MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	CYRONICS INSTRUMENTS PRIVATE LIMITED
Registered Office :	Neelmadhav 2 Alankar Society, Karve Nagar, Pune – 411 052, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.10.1994
Com. Reg. No.:	11-081837
Capital Investment / Paid-up Capital :	Rs.0.877 Million
CIN No.: [Company Identification No.]	u51505pn1994ptc081837
Legal Form :	Private Limited Liability Company
Line of Business :	trader of Medical Instruments and Equipment and also in Industrial Equipment, etc.
No. of Employees :	19 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 94000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management have failed to file the financial detail for the year 2011. However from the previous year company seem to be performing well and financial seem to be good. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealing 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.

INFORMATION PARTED BY

Name :	Mr. Satish Dani
Designation :	Accounts Hard
Contact No.:	91-20-24208307
Date :	14.07.2012

LOCATIONS

Registered Office :	Neelmadhav 2 Alankar Society, Karvenagar, Kothrud, Pune – 411052, Maharashtra, India
Tel. No.:	91-20-66439300
Fax No.:	91-20-66439304
E-Mail :	nitinbhonge@cyronics.com
Website :	http://www.cyronics.com
Corporation Office :	11, Electronic Co-operative Estate, Pune – Satara Road, Pune – 411009, Maharashtra, India
Branch Office :	Located at: · Ahmedabad · Mumbai · Chennai · Delhi
Branch Office :	11, Karnik Heritage, 1225D, Shivajinagar, Off. F. C, Road, Pune 411004, Maharashtra, India
Tel. No.:	91-20-25530522
Fax. No.:	91-20-25530524
Warehouses :	Located at: · Pondicherry · Wagholi

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Nitin Madhav Bhonge
Designation :	Managing Director
Address :	Neelmadhav 2 Alankar Society, Karvenagar, Kothrud, Pune – 411052, Maharashtra, India
Date of Birth/Age :	26.06.1963
Date of Appointment :	07.10.1994
DIN No.:	01109717
Name :	Mrs. Manjiri Nitin Bhonge
Designation :	Director
Address :	Neelmadhav 2 Alankar Society, Karvenagar, Kothrud, Pune – 411052, Maharashtra, India
Date of Birth/Age :	01.06.1969
Date of Appointment :	07.10.1994
DIN No.:	01119303

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Nitin Madhav Bhonge	78920
Manjiri Nitin Bhonge	8770
Anant Prabhakar Whavale	10
Total	87700

(AS ON 30.09.2010)

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	trader of Medical Instruments and Equipment and also in Industrial Equipment, etc.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Deenanath Mangeshkar Hospital

Customers :

End Users

· Rubi Hospital

· Jehangir Hospital

No. of Employees :

19 (Approximately)

Bankers :

· IDBI Bank Limited, IDBI House, 4^th Floor, Dnyaneshwar Paduka Chowk, F C Road, Shivajinagar, Pune – 411 004, Maharashtra, India

· Bank of India, Basani Gaon, New Delhi, India

· Bank of Maharashtra

· Jijamata Sahakari Bank Limited

· HDFC Bank

· ABN Amro Bank

Facilities :

· F.B. Rs.38.000 Millions and N.F.B. Rs.32.500 Millions form IDBI Bank

· T.L. Rs.17.000 Millions form HDFC Bank

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
IDBI Bank Cash Credit	42.019	22.313
IDBI Bank Terms Loan	0.772	0.000
Bank of Maharashtra Term Loan	0.000	2.037
Bank of Maharashtra Term Loan	0.000	1.049
Bank of Maharashtra Term Loan	0.000	0.549
Bank of Maharashtra Term Loan	0.000	3.677
Total	42.791	29.625
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Manjiri Bhonge	2.763	1.245
Nitin Bhonge	2.914	2.201
A P Whavale	0.000	0.900
HDFC Loan	1.753	2.233
Nupur Bhonge	0.231	0.000
Loan From Others	0.100	0.000
Reliable Electronics	0.111	0.000
Total	7.872	6.579

Banking Relations :	--
Auditors :
Name :	A S Padhye and Company Chartered Accountants
Address :	“Tapascharya” 381/C, Shaniwar Peth, Pune – 411030, Maharashtra, India
Tel. No.:	ABQPP4613F

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
87700	Equity Shares	Rs. 10/- each	Rs. 0.877 million

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		0.877	0.877	0.877
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.515	17.374	8.898
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.392	18.251	9.775
LOAN FUNDS
1] Secured Loans		42.791	29.625	30.069
2] Unsecured Loans		7.872	6.579	3.020
TOTAL BORROWING		50.663	36.204	33.089
DEFERRED TAX LIABILITIES		0.565	0.724	0.517
TOTAL		74.620	55.179	43.381
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.755	18.585	7.879
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.334	25.697	19.047
	Sundry Debtors	22.076	12.554	18.123
	Cash & Bank Balances	1.699	0.285	0.496
	Other Current Assets	7.316	3.735	5.814
	Loans & Advances	7.855	5.572	5.508
Total Current Assets		81.280	47.843	48.988
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.877	3.094	10.357
	Other Current Liabilities	12.128	5.144	0.000
	Provisions	1.410	3.011	3.129
Total Current Liabilities		20.415	11.249	13.486
Net Current Assets		60.865	36.594	35.502
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		74.620	55.179	43.381

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	120.831	68.089	66.147
		Other Income	4.378	3.330	4.438
		TOTAL	124.709	71.419	70.585
Less	EXPENSES
		Office Expenses
		Administrative Expenses	118.813	67.918	66.279
		Advertising Expenses
		TOTAL	118.813	67.918	66.279
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.896	3.501	4.306
Less/ Add	DEPRECIATION/ AMORTISATION		0.677	0.949	0.599
	PROFIT BEFORE TAX		5.219	2.552	3.707
Less	TAX		0.000	0.752	Na
	PROFIT AFTER TAX		5.219	1.800	Na
	Earnings Per Share (Rs.)		10.44	20.52	NA

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	210.000	180.000

Expected Sales (2012-13) : Rs.210.000 Millions

The above information has been parted by Mr. Satish Dani

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.18	2.52	Na
Net Profit Margin (PBT/Sales)	(%)	4.32	3.75	5.60
Return on Total Assets (PBT/Total Assets}	(%)	5.49	3.84	6.52
Return on Investment (ROI) (PBT/Networth)		0.22	0.14	0.38
Debt Equity Ratio (Total Liability/Networth)		3.04	2.60	4.76
Current Ratio (Current Asset/Current Liability)		3.98	4.25	3.63

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	No
Major Shareholders, if available	Yes

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2010	31.03.2009	31.09.2008
Sundry Creditors	6.877	3.094	10.357
Total	6.877	3.094	10.357

TRADE REFERENCES

· Deenanath Mangeshkar Hospital

· Rubi Hospital

· Jehangir Hospital

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

u51505pn1994ptc081837

Name of the company

CYRONICS INSTRUMENTS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Neelmadhav 2 Alankar Society, Karvenagar, Pune – 411 052, Maharashtra, India

nitinbhonge@cyronics.com

This form is for

Creation of charge

Type of charge

Immovable property

Particular of charge holder

Name :	IDBI Bank Limited,
Address :	IDBI Bank House, 4^th Floor, Dnyaneshwar Paduka Chowk, F C Road, Shivajinagar, Pune – 411 004, Maharashtra
E-Mail :	Rbbform8@hbfcbank.com

Nature of instrument creating charge

Memorandum Recording past Transactions of Creations of Mortgage by Delivery of Title Deeds.

Date of instrument Creating the charge

17.05.2012

Amount secured by the charge

Rs.17.081 Millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of Interest

Interests at the rate as may be communicated by the Bank from time to time.

Terms of Repayment

On demand

Margin

As may be communicated by the Bank from time to time.

Extent and Operation of the charge

The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.17.081 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.

Short particulars of the property charged (Including location of the property)

Immovable properties being Plot No.11, S. No. 44, CTS No 3983/33 Electronics Co-operative Estate Limited, Parvati, Pune.

FIXED ASSETS:

· Computer

· Furniture

· Filter

· Cycle

· Fax Machine

· Telecommunication Equipment

· Electrical Installations

· Air Conditioner

· Display Systems

· Car

· Office Maint Charges

· Television

· Camera

· Office Equipment

· Demo Equipments

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.