MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	AVISHKAR INTERNATIONAL PRIVATE LIMITED
Registered Office :	Ghia Building, Ground Floor, 119/123, Princess Street, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.01.2004
Com. Reg. No.:	11-144316
Capital Investment / Paid-up Capital :	Rs. 0.230 Million
CIN No.: [Company Identification No.]	U51507MH2004PTC144316
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21577D
PAN No.: [Permanent Account No.]	AAECA6385R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Surgical Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 313000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Networth of the company appears to be decent. Profit of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are usually correct. 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 – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 :	Ghia Building, Ground Floor, 119/123, Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22011074/ 22073903/ 22034532
Fax No.:	91-22-22067771
E-Mail :	mmimani@hotmail.com info@avishkar.com
Website :	http://www.avishkar.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sanjaykumar Pawankumar Gupta

Designation :

Managing director

Address :

Flat No. 1507/ 1508, Building No. 2, A Wing, Raheja Classique, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

17.10.1965

Date of Appointment :

30.01.2004

DIN No.:

00924956

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	U51507MH2004PTC144316	AVISHKAR INTERNATIONAL PRIVATE LIMITED	Managing director	30/01/2004	30/01/2004	Active	NO
2	U33110DL2010PTC201004	INTERMED INSTRUMENTS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	Active	NO
3	U33119DL2005PTC131796	PLASTX LABS PRIVATE LIMITED	Director	29/09/2011	01/04/2011	Active	NO
4	U70109PB2012PTC036200	ORBIT MALL AND INFRA PRIVATE LIMITED	Director	02/05/2012	02/05/2012	Active	NO

Name :

Mr. Anilkumar Amritlal Gupta

Designation :

Additional director

Address :

B-602, Veena Nagar, S.V. Road, Malad (West) Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

28.05.1971

Date of Appointment :

03.03.2004

DIN No.:

00924998

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sanjay Gupta	18000
Vibhuti S Gupta	5000
Total	23000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Surgical Equipments.

GENERAL INFORMATION

Suppliers :

· Acme Traders

· Ajay Scientific Company

· Amarchand and Company

· Amkette Analytics Limited.

· Amit Surgicals

· Analab Systems

· Anand Medicaids Private Limited

· Appasamy Associates

· Appasamy Ocular Devices Private Limited (Pharma Division)

· Arya Scientific Instruments Private Limited

· Arya Instruments

· Arya Scientific Traders

· Arya Sons

· Asiad International

· Associated Surgical Company

· Bio-Lab Instruments Manufacturing Company

· Bio Tech India

Customers :

· ABC Medical and Diagnistics Limited

· Al Nasser Medical Center

· Albarq Group

· Dieda Corporation for Drugs and Medical Appliance

· Dida Medical Corporation

· Intermed International Commodities Limited

· Kwaplah International, Inc

· Labora (U) Limited

· Mediplast Plastic Industrial Company LLc

· Seifi Impex Limited

· Lab Equip Limited

· Dida Medical Corporation

· El Rebooa Medical Company

· Evergreen ( Nig) Ventures

· Jams Laboratory Supplies

· Joslab Supplies Limited

· Labline International Company Limited

No. of Employees :

Not Available

Bankers :

Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
From Kotak Mahindra Limited (Secured By Hypothecation of Vehicle Financed)	0.568	2.274
Total	0.568	2.274

Banking Relations :	--
Auditors :
Name :	N R Tibrewala and Associates Chartered Accountants
Address :	164, Sitaram Podar Marg, Harialka Bhawan, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-26855300/ 301
E-Mail :	tibrewalanr@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAPT6810F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23,000	Equity Shares	Rs. 10/- each	Rs. 0.230 Million

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	0.230	0.230
(b) Reserves & Surplus	78.048	57.749
(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)	78.278	57.979
(3) Non-Current Liabilities
(a) long-term borrowings	0.568	2.274
(b) Deferred tax liabilities (Net)0	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.568	2.274
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	38.935	43.925
(c) Other current liabilities	0.785	3.790
(d) Short-term provisions	10.442	4.600
Total Current Liabilities (4)	50.162	52.315
TOTAL	129.008	112.568
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.227	19.238
(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	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	17.227	19.238
(2) Current assets
(a) Current investments	46.683	47.015
(b) Inventories	7.831	2.544
(c) Trade receivables	(27.857)	(5.640)
(d) Cash and cash equivalents	4.213	21.633
(e) Short-term loans and advances	71.227	24.484
(f) Other current assets	9.684	3.294
Total Current Assets	111.781	93.330
TOTAL	129.008	112.568

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.230
2] Share Application Money		0.000
3] Reserves & Surplus		48.963
4] (Accumulated Losses)		0.000
NETWORTH		49.193
LOAN FUNDS
1] Secured Loans		3.913
2] Unsecured Loans		0.000
TOTAL BORROWING		3.913
DEFERRED TAX LIABILITIES		0.000
TOTAL		53.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.336
Capital work-in-progress		0.000
INVESTMENT		40.999
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.871
	Sundry Debtors	17.832
	Cash & Bank Balances	1.520
	Other Current Assets	0.000
	Loans & Advances	25.680
Total Current Assets		45.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.687
	Other Current Liabilities	2.735
	Provisions	2.710
Total Current Liabilities		49.132
Net Current Assets		(3.229)
MISCELLANEOUS EXPENSES		0.000
TOTAL		53.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		33.228	16.516	11.984
	DEPRECIATION/ AMORTISATION		2.596	2.660	1.656
	PROFIT BEFORE TAX		30.632	13.856	10.282
Less	TAX		10.326	4.441	2.710
	PROFIT AFTER TAX		20.306	9.415	7.572
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	45889194.47$ 37754.54€	202.053	140.310
	Earnings Per Share (Rs.)		882.87	409.35	329.22

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	23.74	12.31	16.79
Return on Investment (ROI) (PBT/Networth)		0.39	0.24	0.21
Debt Equity Ratio (Total Debt/Networth)		0.01	0.04	0.08
Current Ratio (Current Asset/Current Liability)		2.23	1.78	0.93

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 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	Yes
18]	Major customers	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Delhi Property

· Office renovation

· Computers

· Air Conditioner

· Water Filter

· Fire Extinguisher

· Telephone Instrument

· Monitor (LCD)

· Furniture and Fixture

· Fax Machine

· Mobile

· Refrigerator

· Printer

· Computer 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. 61.49
UK Pound	1	Rs. 99.41
Euro	1	Rs. 84.12

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.