MIRA INFORM REPORT

Report Date :

25.04.2014

IDENTIFICATION DETAILS

Name :	FORZA MEDI (INDIA) PRIVATE LIMITED
Registered Office :	A-5, Malcha Marg, Diplomatic Enclave, New Delhi – 110021
Country :	India
Financials (as on) :	31.03.2014 (Provisional)
Date of Incorporation :	19.05.2000
Com. Reg. No.:	55-105761
Capital Investment / Paid-up Capital :	Rs.8.500 Millions
CIN No.: [Company Identification No.]	U51397DL2000PTC105761
TIN No.:	06201821311
TAN No.: [Tax Deduction & Collection Account No.]	DELF01867F
PAN No.: [Permanent Account No.]	AAACF4557G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wheel Chairs.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2690000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal 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.

HENKEL RATING

HENKEL’s Rating :

350 (Significant risk)

Credit Rating	Henkel Rating
Mira Inform	Risk Category	Description
Aaa	100	Very low risk (blue ships)
Aa	200, 201	Low risk
A	300, 301	Moderate risk
Ba	350	Significant risk
B	400	High risk
	450	Very high risk
Ca or C	500*	Doubtful accounts
	007*	Small unrated customers
	009*	Inactive customers
	999*	New customer

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. MP Agarwal
Designation :	General Manager Finance
Contact No.:	91-9811310505
Date :	24.07.2014

LOCATIONS

Registered Office :	A-5, Malcha Marg, Diplomatic Enclave, New Delhi – 110021, India
Tel. No.:	91-11-26874603 / 26873041
Fax No.:	91-11-26115339
E-Mail :	fmi@forzmedi.com forzymedi@sify.com
Website :	www.forzmedi.com
Location :	Owned
Factory :	Plot No. 166, Sector 4, IMT, Manesar, Gurgaon – 122050, Haryana , India
Tel. No.:	91-124-4365142 / 4365153 / 4365150 / 4365151
Fax No.:	91-124-4365156

DIRECTORS

As on 30.09.2013

Name :

Mr. Ahish Jain

Designation :

Director

Address :

A-5, Malcha Marg, New Delhi – 110021, India

Date of Birth/Age :

20.09.1972

Date of Appointment :

03.12.2001

DIN No.:

00898038

PAN No.:

AAAPJ0458P

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51397DL2000PTC105761	FORZA MEDI (INDIA) PRIVATE LIMITED	Director	03/12/2001	19/05/2000	-	Active	NO
2	U45200DL2007PTC162395	THREE D LEASERE & AGRO PRIVATE LIMITED	Director	23/04/2007	23/04/2007	16/06/2014	Active	NO
3	U70100DL2007PTC162212	RESHASH AGRO PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
4	U45200DL2007PTC160261	SHRI KUNJ BIHARI BUILDERS PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	NO
5	U45201DL2006PTC147528	EMBRYONIC PROPERTIES PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO

Name :

Mrs. Reshma Jain

Designation :

Director

Address :

A-5, Malcha Marg, New Delhi – 110021, India

Date of Birth/Age :

23.09.1971

Date of Appointment :

07.06.2006

DIN No.:

00898063

PAN No.:

AAEPJ3705F

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51397DL2000PTC105761	FORZA MEDI (INDIA) PRIVATE LIMITED	Director	07/06/2000	07/06/2000	-	Active	NO
2	U45200DL2007PTC162395	THREE D LEASERE & AGRO PRIVATE LIMITED	Director	23/04/2007	23/04/2007	16/06/2014	Active	NO
3	U70100DL2007PTC162212	RESHASH AGRO PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
4	U45201DL2006PTC147528	EMBRYONIC PROPERTIES PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
5	U74899DL1974PTC007079	BAHAMI PRINTS PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Dormant	NO

KEY EXECUTIVES

Name :	Mr. MP Agarwal
Designation :	General Manager Finance

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Ashish Jain	715010	84.12
Reshma Jain	135010	15.88
Total	850020	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wheel Chairs.

Products :

Products Description	Item Code No
Wheel Chair Components and Assembled Wheel Chairs	94021090

Exports :

Products :

Wheel Chairs

Countries :

· France

· UK

· Australia

· Netherland

Imports :

Products :

Aluminum Tubes etc.

Countries :

China

Terms :

Selling :

Cash, Credit (30 Days) and Advance Payment

Purchasing :

Cash and Credit (60 Days)

GENERAL INFORMATION

Suppliers :

Kunshan Giant, China

Customers :

Invacare, UK

No. of Employees :

500 (Approximately)

Bankers :

· ING Vysya Bank Limited, 16, 11, R.D. Chambers, Main Arya Samaj Road, P. B. No. 2598, Karol Bagh, New Delhi – 110005, India

Contact No.: 91-11-65464636

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Other Loans and Advance	NA	5.769
Short Term Borrowings
Other Loans and Advances	NA	60.831
Total	NA	66.600

Banking Relations :	--
Auditors :
Name :	Bansal Gupta and Associates Chartered Accountants
Address :	D-59, Chander Nagar, Ghaziabad – 201011, Uttar Pradesh, India
PAN No.:	AAEFB9451E

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.8.500 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
850020	Equity Shares	Rs.10/- each	Rs.8.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014 (Provisional)
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	8.500	8.500	8.500
Reserves & Surplus	381.318	493.597	663.600
Net worth	389.818	502.097	672.100
long-term and Short Term Borrowings	56.011	67.700	93.919
Total borrowings	56.011	67.700	93.919
Debt/Equity ratio	0.144	0.135	0.140

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 (Provisional)
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	965.112	1,188.620	1,544.164
		23.159	29.912

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 (Provisional)
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	965.112	1,188.620	1,544.164
Profit	137.488	156.740	211.771
	14.25%	13.19%	13.71%

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	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	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loans and Advances from Directors	NA	1.100
Total	NA	1.100

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10096411	31/10/2007	19,600,000.00	Reliance Capital Limited	"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India	A35866649
2	10042471	29/03/2007	24,000,000.00	Citi Bank N. A.	Jeevan Bharti Building Ivth Floor, Connaught Place, New Delhi, Delhi - 110001, India	A12623278
3	10005726	01/10/2013 *	140,000,000.00	ING Vyasa Bank Limited	16/11,Karol Bagh, New Delhi, Delhi - 110005, India	B88916671
4	10006239	22/04/2006	20,000,000.00	ING Vyasa Bank Limited	Karol Bagh Branch, New Delhi, New Delhi, Delhi - 110005, India	A01389709
5	10000147	28/01/2006	15,000,000.00	ING Vyasa Bank Limited	Karol Bagh Branch, Arya Samaj Karol Bagh, Delhi, Delhi - 110005, India	A00040170
6	10000898	28/01/2006	15,000,000.00	ING Vyasa Bank Limited	Karol Bagh Branch, Arya Samaj Karol Bagh, Delhi, Delhi - 110005, India	A00040071
7	80000835	10/11/2004	16,000,000.00	SIDBI	Sidbi Towers 15 Ashoka Marg, Lucknow, Uttar Pradesh - 226001, India	-
8	80000851	10/11/2004	16,000,000.00	Small Industries Development Bank Of India	Sidbi Towers 15 Ashoka Marg Lucknow, Lucknow, Uttar Pradesh - 226001, India	-
9	90039396	01/10/2004	16,000,000.00	Small Industries Develoment Bank Of India	Sidbi Towers, 15; Ashoka Marg, Lucknow, Uttar Pradesh, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Tools and Dies

· Vehicles

· Computers

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.60.00
UK Pound	1	Rs.102.19
Euro	1	Rs.80.68

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.