MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	P K MORGAN (INDIA) PRIVATE LIMITED
Registered Office :	110, Chiranjiv Tower, Nehru Place, Near Satyam Cinema, Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.09.1981
Com. Reg. No.:	55-012257
Capital Investment / Paid-up Capital :	Rs.1.500 millions
CIN No.: [Company Identification No.]	U74899DL1981PTC012257
TAN No.: [Tax Deduction & Collection Account No.]	DELP00747F
PAN No.: [Permanent Account No.]	AAACP1415D
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in Medical and Surgical Equipment.
No. of Employees :	Not Available

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 22000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 :	110, Chiranjiv Tower, Nehru Place, Near Satyam Cinema, Delhi – 110 019, India
Tel. No.:	91-11-26232447/ 41552060/ 26435838
Fax No.:	91-11-26435838/ 26220314
E-Mail :	pkmorgan@vsnl.com

DIRECTORS

As on 27.09.2012

Name :

Mr. Mahesh Chandra Tulsi Ram Gupta

Designation :

Director

Address :

201, Mandakini Enclave, Alaknanda, New Delhi – 110 019, India

Date of Birth/Age :

15.01.1946

Date of Appointment :

01.09.1981

DIN No.:

01044349

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1981PTC012257	P K MORGAN (INDIA) PRIVATE LIMITED	Director	01-09-81	01-09-81	Active	NO
2	U33112DL2001PTC111391	AIRMED MEDICAL SYSTEMS PRIVATE LIMITED	Director	22-06-01	22-06-01	Active	NO

Name :

Mrs. Manjula Gupta

Designation :

Director

Address :

201, Mandakini Enclave, Alaknanda, New Delhi – 110 019, India

Date of Birth/Age :

08.08.1951

Date of Appointment :

01.09.1981

DIN No.:

01044366

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1981PTC012257	P K MORGAN (INDIA) PRIVATE LIMITED	Director	01-09-81	01-09-81	Active	NO
2	U33112DL2001PTC111391	AIRMED MEDICAL SYSTEMS PRIVATE LIMITED	Director	22-06-01	22-06-01	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Mahesh Chandra Gupta	14415
Manjula Gupta	585
Total	15000

As on 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Dealing in Medical and Surgical Equipment.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Indian Overseas Bank, 14-15, Farm Bhawan, Nehru Place, New Delhi – 110 019, India

v Indian Bank

v HDFC Bank Limited

v ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Indian Overseas Bank (Secured against mortgage of immovable property and personal guarantee of the directors)	1.617	2.469
Car Loan	0.565	0.000
ICICI Bank Limited – Car Loan (Secured against Hypothecation of car)	0.126	0.321
Total	2.308	2.790

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Directors	2.176	2.255
Total	2.176	2.255

Banking Relations :	--
Auditors :
Name :	Vipin Aggarwal and Associates Chartered Accountants
Address :	E-4, 2^nd Floor, Defence Colony, New Delhi – 110 085, India
Income-tax PAN of auditor or auditor's firm :	AAAFV5918J

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 millions

Note:

1. Shares held by each shareholder holding more than 5% as on period end.

Name of Shareholder	31.03.2012 Nos. held
a) M.C. Gupta	14415
b) Manjula Gupta	585

2. Reconciliation of Opening and closing outstanding No. of shares. Details to be given for each class of shares separately for Issued, Subscribed and fully paid up and subscribed but not fully paid up, as applicable.

Equity Shares Subscribed and Fully Paid Share capital

	Opening Balance	Fresh Issue	Bonus	Closing Balance
- Numbers	15000	--	--	15000
- Amount	Rs.1.500 millions	--	--	Rs.1.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.999	3.863	3.203
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.499	5.363	4.703
LOAN FUNDS
1] Secured Loans		2.308	2.790	4.237
2] Unsecured Loans		2.176	2.255	0.303
TOTAL BORROWING		4.484	5.045	4.540
DEFERRED TAX LIABILITIES		0.067	0.019	0.041
TOTAL		10.050	10.427	9.284
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.797	2.912	4.154
Capital work-in-progress		0.000	0.000	0.042
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.225	8.711	7.801
	Sundry Debtors	5.500	2.759	5.859
	Cash & Bank Balances	0.912	0.906	0.861
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.197	1.934	2.012
Total Current Assets		15.834	14.310	16.533
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.322	4.358	8.329
	Other Current Liabilities	4.105	2.333	3.072
	Provisions	1.154	0.106	0.048
Total Current Liabilities		8.581	6.797	11.449
Net Current Assets		7.253	7.513	5.084
MISCELLANEOUS EXPENSES		0.000	0.002	0.004
TOTAL		10.050	10.427	9.284

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	30.345	27.557	25.629
		Other Income	0.176	0.224	3.577
		TOTAL (A)	30.521	27.781	29.206
	EXPENSES
		Cost of Material Consumed	16.377	14.210	30.968
		Employee Benefit Expenses	4.057	4.071
		Other Expenses	8.142	7.507
		TOTAL (B)	28.576	25.788	30.968 (including Financial and Depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.945	1.993
Less	FINANCIAL EXPENSES (D)		0.382	0.382
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.563	1.611
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.678	0.622
	PROFIT BEFORE TAX (E-F) (G)		0.885	0.989	1.067
Less	TAX (H)		0.047	0.326	0.324
	PROFIT AFTER TAX (G-H) (I)		0.838	0.663	0.743
	EARNINGS IN FOREIGN CURRENCY		4.076	3.438	2.047
	Earnings Per Share (Rs.)		55.87	44.21	49.56

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.75	2.39	2.54
Net Profit Margin (PBT/Sales)	(%)	2.92	3.59	4.16
Return on Total Assets (PBT/Total Assets}	(%)	4.75	5.74	5.15
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.23
Debt Equity Ratio (Total Liability/Networth)		2.38	2.21	3.40
Current Ratio (Current Asset/Current Liability)		1.85	2.11	1.44

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	No
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) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

WORKING OF THE COMPANY:

During the year the Company has achieved total turnover of Rs.30.521 millions (Previous Year Rs.27.781 millions). The Company has earned a Profit after Taxes of Rs.0.838 million (Previous Year Rs.0.663 million) during the relevant financial year.

CONTINGENT LIABILITIES: (As on 31.03.2011)

v Bank Guarantees outstanding Rs.2.442 millions

FIXED ASSETS:

v Air Conditioner

v Building

v Computer

v Cooler

v Dye

v Electrical Installation

v Furniture and Fixtures

v Generator

v Inverter

v Land

v Medical Equipment

v Motor Car

v Printer

v Refrigerator

v Scanner

v Scooter

v Tele-fax

v Telephone

v Tools

v Typewriter

v UPS

v Water Filter

v Water Pump

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 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 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 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.54.74
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

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.