MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	MY HEALTHSKAPE MEDICALS PRIVATE LIMITED
Registered Office :	4/425 A, Sharma Industrial Estate, Walbhat Road, Goregaon (East) – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.04.2003
Com. Reg. No.:	11-139877
Capital Investment / Paid-up Capital :	Rs.17.500 Millions
CIN No.: [Company Identification No.]	U33100MH2003PTC139877
TAN No.: [Tax Deduction & Collection Account No.]	MUMM18869E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Medical Equipments i.e. Ophthalmology Equipments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 200000
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. The company can be considered 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.

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.

INFORMATION DECLINED

Name :	Mr. Ramakant Jubekar
Designation :	Accounts Manager
Date :	30.10.2012

LOCATIONS

Registered Office :	4/425 A, Sharma Industrial Estate, Walbhat Road, Goregaon (East) – 400 063, Maharashtra, India
Tel. No.:	91-22-26862626 / 26862828 / 26862929
Mobile No.:	91-9920072281 (Mr. Sachin)
Fax No.:	91-22-26862929 / 66994477
E-Mail :	sachin@myhealthskape.com info@myhealthskape.com rchakote@hotmail.com
Website :	www.myhealthskape.com
Area :	2000 sq ft
Location :	Owned

DIRECTORS

As on 24.09.2011

Name :	Mr. Manish Jaswantsingh Bhachoo
Designation :	Director
Address :	71, Varsh Building, Goregaon, Mumbai – 400 062, Maharashtra, India
Date of Birth/Age :	16.09.1968
Qualification :	BE
Date of Appointment :	01.04.2003
DIN No.:	00097093
Name :	Mrs. Sheela Sameer Paigankar
Designation :	Director
Address :	RH4, O-7, Sector – 6, Navi Mumbai – 400 703, Maharashtra, India
Date of Birth/Age :	24.03.1970
Qualification :	B. Pharm
Date of Appointment :	01.07.2005
DIN No.:	01104935
Name :	Mr. Sameer Ashok Paigankar
Designation :	Director
Address :	RH4, O-7, Sector – 6, Navi Mumbai – 400 703, Maharashtra, India
Date of Birth/Age :	11.09.1969
Qualification :	B. Pharm
Date of Appointment :	01.07.2005
DIN No.:	01487210
Name :	Mrs. Santosh Jaswantsingh Bhachoo
Designation :	Director
Address :	71, Jawahar Nagar, Goregaon, Mumbai – 400 062, Maharashtra, India
Date of Birth/Age :	10.06.1935
Qualification :	HSC
Date of Appointment :	04.04.2003
DIN No.:	01635825

KEY EXECUTIVES

Name :	Mr. Ramakant Jubekar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
Manish Jaswantsingh Bhachoo	1575000
Santosh Jaswantsingh Bhachoo	17490
Sameer Ashok Paigankar	78755
Sheela Sameer Paigankar	78755
Narottam Puri Goswami	10
Total	1750010

As on 24.09.2011

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 :	Trader of Medical Equipments i.e. Ophthalmology Equipments.
Products :	Eyemaginations Hanshin Icare Mani Meda Moria My Healthskape Optomed Peschke Pichina Propper Refractec Tomey Wavelight Wipak

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

· ICICI Bank Limited, Land Mark Race Course Circle, Alkapuri, Baroda – 390 015, Gujarat, India

· HDFC Bank Limited

· The Saraswat Co-Operative Bank Limited, Pratiksha Apartment, Opposite Filmistan Studio, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India

· Kotak Mahindra Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank Limited	20.385	18.257
HDFC Bank Limited (Debit Balance in Current Account))	0.448	0.000
HDFC Bank Limited (against charge on logen car)	0.169	0.254
HDFC Bank Limited (against charge on INNOVA car)	0.274	0.463
HDFC Bank Limited (against charge on HONDA CITY car)	0.660	0.802
Tata Capital Limited (against charge on SWIFT car)	0.340	0.418
Religare Finvest Limited (against property of Mr. Manish Shachoo)	6.039	7.150
Religare Finvest Limited (against medical Equipment)	0.000	4.271
Total	28.315	31.615
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loan	12.568	8.498
Total	12.568	8.498

Banking Relations :	--
Auditors :
Name :	Rajesh Chakote and Associates Chartered Accountants
Address :	302, Arenja Corner, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27666478
E-Mail :	rchakole@hotmail.com
PAN.:	AAGFR2434P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1750010	Equity Shares	Rs.10/- each	Rs.17.500 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		17.500	17.500	17.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.574	20.493	13.359
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		50.074	37.993	30.859
LOAN FUNDS
1] Secured Loans		28.315	31.615	21.092
2] Unsecured Loans		12.568	8.498	9.285
TOTAL BORROWING		40.883	40.113	30.377
DEFERRED TAX LIABILITIES		0.092	0.092	0.000
TOTAL		91.049	78.198	61.236
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.164	17.008	10.448
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.435	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.650	55.016	50.397
	Sundry Debtors	88.221	69.212	96.131
	Cash & Bank Balances	10.739	8.219	28.817
	Other Current Assets	0.923	1.035	26.805
	Loans & Advances	10.728	35.147	5.455
Total Current Assets		161.261	168.629	207.605
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.033	57.425	128.995
	Other Current Liabilities	22.270	45.320	25.401
	Provisions	9.554	4.747	2.482
Total Current Liabilities		90.857	107.492	156.878
Net Current Assets		70.404	61.137	50.727
MISCELLANEOUS EXPENSES		0.021	0.028	0.036
TOTAL		91.049	78.198	61.236

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	269.323	222.337	NA
		Other Income	NA	20.715	NA
		TOTAL	NA	243.052	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	234.441	NA
		Advertising Expenses
		TOTAL	NA	234.441	NA
	PROFIT BEFORE TAX		NA	8.611	NA
Less	TAX		NA	1.471	NA
	PROFIT AFTER TAX		12.081	7.140	9.759
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.499	0.105	2.735
	TOTAL EARNINGS		2.499	0.105	2.735
	IMPORTS
		Trade Goods	145.722	177.346	150.011
	TOTAL IMPORTS		145.722	177.346	150.011
	Earnings Per Share (Rs.)		6.90	4.08	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.05	NA
Net Profit Margin (PBT/Sales)	(%)	NA	3.87	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.64	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.23	NA
Debt Equity Ratio (Total Liability/Networth)		2.63	3.89	6.07
Current Ratio (Current Asset/Current Liability)		1.77	1.57	1.32

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.03.2009
For Expenses	6.867	3.587	20.219
For Goods	52.166	53.838	108.776
Total	59.033	57.425	128.995

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	Yes
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	Yes
10]	Designation of contact person	Yes
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	Yes
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

FINANCIAL RESULTS

The Profit and Loss Account of the company shows a Net Profit after Tax amounting to Rs. 12.081 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U33100MH2003PTC139877
Name of the company	MY HEALTHSKAPE MEDICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4/425 A, Sharma Industrial Estate, Walbhat Road, Goregaon (East) – 400063, Maharashtra, India rchakote@hotmail.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India vlaxman@vsnl.com
Nature of instrument creating charge	Goods Security Agreement.
Date of instrument Creating the charge	13.04.2012
Amount secured by the charge	Rs.80.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on principal amount of the aforesaid fund based facilities advanced and outstanding form time to time @ 13.25% p.a. (exclusive of applicable interest tax). Terms of Repayment On demand. Margin 30% against the Stocks, 30% against the Book Debts. 30% against the Property Extent and Operation of the charge The hypothecated First exclusive charge on Assets, shall remain as security to the Bank for the due repayment by the Borrower to the Bank of the credit facilities together with interest, costs, charges and expenses and other monies payable by the Borrower and also for due payment and discharge of all indebtedness / liability of the Borrower to the Bank. The Company further agree to create first exclusive charge on Immovable Properties of the Company situated at Goregaon (East), Mumbai, Maharashtra, India Others The Borrower expressly recognises and accepts that the Bank shall be absolutely entitled and have full power/authority to sell, assign or transfer in any manner and on such terms as the Bank may decide any or all outstanding dues of the Borrower to any third party of the Bank's choice without any further reference or intimation to the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of the Borrower's present and future stocks of raw materials, goods in process of manufacture, semi-finished goods and all finished and manufactured goods All of the Borrower's present and future book debts, outstanding Monies, receivables, claims, bills, investments, rights to or in moveable properties lien on Fixed deposit of Rs.11.000 Millions in the name of Subject

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.54.17
UK Pound	1	Rs.86.83
Euro	1	Rs.69.85

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.