MIRA INFORM REPORT

Report No. :	306798
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	SHIMADZU MEDICAL (INDIA) PRIVATE LIMITED [w.e.f.17.04.2006]
Formerly Known As :	SHIMADZU (INDIA) PRIVATE LIMITED
Registered Office :	1st Floor, No. 1063, Munusamy Salai, K K Nagar, Chennai – 600078, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.03.2001
Com. Reg. No.:	18-046742
Capital Investment / Paid-up Capital :	Rs. 92.001 Millions
CIN No.: [Company Identification No.]	U33112TN2001PTC046742
TAN No.: [Tax Deduction & Collection Account No.]	CHES20241E
PAN No.: [Permanent Account No.]	AAFCS2439D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Medical Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a heavy loss during FY2014 which has resulted into fully erosion of networth. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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.

LOCATIONS

Registered Office/ Factory/ Regional Office 1 :	1st Floor, No. 1063, Munusamy Salai, K K Nagar, Chennai – 600078, Tamilnadu, India
Tel. No.:	91-44-24715535
Fax No.:	91-44-24715530
E-Mail :	srinivasantr@shimadzuindia.com admin@shimadzuindia.com
Website :	http://www.shimadzuindia.com
Regional Office 2 :	WEST 1 A/B, Rushabh Chambers, Makwana Road, Marol Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-29201692/ 29204741/ 29204809
Fax No.:	91-22-29201678
Regional Office 3 :	EAST 4th Floor, Devi Market, No.83, S.P. Mukarjee Road, Kolkata – 700026, West Bengal, India
Tel. No.:	91-33-24639088
Fax No.:	91-33-24639088
Regional Office 4 :	NORTH 408-409, Rattan Jyoti, 18 Rajendra Palace, New Delhi – 110008, India
Tel. No.:	91-11-25863931/ 25862421
Fax No.:	91-11-25862968

DIRECTORS

AS ON 23.09.2014

Name :

Taro Takahata

Designation :

Managing director

Address :

Somerset Greenways, No. 94, Satya Dev Avenue, MRC Nagar, Santhome, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

10.10.1960

Date of Appointment :

01.10.2013

PAN No.:

AUEPT2992G

DIN No.:

06729248

Name :

Kiminobu Imura

Designation :

Director

Address :

99, Robertson Quay # 15-16, Singapore 238258

Date of Birth/Age :

04.04.1958

Date of Appointment :

28.06.2012

DIN No.:

05319160

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	U33112TN2001PTC046742	SHIMADZU MEDICAL (INDIA) PRIVATE LIMITED	Director	28/06/2012	28/06/2012	Active	NO
2	U85195MH2005PTC158481	SHIMADZU ANALYTICAL (INDIA) PRIVATE LIMITED	Director	29/09/2012	29/06/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2014

Names of Shareholders	No. of Shares
Taro Takahata, India	100
Shimadzu Asia Pacific Pte Limited, Singapore	27200000
Total	27200100

AS ON 23.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Medical Equipments.

Products/ Services :

ITC Code No.	Product Descriptions
90181200	Medical Equipments

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· The Bank Of Tokyo - Mitsubishi Limited

563/2, Anna Salai, Teynampet, Chennai - 600018, Taminadu, India

· State Bank of India - Kolkata

State Bank of India - Chennai

HDFC Bank Limited - Chennai

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Ganesh Venkat and Company Chartered Accountants
Address :	No. 9 D, Kamalabai Street, T Nagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAGFG4034Q
Ultimate Holding company :	Shimadzu Corporation
Holding company :	Shimadzu (Asia Pacific) Pte Limited
Fellow Subsidiary company :	· Shimadzu Analytical (India) Private Limited [U85195MH2005PTC158481] Shimadzu Philippines Manufacturing Inc Shimadzu Vietnam Medical Hi tech co Limited

CAPITAL STRUCTURE

AS ON 23.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
27,250,000	Equity Shares	Rs. 10/- each	Rs. 272.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27,200,100	Equity Shares	Rs. 10/- each	Rs. 272.001 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
9,250,000	Equity Shares	Rs. 10/- each	Rs. 92.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,200,100	Equity Shares	Rs. 10/- each	Rs. 92.001 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	92.001	92.001	92.001
(b) Reserves & Surplus	(115.235)	(71.727)	(72.821)
(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)	(23.234)	20.274	19.180
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	16.333	11.841	13.914
Total Non-current Liabilities (3)	16.333	11.841	13.914
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	126.890	102.078	86.549
(c) Other current liabilities	6.564	7.426	8.277
(d) Short-term provisions	0.095	1.637	1.342
Total Current Liabilities (4)	133.549	111.141	96.168
TOTAL	126.648	143.256	129.262
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.620	2.242	1.656
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000
(c) Deferred tax assets (net)	8.360	5.867	7.662
(d) Long-term Loan and Advances	10.492	11.635	9.063
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	20.472	19.744	18.381
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.748	52.653	44.307
(c) Trade receivables	42.917	51.310	37.737
(d) Cash and cash equivalents	8.648	7.035	7.072
(e) Short-term loans and advances	4.870	4.633	4.317
(f) Other current assets	8.993	7.881	17.448
Total Current Assets	106.176	123.512	110.881
TOTAL	126.648	143.256	129.262

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	GROSS INCOME	115.370	118.719	101.526
Less	EXPENSES	160.647	115.249	105.387
	PROFIT/ (LOSS) BEFORE DEPRECIATION AND AMORTISATION	(45.277)	3.470	(3.861)
Less/ Add	DEPRECIATION/ AMORTISATION	0.723	0.581	0.742
	GROSS PROFIT/ (LOSS)	(46.000)	2.889	(4.603)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)	0.80	1.11	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	92.001	92.001	92.001
Reserves & Surplus	(72.821)	(71.727)	(115.235)
Net worth	19.180	20.274	(23.234)
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Gross Income	101.526	118.719	115.370
		16.935	(2.821)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Gross Income	101.526	118.719	115.370
Gross Profit/ (Loss)	(4.603)	2.889	(46.000)
	(4.53%)	2.43%	(39.87%)

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90286493	10/03/2004 *	19,500,000.00	THE BANK OF TOKYO - MITSUBISHI LIMITED	563/2 ANNA SALAI, TEYNAMPET, CHENNAI, TAMINADU  - 600018, INDIA	-

* Date of charge modification

COMPANY OVERVIEW

The Company was incorporated on 5th Mar 2001 under the Companies Act, 1956 as a wholly owned subsidiary of Shimadzu Asia Pacific Pte Limited, Singapore. The company is headquartered in Chennai, India and is mainly engaged in the business of manufacturing and trading of medical equipments.

PAST PERFORMANCE

The company has been focusing its attention on hospitals, individual doctors, and big establishments and is successful in delivering their products on time and keeping them happy by way of rendering prompt service.

The company has achieved a direct turnover of Rs.42.362 Millions and Rs.29.463 Millions on service income. The company has also earned a commission of Rs.35.675 Millions on the direct imports by the customers.

With the given scenario the company hopes to perform well in the years to come.

FUTURE BUSINESS PLAN

The sales for locally manufactured products is showing signs of growth due to an increase in the number of active dealers and the increased awareness for HF generators.

There is a slow and steady growth in the market for digital radiography. The introduction of new products - Floating Bucky Table and Wall Bucky unit in the previous year is helping us to offer a DR solution in the private market that is price sensitive. They expect that there will be a steady growth in this segment.

SMIP will increase their focus on private market to have a good balance between Government and private business. Continuing efforts are on to increase the dealer network and channel partners.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
(a) Claims against the Company not acknowledged as debt	0.000	0.000
(b) Guarantees	0.000	0.000
(c) Other money for which the Company is contingently liable
- Sales against C-Form for which C- Forms are not obtained	0.167	0.248
- Purchases against C-Form for which C-Forms are not issued	0.004	0.198

FIXED ASSETS:

· Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

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. 61.74
UK Pound	1	Rs. 94.65
Euro	1	Rs. 70.79

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.