MIRA INFORM REPORT

Report Date :

15.11.2013

IDENTIFICATION DETAILS

Name :	CPC DIAGNISTICS PRIVATE LIMITED (w.e.f.07.04.2006)
Formerly Known As :	CPC PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Flat No.9, 5^th Floor, Gokul Towers, No.9 and 10, C.P. Ramaswami Road, Alwarpet, Chennai – 600 018, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.07.1991
Com. Reg. No.:	18-021095
Capital Investment / Paid-up Capital :	Rs.23.396 Millions
CIN No.: [Company Identification No.]	U52599TN1991PTC021095
TAN No.: [Tax Deduction & Collection Account No.]	CHEC00953B
PAN No.: [Permanent Account No.]	AAACC3142N
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Diagnostics Reagents and Medical Equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 483000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears accumulated losses recorded by the company during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow. 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 – 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Bank Loan (Suspended)=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.01.2013

Rating Agency Name	CRISIL
Rating	Long Term Loan (Suspended)=BB
Rating Explanation	Moderate degree of default and high credit risk.
Date	16.01.2013

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 :	Flat No.9, 5^th Floor, Gokul Towers, No.9 and 10, C.P. Ramaswami Road, Alwarpet, Chennai – 600 018, Tamil Nadu, India
Tel. No.:	91 - 44 - 24993989
Fax No.:	91 - 44 - 24993357
E-Mail :	ramesh@cpcdiagnostics.in info@cpcdiagnostics.in career@cpcdiagnostics.in
Website :	www.cpcdiagnostics.in
Branch Office :	Located at: · Chennai · Cochin · Hyderabad · Bangalore · Mumbai · Kerala · Tamil Nadu · Karnataka · Andhra Pradesh
Administrative Office :	New No.324, Old No.37/1, Khadi Gramodyog Complex, Avvai Shanmugam Salai, Gopalapuram, 9 and 10, CP Ramaswamy Road, Alwarpet, Chennai – 600 086, Tamil Nadu, India
Tel. No.:	91-44-23460161 (4 Lines)
Fax No.:	91-44-23460165
E-Mail :	career@cpcmedsyz.in

DIRECTORS

AS ON 23.09.2013

Name :

Mr. Radhakrishnan Kailasnath

Designation :

Managing director

Address :

A-23, Canary No.9, Chaitanya Nest, Rathina Nagar, Main Road, Teynampet, Chennai - 600 018, Tamilnadu, India

Date of Birth/Age :

05.12.1951

Date of Appointment :

10.07.1991

DIN No.:

01578015

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	Company/ LLP Status	Defaulting status
1	U52599TN1991PTC021095	CPC DIAGNOSTICS PRIVATE LIMITED	Managing director	10/07/1991	10/07/1991	Active	NO
2	U33112TN2010PTC077687	JEEV DIAGNOSTICS PRIVATE LIMITED	Director	20/10/2010	20/10/2010	Active	NO

Name :

Ms. Malini Kailashnath

Designation :

Whole Time Director

Address :

A-23, Canary No.9, Chaitanya Nest, Rathina Nagar, Main Road, Teynampet, Chennai - 600 018, Tamilnadu, India

Date of Birth/Age :

08.03.1959

Date of Appointment :

29.09.1998

DIN No.:

00382278

Name :

Mr. Radhakishan Panchanath

Designation :

Whole Time Director

Address :

L-6, Aashiana Apartment, No.9, Venus Colony, II Street, Alwarpet, Chennai - 600 018, Tamilnadu, India

Date of Birth/Age :

22.02.1958

Date of Appointment :

10.07.1991

DIN No.:

00382560

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	Company/ LLP Status	Defaulting status
1	U52599TN1991PTC021095	CPC DIAGNOSTICS PRIVATE LIMITED	Whole-time director	10/07/1991	10/07/1991	Active	NO
2	U33112TN2005PTC057915	CPC MEDICAL SYSTEMZ PRIVATE LIMITED	Director	28/10/2005	28/10/2005	Active	NO
3	U33112TN2010PTC077687	JEEV DIAGNOSTICS PRIVATE LIMITED	Whole-time director	01/07/2011	13/10/2010	Active	NO

Name :

Mr. Bhuvana Panchanath

Designation :

Whole Time Director

Date of Appointment :

29.09.1998

Name :

Mr. Radhakrishnan Nambian

Designation :

Whole Time Director

Date of Appointment :

01.04.2011

MAJOR SHAREHOLDERS

NOTE: SHAREHOLDERS LIST ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 23.09.2013

Category	Percentage
Directors or relatives of Directors	95.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Diagnostics Reagents and Medical Equipment.
Products :	Diagnostics Reagents Medical Equipment

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Citi Bank, Second Floor, 163, Anna Salai, Chennai – 600 002, Tamil Nadu, India

· State Bank of India, Royapettah Branch, Chennai – 600 014, Tamil Nadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Cash Credit Account	78.804	41.890
Term Loans - Others	0.955	19.913
Term Loan – Bank Loan	37.968	14.333
Total	117.727	76.136

Banking Relations :	--
Auditors :
Name :	S. Rajagopal and Associates Chartered Accountants
Address :	13, Appadurai Street, Chennai – 600 018, Tamil Nadu, India
Tel No.:	91-42068228
Holding company :	CPC Diagnostics Private Limited
Joint Venture Company :	Jeev Diagnostics Private Limited
Subsidiaries :	CPC Medical Systemz Private Limited CIN No: U33112TN2005PTC057915 Address: New No. 31 (Old No. 20), P. S. Sivaswamy Salai, Mylapore, Chennai - 600 004, Tamilnadu, India Tel. No.: 91-44-24996280 Fax No.: 91-44-24996280 E-Mail : info@cpcmedsyz.in

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
233960	Equity Shares	Rs. 100/- each	Rs.23.396 Millions

AFTER 23.09.2013

Authorised Capital : Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.24.396 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.996	19.854	17.808
(b) Reserves & Surplus	97.993	86.115	94.947
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	120.989	105.969	112.755
(3) Non-Current Liabilities
(a) long-term borrowings	127.632	85.341	76.431
(b) Deferred tax liabilities (Net)	14.442	12.659	11.612
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	142.074	98.000	88.043
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	72.991	44.528	41.636
(c) Other current liabilities	22.843	20.137	40.004
(d) Short-term provisions	27.828	30.685	39.390
Total Current Liabilities (4)	123.662	95.350	121.030
TOTAL	386.725	299.319	321.828
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	132.236	91.900	111.397
(ii) Intangible Assets	28.591	17.491	5.254
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	13.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.068	3.077	2.095
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	162.895	112.468	132.246
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.748	55.633	53.963
(c) Trade receivables	124.522	96.124	94.774
(d) Cash and cash equivalents	1.965	2.402	4.578
(e) Short-term loans and advances	12.595	32.692	36.267
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	223.830	186.851	189.582
TOTAL	386.725	299.319	321.828

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		NA	NA	NA
Less	EXPENSES
		TOTAL		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			30.175	6.771	NA
Less	DEPRECIATION/ AMORTISATION			9.116	7.621	NA
	PROFIT/(LOSS) BEFORE TAX			21.059	(0.850)	NA
Less	TAX			7.293	6.177	NA
	PROFIT/(LOSS) AFTER TAX			13.766	(7.027)	NA
Less	APPROPRIATIONS
			Proposed Dividend @10%	2.299	1.985
			Corporate Dividend Tax	0.374	0.322
			Transfer to General Reserve	0.300	0.000
	BALANCE CARRIED TO THE B/S			10.793	(9.334)	NA
	IMPORTS
			Raw Materials
			Stores & Spares
			Capital Goods
			Others
	TOTAL IMPORTS			252.302	188.447	NA
	Earnings Per Share (Rs.)			58.84	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.47	(0.29)	NA
Return on Investment (ROI) (PBT/Networth)		0.17	(0.01)	NA
Debt Equity Ratio (Total Debt /Networth)		1.05	0.81	0.68
Current Ratio (Current Asset/Current Liability)		1.81	1.96	1.56

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	No
12]	Profitability for last two 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	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 LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Directors	3.825	3.125
Others	6.080	6.080
	9.905	9.205

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10391117	05/12/2012	7,500,000.00	CITIBANK N.A	SECOND FLOOR, 163, ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA	B63792154
2	10230709	02/07/2013 *	165,000,000.00	CITIBANK N. A.	NO.2, CLUBHOUSE ROAD,, ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA	B79224630
3	90296483	24/10/1999 *	4,450,000.00	STATE BANK OF INDIA	ROYAPETTAH BRANCH, CHENNAI – 600 014, TAMIL NADU, INDIA	-
4	90296332	14/02/1996	2,050,000.00	STATE BANK OF INDIA	ROYAPETTAH BRANCH, CHENNAI – 600 014, TAMIL NADU, INDIA	-
5	90296204	21/04/1999 *	330,000.00	STATE BANK OF INDIA	ROYAPETTAH BRANCH, CHENNAI – 600 014, TAMIL NADU, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Molding

· Plant and Machinery

· Computers

· Vehicles

· Furniture and Fittings

· Office Equipments

· Software

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.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.