MIRA INFORM REPORT

Report Date :

07.02.2012

Tel. No.:

91-11-43721428

IDENTIFICATION DETAILS

Name :	MEDIRAY HEALTHCARE PRIVATE LIMITED
Registered Office :	D-98, Ashok Vihar, Phase - I, Delhi – 110 052
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.06.2007
Com. Reg. No.:	55-165267
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U85100DL2007PTC165267
TAN No.: [Tax Deduction & Collection Account No.]	DELM16104E
PAN No.: [Permanent Account No.]	AAFCM4711J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Medical Equipments.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 600
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. It’s scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Abhay Tiwari
Designation :	Director
Contact No.:	91-9711122806
Date :	28.01.2012

LOCATIONS

Registered Office :	D-98, Ashok Vihar, Phase - I, Delhi – 110 052, India
Tel. No.:	91-11-43721428/ 47098891
Mobile No.:	91-9711122806/ 9311026251 (Mr. Abhay Tiwari)
Fax No.:	91-11-47091312
E-Mail :	info@mediray.in
Website :	www.mediray.in
Area :	150 guage
Location :	Owned
Corporate Office :	A 10-11 Bhandari House, Meznine Floor, Dr. Mukharji Narar, New Delhi – 110 009, India
Factory :	A-145, Sector A4, UPSIDS, Industrial Area, Tronica City, Ghaziabad – 201 102, Uttar Pradesh, India
Tel. No.:	91-120-2696240
Fax No.:	91-120-2696248
Area :	450 sq mtrs
Location :	Owned
Overseas Office :	Located at: · Malaysia · Zambia · Nepal

DIRECTORS

As on 30.09.2011

Name :	Mr. Abhay Naresh Chandra Tiwari
Designation :	Director
Address :	Asha Bhawan, Kharagjeet Nagar, Main Puri - 205 001, Uttar Pradesh, India
Date of Birth/Age :	12.03.1973
Qualification :	B.Sc.
Date of Appointment :	27.06.2007
DIN No.:	01532667
Name :	Ms. Seema Tiwari
Designation :	Director
Address :	D-98, Phase-I, Ashok Vihar, Delhi - 110 052, India
Date of Birth/Age :	16.07.1972
Qualification :	Arts Graduate
Date of Appointment :	27.06.2007
DIN No.:	01532685
Name :	Mr. Kapil Tyagi
Designation :	Director
Address :	C-6A, Vishwas Park, Uttam Nagar, New Delhi – 110 059, India
Date of Birth/Age :	04.05.1981
Date of Appointment :	30.12.2010
DIN No.:	03362622
Name :	Mr. Sandeep Dingolia
Designation :	Director
Address :	B-2/17, Sector-II, Rohini, New Delhi – 110 085, India
Date of Birth/Age :	18.01.1968
Date of Appointment :	30.12.2010
DIN No.:	03361949

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Abhay Tiwari	2550
Seema Tiwari	2550
Kapil Tyagi	2450
Sandeep Dingolia	2450
Total	10000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Medical Equipments.

Products :

Item Code No. (ITC Code)	0124
Product Description	Medical Equipments

v High Frequency X-ray Machines

v X-ray Equipments

v Image Intensifier (C-Arm) Machines

Exports :

Products :

X-ray Machine

Countries :

v South Africa

v Gulf Countries

Imports :

Products :

Medical Equipment

Countries :

v China

v USA

v Japan

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

v Hari Om Engineering Works

v ICRCO INC.

v Konica Minolta Healthcare (Private) Limited

v Medford Medical Systems (Private) Limited

v Medion Healthcare (Private) Limited

v Narmak Medical Systems India Limited

v Quantam Net techo Logies Limited

Customers :

Hospitals

v Government Hospital

v Alford Hospital

v Bharat Diagnostic Centre

v Ch. Gopiram Diagnostic Centre

v Medisource

v Kalpana Medical Stores

v Meequip Xtras Niferia Limited

v Neel Kanth Colour Duppler Digital

v NHNU Drug House

v SDL Corporation

v Shristri Medical Institute and Research

No. of Employees :

15 (Approximately)

Bankers :

v ICICI Bank, Branch Ashok Vihar, Delhi, India

v State Bank of India, Branch Ashok Vihar, Delhi, India

v Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks-HDB Loan	0.047	0.100
Total	0.047	0.100

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	0.433	0.058
From Others	0.265	0.065
Total	0.698	0.123

Banking Relations :	--
Auditors :
Name :	Agarwal Chamaria and Company Chartered Accountants
Address :	1571/112, Ist Floor, Ganesh Pura, Tri Nagar, Delhi – 110 035, India
Tel. No.:	91-11-32945951
Mobile No.:	91-9311873140
E-Mail :	agrcham123@bol.net.in rkagrawal03@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AAIPA5433D

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.056	0.035	0.011
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.156	0.135	0.111
LOAN FUNDS
1] Secured Loans		0.047	0.100	0.141
2] Unsecured Loans		0.698	0.123	0.583
TOTAL BORROWING		0.745	0.223	0.724
DEFERRED TAX LIABILITIES		0.000	0.000	0.001
TOTAL		0.901	0.358	0.836
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.182	0.106	0.062
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	1.067	0.000
DEFERRED TAX ASSETS		0.008	0.020	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.629	0.799	0.540
	Sundry Debtors	1.462	1.392	0.208
	Cash & Bank Balances	1.017	(0.626)	1.429
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.029	0.258	0.256
Total Current Assets		5.137	1.823	2.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.581	0.147	0.183
	Other Current Liabilities	2.840	2.483	1.470
	Provisions	0.007	0.032	0.012
Total Current Liabilities		4.428	2.662	1.665
Net Current Assets		0.709	(0.839)	0.768
MISCELLANEOUS EXPENSES		0.002	0.004	0.006
TOTAL		0.901	0.358	0.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Turnover	7.159	6.096	3.070
		Interest Received on FD	0.000	0.074	0.000
		Profit & Loss on Foreign Exchange Fluctuation Rate	0.006	0.152	0.000
		Other Income	0.146	0.248	0.003
		TOTAL (A)	7.311	6.570	3.073
Less	EXPENSES
		Raw Material Consumed	5.135	3.370	1.995
		Payments & provisions to Employees	0.946	2.067	0.155
		Operating Administrative & Selling Expenses	1.098	0.968	0.864
		Preliminary Expenses W/off	0.002	0.002	0.002
		TOTAL (B)	7.181	6.407	3.016
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.130	0.163	0.057
Less	FINANCIAL EXPENSES (D)		0.066	0.117	0.030
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.064	0.046	0.027
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.024	0.012	0.005
	PROFIT BEFORE TAX (E-F) (G)		0.040	0.034	0.022
Less	TAX (H)		0.020	0.010	0.013
	PROFIT AFTER TAX (G-H) (I)		0.020	0.024	0.009
	BALANCE CARRIED TO THE B/S		0.020	0.024	0.009
	EARNINGS IN FOREIGN CURRENCY		USD $ 50940	USD $ 44957	Nil
	Earnings Per Share (Rs.)		2.00	2.40	0.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.27	0.37	0.29
Net Profit Margin (PBT/Sales)	(%)	0.56	0.56	0.72
Return on Total Assets (PBT/Total Assets}	(%)	0.75	0.02	0.88
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.20
Debt Equity Ratio (Total Liability/Networth)		33.16	21.37	21.52
Current Ratio (Current Asset/Current Liability)		1.16	0.68	1.46

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
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	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note:

The Registered office of the company has been shifted from B-6, IInd Floor, Vivekanand Puri, Sarai Rohilla, Delhi, India to present address w.e.f. 24.07.2008.

OPERATING INCOME:

Operating Income during the year amounts to Rs.0.066 million. Operating Income during the year itself indicates that the working of the company is quite satisfactory. Although this is the 4^th Year of the company's operation. Efforts are being made to improve the working of the company and its operating income further

TRADE REFERENCES:

v Government Hospital

FIXED ASSETS:

v Air Conditioner

v CCTV Camera

v Computer

v Furniture and Fixtures

v Tools and Equipments

v Mobile-BEETEL

v Digital Camera-Sony

v I T Software Service

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.