro	1	Rs.64.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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

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.