MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	M. S. MEDICALS PRIVATE LIMITED
Registered Office :	LG-2A Mohan Bazar, Central Market, Ashok Phase 1, Delhi – 110052
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.03.2008
Com. Reg. No.:	175791
Capital Investment / Paid-up Capital :	Ra.2.120 Millions
CIN No.: [Company Identification No.]	U85110DL2008PTC175791
TIN No.:	07480243193
PAN No.: [Permanent Account No.]	AFCM4774M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Hemodialysis Products.
No. of Employees :	Not Available

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 51000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitments. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

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.

LOCATIONS

Registered/ Branch Office :	LG-2A Mohan Bazar, Central Market, Ashok Phase 1, Delhi - 110052, India
Tel. No.:	91-11-27130275/ 27129743/ 47061022/ 45697023/ 47061024
Fax No.:	91-11-42283450/ 47068936
E-Mail :	manoj@rgmg.org info@msmedicals.in manochamedicals@yahoo.co.in
Website :	http://www.msmedicals.in
Corporate Office :	N-1, Satyawati Colony, Ashok Vihar, Phase – III, Delhi – 11052, India
Tel. No.:	91-11-47061022/ 45697023/ 45697024
Fax No.:	91-11-47068936
Email :	info@msmedicals.in sanjay@jetflow.in yogeh@msmedicals.in

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Sanjay Manocha
Designation :	Director
Address :	C-2/64, Ashok Vihar, Phase – II, Delhi – 110052, India
Date of Birth/Age :	06.05.1969
Date of Appointment :	24.03.2008
DIN No.:	00076997
Name :	Mr. Yogesh Sachdeva
Designation :	Director
Address :	KD-60C, Ashok Vihar, Phase – 1, New Delhi – 110052, India
Date of Birth/Age :	28.04.1975
Date of Appointment :	24.03.2008
DIN No.:	00077095

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Sanjay Manocha	70000
Yogesh Sachdeva	67500
Raj Manocha	42500
Jyoti Devi	20000
QA Infotech Private Limited, India	6000
M Y Trdaing Overseas Private Limited, India	2000
Deepraj Steels Private Limited, India	2000
Mehul Verma	2000
Total	212000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	4.00
Directors or relatives of directors	95.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Hemodialysis Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India

Ashok Vihar Branch, 26-A, Central Market, Ashok Vihar, Delhi – 110052, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans: Rupee Loan from Banks	0.000	0.264
Working Capital Demand Loans and Cash Credit	5.722	5.797
From Bank
Term Loan – Rupee Loan from Banks	0.264	0.557
Total	5.986	6.618
NOTE: Term Loans from Banks is secured by way of specific charge on asset under hypothecation relating to automobile financing. Term Loans from Banks is secured by way of specific charge on assets under hypothecation relating to automobile financing. Working capital loans are secured by hypothecation of present and future stock, book debts, Material in transit etc.

Banking Relations :	--
Auditors :
Name :	RGMG and Company Chartered Accountant
Address :	120, Rajendra Bhawan, Rajendra Place, New Delhi – 110008, India
Tel No.:	91-11-25761681
Fax No.:	91-11-25748678
PAN No.:	AGFR0492P
Email :	rajesh@rgmg.org manoj@rgmg.org

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
212000	Equity Shares	Rs.10/- each	Rs.2.120 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		2.120	2.060	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.605	6.615	3.164
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.725	8.675	5.164
LOAN FUNDS
1] Secured Loans		5.986	6.618	3.766
2] Unsecured Loans		7.440	7.567	5.526
TOTAL BORROWING		13.426	14.185	9.292
DEFERRED TAX LIABILITIES		0.000	0.042	0.000
TOTAL		26.151	22.902	14.456
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.977	2.437	1.883
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.104	0.000	0.006
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.527	9.907	7.855
	Sundry Debtors	23.334	13.622	16.461
	Cash & Bank Balances	0.172	0.082	0.326
	Other Current Assets	0.387	0.756	0.000
	Loans & Advances	2.878	1.795	2.267
Total Current Assets		38.298	26.162	26.909
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	11.898	3.802	11.228
	Other Current Liabilities	1.130	0.884	2.041
	Provisions	1.200	1.011	1.100
Total Current Liabilities		14.228	5.697	14.369
Net Current Assets		24.070	20.465	12.540
MISCELLANEOUS EXPENSES		0.000	0.000	0.027
TOTAL		26.151	22.902	14.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	135.917	104.684	95.698
		Other Income	0.060	0.125	0.717
		TOTAL	135.977	104.809	96.415
Less	EXPENSES
		TOTAL	131.727	101.098	92.451
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.250	3.711	3.964
Less/ Add	DEPRECIATION/ AMORTISATION		0.647	0.641	0.619
	PROFIT BEFORE TAX		3.603	3.070	3.345
Less	TAX		1.052	1.059	1.083
	PROFIT AFTER TAX		2.551	2.011	2.262
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.175	3.164	0.902
	BALANCE CARRIED TO THE B/S		7.726	5.175	3.164
	IMPORTS VALUE		NA	19.900	25.000
	Earnings Per Share (Rs.)		12.03	9.49	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.88	1.92	2.35
Net Profit Margin (PBT/Sales)	(%)	2.65	2.93	3.50
Return on Total Assets (PBT/Total Assets}	(%)	8.95	10.73	11.62
Return on Investment (ROI) (PBT/Networth)		0.28	0.35	0.65
Debt Equity Ratio (Total Debt/Networth)		1.06	1.64	1.80
Current Ratio (Current Asset/Current Liability)		2.69	4.59	1.87

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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowing – Unsecured	7.440	7.567
Total	7.440	7.567

OVERVIEW:

The company recorded total revenue of Rs.135.977 comprising turnover of Rs.135.917 and other income of Rs.0.060 Millions and a net profit of Rs.2.551 Millions. The directors hope for maintaining better results during the current year.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10199647
Corporate identity number of the company	U85110DL2008PTC175791
Name of the company	M. S. MEDICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	LG - 2A Mohan Bazar, Central Market, Ashok Vihar, Phase 1, Delhi – 110052, India manoj@rgmg.org
Type of charge	Book debts Movable property (Not being pledge) Floating charge
Particular of charge holder	Bank of India Ashok Vihar Branch, 26-A, Community Centre, Phase - I, Ashok Vihar, Delhi - 110052, India virendradel@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	18/07/2012
Amount secured by the charge	Rs.9.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest on Cash Credit limit shall be charged @ 4% over base rate, presently 14.50 % p. a. with monthly rests or at such other rates as may be prescribed by the bank from time to time. Terms of Repayment Payable on demand. Margin Stocks - 25 percent & Book debts - 40 percent. Extent and Operation of the charge 100 percent. Others The said charge is hypothecated to secure the following credit facilities granted by the bank to the company:- 1.) Cash Credit (Hypothecation of stocks) - Rs.9.000 Millions 2.) Cash Credit (Hypothecation of book-debts) - Rs.9.000 Millions Maximum (1+2) - Rs.9.000 Millions
Short particulars of the property charged	Hypothecation of the following :- a) All stocks of raw materials such as Nephrology equipment and disposals. etc., finished goods, semi-finished goods, parts, components and stock in process of the borrower wheresoever’s situate at N-1 (Lower Ground), Satyawati Colony, Ashok Vihar, Phase-III, Delhi – 110052 and /or in transit. b) All the book-debts, outstanding moneys, receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security.
Particulars of the present modification	The amount of charge over hypothecation of all stocks and book debts of the company stands enhanced from Rs.5.000 Millions to Rs.9.000 Millions to secure a Cash Credit (Stocks) limit of Rs.9.000 Millions and a Cash Credit (book debts) limit of Rs.9.000 Millions subject to a maximum of Rs.9.000 Millions at a time granted to the company. Interest shall now be charged @ 4 % over base rate, presently 14.50 % p. a. with monthly rests. Other terms and conditions remained the same.

FIXED ASSETS:

· Office Equipment

· Furniture and Fixtures

· Computers

· Vehicles

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.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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		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.