MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	DYNAMIC TECHNO MEDICALS PRIVATE LIMITED
Registered Office :	Build No. V/761, BN A D Road, Kodikuthimala, Asokapuram Aluva, Ernakulam – 683101, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.02.1988
Com. Reg. No.:	004982
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U33115KL1988PTC004982
TAN No.: [Tax Deduction & Collection Account No.]	CHND00627E
PAN No.: [Permanent Account No.]	AAACD8262E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of medical products primarily comprising orthotic devices and surgical dressings / bandages.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 440000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has seen a better growth in its sales turnover as well as net profitability during 2012. Financial position appears to be good. Trade relations are fair. Business is active. Payment terms are reported as usually correct. 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	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2013

Rating Agency Name	ICRA
Rating	Short term fund based facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 2013

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 :	Build No. V/761, BN A D Road, Kodikuthimala, Asokapuram Aluva, Ernakulam – 683101, Kerala, India
Tel. No.:	91-484-2837970
Fax No.:	91-484-2837688
E-Mail :	info@dynamictechnomedicals.com
Head Office :	Post Box. No. 45, Asokapuram, Aluva – 683 101, Kerala, India
Tel. No.:	91-484-2367788/2637970/2637792
Fax No.:	91-484-2637688
E-Mail :	info@dynamictechnomedicals.com
Factory / Research and Development Centre:	Artificial Limb Center Progaiit Artificial Limb & Rehabilitation Centre Desam, Aluva – 682 017, Kerala Tel. 91-484-2606093/2606096
Research and Development Centre:	Progaiit Podiarty Center Desam, Aluva – 682 017, Kerala Tel. 91-484-2606093/2606096
Factory / Research and Development Centre:	Sulur Division Rayarthottam, Kannampalaya, Sulur, Coimbatore – 641 402, Tamilnadu, India Tel. 91-422-2688354/2688363 E-mail. orthoban@md4.vsnl.net.in

DIRECTORS

As on 26.09.2012

Name :	Mr. Pootheri Vasudevan
Designation :	Managing Director
Address :	Krishnalayam, Swargam Road, Desom, , Aluva, Ernakulam – 683103, Kerala, India
Date of Birth/Age :	18.09.1948
Date of Appointment :	24.02.1988
DIN No.:	00061426
Name :	Mrs. Nandini Vasudevan
Designation :	Director
Address :	Krishnalayam, Swargam Road, Desom, , Aluva, Ernakulam – 683103, Kerala, India
Date of Birth/Age :	13.05.1958
Date of Appointment :	24.02.1988
DIN No.:	00061297
Name :	Mr. Sreekumar Menon
Designation :	Managing Director
Address :	Pootheri House, kodikuthimala, Ashokapuram, Aluva, Ernakulam – 683 101, Kerala, India
Date of Birth/Age :	27.09.1974
Date of Appointment :	21.06.2010
DIN No.:	01532355
Name :	Ms. Vandana Vasudevan
Designation :	Director
Address :	Pootheri House, Ashokapuram, Aluva, Ernakulam – 683 101, Kerala, India
Date of Birth/Age :	02.03.1979
Date of Appointment :	02.04.2007
DIN No.:	01574484

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Pootheri Vasudevan	27515
Nandini Vasudevan	11585
Vandana Vasudevan	4950
Archana Vasudevan	5450
Sreekumar Menon	500
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of medical products primarily comprising orthotic devices and surgical dressings / bandages.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Travancore, Catholic Centre, Railway Station Road, Aluva – 683101, Kerala, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term Loans from SBT Aluva	14.265	4.260
Packing Credit from SBT Aluva	21.926	15.000
Vehicle Loans	7.527	9.232
Short-term borrowings
Cash Credit from SBT Aluva	42.928	32.385
Bills Discounted with Banks	13.285	9.751
Buyers Credit from SBT Aluva	1.237	0.000
Total	101.168	70.628
Note: Term Loans from SBT Aluva are secured by first charge on the entrie fixed assets (both movable and immovable) and entire current assets of the company. Term Loans are also secured by Personal Guarantee and mortgage of land owned by the Directors P. Vasudevan and Nandini Vasudevan. Pcaking Credit from SBT Aluva are secured by first charge on the entrie fixed assets (both movable and immovable) and entire current assets of the company and also secured by Personal Guarantee and mortgage of land owned by the Directors P. Vasudevan and Nandini Vasudevan. Vehicle loans are secured by Hypothecation of Vehicles. Terms of Repayment of Term Loans & Other loans are as EMI stipulated in the agreement. There is no continuing default as on the date of balance sheet in repayment of loans and interest. Cash Credit from SBT Aluva is secured by first charge on the entrie fixed assets (both movable and immovable) and entire current assets of the company. Cash Credit also secured by Personal Guarantee and mortgage of land owned by the Directors P. Vasudevan and Nandini Vasudevan. Bills Discounting facility is secured by charge on current assets and also secured by Personal Guarantee and mortgage of land owned by the Directors P. Vasudevan and Nandini Vasudevan.

Banking Relations :	--
Auditors :
Name :	Balan and Company Chartered Accountants
Address :	Bank Road, Aluva, Ernakulam – 683101, Kerala, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFB8966C

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000
(b) Reserves & Surplus	104.354	76.698
(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)	109.354	81.698
(3) Non-Current Liabilities
(a) long-term borrowings	59.838	34.070
(b) Deferred tax liabilities (Net)	2.115	1.533
(c) Other long term liabilities	22.008	19.984
(d) long-term provisions	0.906	0.906
Total Non-current Liabilities (3)	84.867	56.493
(4) Current Liabilities
(a) Short term borrowings	62.416	45.456
(b) Trade payables	73.219	47.003
(c) Other current liabilities	53.420	48.345
(d) Short-term provisions	19.761	17.490
Total Current Liabilities (4)	208.816	158.294
TOTAL	403.037	296.485
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	134.570	106.177
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	6.775	1.062
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.022	0.022
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.936	8.751
(e) Other Non-current assets	0.105	0.105
Total Non-Current Assets	152.408	116.117
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	102.276	40.537
(c) Trade receivables	92.310	85.578
(d) Cash and cash equivalents	28.815	25.963
(e) Short-term loans and advances	26.796	26.803
(f) Other current assets	0.432	1.487
Total Current Assets	250.629	180.368
TOTAL	403.037	296.485

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		56.231
4] (Accumulated Losses)		0.000
NETWORTH		61.231
LOAN FUNDS
1] Secured Loans		42.264
2] Unsecured Loans		32.366
TOTAL BORROWING		74.630
DEFERRED TAX LIABILITIES		1.546
TOTAL		137.407
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.647
Capital work-in-progress		0.661
INVESTMENT		0.022
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.834
	Sundry Debtors	60.000
	Cash & Bank Balances	27.363
	Other Current Assets	1.939
	Loans & Advances	16.308
Total Current Assets		124.444
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.149
	Other Current Liabilities	39.195
	Provisions	11.023
Total Current Liabilities		78.367
Net Current Assets		46.077
MISCELLANEOUS EXPENSES		0.000
TOTAL		137.407

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	655.608	545.108	447.242
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	594.650	497.278	410.730
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		60.958	47.830	36.512
Less/ Add	DEPRECIATION/ AMORTISATION		15.399	12.689	11.613
	PROFIT BEFORE TAX		45.559	35.141	24.899
Less	TAX		14.998	11.768	8.401
	PROFIT AFTER TAX		30.561	23.373	16.498
	TRANSFER TO GENERAL RESERVE		3.070	2.350	1.650
	EARNINGS IN FOREIGN CURRENCY		106.605	92.944	85.034
	IMPORTS		56.870	20.691	11.763
	Earnings Per Share (Rs.)		611.22	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.66	4.29	1.45
Return on Total Assets (PBT/Total Assets}	(%)	11.50	11.90	20.00
Return on Investment (ROI) (PBT/Networth)		0.42	0.43	0.41
Debt Equity Ratio (Total Debt /Networth)		1.12	0.97	1.22
Current Ratio (Current Asset/Current Liability)		1.20	1.14	1.22

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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loan from Directors	16.120	5.579
Short-term borrowings
Loan from Directors	4.967	3.321
Total	21.087	8.900

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U33115KL1988PTC004982
Name of the company	DYNAMIC TECHNO MEDICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Build No. V/761, BN A D Road, Kodikuthimala, Asokapuram Aluva, Ernakulam – 683101, Kerala, India Email: info@dynamictechnomedicals.com
This form is for	Creation of charge
Type of charge	· Immovable property · Movable property (not being pledge)
Particular of charge holder	CIN: U33115KL1988PTC004982 State Bank of Travancore, Catholic Centre, Railway Station Road, Aluva – 683101, Kerala, India Email: aluva@sbt.co.in
Nature of instrument creating charge	1. Supplemental Agreement for increase in Working Capital Limit. 2. Supplemental Agreement for Hypothecation of Goods and Assets. 3.Memorandum of Extension of Equitable Mortgage
Date of instrument Creating the charge	17.02.2012
Amount secured by the charge	Rs.27.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit 5% above SBT base rate. Present effective rate 15.50% p.a. EPC 1.75% above SBT base rate. Present effective rate 12.25% p.a. Terms of Repayment On demand Margin Cash credit: Raw materials, Stock in process and Finished goods - 25%, Receivables - 35%. EPC/PCFC: 10% Extent and Operation of the charge 1. Equitable Mortgage of landed properties as collateral security for the additional credit limit of Rs. 27.500 Millions (CC.Rs.10.000 Millions, EPC Rs.5.000 Millions, FDBP Rs. 5.000 Millions and LC 7.500 Millions) 2.A first charge by way of Hypothecation of all moveables (save and except book debts)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	69 Cents of land in Survey No 137/2C in Kannampalayam Village Palladam Taluk Sulur Sub-District Tirupur District. 39.63 Ares in Survey No.580/1B/2BL - 36 Re.Sy. No 20/1 in Aluva East Village Aluva Taluk Aluva Sub-District Ernakulam District 52.087 Cents in survey no.580/1B/2 BL - 36 Re. Sy No.20/1 in Aluva East Village Aluva Taluk Aluva Sub-District Ernakulam District First Charge by way of Hopothecation of all movables (save and except book Debts) including movables machinery, machinery spares, tools and accessories present and future.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Laboratory Equipments

· Motor Vehicles

· Computer and Peripherals

· Office Equipments

· Tools and Equipments

· Electrical Fittings

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.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.