MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	MANMAN MANUFACTURING COMPANY PRIVATE LIMITED
Registered Office :	1157, Sadashiv Peth, Opposite Bhave High School, Pune – 411 030, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.10.2000
Com. Reg. No.:	25-15449
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U51909PN2000PTC015449
TAN No.: [Tax Deduction & Collection Account No.]	PNEM08200D
PAN No.: [Permanent Account No.]	AADCM0589J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Surgical Instruments, Engineering Equipment.
No. of Employees :	80 (Approximately)

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 89000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payments 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Madhukar Gokhale
Designation :	Director
Contact No.:	91-9822080030
Date :	02.09.2013

LOCATIONS

Registered Office/Factory :	1157, Sadashiv Peth, Opposite Bhave High School, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-24477578 / 24450189
Mobile No.:	91-9822080030 (Mr. Madhukar Gokhale)
Fax No.:	91-20-24476213
E-Mail :	manman@vsnl.com sale@manmanindia.com servic@manmanindia.com mmcpltd@manmanindia.com
Website :	http://www.manmanindia.com

/DIRECTORS

As on 29.09.2012

Name :

Mr. Madhukar Gokhale

Designation :

Chairman-cum-Managing Director

Address :

1157, Sadashiv Peth, Opposite Boys High School, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

22.10.1940

Date of Appointment :

18.10.2000

DIN No.:

00385981

Name :

Mrs. Madhuri Gokhale

Designation :

Director

Address :

1157, Sadashiv Peth, Opposite Boys High School, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

01.08.1942

Date of Appointment :

18.10.2000

DIN No.:

00385877

Name :

Ms. Swamini Gokhale

Designation :

Director

Address :

1157, Sadashiv Peth, Opposite Boys High School, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

11.04.1973

Date of Appointment :

18.10.2000

DIN No.:

00386150

Name :

Mr. Sudhir Gokhale

Designation :

Director

Address :

1157, Sadashiv Peth, Opposite Boys High School, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

26.03.1950

Date of Appointment :

18.10.2000

DIN No.:

00387680

Name :

Ms. Radhika Datye

Designation :

Director

Address :

D23/ 24, Madhaushree Society, Ganeshmala Vitthal Wadi Road, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

04.12.1965

Date of Appointment :

18.10.2000

DIN No.:

00393135

Other Directorships:

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909PN2000PTC015449	MANMAN MANUFACTURING COMPANY PRIVATE LIMITED	Director	18/10/2000	18/10/2000	-	Active	NO
2	U29299PN2001PTC016074	DEEPNANDA TECHNOLOGIES PRIVATE LIMITED	Director	12/04/2001	12/04/2001	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Madhukar Gokhale	30000
Madhuri Gokhale	30000
Swamini Gokhale	30000
Sudhir Gokhale	30000
Radhika Datye	30000
Total	150000

Names of Shareholders (Preference Shares)	No. of Shares
Madhukar Gokhale	20000
Madhuri Gokhale	20000
Swamini Gokhale	20000
Sudhir Gokhale	20000
Radhika Datye	20000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Surgical Instruments, Engineering Equipment.
Exports :
Products :	Surgical Instruments Engineering Equipment
Countries :	Europe Middle East US UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Electric Equipments	Not ascertained	Not ascertained	Since various type of electronic Equipment are manufactured, quantity Not ascertained

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 (Approximately)

Bankers :

Bank of Maharashtra, Deccan Gymkhana Branch, Jangali Maharaj Road, Pune – 411 004, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Bank of Maharashtra term loan	2.082	3.517
Term loan	0.000	0.047
Term loan No. 60050368295	4.834	6.250
Term loan No. 60091377734	2.977	0.000
Short-term borrowings
Bank Loan CC secured against debtors and stock	14.174	9.619
Total	24.067	19.433

Banking Relations :
Auditors :
Name :	Sachin Ambedkar Chartered Accountant
Address :	1821, Sadashiv Peth, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-24478724 (O) / 24478735 (R)
Fax No.:	91-20-24476173
E-Mail :	ssamdekar@vsnl.net
PAN N Income-tax PAN of auditor or auditor's firm :	ACQPA5622A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 millions
100000	10% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.1.000 millions
	Total		Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 millions
100000	Preference Shares	Rs.10/- each	Rs.1.000 millions
	Total		Rs.2.500 millions

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	2.500	2.500
(b) Reserves & Surplus	19.818	16.587
(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)	22.318	19.087
(3) Non-Current Liabilities
(a) long-term borrowings	16.937	15.849
(b) Deferred tax liabilities (Net)	0.293	0.277
(c) Other long term liabilities	2.465	1.163
(d) long-term provisions	0.159	0.000
Total Non-current Liabilities (3)	19.854	17.289
(4) Current Liabilities
(a) Short term borrowings	14.888	10.309
(b) Trade payables	8.630	6.323
(c) Other current liabilities	4.171	3.006
(d) Short-term provisions	3.023	3.285
Total Current Liabilities (4)	30.712	22.923
TOTAL	72.884	59.299
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.325	15.918
(ii) Intangible Assets	0.318	0.531
(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	0.812	0.843
Total Non-Current Assets	18.455	17.292
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	21.942	17.334
(c) Trade receivables	25.247	21.134
(d) Cash and cash equivalents	0.539	0.413
(e) Short-term loans and advances	6.668	3.019
(f) Other current assets	0.033	0.107
Total Current Assets	54.429	42.007
TOTAL	72.884	59.299

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500
2] Share Application Money		0.000
3] Reserves & Surplus		13.475
4] (Accumulated Losses)		0.000
NETWORTH		15.975
LOAN FUNDS
1] Secured Loans		12.278
2] Unsecured Loans		5.145
TOTAL BORROWING		17.423
DEFERRED TAX LIABILITIES		0.223
TOTAL		33.621
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.303
Capital work-in-progress		0.000
INVESTMENT		2.028
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.188
	Sundry Debtors	17.036
	Cash & Bank Balances	0.476
	Other Current Assets	3.610
	Loans & Advances	1.485
Total Current Assets		27.795
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.962
	Other Current Liabilities	4.821
	Provisions	1.731
Total Current Liabilities		11.514
Net Current Assets		16.281
MISCELLANEOUS EXPENSES		0.009
TOTAL		33.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	61.407	52.400	50.827
		Other Income	0.196	0.049
		TOTAL	61.603	52.449	50.827
Less	EXPENSES
		Office Expenses	56.835	47.631	46.624
		Administrative Expenses
		Advertising Expenses
		TOTAL	56.835	47.631	46.624
	PROFIT BEFORE TAX		4.768	4.818	4.203
Less	TAX		1.537	1.706	NA
	PROFIT AFTER TAX (G-H)		3.231	3.112	NA
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of export		2.318	1.742
	Repairs charges		0.003	0.012
	TOTAL EARNINGS		2.321	1.754	0.942
	Earnings Per Share (Rs.)		0.08	32.00	28.02

Particulars	31.03.2013
Sales Turnover (Approximately)	100.000

Expected Sales (2013-2014): Rs.120.000 millions

The above information has been parted by Mr. Madhukar Gokhale (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.24	5.93	NA
Net Profit Margin (PBT/Sales)	(%)	7.76	9.19	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.54	8.12	9.75
Return on Investment (ROI) (PBT/Networth)		0.21	0.25	2.92
Debt Equity Ratio (Total Debt /Networth)		1.43	1.37	1.09
Current Ratio (Current Asset/Current Liability)		1.77	1.83	2.41

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	No
17]	Major suppliers	No
18]	Major customers	No
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 LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Deposit from shareholders having substantial interest	4.240	3.950
Loan from shareholders having substantial interest	2.805	2.085
Short-term borrowings	0	0
Advance from associates concerns enterprises in which directors and substantial interested	0.714	0.690
Total	7.759	6.725

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10339687	08/02/2012 *	3,000,000.00	BANK OF MAHARASHTRA	DECCAN GYMKHANA BRANCH, JANGLI MAHARAJ ROAD, PU NE, MAHARASHTRA - 411004, INDIA	B34380345
2	10239567	26/08/2010	7,000,000.00	BANK OF MAHARASHTRA	DECCAN GYMKHANA BRANCH, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	A94708229
3	10106664	07/06/2011 *	16,000,000.00	BANK OF MAHARASHTRA	DECCAN GYMKHANA BRANCH, JANGALI MAHARAJ ROAD, P UNE, MAHARASHTRA - 411004, INDIA	B16926768
4	90094220	21/07/2005 *	2,750,000.00	BANK OF MAHARASHTRA	DECCAN GYMKHANA BRANCH, PUNE, MAHARASHTRA - 411004 , INDIA	-
5	90085762	30/05/2008 *	7,500,000.00	BANK OF MAHARASHTRA	1257, PAWAR BUILDING, DECCAN GYMKHANA BRANCH, P UNE, MAHARASHTRA - 411005, INDIA	A39832969

Note: * Date of charge modification

FIXED ASSETS

· Land

· Factory Shed

· Plant and Machinery

· Dyes and Moulds

· Electrical Fittings

· Office Equipment

· Computer

· Furniture

· Measuring Tools

· Generator

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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.