MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	MYOVATEC SURGICAL SYSTEMS PRIVATE LIMITED	Principal Name 1	Mr. Adesh Dayal Mathur
Status	Satisfactory	Principal Name 2	Rajni Mathur
		Registration #	55-037599
Street Address	A-12/42, Akalkaji Extension, New Delhi – 110019
Established Date	06.09.1989	SIC Code	--
Telephone#	91-11-29985846	Business Style 1	Manufacturer
Fax #	91-11-29981451	Business Style 2	Suppliers
Homepage	www.myovatec.com	Product Name 1	Plastic and Reconstructive Surgery Instruments
# of employees	Not Available	Product Name 2	MOP (Myovatec Obesity Programe)
Paid up capital	Rs.2,000,000/-	Product Name 3	Body Shaping
Shareholders	Directors or relatives of directors – 94.54% Other top fifty shareholders – 5.46%	Banking	Corporation Bank
Public Limited Corp.	NO	Business Period	24 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Not Available
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	21,612,000	Current Liabilities	17,527,000
Inventories	4,907,000	Long-term Liabilities	7,085,000
Fixed Assets	9,865,000	Other Liabilities	847,000
Deferred Assets	0,000	Total Liabilities	25,459,000
Invest& other Assets	0,000	Retained Earnings	8,925,000
		Net Worth	10,925,000
Total Assets	36,384,000	Total Liab. & Equity	36,384,000
Total Assets (Previous Year)	39,963,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	Not Available	Net Profit	2,333,000
Sales(Previous yr)	64,875,000	Net Profit(Prev.yr)	1,366,000

MIRA INFORM REPORT

Report Date :

02.08.2013

IDENTIFICATION DETAILS

Name :	MYOVATEC SURGICAL SYSTEMS PRIVATE LIMITED

Registered Office :	A-12/42, Akalkaji Extension, New Delhi - 110019

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	06.09.1989

Com. Reg. No.:	55-037599

Capital Investment / Paid-up Capital :	Rs.2.000 Millions

CIN No.: [Company Identification No.]	U74899DL1989PTC037599

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Supplier of Plastic and Reconstructive Surgery Instruments.

No. of Employees :	Not Divulged

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 44000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. 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.

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DENIED BY

Name :	Mr. Adesh Mathur
Designation :	Director
Contact No.:	Not Available
Date :	31.07.2013

LOCATIONS

Registered Office :	A-12/42, Akalkaji Extension, New Delhi – 110019, India
Tel. No.:	91-11-29985846 / 29980759 / 41861759
Fax No.:	91-11-29981451
E-Mail :	myovatec@gmail.com
Website :	www.myovatec.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Adesh Dayal Mathur
Designation :	Director
Address :	A-12/42, Akalkaji Extension, New Delhi – 110019, India
Date of Birth/Age :	05.08.1958
Date of Appointment :	06.09.1989
DIN No.:	00449291

Name :	Rajni Mathur
Designation :	Director
Address :	A-12/42, Akalkaji Extension, New Delhi – 110019, India
Date of Birth/Age :	26.04.1959
Date of Appointment :	27.03.1995
DIN No.:	00449333

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares

Adesh Dayal Mathur		3770
Vinish Mathur		1060
Rajni Mathur		4153
Ashish Mathur		200
Nalini Mathur		200
Yogesh Narain		100
Yogesh Mathur		795
Puneet Mathur		360
Manoj Mathur		2510
Sunil Kumar Gupta		100
Pankaj Rahatgi		100
Deepali Saxena		100
Priyam Mathur		2020
Prateek Mathur		4240
Dr. Sameer Girotra		250
Bharat Bhusan		42
Total		20000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category		Percentage
Directors or relatives of directors		94.54
Other top fifty shareholders		5.46
Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Plastic and Reconstructive Surgery Instruments.

Product :	Reconstructive Surgery Instruments MOP (Myovatec Obesity Programe) Body Shaping

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Corporation Bank, M-41, Connaught Circus Branch, New Delhi – 110001, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Long term borrowings :
From Kotak Mahindra (Secured against hypothecation of car)	1.358	1.713
Short term borrowings ;
Working Capital Loan
From Corporation Bank (CC Limit against Book Debts and Personal Guarantee of Director)	4.977	5.296
Total	6.335	7.009


Auditors :
Name :	Salarpuria and Partners Chartered Accountants
Address :	1008, Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India
PAN No.:	AAMFS2483H

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.925	7.692	6.326
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.925	9.692	8.326
LOAN FUNDS
1] Secured Loans		6.335	7.009	3.135
2] Unsecured Loans		0.750	0.750	0.050
TOTAL BORROWING		7.085	7.759	3.185
DEFERRED TAX LIABILITIES		0.804	0.408	0.082

TOTAL		18.814	17.859	11.593

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		9.865	8.502	4.739
Capital work-in-progress		0.000	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	4.907	6.472	4.579
	Sundry Debtors	13.705	14.415	11.358
	Cash & Bank Balances	4.877	6.047	5.637
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.030	4.527	3.344
Total Current Assets		26.519	31.461	24.918
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.460	19.475	15.260
	Other Current Liabilities	1.067	2.627	2.723
	Provisions	0.043	0.002	0.081
Total Current Liabilities		17.570	22.104	18.064
Net Current Assets		8.949	9.357	6.854

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		18.814	17.859	11.593

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	64.875	67.444
		Other Income		3.154	1.258
		TOTAL	NA	68.029	68.702

Less	EXPENSES
		Materials	NA	48.855	50.585
		Manufacturing Expenses		0.856	0.948
		Personal Expenses		6.237	4.737
		Selling Expenses		4.245	4.758
		Administrative and Other Expenses		5.007	5.217
		TOTAL	NA	65.200	66.245

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.450	2.829	2.457

Less/ Add	DEPRECIATION/ AMORTISATION		0.419	0.481	0.325

	PROFIT BEFORE TAX		3.031	2.348	2.132

Less	TAX		0.698	0.982	0.921

	PROFIT AFTER TAX		2.333	1.366	1.211

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.692	6.326	5.115

	BALANCE CARRIED TO THE B/S		10.025	7.692	6.326

	IMPORTS
		Traded Goods (Self)	NA	33.699	(31.355)
	TOTAL IMPORTS		NA	33.699	(31.355)

	Earnings Per Share (Rs.)		116.65	68.32	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.01	1.76

Net Profit Margin (PBT/Sales)	(%)	NA	3.62	3.16

Return on Total Assets (PBT/Total Assets}	(%)	0.08	0.06	0.07

Return on Investment (ROI) (PBT/Networth)		0.28	0.24	0.26

Debt Equity Ratio (Total Liability/Networth)		2.26	3.08	2.17

Current Ratio (Current Asset/Current Liability)		1.51	1.42	1.38

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	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 operation of the company for the year resulted in the net profit of Rs.2.333 Millions after charging a depreciation of Rs.0.419 Million, provision for the income tax of Rs.0.698 Million and Rs.0.396 for deferred tax adjustment.

UNSECURED LOAN :

Rs in Millions

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowings :
From Director	0.650	0.650
From Others	0.100	0.100
Total	0.750	0.750

INDEX OF CHARGE :

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10153862	17/04/2009	9,600,000.00	CORPORATION BANK	M-41,CONNAUGHT CIRCUS BRANCH, NEW DELHI, Delhi - 1 10001, INDIA	A61146700
2	90044246	21/09/2007 *	4,800,000.00	CORPORATION BANK	M-41,CONNAUGHT CIRCUS BRANCH, NEW DELHI, Delhi - 1 10001, INDIA	A24485542
3	90043720	12/03/2003	2,300,000.00	CORPORATION BANK	M-41; CONNAGHT CIRCUS, NEW DELHI, Delhi, INDIA	-
4	90042192	30/04/1998	400,000.00	CORPORATION BANK	CONNAGHT CIRCUS, NEW DELHI, Delhi, INDIA	-

* Date of charge modification

FIXED ASSETS:

Factory Building
Plant and Machinery
Furniture and Fixtures
Air Conditioner
Generator
Water Filter
Mobile Phones

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 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. 60.74
UK Pound	1	Rs. 92.06
Euro	1	Rs. 80.60

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.

MIRA INFORM REPORT

4.907

13.705

4.877

3.030

26.519

16.460

1.067

0.043

17.570

8.949

Unit