MIRA INFORM REPORT

Report Date :

21.05.2012

IDENTIFICATION DETAILS

Name :	NANO THERAPEUTICS PRIVATE LIMITED
Registered Office :	201-B, Ventura Shopping Centre Avenue, Near D-MART, Hiranandani Business Park, Powai, Mumbai– 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.05.2008
Com. Reg. No.:	11-182771
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U33114MH2008PTC182771
TAN No.: [Tax Deduction & Collection Account No.]	MUMN16180D
PAN No.: [Permanent Account No.]	AACCN7849M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Marketer and Trader of Endo/Cardio Vascular machinery and equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 20000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. 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.

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 :	201-B, Ventura Shopping Centre Avenue, Near D-MART, Hiranandani Business Park, Powai, Mumbai– 400076, Maharashtra, India
Tel. No.:	91-22-28772221
Fax. No.:	Not Available
E-Mail :	daveconsultancy@gmail.com nanoterapeutics@drdcs.net

DIRECTORS

As on 08.08.2011

Name :

Mr. Samir kumar Kanjibhai Koladia

Designation :

Director

Address :

301-A, Swagat Apartment, Sahnip Park, B/H Sneh Sankul Wadi, Mahal Road, Adajan, Surat-395009, Gujarat, India

Date of Birth/Age :

19.06.1974

Date of Appointment :

03.06.2010

DIN No.:

01665553

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24100GJ2007PTC051548	ANDERSON BIOMED PRIVATE LIMITED	Director	21-08-07	21-08-07	-	Active	NO
2	U33114MH2008PTC182771	NANO THERAPEUTICS PRIVATE LIMITED	Director	03-06-10	25-02-10	-	Active	NO

Name :

Mr. Rohitbhai Babubhai Koladia

Designation :

Additional Director

Address :

B-16, Shidharth Nagar Society, Simada Gam, Surat – 395006, Gujarat, India

Date of Birth/Age :

01.10.1969

Date of Appointment :

04.04.2011

DIN No:

03508869

Name :

Mr. Manojkumar Parshotam Movalia

Designation :

Additional Director

Address :

38, Harish Nagar Society, Varachha Road, Surat – 395006, Gujarat, India

Date of Birth/Age :

09.01.1969

Date of Appointment :

20.04.2011

DIN No:

00078822

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17111GJ2004PTC043630	RAJHANS POLY-PRINTS PRIVATE LIMITED	Director	16-02-04	16-02-04	29-01-10	Active	NO
2	U70101GJ2004PTC043996	FORD ESTATE PRIVATE LIMITED	Director	19-04-04	19-04-04	-	Active	NO
3	U92120GJ2006PTC049677	RAJHANS CINE WORLD PRIVATE LIMITED	Director	29-12-06	29-12-06	29-01-10	Active	NO
4	U55101GJ2008PTC054461	RAJHANS HOLIDAY RESORT PRIVATE LIMITED	Director	11-07-08	11-07-08	-	Active	NO
5	U45201GJ2008PTC055406	GUJARAT ROAD BUILDERS PRIVATE LIMITED	Director	11-11-08	11-11-08	-	Active	NO
6	U45201GJ2008PTC055616	RAJHANS INFRASTRUCTURE PRIVATE LIMITED	Director	05-12-08	05-12-08	-	Active	NO
7	U45201MH2008PLC211753	TRAANSGLOBE INFRASTRUCTURE LIMITED	Director	01-08-09	01-08-09	-	Active	NO
8	U74300GJ1996PTC031077	SURAT RESORTS PRIVATE LIMITED	Director	08-12-10	08-12-10	-	Active	NO
9	U33114MH2008PTC182771	NANO THERAPEUTICS PRIVATE LIMITED	Director	08-08-11	20-04-11	-	Active	NO
10	U45202GJ2011PTC067229	RAJGREEN INFRASTRUCTURE PRIVATE LIMITED	Director	22-09-11	22-09-11	-	Active	NO

Name :

Mrs.Vinita Rajesh Vaishnav

Designation :

Director

Address :

B-102, Opera House, Near Agrasen Bhavan, City Light, Surat – 395007, Gujarat, India

Date of Birth/Age :

21.08.1964

Date of Appointment :

03.10.2009

Date of Ceasing:

18.04.2011

DIN No:

00257062

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Director	01-08-06	01-08-06	15-06-07	Active	NO
2	U33114MH2008PTC182771	NANO THERAPEUTICS PRIVATE LIMITED	Director	03-06-10	03-10-09	18-04-11	Active	NO

Name :

Mr. Parth Rajesh Vaishnav

Designation :

Director

Address :

B-102, Opera House, Near Agrasen Bhavan, City Light, Surat – 395007, Gujarat, India

Date of Birth/Age :

26.04.1991

Date of Appointment :

03.06.2010

DIN No:

02962620

Date of Ceasing:

18.04.2011

Name:

Mr. Satyavijay Ganesh Parab

Designation:

Director

Address:

R/6/8, Jaisridhan Housing Society, Bangur Nagar, Goregaon (West), Mumbai-400090, Maharashtra, India

Date of Birth/Age :

14.11.1958

Date of Appointment:

DIN No:

02077488

Name:

Mrs. Vibhuti Satyavijay Parab

Designation:

Director

Address:

R/6/8, Jaishreedhan Housing Society, Bangur Nagar, Goregaon (West), Mumbai-400090, Maharashtra, India

Date of Birth/Age :

06.10.1967

DIN No:

02100805

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.08.2011

Names of Shareholders	No. of Shares
Vinita Rajesh Vaishnav	6000
Parth Rajesh Vaishnav	4000
Total	10000

Equity Share Breakup (Percentage of total equity)

As on 03.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Actual Production
Medical Product	qty	0.00

GENERAL INFORMATION

Facilities :

Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Loan From Directors and Shareholders	7.300	0.900
Total	7.300	0.900

Banking Relations :	--
Auditors :
Name :	Shirish Desai and Company Chartered Accountant
Address :	312, 5^th Floor, New Opera House, Above Kiran Motor, Civil Crossing to Sosyo Circle way, Khatodara, Surat- 395002, Gujarat, India
PAN No.:	AAPFS2232R

CAPITAL STRUCTURE

After as on: 08.08.2011

Authorised Capital: Rs.20.000 Millions

Paid up Capital: Rs.20.000 Millions

As on 31.03.2011

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		4.934	0.039	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.034	0.139	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		7.300	0.900	0.050
TOTAL BORROWING		7.300	0.900	0.050
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.334	1.039	0.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.859	0.871	0.034
Capital work-in-progress		8.074	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	0.007	0.000	0.000
	Sundry Debtors	4.670	0.202	0.000
	Cash & Bank Balances	1.187	0.073	0.092
	Other Current Assets	0.015	0.022	0.000
	Loans & Advances	4.839	0.000	0.000
Total Current Assets		10.718	0.297	0.092
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.006	0.026	0.000
	Other Current Liabilities	0.320	0.117	0.007
	Provisions
Total Current Liabilities		7.326	0.143	0.007
Net Current Assets		3.392	0.154	0.085
MISCELLANEOUS EXPENSES		0.009	0.014	0.031
TOTAL		12.334	1.039	0.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	14.628	0.000	0.000
		Other Income	0.485	0.225	0.000
		TOTAL	15.113	0.225	0.000
Less	EXPENSES
		Purchases	6.529	0.000	0.000
		Administrative Expenses	1.377	0.140	0.012
		TOTAL	7.906	0.140	0.012
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.207	0.085	0.012
Less/ Add	DEPRECIATION/ AMORTISATION		0.012	0.008	0.000
	PROFIT BEFORE TAX		7.195	0.077	[0.012]
Less	TAX		2.300	0.025	0.000
	PROFIT AFTER TAX		4.895	0.052	[0.012]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.039	[0.013]	0.000
	BALANCE CARRIED TO THE B/S		4.934	0.039	[0.012]
	Earnings Per Share (Rs.)		489.48	5.25	-1.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	32.38	23.11	0.00
Net Profit Margin (PBT/Sales)	(%)	49.19	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	62.15	6.59	(9.52)
Return on Investment (ROI) (PBT/Networth)		1.43	0.55	(0.12)
Debt Equity Ratio (Total Liability/Networth)		2.90	7.50	0.57
Current Ratio (Current Asset/Current Liability)		1.46	2.08	13.14

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Address Change Note:

The Registered office of the Company has been shifted from A-2501, 25^th Floor, Mahindra Eminent, Near Patkar College, S.V. Road, Goregaon (West), Mumbai- 400062, Maharashtra, India. To Present address w.e.f 28.04.2011

Fixed Assets:

• Patent
• Trademark
• Plot at Hojiwala

AS PER WEBSITE DETAILS:

PROFILE

Subject is a leading enterprise promoted by industry's renowned and experienced professionals with a relentless zest to provide improved and safe therapies through application of Nano Science. They are specialized in Design, development, Manufacture and Supply of Vascular Stents, Stent System and Support Device/s.

As an organization, there core values are driven by a desire to improve human life, achieve scientific excellence and innovation, operate with the highest standards of ethical integrity, provide unquestioned quality and employ a diverse workforce that values collaboration. They strive to provide benchmark brands to healthcare professionals and patients with unmatched quality, products and technology

There products are distributed by a sales force recognized throughout the industry for its clinical expertise and customer service. Continued honest and ethical business conduct has earned Nano Therapeutics Pvt. Ltd the trust of customers, patients, suppliers, investors, regulators, and fellow employees, while sustaining there long-term commitment by improved therapies.

They understand that pioneering technology combined with entrepreneurial spirit is in the best interests of patients and the physicians who treat them. That's why they work hard to stimulate a continual stream of innovation in developing improved minimally invasive therapies.

They believe in delivering the best, it is precisely for this reason that each product manufactured and marketed by them is of superior technology, quality, design and performance which offers unparallel treatment to patients.

Nano Therapeutics aims to transform itself into a global Medical Device company with an increasing focus on cutting-edge research and development based on application of Nano science.

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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.