MIRA INFORM REPORT

Report Date :

06.11.2012

Summary Information

		Country	India
Company Name	CISTRON SYSTEMS PRIVATE LIMITED	Principal Name 1	Mr. Suresh Rajan
Status	Satisfactory	Principal Name 2	Mr. Raghunathan Srinivasan
		Registration #	01-016348
Street Address	31, Sita Mahal, Third Floor, Anand Apartments, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India
Established Date	27.09.1993	SIC Code	--
Telephone#	91-40-27800783/27800633	Business Style 1	Dealing
Fax #	91-40-27806546	Business Style 2	--
Homepage	http://cistronsystems.com	Product Name 1	Anesthetics Equipments
# of employees	Not Available	Product Name 2	Theatre Equipments
Paid up capital	Rs. 150,000/-	Product Name 3	Electronic Equipments
Shareholders	Directors or relatives of directors – 100.00%	Banking	Syndicate Bank
Public Limited Corp.	NO	Business Period	19 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	12,188,000	Current Liabilities	10,705,000
Inventories	7,390,000	Long-term Liabilities	1,709,000
Fixed Assets	734,000	Other Liabilities	2,062,000
Deferred Assets	197,000	Total Liabilities	14,476,000
Invest& other Assets	100,000	Retained Earnings	5,983,000
		Net Worth	6,133,000
Total Assets	20,609,000	Total Liab. & Equity	20,609,000
Total Assets (Previous Year)	7,925,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	62,960,000	Net Profit	4,308,000
Sales(Previous yr)	30,593,000	Net Profit(Prev.yr)	1,421,000

IDENTIFICATION DETAILS

Name :	CISTRON SYSTEMS PRIVATE LIMITED
Registered Office :	31, Sita Mahal, Third Floor, Anand Apartments, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.09.1993
Com. Reg. No.:	01-016348
Capital Investment / Paid-up Capital :	Rs. 0.150 Million
CIN No.: [Company Identification No.]	U72200AP1993PTC016348
Legal Form :	Private Limited Liability Company.
Line of Business :	Dealing in Anesthetics Equipments, Hospital/ Theatre Equipments and Servicing of Medical and Electronic Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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. It has achieved tremendous growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country’s growth, which has averaged more than 7% per year since 1997. India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India’s output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis – in large part because of strong domestic demand – and growth exceeded 8% year-on-year in real terms. However, India’s economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government’s fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India’s medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	31, Sita Mahal, Third Floor, Anand Apartments, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27800783/27800633
Fax No.:	91-40-27806546
E-Mail :	rajan_suresh@cistronsystems.com marketing@cistronsystems.com
Website :	http://cistronsystems.com
Branches :	Located at : Chennai Address: 19/62, VGP Avenue, Dr.Seethapathy Nagar, Velachery, Chennai - 600 042, Tamilnadu, India Tel No: 91-44 – 4206625 E-Mail: cistronchennai@cistronsystems.com Trichy Address: C-32, Thillai Nagar, 10th Cross, Futher West Extension, Trichy - 620 018, Tamilnadu, India E-Mail: cistronchennai@cistronsystems.com Bangalore Address: #43, Masthenahalli Dinne, Hennagara Post, Jigani Hobli, Anekal Taluk, Bangalore - 561 229, Karnataka, India E-Mail: cistronchennai@cistronsystems.com Cuttack Address: B/39, SBI colony, Sector – 9, C.D.A. Bidanasi, Cuttack – 754 021, Orissa, India Tel. No.: 91-6712506277 E-Mail: odishacistron@cistronsystems.com
Ware House :	B-6/1, Electronic complex, Kushaiguda, Hyderabad - 500 062, Andhra Pradesh, India
E-Mail :	spjain@cistronsystems.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Suresh Rajan

Designation :

Director

Address :

103 Mahalakshmi Enclave Syndicate, Bank Colony, Ranga Reddy - 500026, Andhra Pradesh

Date of Birth/Age :

17.05.1961

Date of Appointment :

27.09.2003

DIN No.:

00923291

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	U72200AP2001PTC036963	CISTRON INFOTEK PRIVATE LIMITED	Managing director	02-07-01	02-07-01	-	Active	NO
2	U72200AP1993PTC016348	CISTRON SYSTEMS PRIVATE LIMITED	Director	27-09-03	27-09-03	-	Active	NO
3	U33119AP1998PTC028744	SUKIMOS MEDICAL PRIVATE LIMITED	Managing director	15-09-05	15-09-05	-	Active	NO
4	U33110GJ2010PTC060216	IVES HEALTHCARE PRIVATE LIMITED	Additional director	05-12-11	05-12-11	-	Active	NO

Name :

Mr. Raghunathan Srinivasan

Designation :

Director

Address :

302, Aditya Arcade, A.S Rao Nagar, Hyderabad, Ranga Reddy – 500062, Andhra Pradesh, India

Date of Birth/Age :

21.07.1963

Date of Appointment :

01.04.1998

DIN No.:

00923552

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	U72200AP1993PTC016348	CISTRON SYSTEMS PRIVATE LIMITED	Director	01-04-98	01-04-98	-	Active	NO
2	U72200AP2001PTC036963	CISTRON INFOTEK PRIVATE LIMITED	Director	02-07-01	02-07-01	-	Active	NO
3	U33119AP1998PTC028744	SUKIMOS MEDICAL PRIVATE LIMITED	Managing director	15-09-05	15-09-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Mohan Srinivasan	25
Suresh Rajan	325
Sudha Rajan	275
Usha Srinivasan	50
Naresh Rajan	50
Jayanthi Rajan	50
Malathi Rajan	50
R. Srinivasan	375
G K Ramani	300
Total	1500

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in Anesthetics Equipments, Hospital/ Theatre Equipments and Servicing of Medical and Electronic Equipments

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Syndicate Bank, Picket Branch, Wellington Road, Adj. Ghanshyam Super Market, Picket, Secunderabad - 500026, Andhra Pradesh, India

· ICICI Bank, Secunderabad, Andhra Pradesh, India

· Indian Bank, Secunderabad, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Syndicate Bank – Overdraft (Secured by the Hypothecation of Land and building of Sukimos Medical Private Limited, Stocks and Book Debts)	0.444	0.434
Car Loans (Secured by Hypothecation of cars) Syndicate BANK – Car Loan	0.389	0.500
Total	0.833	0.934
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Ranga Prasad	0.000	0.025
Suresh Rajan - Director	0.270	0.270
Usha Srinivasan	0.300	0.300
R. Srinivasan	0.306	0.306
Total	0.876	0.901

Banking Relations :	--
Auditors :
Name :	S.Giridharan Chartered Accountants
Address :	136/1, I Floor, 5th Main, Chamarajpet, Bangalore – 560018, Karnataka, India
PAN No.:	ACPPG2638H

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500	Equity Shares	Rs.100/- each	Rs. 0.150 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500	Equity Shares	Rs.100/- each	Rs. 0.150 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		0.150	0.150	0.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.983	1.675	0.253
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.133	1.825	0.403
LOAN FUNDS
1] Secured Loans		0.833	0.934	1.277
2] Unsecured Loans		0.876	0.901	0.890
TOTAL BORROWING		1.709	1.835	2.167
DEFERRED TAX LIABILITIES		0.116	0.116	0.116
TOTAL		7.958	3.776	2.686
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.734	0.817	0.845
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.197	0.181	0.154
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.390	1.207	1.419
	Sundry Debtors	5.767	2.807	3.546
	Cash & Bank Balances	1.380	0.601	0.644
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.041	2.212	5.062
Total Current Assets		19.578	6.827	10.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.705	3.487	8.832
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	1.946	0.662	0.252
Total Current Liabilities		12.651	4.149	9.084
Net Current Assets		6.927	2.678	1.587
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.958	3.776	2.686

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	62.960	30.593	14.923
		Service Income	0.528	0.717	0.683
		Other Income	9.483	5.091	6.447
		TOTAL	72.971	36.401	22.053
Less	EXPENSES
		Cost of Material	53.539	24.359	12.585
		Administrative and Selling Expenses	19.128	9.520	9.317
		Increase/(Decrease) in stock	(6.183)	0.214	(0.816)
		TOTAL	66.484	34.093	21.086
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.487	2.308	0.967
Less/ Add	DEPRECIATION/ AMORTISATION		0.249	0.251	0.212
	PROFIT BEFORE TAX		6.238	2.057	0.755
Less	TAX		1.930	0.636	0.314
	PROFIT AFTER TAX		4.308	1.421	0.441
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.675	0.254	(0.187)
	BALANCE CARRIED TO THE B/S		5.983	1.675	0.254
	Earnings Per Share (Rs.)		4.158	1.371	0.503

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.91	3.91	2.00
Net Profit Margin (PBT/Sales)	(%)	9.91	6.73	5.06
Return on Total Assets (PBT/Total Assets}	(%)	30.71	26.91	6.56
Return on Investment (ROI) (PBT/Networth)		1.02	1.13	1.87
Debt Equity Ratio (Total Liability/Networth)		2.34	3.28	27.92
Current Ratio (Current Asset/Current Liability)		1.55	1.65	1.17

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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 (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 26, Wellington Roadwest, Marredpally, Secunderabad – 500026, Secunderabad, Andhra Pradesh, India to present address w.e.f. 01.01.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72200AP1993PTC016348
Name of the company	CISTRON SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	31, Sita Mahal, Third Floor, Anand Apartments, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India rajan_suresh@cistronsystems.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	90138495
Type of charge	· Book debts · Floating charge
Particular of charge holder	Syndicate Bank Syndicate Bank, Picket Branch, Wellington Road, Adj. Ghanshyam Super Market, Picket, Secunderabad - 500026, Andhra Pradesh, India syndpicket@rediffmail.com
Nature of instrument creating charge	· Composite Hypothecation Agreement. · Omnibus Counter Guarantee.
Date of instrument Creating the charge	11.01.2012
Amount secured by the charge	Rs. 5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest SOD (2.000 Millions) - Interest @ 12.25% p.a.. Terms of repayment On Demand Margin Nil. Extent and operation of the charge The properties charged shall operates as security for the due repayment of the credit facilities aggregating to Rs.5.000 Millions sanctioned by the bank to the Company, together with interest, additional interest, penal interest, damages if any thereon Other Nil
Short particulars of the property charged (Including location of the property)	Hypothecation of stocks in trade and book debts.
Particulars of the present modification	This modification is being filed for enhancement of limits from Rs. 1.000 to Rs.5.000 Millions. Details are as follows: (Rs. In Millions) Existing revised SOD - 1.000 2.000 BG - Nil 3.000

FIXED ASSETS

· Furniture and Fixture

· Computers

· Office Equipments

· Generator

· Telephone Machine

· Tools and Tackles

· Vechiles

· Interior Decorations

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 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. 54.08
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.37

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.