MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	VASCULAR CONCEPTS LIMITED [w.e.f. 15.09.2006]

Formerly Known As :	VASCULAR CONCEPTS PRIVATE LIMITED

Registered Office :	Flat No. 201, Second Floor, Jyothi Apartments, 66, Nehru Place, New Delhi – 110019,

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	25.05.1992

Com. Reg. No.:	08-141596

Capital Investment / Paid-up Capital :	Rs.15.785 Millions

CIN No.: [Company Identification No.]	U33119DL2005PLC141596

TAN No.: [Tax Deduction & Collection Account No.]	BLRM01490G

PAN No.: [Permanent Account No.]	AAACM8353R

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trading in Medical Devices

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1510000

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 :	Flat No. 201, Second Floor, Jyothi Apartments, 66, Nehru Place, New Delhi – 110019, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	mdg@airtelbroadband.in

Corporate Office :	2 Deans Hall Business Park, Oak Road, Little Maplestead, Halstead, Essex C09 2RT, United Kingdom
Tel. No.:	01787-477199
Fax No.:	01787-477510
E-Mail :	info@vascularconcepts.com

World Sales Headquarters :	Vascular Concepts International, Londres, 90 – 4°.2ª. 08036 – Barcelona España
Tel. No.:	+34-933632895
Fax No.:	+34-933220611

Asian Sales Headquarters :	No. 19, SV Complex (1st Floor), Bellary Road, Hebbal, Bangalore 560 024, India
Tel. No.:	91-80-23438146/49
Fax No.:	91-80-23439205
E-Mail :	vcpl_bgl@vascularconcepts.com

DIRECTORS

As on 22.08.2011

Name :

Mr. Swaminathan Mayuram Jayaraman

Designation :

Managing Director

Address :

No. 32-3-2 11^th Cross 8^th Main Malleshwaram Bangalore – 560003, Karnataka, India

Date of Birth/Age :

04.12.1964

Date of Appointment :

25.05.1992

DIN No.:

00235900

Other Directorship:

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

U33119DL2005PLC141596

VASCULAR CONCEPTS LIMITED

Managing director

01-04-09

25-05-92

Active

Name :

Mr. Anurag Dubey

Designation :

Director

Address :

C-3/3, Mangla Apartment, Plot No. 53, IP Extension, Patparganj, New Delhi – 110092, India

Date of Birth/Age :

05.04.1974

Date of Appointment :

20.07.2006

DIN No.:

00508600

Name :

Mr. Kala Swaminathan

Designation :

Director

Address :

GF 3, Renaissaissance Krishna, No.13, 5^th Main, 9^th Cross, Malleswaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

19.01.1969

Date of Appointment :

10.12.2010

DIN No.:

03355580

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.08.2011

Names of Shareholders		No. of Shares
Vascular Concepts Holding Limited, British Isles		137404
Vascular Concepts Limited, United Kingdom		20400
P. S. Subramanian		10
Deepak Wadhwa		10
N. K. Zaveri		10
Piyush Dwivedi		10
Alok Arora		10

Total		157854

Equity Share Break up (Percentage of Total Equity)

As on 22.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.97
Other top fifty shareholders	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in Medical Devices

Products:	Medical Devices

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Mysore, Dr Ambedkar Veedhi Branch, Bangalore-560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loan Secured	118.205	79.659
Loan taken from Vehicle Secured	2.600	2.180
Total	120.805	81.839

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan From Director	30.000	0.000
Interest Accrued due other Debt Unsecured	0.299	0.000
Total	30.299	0.000

Banking Relations :	--

Auditors :
Name :	SVR and Associates Chartered Accountants
Address :	S-3 II Floor Mangalam Chambers 25, K. H. Road, Bangalore – 560027, Karnataka, India
Tel. No.:	91-80-22240210/221313606
Fax No.:	91-80-22290355
E-Mail :	k_shankar@vsnl.com
PAN.:	AAQFS5657M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
157854	Equity Shares	Rs.100/- each	Rs.15.785 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		15.785	15.785	15.785
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		360.788	300.062	315.158
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		376.573	315.847	330.943
LOAN FUNDS
1] Secured Loans		120.805	81.839	43.752
2] Unsecured Loans		30.299	0.000	0.000
TOTAL BORROWING		151.104	81.839	43.752
DEFERRED TAX LIABILITIES		0.000	0.000	1.069

TOTAL		527.677	397.686	375.764

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		67.641	63.408	57.308
Capital work-in-progress		9.080	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.389	0.244	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	305.408	279.238	211.084
	Sundry Debtors	501.632	477.371	403.206
	Cash & Bank Balances	21.465	18.944	17.143
	Other Current Assets	17.245	40.431	33.047
	Loans & Advances	6.876	8.538	5.964
Total Current Assets		852.626	824.522	670.444
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.283	228.099	153.787
	Other Current Liabilities	67.897	40.840	57.164
	Provisions	114.879	221.549	141.037
Total Current Liabilities		403.059	490.488	351.988
Net Current Assets		449.567	334.034	318.456

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		527.677	397.686	375.764

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1429.936	1350.194	1076.446
		Other Income	1.960	34.188	1.213
		TOTAL (A)	1431.896	1384.382	1077.659

Less	EXPENSES
		Consumption materials changes inventories	728.015	1242.954	964.941
		Manufacturing other operating expenses	574.948
		TOTAL (B)	1302.963	1242.954	964.941

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		128.933	141.428	112.718

Less	FINANCIAL EXPENSES (D)		11.632	5.841	9.552

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		117.301	135.587	106.166

Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.821	8.456	7.451

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		108.480	127.131	95.715

Less	TAX (H)		47.853	142.228	42.284

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		60.627	(15.097)	53.431

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		298.847	313.944	260.513

	BALANCE CARRIED TO THE B/S		359.474	298.847	313.944

	EARNINGS IN FOREIGN CURRENCY
		Export Turnover	17.787	35.608	31.627

	IMPORTS
		Raw Materials and Packing Material	410.939	568.381	420.927

	Earnings Per Share (Rs.)		3.93	(0.96)	3.38

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.23	(1.09)	4.96

Net Profit Margin (PBT/Sales)	(%)	7.59	9.42	8.89

Return on Total Assets (PBT/Total Assets}	(%)	11.79	14.32	13.15

Return on Investment (ROI) (PBT/Networth)		0.29	0.40	0.29

Debt Equity Ratio (Total Liability/Networth)		1.47	1.81	1.19

Current Ratio (Current Asset/Current Liability)		2.12	1.68	1.90

LOCAL AGENCY FURTHER INFORMATION

NOTE: The registered office of the company has been shifted from B-6, Flat No. 4, G.K. Enclave, New Delhi-110048, and India to the present address w.e.f. 01.05.2006.

BACKGROUND

Subject was incorporated on 25^th May 1992 as a Private Limited Company. The company is focused on Processing and Trading in Medical Devices. The company was converted to Public Limited Company on 15.09.2006.

FORM 8

Corporate identity number of the company	U33119DL2005PLC141596
Name of the company	VASCULAR CONCEPTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. 201, Second Floor, Jyothi Apartments, 66, Nehru Place, New Delhi – 110019, India Email: mdg@airtelbroadbrand.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80022358
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of Mysore, Dr Ambedkar Veedhi Branch, Bangalore-560001, Karnataka, India Email: ambedkarveedhi@sbm.co.in
Nature of instrument creating charge	Agreement for cash credit -Hypothecation of goods-Form No.9 Agreement for cash credit -Hypothecation of Debts and Assets-Form No.10 Hypothecation letter in respect of Machines Accepted as Collateral Security for Advances Agreement for Establishing Letter of Credit/Guarantees
Date of instrument Creating the charge	19.12.2009
Amount secured by the charge	Rs.140.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Fund Based cash Credit -Hypothecation of Stocks and Book Debts 13.75% Non Fund Based Letter of Credit (import)(FLC)-As per Norms Bank Guarantee-As per Norms Terms of Repayment On Demand goods, Margin Fund Based Cash Credit -Hypothecation of Stocks and Book Debts-25% Non Fund Based Letter of Credit (Import){FLC}-10% Bank Guarantee-25% Extent and Operation of the charge First Charge on Goods, Present and Future Debts and Machines installed at No 7C, Doddaballapur Industrial Estate, Doddaballapur , Bangalore
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of borrowers stocks of Raw material, semi finished and finished goods used in manufacture and assemble of cath test, tubing, stents, ballons etc The Borrowers present and future Debts, outstanding moneys ,receivables, claims, bills, contracts, engagements, securities, investments rights etc Machines installed at No 7C,Doddaballapur Industrial Estate ,Doddaballapur ,Bangalore as mentioned in Annexure -I
Date of instrument modifying the charge	05.01.2009
Particulars of the present modification	The Charge amount is increased from Rs.120.000 millions and Rs.140.000 millions.

FIXED ASSETS

Land
Building
Mobile
Furniture and Fixtures
Vehicles
Office Equipment

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.51.16
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

305.408

279.238

211.084

501.632

477.371

403.206

21.465

18.944

17.143

17.245

40.431

33.047

6.876

8.538

5.964

852.626

220.283

67.897

114.879

403.059

490.488

351.988

449.567

334.034

318.456

4.23

(1.09)

4.96

7.59

9.42

8.89

11.79

14.32

13.15

0.29

0.40

0.29

1.47

1.81

1.19

2.12

1.68

1.90

Unit