MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	VINOD MEDICAL SYSTEMS PRIVATE LIMITED
Registered Office :	B-2, Sai Nagar, Near Railway Crossing, Raipur – 492 001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.1994
Com. Reg. No.:	10-008363
Capital Investment / Paid-up Capital :	Rs.10.152 millions
CIN No.: [Company Identification No.]	U85110CT1994PTC008363
TAN No.: [Tax Deduction & Collection Account No.]	JBPV00237G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Distributor, Dealer, Importer and Exporter of X-Ray Films Equipments, Photographic Materials.
No. of Employees :	65 (Approximately)

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 216000
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 dealings at usual trade terms and conditions. Profit and loss account of the company for the current year is not available.

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 :	B-2, Sai Nagar, Near Railway Crossing, Raipur – 492 001, Chhattisgarh, India
Tel. No.:	91-771-2522401/ 402/ 403/ 2882401/ 4214400/ 4214455
Fax No.:	91-771-2522404/ 2882404
E-Mail :	vmspl@bom6.vsnl.net.in company_corporate@yahoo.com vmspl@sancharnet.in vmspl@vinodmedical.com bshah@rkabra.net
Website :	http://www.vinodmedical.com
Area :	4500 sq. ft.
Location :	Owned
Head Office:	Kripa Kunj, B1-2, Sai Nagar, Raipur – 492 009, Chhattisgarh, India
Tel No:	91-771-4214400/ 21
Fax No.:	91-771-2882404
E-Mail:	vmspl@vinodmedical.com
Corporate Office:	523, Chintamani Plaza, Mohan Studio Compound, Chakala, Andheri Kurla Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
Tel No.:	91-22-42152020/ 21
Fax No.:	91-22-42152024
E-Mail:	vmspl@vinodmedical.com
Branch Office/ Godowns :	Located at : v Chandigarh v Kolkata v Mumbai v Lucknow v Chennai v Jabalpur v Indore v Nagpur v Pondicherry v Bhopal v Gwalior v Sambalpur v Cuttak v Bhiwandi v Ahmedabad v Hyderabad v Kerala

DIRECTORS

As on 30.09.2011

Name :	Mr. Suresh Kumar Rathi
Designation :	Director
Address :	S-10-11, Jeevan Vihar Colony, Opposite VIP Chowk, G.E. Road, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	14.06.1960
Qualification :	B. Sc.
Date of Appointment :	27.05.1994
DIN No.:	00682330
Name :	Mr. Vinod Kumar Jaisinghani
Designation :	Director
Address :	B/95, Surya Apartment, M.P.H.B. Colony , Katora Talab, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	18.07.1964
Qualification :	B. Com
Date of Appointment :	27.05.1994
DIN No.:	00682914
Name :	Mr. Kailash Kumar Rathi
Designation :	Director
Address :	C -150, Shailendra Nagar, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	29.02.1972
Qualification :	B. Com
Date of Appointment :	10.04.1998
DIN No.:	00682430
Name :	Mr. Narayan Kumar Rathi
Designation :	Director
Address :	S-3-4, Jeevan Vihar Colony, Opposite VIP Chowk, GE Road, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	30.04.1967
Qualification :	B. Com
Date of Appointment :	10.04.2003
DIN No.:	00682721
Name :	Mrs. Jyoti Suresh Rathi
Designation :	Director
Address :	S-10-11, Jeevan Vihar Colony, Opposite VIP Chowk GE Road, Raipur – 492 001, Chattisgarh, India
Date of Birth/Age :	31.12.1964
Qualification :	H.S.C.
Date of Appointment :	27.05.1994
DIN No.:	00682789

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Suresh Rathi	9350
Vinod Jaisinghani	6850
Jyoti Rathi	6500
Anjali Rathi	1600
Ashok Rathi	1100
Namrata Jaisinghani	9700
Ravindra Sharma	1010
Bharti Rathi	500
Ram Kumar Sahu (HUF)	1010
Shilu Rathi	1520
Narayan Rathi	5060
Shanker Rathi	510
Ratan Kanwar Rathi	1510
Manoj Rathi (HUF)	7370
Kailash Rathi	7680
Mangtu Ram	1250
Sunher Kaushal	1750
Ashok Jain	1000
Ajay Shrivastava	750
Bhagwati Devi Chouhan	1500
Dara Singh Sandhu	1000
Narendra Ambedkar	1000
Animesh Chandak	1500
Shikha Rathi	500
Saurabh Bhatia	1500
Madhu Joshi	3100
Mukesh Rathi	850
A.K. Jhabak (HUF) Group, India	10
Amritlal Nathwani Group, India	10
Hemant Kumar Soni Group, India	10
Jasbir Kaur Kohli Group, India	10
Jethmal Rathi Group, India	18460
Jitendra Nathwani Group, India	10
Naresh Kumar Trehan Group, India	10
Renuka Arora Group, India	10
Vimla Devi Maheshwari Group, India	10
Vinay Nathwani Group, India	10
Bansidhar Vincom Private Limited, India	1000
Cobra Tradecom Private Limited, India	2000
Earth Living Space Proppertie, India	1000
Sterlite Vinimay Private Limited, India	1000
Titanic Commodeal Private Limited, India	1000
Total	101520

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	66.81
Other top fifty shareholders	33.19
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Distributor, Dealer, Importer and Exporter of X-Ray Films Equipments, Photographic Materials.

Products :

Products Description	Item Code No.
X-Ray Films Equipments, Photographic Materials	37011000 and 37031000

v X-Ray Offset

v Chemical Items

v X-Ray Films

v X-Ray Machines

v Agfa Medical Imaging Films

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Medical X Ray Film Slitting	Sqm	5400000	1041769

GENERAL INFORMATION

No. of Employees :

65 (Approximately)

Bankers :

v Bank of Maharashtra, Byron Bazar, Katora Talab, Netaji Chowk, Raipur – 492 001, Chhattisgarh, India

v HDFC Bank

v Standard Chartered Bank, Singapore

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
With Bank of Maharashtra Cash Credit (Secured against hypothecation of stock and book debts and personal guarantee of promoters and directors and collateral security by way of equitable mortgage of companies immovable prosperities as also promoters and their relatives properties)	96.043	83.728
With HDFC Bank Car Loan	0.000	0.174
With Standard Chartered Bank Buyer’s Credit (Sublimit given on behalf of Bank of Maharashtra and is secured against hypothecation of goods under LC and additional charge on other current assets and mortgaged securities)	49.568	0.000
Master Card A/c Bank of Baroda Master Card a/c	0.000	0.029
Total	145.611	83.931

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors and Shareholders	63.869	46.755
Total	63.869	46.755

Banking Relations :	Satisfactory
Auditors :
Name :	R. Kabra and Company Chartered Accountants
Address :	515, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22044737
E-Mail :	enquiry@rkabra.net
Income-tax PAN of auditor or auditor's firm :	AAAFR1431Q

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101520	Equity shares	Rs.100/- each	Rs.10.152 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		10.152	9.552	8.802
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.850	30.049	17.869
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.002	39.601	26.671
LOAN FUNDS
1] Secured Loans		145.611	83.931	80.772
2] Unsecured Loans		63.869	46.755	39.855
TOTAL BORROWING		209.480	130.686	120.627
DEFERRED TAX LIABILITIES		3.198	2.273	1.376
TOTAL		266.680	172.560	148.674
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.895	42.872	12.136
Capital work-in-progress		0.000	0.000	14.591
INVESTMENT		0.020	0.020	0.020
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.452	80.425	59.939
	Sundry Debtors	78.980	56.269	54.299
	Cash & Bank Balances	4.919	3.384	3.858
	Other Current Assets	7.558	7.558	6.594
	Loans & Advances	19.700	13.857	12.981
Total Current Assets		242.609	161.493	137.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.994	27.273	12.109
	Other Current Liabilities & Provisions	2.850	4.552	3.635
Total Current Liabilities		26.844	31.825	15.744
Net Current Assets		215.765	129.668	121.927
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		266.680	172.560	148.674

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	749.639	655.638
		Other Income
		TOTAL (A)	749.639	655.638
Less	EXPENSES
		Office Expenses	720.696	637.137
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	720.696	637.137
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.943	18.501
Less	FINANCIAL EXPENSES (D)		16.504	12.666
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.439	5.835
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.442	1.467
	PROFIT BEFORE TAX (E-F) (G)		9.997	4.368
Less	TAX (H)		3.068	1.484
	PROFIT AFTER TAX (G-H) (I)		6.929	2.884
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.806	8.922
	BALANCE CARRIED TO THE B/S		18.735	11.806
	Earnings Per Share (Rs.)		78.54	34.95

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.92	0.44
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.89	2.92
Return on Investment (ROI) (PBT/Networth)		NA	0.25	0.16
Debt Equity Ratio (Total Liability/Networth)		4.38	4.10	5.11
Current Ratio (Current Asset/Current Liability)		9.04	5.07	8.74

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES: (As on 31.03.2011)

Particulars	31.03.2011 (Rs. in millions)
a) Outstanding Bank Guarantees	6.728
b) Outstanding LC	2.087

Bankers Charges Report as per Registry

Corporate identity number of the company	U85110CT1994PTC008363
Name of the company	VINOD MEDICAL SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-2, Sai Nagar, Near Railway Crossing, Raipur – 492 001, Chhattisgarh, India E-Mail: vmspl@vinodmedical.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Bank of Maharashtra, Byron Bazar, Raipur – 492 001, Chhattisgarh, India E-Mail: bom981@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation of present and future movable plants, Machineries, goods, stocks of Raw Materials items, inventories, stocks in stores and spares, stock in trade, Goods in process, movables in transit and present and future tangible and intangible assets and benefit of the Borrower in upon or over all contracts and agreements and amounts and right situated or located at any place and now lying and as per the terms stipulated in Deed of Hypothecation dated 22.03.2011 and sanction letter dated 22.03.2011
Date of instrument Creating the charge	22.03.2011
Amount secured by the charge	Rs.14.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per the terms stipulated in Deed of Hypothecation dated 22.03.2011 and sanction letter dated 22.03.2011 Terms of Repayment: As per the terms stipulated in Deed of Hypothecation dated 22.03.2011 and sanction letter dated 22.03.2011 Margin: As per the terms stipulated in Deed of Hypothecation dated 22.03.2011 and sanction letter dated 22.03.2011 Extent and Operation of the charge: As per the terms stipulated in Deed of Hypothecation dated 22.03.2011 and sanction letter dated 22.03.2011
Short particulars of the property charged	First and exclusive charge and security by way of hypothecation of present and future movable plants, Machineries, goods, stocks of Raw Materials items, inventories, stocks in stores and spares, stock in trade, Goods in process, movables in transit and present and future tangible and intangible assets and benefit of the Borrower in upon or over all contracts and agreements and amounts and right situated or located at any place and now lying

FIXED ASSETS:

v Land

v Furniture and Fixture

v Computer

v Office Equipment

v Vehicles

v Office Premises

v Electrical Installation

v Cars

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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

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.