MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	SCHILLER HEALTHCARE INDIA PRIVATE LIMITED
Registered Office :	111, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1997
Com. Reg. No.:	11-111307
Capital Investment / Paid-up Capital :	Rs.50.689 Millions
CIN No.: [Company Identification No.]	U33110MH1997PTC111307
TAN No.: [Tax Deduction & Collection Account No.]	MUMS22847G
PAN No.: [Permanent Account No.]	AADCS5091B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cardiac, Critical Care and Spirometry Systems.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	111, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22674119/ 28263520/ 0269/ 66920520/ 61523333
Fax No.:	91-22-22673898/ 25263525/3258/ 28263525/ 28263520/ 29209142
E-Mail :	mail@schillerindia.com schiller@vsnl.com lquest@bom2.vsnl.net.in
Website :	http://www.schillerindia.com
Corporate Office :	Advance House, 2^nd Floor, Off Andheri-Kurla Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-61523333/ 29209141
Fax No.:	91-22-29209142
E-Mail :	sales@schillerindia.com support@schillerindia.com
Factory 1 :	408/5-2, Ground Floor, 7^th Main, 2^nd Block, Jayanagar, Bangalore – 560 011, Karnataka, India
Tel. No.:	91-80-26564045/ 4959
Fax No.:	91-80-26564045
E-Mail :	seshadri@schillerindia.com
Factory 2 :	No.17, Pondy Villupuram Road, Balaji Nagar, Oulgaret, Pondicherry - 605 010, Tamilnadu, India
Tel No.:	91-413-2291160/ 2949/ 3098599
Fax No.:	91-413-2291240
Email :	schpon@satyam.net.in hmohan@schillerindia.com venkatesh@schillerindia.com
Branch Office :	Located At : · Ahmedabad · Bangalore · Kolkata · Chennai · Cochin · Hyderabad · New Delhi · Pondicherry · Pune

DIRECTORS

(AS ON 01.08.2011)

Name :

Mr. Pravin Ratilal Gandhi

Designation :

Vice Chairman

Address :

19 Fulchand Nivas, 5^th Floor, Chowpatty Sea Face, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

29.06.1944

Date of Appointment :

15.10.1997

DIN No.:

00694153

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	U67120MH1992PTC065756	RATILAL HOLDINGS PRIVATE LIMITED	Director	18/06/1992	18/06/1992	1/6/2009	Active	NO
2	U51900MH1993PTC071333	RATILAL GENERAL TRADING COMPANY PRIVATE LIMITED	Director	26/03/1993	26/03/1993	1/6/2009	Active	NO
3	U33110MH1997PTC111307	SCHILLER HEALTHCARE INDIA PRIVATE LIMITED	Director	15/10/1997	15/10/1997	-	Active	NO
4	U67120MH1992PTC065765	GAURANG SECURITIES PRIVATE LIMITED	Director	26/05/1999	26/05/1999	-	Active	NO
5	U67120MH1992PTC067411	RAKU HOLDING PRIVATE LIMITED	Director	26/05/1999	26/05/1999	-	Active	NO
6	U67120MH1992PTC065747	RATI HOLDING PRIVATE LIMITED	Director	1/7/1999	1/7/1999	1/6/2009	Active	NO
7	U65991MH1999PTC121901	INFINITY TECHNOLOGY TRUSTEE PRIVATE LIMITED	Director	23/09/1999	23/09/1999	-	Active	NO
8	U67120MH1999PTC209227	INFINITY TECHNOLOGY INVESTMENTS PRIVATE LIMITED	Director	25/09/1999	25/09/1999	-	Active	NO
9	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Nominee director	5/2/2009	25/05/2002	-	Active	NO
10	U22190KA1997FTC022250	COLLABERA SOLUTIONS PRIVATE LIMITED	Director	29/07/2003	29/07/2003	30/06/2007	Active	NO
11	L74140PN1986PLC041033	KALE CONSULTANTS LIMITED	Director	31/01/2004	31/01/2004	7/7/2011	Active	NO
12	U85110KA1989PLC014450	MICROLAND LIMITED	Director	7/9/2004	7/9/2004	-	Active	NO
13	U72900MH2004PTC149997	SAFE HOUSE INFORMATION MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	28/09/2005	20/04/2005	-	Active	NO
14	U99999MH1999PTC123358	AVENDUS CAPITAL PRIVATE LIMITED	Director	24/05/2005	24/05/2005	-	Active	NO
15	U67120MH2006PTC162412	SEED ADVISORS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	-	Active	NO
16	U72900MH2005PTC157623	PRINTO DOCUMENT SERVICES PRIVATE LIMITED	Director	24/09/2007	25/11/2006	-	Active	NO
17	U72900DL2000PTC104376	BANYAN NETFAQS PRIVATE LIMITED	Additional director	9/8/2007	9/8/2007	27/05/2011	Active	NO
18	U65910AP1999PLC031548	SHARE MICROFIN LIMITED	Director	25/09/2007	25/09/2007	24/03/2009	Active	NO
19	U72200MP2003PTC015509	AUTOMOTIVE EXCHANGE PRIVATE LIMITED	Director	20/10/2008	11/10/2008	16/12/2010	Active	NO
20	U72200GJ2006PTC049294	THINKLABS TECHNOSOLUTIONS PRIVATE LIMITED	Nominee director	14/11/2008	14/11/2008	-	Active	NO
21	U51909MH2011PTC213538	FETISE RETAIL PRIVATE LIMITED	Additional director	20/12/2011	20/12/2011	-	Active	NO
22	U85100MH2011PTC215949	JEEVANTI HEALTHCARE PRIVATE LIMITED	Nominee director	20/01/2012	20/01/2012	-	Active	NO
23	U74999MH2010PTC199387	NEVALES NETWORKS PRIVATE LIMITED	Additional director	19/03/2012	19/03/2012	-	Active	NO

Name :

Mr. Vikram Dhirajlal Sanghvi

Designation :

Managing Director

Address :

Flat No. 6, Shangri la, 27-A, Carmichael Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

26.08.1959

Date of Appointment :

01.04.2009

DIN No.:

00137309

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	U51225MH1934PTC002213	THE OIL SEEDS TRADING COMPANY PRIVATE LIMITED	Director	8/12/1986	8/12/1986	-	Active	NO
2	U67120MH1992PTC065756	RATILAL HOLDINGS PRIVATE LIMITED	Director	18/06/1992	18/06/1992	1/6/2009	Active	NO
3	U67120MH1992PTC065766	SANGHVI SECURITIES PRIVATE LIMITED	Director	2/2/1993	2/2/1993	-	Active	NO
4	U51900MH1993PTC071333	RATILAL GENERAL TRADING COMPANY PRIVATE LIMITED	Director	26/03/1993	26/03/1993	1/6/2009	Active	NO
5	U33110MH1997PTC111307	SCHILLER HEALTHCARE INDIA PRIVATE LIMITED	Managing director	1/4/2009	15/10/1997	-	Active	NO
6	U67120MH1992PTC065747	RATI HOLDING PRIVATE LIMITED	Director	1/7/1999	1/7/1999	1/6/2009	Active	NO
7	U65910MH1983PTC030373	BOMBAY LEASING COMPANY PRIVATE LIMITED	Director	28/09/1999	28/09/1999	-	Active	NO

Name :

Mr. Doppler George Domnik

Designation :

Director

Address :

Brueoelstrasse 66, CH -6415, Arth, Switzerland

Date of Birth/Age :

16.10.1968

Date of Appointment :

29.05.2001

DIN No.:

01587640

Name :

Mr. Eugen Alfred Schiller

Designation :

Director

Address :

Plot No.112, Sion-Koliwada Road, Sion (East), Mumbai - 400 022, Maharashtra, India

Date of Birth/Age :

08.04.1943

Date of Appointment :

26.04.1998

DIN No.:

01642021

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 01.08.2011)

Names of Shareholders	No. of Shares
Vikram Dhirajlal Sanghvi	2028
Schiller AG.	253445
Pravin R. Gandhi and Vikram D. Sanghavi	2534
Nandita P. Gandhi and Pravin R. Gandhi	4056
Radhika P. Gandhi and Pravin R. Gandhi	19153
Kunal P. Gandhi and Pravin R. Gandhi	19152
Sarla D. Sanghvi and Vikram D. Sanghvi	6880
Pravin R. Gandhi and Nandita P. Gandhi	20366
Amla D. Sanghvi and Sarla D. Sanghavi	1
Neeta V. Sanghvi and Vikram D. Sanghavi	2
Aditi V. Sanghvi and Neeta V. Sanghvi	1
Neha V. Sanghvi and Neeta V. Sanghvi	1
Nayana T. Currim bhoy and Vikram D. Sanghvi	2
Vikram D. Sanghvi and Neeta V. Sanghavi	53806
Yashraj Sanghvi and Charmi Y. Sanghvi	47549

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Other top fifty shareholders	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cardiac, Critical Care and Spirometry Systems.

Products :

Item Code No.	Product Description
9018	Medical Equipments

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· Bank of India, Mumbai Main Branch, Advances Department, 70/80, M.G. Road, Ground Floor, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	75.000	0.000
Working Capital Loans Banks Secured	108.054	72.678
Total	183.054	72.678
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital Loans Others Unsecured	7.500	35.000
Total	7.500	35.000

Banking Relations :	--
Auditors :
Name :	M.G. Ved and Company Chartered Accountants
Address :	6^th Floor, Palekar Chambers, Opposite Metro Adlabs, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-65062794
E-Mail :	mgv01@hothway.com
PAN No.:	AAFPK2187H

CAPITAL STRUCTURE

(AS ON 01.08.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
506890	Equity Shares	Rs.100/- each	Rs.50.689 Millions
368110	Unclassified Shares	Rs.100/- each	Rs.36.811 Millions
	Total		Rs.87.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
506890	Equity Shares	Rs.100/- each	Rs.50.689 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		50.689	42.241	42.241
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		98.847	45.254	34.492
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		149.536	87.495	76.733
LOAN FUNDS
1] Secured Loans		183.054	72.678	66.715
2] Unsecured Loans		7.500	35.000	42.500
TOTAL BORROWING		190.554	107.678	109.215
DEFERRED TAX LIABILITIES		2.444	0.000	0.102
TOTAL		342.534	195.173	186.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		130.624	22.466	21.817
Capital work-in-progress		0.000	0.044	0.825
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.205	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.270	119.581	97.950
	Sundry Debtors	168.054	132.726	142.618
	Cash & Bank Balances	8.302	4.496	9.548
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.540	19.334	18.563
Total Current Assets		343.166	276.137	268.679
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	73.985	55.373	51.819
	Other Current Liabilities	37.430	34.706	40.028
	Provisions	19.841	13.600	13.424
Total Current Liabilities		131.256	103.679	105.271
Net Current Assets		211.910	172.458	163.408
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		342.534	195.173	186.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	598.318	459.094	496.366
		Other Income	2.156	5.756	2.419
		TOTAL (A)	600.474	464.850	498.785
Less	EXPENSES
		Cost of Goods Sold		300.617	317.031
		Manpower Cost		51.173	51.417
		Established and Other Expenses	533.131	24.560	30.793
		Sales and Marketing Expenses		36.390	52.366
		Rates and Taxes		13.786	13.497
		Donation		1.000	0.500
		TOTAL (B)	533.131	427.526	465.604
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.343	37.324	33.181
Less	FINANCIAL EXPENSES (D)		19.193	14.495	15.693
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.150	22.829	17.488
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.394	5.098	4.509
	PROFIT BEFORE TAX (E-F) (G)		40.756	17.731	12.979
Less	TAX (H)		13.705	6.475	6.058
	PROFIT AFTER TAX (G-H) (I)		27.051	11.256	6.921
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.889	34.127	27.700
	BALANCE CARRIED TO THE B/S		NA	44.889	34.127
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.044	6.713	21.596
		Commission Earnings	2.211	6.124	6.011
	TOTAL EARNINGS		19.255	12.837	27.607
	IMPORTS
		Raw Materials	NA	NA	20.574
		Stores & Spares	NA	NA	253.920
		Capital Goods	NA	NA	0.309
	TOTAL IMPORTS		NA	NA	274.803
	Earnings Per Share (Rs.)		53.37	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.50	2.42	1.38
Net Profit Margin (PBT/Sales)	(%)	6.81	3.86	2.63
Return on Total Assets (PBT/Total Assets}	(%)	8.60	5.93	4.49
Return on Investment (ROI) (PBT/Networth)		0.27	0.20	0.17
Debt Equity Ratio (Total Liability/Networth)		2.15	2.41	2.80
Current Ratio (Current Asset/Current Liability)		2.61	2.66	2.55

LOCAL AGENCY FURTHER INFORMATION

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

FINANCIAL PERFORMANCE:

The Companies performance during the year showed substantial improvement and Board of Directors is very happy to announce that income from operations have increased by 29% to Rs.600.400 Millions as compared to Rs.464.900 Millions of previous year.

As a result of stringent cost management and better product mix in total sales, the company has been able to improve upon its operating margins. The EBDITA of the company has increased from Rs.37.300 Millions to Rs.67.300 Millions thereby showing a growth of 80% over previous year. EBDITA margins have also been increased from 8% to 11% on sales.

The Profit before tax of the company has also shown substantial improvement, growing from Rs.17.700 Millions to Rs.40.700 Millions thereby showing growth of 130% over previous year. Net Profit ratio has improved from 4% to 7% on sales.

OPERATIONS

There have been major changes in the composition of business of the company during the year. After the Balance Sheet date the company has tied up with TECME Argentina, for co-branding and marketing of ICU Ventilators and has accordingly discontinued agreement with MEKICS Company Limited for supply of similar Ventilators.

The company has also launched new and/or improved products during the year like Samiksh Plus, DG 400, ARGUS OXM Plus and wide range of latest monitoring systems.

INTERNATIONAL OPERATIONS:

The company has shown a substantial growth in export sales from Rs.6.700 Millions in 2009-10 to Rs.17.000 Millions in 2010-11, thereby showing growth of 157% over previous year. The company is looking at setting up permanent establishment in Nepal.

FUTURE OUTLOOK

The company has charted out Business plan for substantial expansion of its business. Company is exploring possibility in Radiology Business in the field of, CT Scan, MRI, Ultra Sound, Nuclear medicine. Company is also in talk with other equipment manufacturers for OEM branding of their equipments in critical care segments like Transport Ventilators, OT Lights, Tables, Anesthesia machines etc. The Directors are hopeful of further improved performance of the Company during the current year.

CONTINGENT LIABILITIES NOT PROVIDED FOR: (AS ON 31.03.2011)

a) Bank Guarantees. – Rs.33.794 Millions.

b) Claims against the company not acknowledged as debts Rs.3.179 Millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U33110MH1997PTC111307
Name of the company	SCHILLER HEALTHCARE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	111 Mahatma Gandhi Road Fort, Mumbai – 400 001, Maharashtra, India mail@schillerindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90156974
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Mumbai Main Branch, BOI Building, Ground Floor, 70/80, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India mumbaimain.mumbaisouth@bankofindia.co.in
Nature of instrument creating charge	Supplemental deed of Hypothecation.
Date of instrument Creating the charge	30.12.2011
Amount secured by the charge	Rs.165.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Interest/Commission of Supplemental deed at such other rate/s of interest as may be notified by the bank from time to time. Terms of repayment : On Demand. Margin : 25 % against RM /FG; 40% against book debts (upto 120 days) ; 10% for Packing Credit, FBP/FBN(DP/DA 90days) and LC I/F DP/DA 180 days; 15% for Guarantee I/F or as specified by Bank from time to time. Extent and operation of the charge : Security in favour of Bank not only for the payments of the amounts due under or in respect of or in connection with or in any wise concerning with the said facilities for principal with interest/commission, costs, charges and exps. and other monies under the principal and modified deeds of hypothecation but also for the payments due under or in respect of or in connection with or in any wise concerning the said facilities as enhanced and under the addtl./revised facilities granted. Other : By the bank to the borrower. Revised Facilities and Limits (Rs. in millions): (A) Borrowal Limits: i) CC (Hypothecation of Stock) Rs.105.000 Millions, ii) CC (Hypothecation of book debts) Rs.105.000 Millions, iii) WCDL Rs.32.000 Millions Max.(i + ii + iii) Rs.105.000 Millions iv) Packing Credit Rs.2.500 Millions v) FBP/FBN (DP/DA 90 days) Rs.2.500 Millions Total WCFB Rs.105.000 Millions (B) Non Borrowal Limits: i)L/C (I/F) DP/DA 180 days Rs.10.000 Millions, ii) Guarantee I/F Rs.50.000 Millions Total Rs.60.000 Millions Aggregate (A+B) Rs.165.000 Millions.
Short particulars of the property charged (Including location of the property)	1. a) All tangible movable machineries and plant both present and future at Pondichery, Bangalore, Mumbai etc. or wherever else b) All tangible movable properties, assets and Stock of Whatsoever nature of 2. the borrower (both present and future) Where over situate at Pondichery, Bangalore, Mumbai etc. or wherever else c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.
Date of instrument modifying the charge	19.01.2011
Particulars of the present modification	The principal amount of charge on the Hypothecated assets is increased from Rs.130.000 millions to Rs.165.000 millions. Revised Facilities and Limits- (Rs. in millions): (A) Borrowal Limits: i) CC (Hypothecation of Stock) Rs.105.000, ii) CC (Hypothecation of book debts) Rs.105.000 Millions, iii) WCDL Rs.32.000 Millions Max.(i + ii + iii) Rs.105.000 Millions iv)Packing Credit Rs.2.500 Millions v) FBP/FBN (DP/DA 90 days) Rs.2.500 Millions Total WCFB Rs.105.000 Millions (B) Non Borrowal Limits: i) L/C (I/F) DP/DA 180 days Rs.10.000 Millions, ii) Guarantee I/F Rs.50.000 Millions Total (i + ii) Rs.60.000 Millions Aggregate (A+B) Rs.165.000 Millions.

FIXED ASSETS:

· Leasehold Land

· Building

· Other Equipment

· Plant and Machinery

· Furniture, Fixture and Fittings

· Vehicles

WEBSITE DETAILS

PROFILE

Subject is a joint-venture between Schiller AG of Switzerland, a world leader in Medical Diagnostic Solutions, with presence in over 100 countries and RR Group, India. The company was set-up in 1997 with an idea to make quality products available to the Indian medical market. Currently their product range includes multichannel ECG machines, monitoring systems, defibrillators, stress test systems, ventilators, pressure injectors, infusion pumps, surgical diathermy, holter systems, spirometry systems, pulse oximeters, and telemedicine among others Schiller India is one of the fastest growing medical equipment company in India. The company's mission is to constantly provide international quality products and solutions at affordable prices.

In addition to marketing and supporting products from Schiller AG, Schiller India has a state of the art manufacturing facility at Puducherry where they manufacture a range of medical diagnostic equipment which are complementary to Schiller AG's products both in functionality and pricing. The company has a stong R and D team which develops at least two to three products every year which are commercially viable.

Subject is also a distributor of products of other companies. They have tie-ups with Stephan Gmbh of Germany for ventilators and Impact USA for transport ventilators. Their OEM tie-ups include Daiwha, Korea, MEK, Korea and Phasein of Sweden. They have a diversified product offering in the medical equipment market.

Subject is currently the market leader in multi-channel ECG machines. They are a leading player in the defibrillator and stress test market. In recent years they have dramatically increased their market share in the Monitoring segment. In pressure injectors too, they have a substantial share of the market. A combination of high quality products and ability to successfully market them has helped them in substantially cornering a higher pie of the medical equipment market. They currently have over 20,000 installations across India, Nepal , Bangladesh and Sri-Lanka.

The company has Offices in 35 locations around the country and a large team of engineers both for sales and service support. Realising that the potential growth areas are the smaller cities, Schiller India has widened its dealer network to include them. Currently they have a strong network of over 70 sales and service dealers spread across the country. A strong after sales support to their valuable customer base has been Schiller India's core competency.

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.55.80
UK Pound	1	Rs.87.67
Euro	1	Rs.68.45

INFORMATION DETAILS

Report Prepared by :

SMN

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	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.