MIRA INFORM REPORT

Report Date :

21.06.2012

IDENTIFICATION DETAILS

Name :	KATARA DENTAL PRIVATE LIMITED
Registered Office :	Apurva Complex, 56, Ganesh Khind Road, Anudh, Pune 411 007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.07.1993
Com. Reg. No.:	11-073139
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U31112MH1993PTC073139
TAN No.: [Tax Deduction & Collection Account No.]	PNEK00870C
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business of running a modern dental laboratory and all activities incidental thereto and to carry on, run and conduct any kind of dental business.
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 260000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Satisfactory
Comments :	Subject is a well established company with satisfactory track. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings under 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	A1	A1

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

LOCATIONS

Registered Office/ Head Office :	Apurva Complex, 56, Ganesh Khind Road, Anudh, Pune 411 007, Maharashtra, India
Tel. No.:	91-20-25691012/ 25693810
Fax No.:	91-20-25691528
E-Mail :	katara@vsnl.com
Website :	http://www.kataradental.com
Trading Center :	12IT Campus Room No. 3, Ground Floor of Pune, Maharashtra, India
Tel. No.:	91-20-25693810
Fax No.:	91-20-25691528

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Mukesh Dolumal Katara

Designation :

Managing director

Address :

339, Sind Society, Road No. 3, Aundh Pune - 411007, Maharashtra, India

Date of Birth/Age :

10.07.1957

Date of Appointment :

26.07.1993

DIN No.:

00286037

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U41000MH1992PTC067896	FINOLEX PLASSON INDUSTRIES PRIVATE LIMITED	Director	27-07-92	27-07-92	Active	NO
2	U31112MH1993PTC073139	KATARA DENTAL PRIVATE LIMITED	Managing director	26-07-93	26-07-93	Active	NO

Name :

Mrs. Aruna Mukesh Katara

Designation :

Director

Address :

339, Sind Society, Road No. 3, Aundh Pune - 411007, Maharashtra, India

Date of Birth/Age :

16.10.1959

Date of Appointment :

26.07.1993

DIN No.:

00043607

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31112MH1993PTC073139	KATARA DENTAL PRIVATE LIMITED	Director	26-07-93	26-07-93	-	Active	NO
2	U65993PN1988PTC048535	AKASH-TATVA INVESTMENTS PRIVATE LIMITED	Director	17-11-03	17-11-03	-	Amalgamated	NO
3	U65993MH1980PTC022723	MAJESTY INVESTMENTS PRIVATE LIMITED	Director	17-11-03	17-11-03	-	Amalgamated	NO
4	U30009MH1991PTC064182	I2IT PRIVATE LIMITED	Whole-time director	01-07-08	30-01-04	-	Active	NO
5	U29299MH1962PTC012245	MAGNUM MACHINES PRIVATE LIMITED	Director	15-06-04	15-06-04	-	Amalgamated	NO
6	U72200PN2000PTC015094	INFOTEK SOFTWARE AND SYSTEMS PRIVATE LIMITED	Director	29-09-07	07-03-07	30-06-08	Active	NO
7	U25209MH1960PTC011887	COATED FABRICS PRIVATE LIMITED	Director	29-09-07	30-03-07	-	Amalgamated	NO
8	U51507PN2003PTC017749	M I S IMPLANT TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29-09-07	30-03-07	-	Amalgamated	NO
9	U74999MH1971PTC015021	ORBIT ELECTRICALS PRIVATE LIMITED	Director	29-09-07	30-03-07	-	Active	NO
10	U72200PN2008PTC131937	KAYA SOFTWARE PRIVATE LIMITED	Director	05-05-08	05-05-08	31-12-08	Active	NO
11	U70101MH1995PTC092879	FINPROP ADVISORY SERVICES LIMITED	Director	29-09-08	17-07-08	-	Active	NO
12	U32205MH1988PTC048534	FINO COMMUNICATION EQUIPMENTS PRIVATE LIMITED	Director	15-09-08	06-09-08	-	Amalgamated	NO
13	U24231MH1979PTC020957	FINOLIB CHEMICALS PRIVATE LIMITED	Director	15-09-08	06-09-08	-	Amalgamated	NO
14	U65993MH1988PTC048533	MOHINI INVESTMENTS PRIVATE LIMITED	Director	15-09-08	06-09-08	-	Amalgamated	NO
15	U25209MH1985PTC036459	HI TECH POLY COATINGS PRIVATE LIMITED	Director	15-09-08	08-09-08	-	Amalgamated	NO
16	U22221MH1987PTC045090	PRATIBHA XERO GRAPHIC IMPRESSIONS PRIVATE LIMITED	Director	15-09-08	08-09-08	-	Amalgamated	NO
17	U65993MH1988PTC049172	VKC INVESTMENTS PRIVATE LIMITED	Director	15-09-08	08-09-08	-	Amalgamated	NO
18	U65993MH1988PTC048956	K P INVESTMENTS PRIVATE LIMITED	Director	15-09-08	08-09-08	-	Amalgamated	NO

Name :

Mr. Amit Mukesh Katara

Designation :

Whole-time director

Address :

339, Sind Society, Road No. 3, Aundh Pune - 411007, Maharashtra, India

Date of Birth/Age :

08.11.1985

Date of Appointment :

30.09.2009

DIN No.:

02878220

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31112MH1993PTC073139	KATARA DENTAL PRIVATE LIMITED	Whole-time director	30-09-09	09-02-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mukesh Dolumal Katara	23466
Aruna Mukesh Katara	33334
Mukesh Dolumal Katara Joint with Mrs. Aruna Mukesh Katara	21534
Aruna Mukesh Katara Joint with Dr. Mukesh Dolumal Katara	11666
Amit M Katra Joint with Mrs. Aruna Mukesh Katara	30000
Amrita M Katara Joint with Mrs. Aruna Mukesh Katara	30000
Total	150000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

To carry on the business of running a modern dental laboratory and all activities incidental thereto and to carry on, run and conduct any kind of dental business.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Cosmos Co-operative Bank Limited

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

CIN No.: L65920MH1994PLC080618

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan Cosmos Co-operative Bank Limited - M/C	5.916	6.831
Term Loan HDFC Bank	0.514	0.880
Term Loan HDFC Bank TL M/C	2.099	2.728
Cash Credit from HDFC Bank	3.543	2.695
Total	12.072	13.134

Banking Relations :	--
Auditors :
Name :	L B Bapat and Associates Chartered Accountants
Address :	46/10, Shakuntal Erandawane, Law College Road, Pune – 411004, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABTPB3671L

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

Note: Out of above 66,666 shares have been allotted pursuant to scheme of amalgamation.

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		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.764	60.741	60.520
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.264	62.241	62.020
LOAN FUNDS
1] Secured Loans		12.073	13.134	3.498
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		12.073	13.134	3.498
DEFERRED TAX LIABILITIES		1.311	1.240	0.904
TOTAL		80.648	76.615	66.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.845	30.562	19.260
Capital work-in-progress		0.000	0.000	0.421
INVESTMENT		17.038	17.476	20.825
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.020	12.202	13.646
	Sundry Debtors	24.541	18.904	16.561
	Cash & Bank Balances	4.160	6.203	4.234
	Other Current Assets	0.207	0.071	0.127
	Loans & Advances	12.787	9.912	12.121
Total Current Assets		58.715	47.292	46.689
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.324	6.530	7.183
	Other Current Liabilities	7.037	5.961	3.916
	Provisions	8.589	6.224	9.674
Total Current Liabilities		25.950	18.715	20.773
Net Current Assets		32.765	28.577	25.916
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		80.648	76.615	66.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	117.959	81.347	82.020
		Other Income	0.000	0.000	0.000
		TOTAL	117.959	81.347	82.020
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	103.461	74.157	73.067
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.498	7.190	8.953
Less/ Add	DEPRECIATION/ AMORTISATION		4.020	2.755	2.347
	DIMUNITION IN VALUE OF CURRENT ASSET		1.606	1.492	0.000
	PROFIT BEFORE TAX		8.872	2.943	6.606
Less	TAX		2.436	1.337	1.791
	PROFIT AFTER TAX		6.436	1.606	4.815
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.757	52.697	49.786
	INCOMETAX PRIOR PERIOD ADJUSTMENT		(0.009)	0.019	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.495	0.161	0.500
		Dividend on Equity shares	1.200	1.200	1.200
		Corporate dividend tax	0.204	0.204	0.204
	BALANCE CARRIED TO THE B/S		57.285	52.757	52.697
	EARNINGS IN FOREIGN CURRENCY
		Dental Prosthesis - Export	0.740	0.857	0.572
	TOTAL EARNINGS		0.740	0.857	0.572
	IMPORTS
		Raw Materials	1.702	0.382	Nil
		Capital Goods	0.155	0.678	Nil
		Trading Goods	26.163	12.544	14.250
	TOTAL IMPORTS		28.020	13.604	14.250
	Earnings Per Share (Rs.)		42.90	10.70	32.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.46	1.97	5.87
Net Profit Margin (PBT/Sales)	(%)	7.52	3.62	8.05
Return on Total Assets (PBT/Total Assets}	(%)	9.91	3.78	10.02
Return on Investment (ROI) (PBT/Networth)		0.13	0.05	0.11
Debt Equity Ratio (Total Liability/Networth)		0.57	0.51	0.39
Current Ratio (Current Asset/Current Liability)		2.26	2.53	2.25

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. Constitution 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	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31112MH1993PTC073139
Name of the company	KATARA DENTAL PVT LTD
Address of the registered office or of the principal place of business in India of the company	Apurva Complex, 56, Ganesh Khind Road, Anudh, Pune 411 007, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	90082942
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email ID: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	a] Supplementary Letter of Hypothecation. b] Memorandum Recording Past Transaction of Creation of Mortgage by Delivery of Title Deeds. [Collectively constitute a single charge for Rs.6.000 Millions].
Date of instrument Creating the charge	27.04.2012
Amount secured by the charge	Rs. 6.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment Working capital facility shall be payable on demand. Term loan facility shall be repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge [a] Hypothecation by way of First Charge on Company's Stock and Book Debts etc., to secure as a continuing security as stated in Column No.15 below, [b] The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds [by way of Constructive delivery] in respect of its immovable properties as stated under Item No.15 below, as security for repayment of Rs. 6.000 Millions together with principal, interest, liquidated damages, costs, charges and expenses. Others NIL.
Short particulars of the property charged	Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the Debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights Flat No.2, Apurva Complex 56, Ganeshkhind Road, Aundh, Pune 411007. Flat No.3, Apurva Complex 56, Ganeshkhind Road, Aundh, Pune 411007. Flat No.4, Apurva Complex 56, Ganeshkhind Road, Aundh, Pune 411007. Shop No.8, Apurva Complex 56, Ganeshkhind Road, Aundh, Pune 411007. Shop No.9, Apurva Complex 56, Ganeshkhind Road, Aundh, Pune 411007.
Date of latest modification prior to the present modification	09.01.2008
Particulars of the present modification	The charge shall now stand reduced from Rs. 6.500 Millions to Rs. 6.000 Millions in favour of the Bank against the security of stocks, book debts and immovable properties being lying and situate at Pune.

FIXED ASSETS

· Building

· Plot at Hinjwadi

· Plant and Machinery

· Tools and Equipments

· Furniture and Fixtures

· Electrical Installation

· Office Equipments

· Others

· Computers

· Vehicles

AS PER WEBSITE DETAILS

PROFILE

Subject has its origins in the well known DENTECH LABORATORY of Mumbai set up by Dr. Mukesh Katara. Dr Katara is a Dental surgeon with postgraduate qualifications from the University of Bombay. After his training in dental technology under Prof. Dr. L.W.R. Kobes at the ZMK Klinik, Gottingen University, Germany, Dr Katara honed his skills at multiple private laboratories in Germany. He then launched DENTECH LABORATORY which is now one of India's finest, best equipped and staffed laboratories. Dentech has a staff of 35 qualified and dedicated personnel.

In 1994, Subject was set up in Pune. The ultramodern facility is spread over 400 metres, employes over 40 staff and specializes in innovative dental technology

In 2001, a state-of-the-art full service laboratory was set up in downtown Bangalore.

In 2007, a new laboratory has been set up in New Delhi catering to the high demand needs of practicing dentists in and around Delhi.

They are able to meet the wide range of demands from the small practice to the large clinic from the 3 laboratories. They cater to dentists and prosthodontists throughout India, and some overseas.

The organization is totally committed to quality and service. Apart from the latest equipment, they provide their team of technicians a safe and comfortable workplace, along with the mentoring and tools to help them achieve their objective.... quality and service that puts the smile back, on patients and doctors alike!

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. 56.01
UK Pound	1	Rs. 87.85
Euro	1	Rs. 70.54

INFORMATION DETAILS

Report Prepared by :

BVA

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	YES
--AFFILIATION	YES/NO	YES
--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.