MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	MECORD SYSTEMS AND SERVICES PRIVATE LIMITED
Registered Office :	304, Hill View Industrial Estate, Off L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.01.1987
Com. Reg. No.:	11-042202
Capital Investment / Paid-up Capital :	Rs.0.890 Million
CIN No.: [Company Identification No.]	U33100MH1987PTC042202
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21818G
PAN No.: [Permanent Account No.]	AAACM8582E
Legal Form :	Private Limited Liability Company
Line of Business :	Servicing of Medical Equipment, Installation of Industrial Instrumentation and Process Systems.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 77000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financially company seems to be performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal 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	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

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 PARTED BY

Name :	Mr. Sudhakaran
Designation :	Accounts Department
Contact No.:	91-22-25008128
Date :	07.08.2013

LOCATIONS

Registered Office :	304, Hill View Industrial Estate, Off L B S Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Tel. No.:	91-22-25008128
Fax No.:	91-22-25007560
E-Mail :	mecord.systems@vsnl.com
Website :	www.mecord.com
Location :	Owned
Branch Office :	314, Hill View Industrial Estate, Off L.B.S. Marg,  Near To Amrut Nagar,  Ghatkopar West, Mumbai - 400086, Maharashtra, India
Tel. No.:	91-22-25008128 / 25007552 / 25007560 / 40110269

DIRECTORS

As on: 29.09.2012

Name :

Mr. Dilipkumar Hiralal Shah

Designation :

Director

Address :

Chandra Villa, 3^rd Floor, D.M. Road, Parsi Colony, Dadar (E), Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

28.08.1945

Date of Appointment :

30.03.1996

DIN No.:

00455636

Name :

Mr. Dewang Dilipkumar Shah

Designation :

Director

Address :

Chandra Villa, 3^rd Floor, D.M. Road, Parsi Colony, Dadar (E), Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

15.11.1975

Date of Appointment :

12.05.2003

DIN No.:

00438089

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	U31909MH1998PTC113722	MECORD ELECTRONICS AND ENGINEERING PRIVATE LIMITED	Director	25/02/1998	25/02/1998	-	Active	NO
2	U33100MH1987PTC042202	MECORD SYSTEMS AND SERVICES PRIVATE LIMITED	Director	12/05/2003	12/05/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sudhakaran
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Shah Dilipkumar Hiralal	2601
Nagda Mulchand Vishanji	1
Shah Darshna B.	150
Shah Anjana M.	150
Shah Pratibha U.	150
Shah Manish S.	150
Shah Harshadbhai H.	150
Shah Vasant Dilipkumar	5500
Shah Dewang Dilipkumar	50
Total	8902

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Servicing of Medical Equipment, Installation of Industrial Instrumentation and Process Systems.
Imports :
Products :	Finished Goods
Countries :	· Finland · Germany · USA · Japan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

· Power grid Corporation of India Limited

· National Thermal Power Corporation

· Nuclear Power Corporation of India Limited

· National Hydro Power Corporation Limited

· Ashok Leyland Limited

· Lucas TVS Limited

· Mahindra and Mahindra Limited

· Tata Motors Limited

· Maruthi Suzuki Limited

· Indian Oil Corporation Limited

· Bharat Petrolium Corporation Limited

No. of Employees :

15 (Approximately)

Bankers :

The Bharat Co-Operative Bank (Mumbai) Limited, Kalina-Santacruz Branch, Geesee Co-Operative Housing Society Limited, Opposite Vidyanagari University Complex, Santacruz (East), Mumbai - 400098, Maharashtra, India

Tel. No.: 91-22-26652258

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Vehicle Loan from The Bharat Co-Operative Bank (Mumbai) Limited (Against hypothecation of Car)	0.016	0.110
SHORT TERM BORROWINGS
Current Maturities of long term debts	0.094	0.094
Total	0.110	0.204

Banking Relations :	--
Auditors :
Name :	Jagdish D. Shet and Company Chartered Accountants
Address :	Office No.22, 11th Floor, Navjivan Society, Building No.3, Laimington Road, Mumbai – 400008
Tel. No.:	91-22-23097756/ 66334558/ 66334559
Fax No.:	91-22-23053573
E-Mail :	audit_taxexpt@yahoo.co.in
PAN No.:	AAKPS3496A
Associates :	· Biomed Systems · Techno Commercial Services · Mecord Electronics and Engineering Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8902	Equity Shares	Rs.100/- each	Rs.0.890 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.890	0.890
(b) Reserves & Surplus	18.424	13.303
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.314	14.193
(3) Non-Current Liabilities
(a) long-term borrowings	9.254	6.762
(b) Deferred tax liabilities (Net)	0.069	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.323	6.762
(4) Current Liabilities
(a) Short term borrowings	0.095	0.094
(b) Trade payables	9.108	11.763
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	(0.797)	(1.687)
Total Current Liabilities (4)	8.406	10.170
TOTAL	37.043	31.125
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.209	0.941
(ii) Intangible Assets	0.024	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.103	0.103
(c) Deferred tax assets (net)	0.000	0.010
(d) Long-term Loan and Advances	5.983	4.922
(e) Other Non-current assets	10.018	2.966
Total Non-Current Assets	17.337	8.942
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.672	9.628
(c) Trade receivables	7.973	10.214
(d) Cash and cash equivalents	1.160	1.095
(e) Short-term loans and advances	0.901	1.246
(f) Other current assets	0.000	0.000
Total Current Assets	19.706	22.183
TOTAL	37.043	31.125

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.890
2] Share Application Money		0.000
3] Reserves & Surplus		9.940
4] (Accumulated Losses)		0.000
NETWORTH		10.830
LOAN FUNDS
1] Secured Loans		0.579
2] Unsecured Loans		7.087
TOTAL BORROWING		7.666
DEFERRED TAX LIABILITIES		0.000
TOTAL		18.496
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.093
Capital work-in-progress		0.000
INVESTMENT		0.103
DEFERREX TAX ASSETS		0.532
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.703
	Sundry Debtors	2.429
	Cash & Bank Balances	7.719
	Other Current Assets	0.000
	Loans & Advances	8.387
Total Current Assets		28.238
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.700
	Other Current Liabilities	2.614
	Provisions	2.156
Total Current Liabilities		11.470
Net Current Assets		16.768
MISCELLANEOUS EXPENSES		0.000
TOTAL		18.496

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		43.053	25.779
		Other Income		2.957	3.232
		Gain on Sale of Fixed Asset		0.000	1.777
		TOTAL	48.120	46.010	30.788
Less	EXPENSES
		Service & Trading Expenses		27.145	17.288
		Payment to and provision for Employees		2.210	1.729
		Administrative, Selling and Finance Expenses		10.631	7.155
		TOTAL	40.515 (Including Depreciation)	39.986	26.172
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			6.024	4.616
Less/ Add	DEPRECIATION/ AMORTISATION			0.277	0.381
	PROFIT BEFORE TAX		7.605	5.747	4.235
Less	TAX		2.483	2.385	0.849
	PROFIT AFTER TAX		5.122	3.362	3.386
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.302	9.940	6.553
	BALANCE CARRIED TO THE B/S		18.424	13.302	9.939
	EARNINGS IN FOREIGN CURRENCY		0.262	NA	0.736
	Earnings Per Share (Rs.)		575.38	377.76	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	70.000

The above information has been parted by Mr. Sudhakaran

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.64	7.30	10.99
Net Profit Margin (PBT/Sales)	(%)	NA	13.34	16.42
Return on Total Assets (PBT/Total Assets}	(%)	20.59	18.53	14.43
Return on Investment (ROI) (PBT/Networth)		0.39	0.40	0.39
Debt Equity Ratio (Total Debt/Networth)		0.48	0.48	0.71
Current Ratio (Current Asset/Current Liability)		2.34	2.18	2.46

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

Note:

The registered office address of the company has been shifted from 412-Hill View Ind Estatetrial Estate, Off L B S Marg, Ghatkopar West, Mumbai – 400086, Maharashtra, India to present address w.e.f. 12.02.2009

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loan form directors and shareholders	9.239	6.652
Total	9.239	6.652

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90223214	03/06/2009 *	4,000,000.00	THE BHARAT CO-OPERATIVE BANK (MUMBAI) LIMITED	KALINA-SANTACRUZ BRANCH, GEESEE CO-OP HSG SOC LTD,  OPP VIDYANAGARI UNIVERSITY COMPLEX,SANTACRUZ (E), MUMBAI, MAHARASHTRA - 400098, INDIA	A64544299

FIXED ASSETS

Tangible Assets

· Testing Equipments

· Furniture and Fixtures

· Computers

· Medical and Surgical

· Equipments

· Electrical Fittings

· Plant and Machinery

· Air Conditioners

· Office Equipments

· Water Dispenser

· Gas Cylinders

· Motor Car

Intangible Assets

· Tally ERP-9

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.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.