MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	SPARK MEDITECH PRIVATE LIMITED
Registered Office :	35/1477, Janatha Road South Palarivattom, Cochin - 682025, Kerala
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.03.2002
Com. Reg. No.:	09-015285
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51103KL2002PTC015285
TAN No.: [Tax Deduction & Collection Account No.]	CHNS02339B
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers in Medical Equipment.
No. of Employees :	28 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2200
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activates are limited. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Vishnu Ravindranath
Designation :	Director
Contact No.:	91-484-2341335
Date :	12.03.2013

LOCATIONS

Registered Office :	35/1477, Janatha Road South Palarivattom, Cochin - 682025, Kerala, India
Tel. No.:	91-484-2341335
Fax No.:	91-484-2349795
E-Mail :	sparkmeditech@vsnl.net sparkmeditech@gmail.com spark.eng@gmail.com
Website :	http://www.sparkmeditech.com
Area :	4000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 25.09.2012)

Name :	Mrs. Sujatha Pillai
Designation :	Director
Address :	35/1477 C, Janatha Road South Palarivattom, Ernakulam - 682025, Kerala, India
Date of Birth/Age :	27.04.1960
Date of Appointment :	04.03.2002
DIN No.:	00781290
Name :	Mr. Ramakrishnan Nair Ravindranath
Designation :	Managing director
Address :	35/1477 C, Janatha Road South Palarivattom, Ernakulam - 682025, Kerala, India
Date of Birth/Age :	13.09.1954
Date of Appointment :	04.03.2002
DIN No.:	00781378
Name :	Mr. Vishnu Ravindranath
Designation :	Additional Director
Address :	35/1477 C, Janatha Road South Palarivattom, Ernakulam - 682025, Kerala, India
Date of Birth/Age :	30.05.1984
Date of Appointment :	01.08.2011
DIN No.:	03585975

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 25.09.2012)

Names of Shareholders	No. of Shares
Sujatha Pillai	50
Ramakrishnan Nair Ravindranath	50
Vishnu Ravindranath	50
Total	150

(AS ON 25.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealers in Medical Equipment.
Products :	· Surgical Diathermy · Vessel Sealing Systems · Surgical Suction / Irrigation Systems · Liposuction Systems · Minor OT Lights · Major OT LED Lights · Surgical Spot Lights · Carbon Dioxide Insufflators
Exports :
Products :	Surgical Equipment
Countries :	· Africa · UAE · South East Asia · Nepal · Sri Lanka
Imports :
Products :	Raw Materials
Countries :	· Italy · USA · Germany · Switzerland
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· A.R.P. Medical Systems – Chennai, Tamilnadu, India

Customers :

End Users

· Paull’s Hospitals – Chennai, Tamilnadu, India

No. of Employees :

28 (Approximately)

Bankers :

· Axis Bank

· State Bank of Travancore

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks - Kotak Mahendra	0.894	0.000
Total	0.894	0.000

Banking Relations :	--
Auditors :
Name :	Mohan G Chartered Accountants
Address :	Opposite St. Xaviers College, Palace Road, Aluva - 683101, Kerala, India
Tel. No.:	91-484-2629117
Mobile No.:	91-9817241185
PAN No.:	AEAPG3479B
Associates/Subsidiaries :	· Biomech Electronic, Kochi

CAPITAL STRUCTURE

(AS ON 25.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
500	Equity Shares	Rs.1000/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150	Equity Shares	Rs.1000/- each	Rs.0.150 Million

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		0.150	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.404	0.364	0.280
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.554	0.464	0.380
LOAN FUNDS
1] Secured Loans		0.894	0.000	0.000
2] Unsecured Loans		0.113	0.113	0.113
TOTAL BORROWING		1.007	0.113	0.113
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.561	0.577	0.493
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.432	0.324	0.396
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.148	0.095	0.090
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.627	1.779	2.107
	Sundry Debtors	1.246	1.504	2.182
	Cash & Bank Balances	2.625	2.094	0.667
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.091	0.180	0.093
Total Current Assets		6.589	5.557	5.049
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.084	4.795	4.587
	Other Current Liabilities	0.056	0.048	0.000
	Provisions	0.468	0.556	0.455
Total Current Liabilities		6.608	5.399	5.042
Net Current Assets		(0.019)	0.158	0.007
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.561	0.577	0.493

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	12.316	11.301	8.699
Less	EXPENSES
		TOTAL	11.094	10.339	7.921
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.222	0.962	0.778
Less/ Add	DEPRECIATION/ AMORTISATION		0.489	0.115	NA
	PROFIT BEFORE TAX		0.733	0.847	NA
Less	TAX		0.227	0.264	NA
	PROFIT AFTER TAX		0.506	0.580	0.436
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.051	0.037	0.020
Less	APPROPRIATIONS
		Transfer to General Reserve	0.056	0.070	0.050
		Proposed Dividend	0.400	0.430	0.320
		Tax on Dividend	0.068	0.066	0.049
	BALANCE CARRIED TO THE B/S		0.033	0.051	0.037
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	2.455	1.539	NA
	TOTAL EARNINGS		2.455	1.539	NA
	Earnings Per Share (Rs.)		4734.43	5804.00	4358.00

Expected Sales (2012-13): Rs.14.000 Millions

The above information has been parted by Mr. Vishnu Ravindranath.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.11	5.13	5.01
Return on Total Assets (PBT/Total Assets}	(%)	9.14	14.40	NA
Return on Investment (ROI) (PBT/Networth)		1.32	1.83	NA
Debt Equity Ratio (Total Debt/Networth)		1.82	0.24	0.30
Current Ratio (Current Asset/Current Liability)		1.00	1.03	1.00

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	Yes
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 three 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	Yes
17]	Major suppliers	Yes
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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
From Other Parties
- R. Ravindrnath	0.095	0.095
- Sujatha Pillai	0.018	0.018
Total	0.113	0.113

TRADE REFERENCE:

· A.R.P. Medical Systems – Chennai, Tamilnadu, India

· Paull’s Hospitals – Chennai, Tamilnadu, India

NOTE:

The registered office of the company has been shifted from 35/1460/C 13, Shop No 21, 1st Floor, Penta Estate, Janatha Junction Palarivattom, Ernakulam- 682025, Kerala, India to present address w.e.f. 15.05.2008

PERFORMANCE EVALUATION

The Current year operations turned out to be very challenging for the company in all aspects. Good response from their valued customer propelled the company in an instant growth path and helped in achieving a good performance level for the year ended 31.03.2012. The company believes that the business environment will remain challenging in the future and long terms prospects are high in the field of operation and it will continue to aggressively pursue opportunities for sustained growth in the coming years.

FIXED ASSETS

· Furniture and Fittings

· Electrical Equipments

· Motor Car

· Scooter

· Computer

· Printer

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.54.10
UK Pound	1	Rs.82.47
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	SVA
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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	34
--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	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		30

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.