MIRA INFORM REPORT

Report Date :

16.03.2012

IDENTIFICATION DETAILS

Name :	SURGIMEDIK HEALTHCARE (INDIA) PRIVATE LIMITED (w.e.f. 28.04.2005)
Formerly Known As :	SURGIMEDIK EXPORTS (INDIA) PRIVATE LIMITED
Registered Office :	Surgimedik House, 53 CD, Kandivali Industrial Estate, Charkop, Kandivali (West), Mumbai 400067. Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.2002
Com. Reg. No.:	11-137069
Capital Investment / Paid-up Capital :	Rs.8.756 Millions
CIN No.: [Company Identification No.]	U33110MH2002PTC137069
TAN No.: [Tax Deduction & Collection Account No.]	MMS41363A
PAN No.: [Permanent Account No.]	AAHCS1607F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Health Care Products.
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 :	Clear
Comments :	Subject is an established 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 dealing 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 – 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 :	Surgimedik House, 53 CD, Kandivali Industrial Estate, Charkop, Kandivali (West), Mumbai 400067. Maharashtra, India
Tel. No.:	91-22-28609401 - 02 - 03 - 19
Fax No.:	91-22-28609404
E-Mail :	rakhee@surgimedik.com info@surgimedik.com sales@surgimedik.com purchase@surgimedik.com accounts@surgimedik.com
Website :	www.surgimedik.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Dhiren Vrajlal Mehta
Designation :	Director
Address :	904 – 1 B Green Acres, Lokhanwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	20.01.1966
Date of Appointment :	04.09.2002
DIN No.:	00124988
Name :	Mr. Harsha Dhiren Mehta
Designation :	Director
Address :	904 – 1 B Green Acres, Lokhanwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, I91-22-28609401 - 02 - 03 - 19ndia
Date of Birth/Age :	16.05.1967
Date of Appointment :	04.09.2002
DIN No.:	00125011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhiren Vrajlal Mehta	46000
Harsha Dhiren Mehta	4000
Dhiren Mehta (HUF)	825600
Total	875600

As on 30.09.2011

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 :	Manufacture of Health Care Products.
Products :	Urology Gastroenterology Radiology Women's Health Nephrology Oncology Surgery

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ureteral stent	PCS	NA	NA	18143
Dual Lumen Catheter	PCS	NA	NA	5904
Femoral Catheter	PCS	NA	NA	17058

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Versova Andheri (W), Mumbai – 400053, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Others	0.574	4.980
Total	0.574	4.980

Banking Relations :	--
Auditors :
Name :	S.C. Salgia and Company Chartered Accountants
Address :	131, Kuber Complex, New Link Road, Andheri (W), Mumbai – 400053, Maharashtra, India
PAN.:	AACPS1718H

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
875600	Equity Shares	Rs.10/- each	Rs.8.756 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		8.756	8.756	8.756
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.324	54.643	53.764
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		65.080	63.399	62.520
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.574	4.980	4.000
TOTAL BORROWING		0.574	4.980	4.000
DEFERRED TAX LIABILITIES		9.231	5.166	5.177
TOTAL		74.885	73.545	71.697
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.972	41.581	42.088
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.938	1.438	1.438
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.128	20.843	20.347
	Sundry Debtors	3.475	5.435	2.897
	Cash & Bank Balances	14.840	3.828	5.337
	Other Current Assets	0.000	0.000	1.126
	Loans & Advances	0.464	1.504	0.939
Total Current Assets		31.907	31.610	30.646
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.932	0.389	0.215
	Other Current Liabilities		0.091	1.697
	Provisions	0.000	0.604	0.563
Total Current Liabilities		2.932	1.084	2.475
Net Current Assets		28.975	30.526	28.171
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		74.885	73.545	71.697

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	39.233	23.179	50.349
		Other Income
		TOTAL	39.233	23.179	50.349
Less	EXPENSES
		Office Expenses	30.626	20.103	39.220
		Administrative Expenses
		Advertising Expenses
		TOTAL	30.626	20.103	39.220
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.607	3.076	11.139
Less/ Add	DEPRECIATION/ AMORTISATION		1.433	1.657	1.564
	PROFIT BEFORE TAX		7.174	1.419	9.565
Less	TAX		5.492	0.541	3.726
	PROFIT AFTER TAX		1.682	0.878	5.837
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.643	53.765	47.926
	BALANCE CARRIED TO THE B/S		56.325	54.643	53.765
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.016	3.741	28.918
	TOTAL EARNINGS		0.016	3.741	28.918
	IMPORTS
		Raw Materials	8.005	5.851	3.394
	TOTAL IMPORTS		8.005	5.851	3.394
	Earnings Per Share (Rs.)		1.92	0.007	0.007

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.29	3.79	11.59
Return on Total Assets (PBT/Total Assets}	(%)	9.98	1.94	13.15
Return on Investment (ROI) (PBT/Networth)		0.11	0.02	0.15
Debt Equity Ratio (Total Liability/Networth)		0.05	0.10	0.10
Current Ratio (Current Asset/Current Liability)		10.88	29.16	12.38

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U33110MH2002PTC137069
Name of the company	SURGIMEDIK HEALTHCARE (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Surgimedik House, 53 CD, Kandivali Industrial Estate, Charkop, Kandivali (West), Mumbai 400067. Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10005762
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce, Head Office at E-Block, Harsha Bhavan, Connaught Place, New Delhi and Branch at Versova Andheri (W), Mumbai – 400053, Maharashtra, India bm0455@obc.co.in
Nature of instrument creating charge	Agreement for hypothecation of assets
Date of instrument Creating the charge	29.01.2007
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 2% per annuam over the prime lending rate of the bank with a minimum of 9.75% calculated on the daily balance due to the bank in the said account and charged on monthly rests and 2% penal rate in case of violation of any of the terms of the agreement. Terms of repayment Cash credit facility Margin 25% Extent and operation of the charge The charge shall operate on all the stocks of medical devices, more particularly given in the agreement, book debts, and factory land and building having value of Rs.40.000 Millions .at present and future assets of the company..
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of medical devices such as ureteral stents, endopydotomy stents, tumor stents and all other stocks and book debts and all receivables and fixed assets of the company including factory land and building having value Rs.40.000 Millions at present and future assets of the company
Particulars of the present modification	The original charge created vide agreement for hypothecation of assets dated 19.04.2006, was modified to the extent of offering additional securities as mentioned under property charged without availing further or increased limits.

Fixed Assets

• Office Building
• Machinery
• Dies and Fixtures
• Tools and Equipments
• Computer and Accessories
• Plant
• Motor Car
• Motorbike
• Cycles
• Mobile Phone
• Furniture and Fixtures

WEBSITE DETAILS

History

1993-97: Distribution of Medical Devices in India.

1998     : Started Surgimedik manufacturing.

1999     : Exhibited in AUA (American Urological association), San Deigo, USA. Exhibited 1st time

in Medica, Dusseldorf. Initiated ISO 9002: 1994 and EN 46002 quality system.

2000     : ISO 9002: 1994, EN 46002 certified by DNV, Norway. CE certificate for Ureteral Stents,

Pigtail Catheter, Malecot Catheter, Guidewires and Ureteral Catheters.

2001     : Exporting to Saudi Arabia, Malaysia, Turkey, Singapore, Dubai, Egypt, Kuwait, Italy,

Germany, Switzerland, Syria, Paraguay, Yemen, Sweden, Columbia, Myanmar,

France, Mexico, Argentina.

2002     : Additional 19 product CE certified.

2003     : Expanded range of Gastroenterology products..

2005     : Established office in USA at California.

2006     : Shifted to a newer facility at Charkop, Kandivali.

2007     : Formed a Manufacturing Unit in Special Economic Zone at Sachin, Surat.

2008     : Added Women's Health Products to the portfolio. 

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.50.22
UK Pound	1	Rs.78.64
Euro	1	Rs.65.54

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	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.