MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	MDD MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	Santram Complex, Block L-3, Street No.1, Mahipalpur Extension, Delhi – 110 037
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.11.2003
Com. Reg. No.:	55-123016
Capital Investment / Paid-up Capital :	Rs.3.300 millions
CIN No.: [Company Identification No.]	U33119DL2003PTC123016
TAN No.: [Tax Deduction & Collection Account No.]	DELM11632F
PAN No.: [Permanent Account No.]	AAOCM7793A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Assembler and Trader of Medical Surgical Equipments such as medical gas pipeline systems, modular operation theatres, ambulances and other medical equipments.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 188000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company having moderate track record. There appear huge external borrowings which are tremendously increased over previous year which affect the liquidity of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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	Cash Credit: BB-
Rating Explanation	Moderate risk of default.
Date	March, 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.

INFORMATION PARTED BY

Name :	Mr. Uttam
Designation :	General Manager – Accounts and Finance Department
Contact No.:	91-124-4578585
Date :	28.06.2013

LOCATIONS

Registered Office/ Factory 1 :	Santram Complex, Block L-3, Street No.1, Mahipalpur Extension, Delhi – 110 037, India
Tel. No.:	91-11-45383333
Fax No.:	91-11-45383316
E-Mail :	info@mdd.co.in mddmedicalsystem@sify.com mddmedical@gmail.com mddmedicalsystem@gmail.com atulca2003@yahoo.com taxwell.taxwell@rediffmail.com deepikaahuja1@gmail.com fcasanjeev@gmail.com
Website :	http://www.mdd.co.in
Location :	Owned
Corporate Office :	125, Udhyog Vihar, Phase-1, Gurgaon – 122 016, Haryana, India
Tel. No.:	91-124-4578585
Fax No.:	91-124-4578550
Factory 2 :	Plot No.538-P, Sector-37, Pace City-2, Gurgaon, Haryana, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Subhash Chand Verma

Designation :

Director

Address :

H No.491, Sector 14, Gurgaon – 122 016, Haryana, India

Date of Birth/Age :

21.04.1949

Date of Appointment :

11.11.2003

DIN No.:

01801255

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	U33119DL2003PTC123016	MDD MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED	Director	11/11/2003	11/11/2003	-	Active	NO
2	U33110DL2012PTC238559	MDD INTERNATIONAL PRIVATE LIMITED	Director	09/07/2012	09/07/2012	-	Active	NO
3	U33111HR2013PTC049018	MDD ENGINEERING PRIVATE LIMITED	Director	03/05/2013	03/05/2013	-	Active	NO

Name :

Mr. Rajan Verma

Designation :

Director

Address :

H No.491, Sector 14, Gurgaon – 122 016, Haryana, India

Date of Birth/Age :

05.11.1977

Date of Appointment :

11.11.2003

DIN No.:

01101196

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	U33119DL2003PTC123016	MDD MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED	Director	11/11/2003	11/11/2003	-	Active	NO
2	U33110DL2012PTC238559	MDD INTERNATIONAL PRIVATE LIMITED	Director	09/07/2012	09/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Uttam
Designation :	General Manager – Accounts and Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Subhash Chand Verma	66000
Rajan Verma	198000
Nandini Verma	66000
Total	330000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Assembler and Trader of Medical Surgical Equipments such as medical gas pipeline systems, modular operation theatres, ambulances and other medical equipments. .
Imports :
Products :	Materials and Parts
Countries :	UK Germany France
Terms :
Selling :	L/C, Cash and Credit (30/ 60 days)
Purchasing :	L/C, Cash and Credit (30/ 60 days)

GENERAL INFORMATION

Customers :

Others (Hospital and Medical Centre)

No. of Employees :

200 (Approximately)

Bankers :

• ICICI Bank Limited
• Axis Bank Limited, E-146, Saket, New Delhi – 110 017, India
• Canara Bank
• State Bank of India
• Punjab National Bank

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From banks
Axis Bank Limited-Car Loan (Secured by Hypothecation of Car)	0.000	0.150
SHORT TERM BORROWINGS
Loan repayable on demand
From banks
Axis Bank Limited (Cash Credit A/c) (Secured by Hypothecation of Stock and personal property of Directors)	50.868	9.794
Punjab National Bank (Book Over Draft)	6.172	0.000
Total	57.040	9.944

Banking Relations :	--
Auditors :
Name :	Sam and Associates Chartered Accountants
Address :	A-48, LGF, Dayanand Colony, Lajpat Nagar-IV, New Delhi – 110 024, India
PAN No.:	AACFS6838G

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
330000	Equity Shares	Rs.10/- each	Rs.3.300 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	3.300	3.300
(b) Reserves & Surplus	43.754	28.708
(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)	47.054	32.008
(3) Non-Current Liabilities
(a) Long-term borrowings	217.228	21.977
(b) Deferred tax liabilities (Net)	0.056	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	217.284	21.977
(4) Current Liabilities
(a) Short term borrowings	57.040	9.794
(b) Trade payables	289.416	289.974
(c) Other current liabilities	27.135	10.717
(d) Short-term provisions	7.678	5.254
Total Current Liabilities (4)	381.269	315.739
TOTAL	645.607	369.724
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	82.068	19.154
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.051
(d) Long-term Loan and Advances	45.521	0.000
(e) Other Non-current assets	0.012	0.024
Total Non-Current Assets	127.601	19.229
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	31.737	29.844
(c) Trade receivables	403.649	227.995
(d) Cash and cash equivalents	52.407	55.367
(e) Short-term loans and advances	30.213	37.289
(f) Other current assets	0.000	0.000
Total Current Assets	518.006	350.495
TOTAL	645.607	369.724

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.300
2] Share Application Money		0.000
3] Reserves & Surplus		8.951
4] (Accumulated Losses)		0.000
NETWORTH		11.251
LOAN FUNDS
1] Secured Loans		9.261
2] Unsecured Loans		16.799
TOTAL BORROWING		26.060
DEFERRED TAX LIABILITIES		0.000
TOTAL		37.311
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.375
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.096
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.460
	Sundry Debtors	127.858
	Cash & Bank Balances	31.129
	Other Current Assets	0.000
	Loans & Advances	28.440
Total Current Assets		211.887
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	163.832
	Other Current Liabilities	11.793
	Provisions	2.457
Total Current Liabilities		178.082
Net Current Assets		33.805
MISCELLANEOUS EXPENSES		0.035
TOTAL		37.311

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	661.379	560.130	422.619
		Other Income	43.307	4.665	2.678
		TOTAL	704.686	564.795	425.297
Less	EXPENSES
		Office Expenses	679.427	546.934	416.515
		Administrative Expenses
		Advertising Expenses
		TOTAL	679.427	546.934	416.515
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.259	17.861	8.782
Less/ Add	DEPRECIATION/ AMORTISATION		5.423	1.259	1.131
	PROFIT BEFORE TAX		22.836	16.602	7.651
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	IMPORT VALUE		105.397	152.348	93.452
	Earnings Per Share (Rs.)		NA	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	760.000

Expected Sales (2013-2014): More than Rs.900.000 millions

The above information has been parted by Mr. Uttam (General Manager – Accounts and Finance Department).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	3.45	2.96	1.81
Return on Total Assets (PBT/Total Assets}	(%)	3.54	4.49	3.55
Return on Investment (ROI) (PBT/Networth)		0.49	0.52	0.68
Debt Equity Ratio (Total Debt/Networth)		5.83	0.99	2.32
Current Ratio (Current Asset/Current Liability)		1.36	1.14	1.19

LOCAL AGENCY FURTHER INFORMATION

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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
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	Yes

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties
Directors, Friends and Relatives	72.428	21.027
Other loans and advances
Hospitrack India Private Limited	0.800	0.800
Orion Realinfra Private Limited	144.000	0.000
Total	217.228	21.827

Note:

The registered office of the company has been shifted from K-316/12, Ground Floor, Lado Sarai, Mehrauli, Delhi to the present address w.e.f. 15.01.2009.

OPERATIONS

The company is performing very well in its existing business and also added some new products to its robust product portfolio. Beside the company as its policy has decided to diversify into new avenues of medicine field.

CONTINGENT LIABILITIES:

Particulars	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Guarantees	40.579	0.000

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Air Conditioner

· Car

· Computer

· Fan

· EPBX

· Fins Protection

· Fridge

· Fax Machines

· Printer

· Machinery and Equipment

· Inverter

· Mobile Phones

· Television

· Tools

Intangible Assets

· Goodwill

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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.