MIRA INFORM REPORT

Report Date :

22.05.2013

IDENTIFICATION DETAILS

Name :	SEWA MEDICALS LIMITED
Formerly Known As :	TINKS SYRINGES PRIVATE LIMITED
Registered Office :	10/11, Prospect Chambers Annexe, 317-21, Dr. D.N. Road, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	13.11.1989
Com. Reg. No.:	11-054451
Capital Investment / Paid-up Capital :	Rs. 61.232 millions
CIN No.: [Company Identification No.]	U99999MH1993PLC054451
TAN No.: [Tax Deduction & Collection Account No.]	MUMS41612E
PAN No.: [Permanent Account No.]	AAACS7913D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Syringes and Medical Devices.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	Unknown
Litigation :	--
Comments :	Subject is an established company having a poor track record. The management has failed to file its financial since 2005. As per the financial of 2005, the BIFR declare the subject company as a sick company. The subject was also delayed in paying its debts. However, management confirmed that business is active. Payments are unknown. The company can be considered for business dealings on a safe and secured trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-65206102)

LOCATIONS

Registered / Head Office :	10/11, Prospect Chambers Annexe, 317-21, Dr. D.N. Road, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-65206102 / 6103 / 8849 / 8850
Fax No.:	91-22-22045352
E-Mail :	sewa@vsnl.com
Website :	http://www.sewamedicals.com
Factory :	Gut No.229 - 232, Alandi Markal Road, Village Markal, Taluka Khed, Pune-412105, Maharashtra, India
E-Mail :	mail@shandilyagroup.com

DIRECTORS

As on 30.09.2005

Name :	Kirit Jagjivandas Shandilya
Designation :	Chairman-cum- Managing Director
Address :	41, Worli Sea Face, Mumbai-400025
Date of Birth/Age :	18.12.1948
Date of Appointment :	30.11.1989
DIN No.:	00459145
Name :	Ms. Varsha Kirit Shandilya
Designation :	Director
Address :	41, Worli Sea Face, Mumbai-400025
Date of Birth/Age :	03.03.1952
Date of Appointment :	20.03.2003
DIN No.:	00459041
Name :	Mr. Manoj Shambhunath Shukla
Designation :	Director
Address :	Ground Floor, , House No.200 Janata Colony, Koliwada Road, Worli,, Mumbai - 400025
Date of Birth/Age :	05.01.1977
Date of Appointment :	20.03.2003
DIN No.:	02788072

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2005

Names of Shareholders	No. of Shares
Kirit Jagjivandas Shandilya	2822000
Varsha Kirit Shandilya	451145
Harsh K. Shandilya	484000
Tempo Instruments and Equipments (India) Private Limited, India	484000
Shandilya Chemicals Private Limited, India	665500
Dwarka Equipments Private Limited, India	605500
Krupa K. Shandilya	121000
Krupa K. Shandilya	121000
ICICI Limited	1194000
Unit Trust of India, India	115385
Videocon International Limited, India	400000
Videocon Appliances Limited, India	400000
Jhelam Holdings Limited, India	400000
Rajbal Investments Private Limited, India	400000

As on 30.09.2005

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public financial companies	21.38
Bodies corporate	54.78
Directors or relatives of Directors	23.84
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Syringes and Medical Devices.

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

Not Available

Facilities :

Secured Loan	31.03.2005 (Rs. in Millions)	31.03.2004 (Rs. in Millions)
17 5% Secured Partly Convertible Redeemable Debentures (Secured by second mortgage of immovable properties and second charge on movable properties except book debts pending creation of security in favour of debenture trustees)	175.034	175.034
Term Loans (Secured by hypothecation of movables assets, pending creation of mortgage of immovable properties ranking)	526.589	526.589
Foreign Currency Loan (Secured by hypothecation of movable assets, pending creation of mortgage of immovable properties- ranking pari passu with Term Loans)	52.785	52.785
Hire Purchase Finance (Secured by hypothecation of specific plant and machinery and vehicles)	18.894	22.411
Working Capital Facility from Banks (Secured by hypothecation of stock of raw materials, Work-in-progress, finished goods and second charge on movable properties)	161.326	166.483
Total	934.628	943.302

Banking Relations :	--
Auditors :
Name :	Z.J.Arsiwala and Associates Chartered Accountants
Address :	3-B, Old Anjirwadi, Annexure Building, 1^st Floor, Mazagoan, Mumbai-400010, Maharashtra, India
PAN No.:	AAAPA5811B
Associates :	Jagkumar and Sons

CAPITAL STRUCTURE

As on 31.03.2005

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6123230	Equity Shares	Rs.10/- each	Rs. 61.232 Millions

Of the above:

1) 2386722 Equity Shares of Rs. 10/- each were issued as Bonus Shares by way of capitalization of Reserves and Surplus.

2) 612103 Equity Shares of Rs. 10/- each issued by way of rights.

3) 115385 Equity Shares of Rs. 10/- each were issued by way of conversion of 17.5% partly Convertible Debentures.

4) 1194000 Equity Shares of Rs. 10/-each were issued by way of conversion of Term Loan of IC1CI.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		61.232	61.232	61.232
2] Share Application Money		10.480	10.480	10.480
3] Reserves & Surplus		200.744	200.745	200.745
4] (Accumulated Losses)		(526.249)	(505.724)	(472.614)
NETWORTH		(253.793)	(233.267)	(200.158)
LOAN FUNDS
1] Secured Loans		934.628	943.302	936.284
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		934.628	943.302	936.284
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		680.835	710.035	736.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		372.479	379.367	386.048
Capital work-in-progress		277.518	277.518	277.518
INVESTMENT		1.502	1.502	1.502
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.001	30.652	49.275
	Sundry Debtors	3.805	4.455	5.401
	Cash & Bank Balances	1.863	1.649	1.509
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.695	22.537	25.739
Total Current Assets		34.364	59.293	81.924
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.263	5.721	8.324
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.765	1.924	2.541
Total Current Liabilities		5.028	7.645	10.865
Net Current Assets		29.336	51.648	71.059
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		680.835	710.035	736.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2005	31.03.2004	31.03.2003
	SALES
		Income	41.156	32.957	45.672
		Other Income	0.594	0.564	0.527
		TOTAL (A)	41.750	33.521	46.199
Less	EXPENSES
		Cost of Material	13.879	15.100	14.880
		(Increase) / Decrease in Stock	16.875	18.382	28.551
		Manufacturing Selling and other expenses	23.677	25.649	54.019
		TOTAL (B)	54.431	59.131	97.450
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(12.681)	(25.610)	(51.251)
Less	FINANCIAL EXPENSES (D)		0.957	1.310	18.839
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(13.638)	(26.920)	(70.090)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.887	8.189	8.189
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(20.525)	(33.109)	(78.279)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(20.525)	(33.109)	(78.279)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(505.724)	(472.615)	(394.336)
	BALANCE CARRIED TO THE B/S		(628.249)	(505.724)	(472.615)
	EARNINGS IN FOREIGN CURRENCY		7.640	9.676	19.718
	IMPORTS
		Raw Materials	3.380	2.430	2.836
	TOTAL IMPORTS		3.380	2.430	2.836
	Earnings / (Loss) Per Share (Rs.)		(3.35)	(5.41)	(12.78)

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	(49.16)	(98.77)	(169.44)
Net Profit Margin (PBT/Sales)	(%)	(49.87)	(100.46)	(171.39)
Return on Total Assets (PBT/Total Assets}	(%)	(5.04)	(7.55)	(16.73)
Return on Investment (ROI) (PBT/Networth)		0.08	0.14	0.39
Debt Equity Ratio (Total Debt/Networth)		(3.68)	(40.04)	(4.68)
Current Ratio (Current Asset/Current Liability)		6.83	7.76	7.54

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2005	31.03.2004	31.03.2003
	(Rs. In Millions)
Sundry Creditors	0.688	2.157	2.023
Sundry Creditors (Others)	3.575	3.563	6.301
Total	4.263	5.720	8.324

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	Yes
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	No
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	No
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

CHARGES AGAINST THE COMPANY

In view of the recovery certificate No.9 of 2006 issued in O.A No. 13 of 2005 passed by the Presiding Officer, D.R.T. -1, Mumbai on 10.11.2005 an amount of Rs. 46.819 millions with interest and costs as per recovery certificate is due against Sewa Medicals Limited.

Sewa Medicals Limited are hereby called upon to deposit the above sum of Rs. 46.819 millions plus interest and cost within 15 days of the receipt of the Notice, failing which the Recovery shall be made as per rules.

Sewa Medicals Limited are hereby directed to appear before the undersigned on 28^th day of November, 2006 for depositing the amount.

In additional to the sum aforesaid Sewa Medicals Limited will be liable to pay:

(a) Such interest as is payable for the period commencing immediately after this notice of the execution proceedings.

(b) All costs, charges and expenses incurred in respect of the service of this notice and other process may be taken for recovering the amount due.

CONTINGENT LIABILITIES NOT PROVIDED FOR (31.03.2005):

Contracts remaining to be executed on capital account Rs. Nil

Counter Guarantee given to Bankers: Rs.255.000 millions

Various Banks and Financial Institutions have filed legal cases / suits against the Company in different Courts. The total amount of such legal cases / suits filed amount to Rs. 614.982 millions, against which the company has accounted for an amount of Rs. 557.313 millions. The company has thus acknowledge claims to the extent of Rs, 54.769 millions. Made against it and is protesting the same.

The Company has not made provision for Lease Rent /Hire Purchase Charges claimed against it to the extent of Rs. 5.396 millions as negotiations are going on for settlement of the amounts with the parties concerned.

The Director General of Foreign Trade have under Foreign Trade (Development and Regulation) Act, 1992 issued Show Cause Notice for non-compliances. The same is under protest by the company

FIXED ASSETS

· Leasehold Land

· Building

· Lab Equipment

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· Vehicles

· Mould and Dies

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.55.04
UK Pound	1	Rs.83.95
Euro	1	Rs.70.93

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

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.