MIRA INFORM REPORT

Report No. :	299154
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	CURE HEALTHCARE PRIVATE LIMITED (w.e.f 11.09.2009)
Formerly Known As :	CURE MEDICAL EQUIPMENT PRIVATE LIMITED AVANT – CARE MEDICAL EQUIPMENT PRIVATE LIMITED
Registered Office :	Plot No. A – 32, Phase 1, MEPZ – SEZ, Tambaram, Kadaperi, Chennai -600045, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.2001
Com. Reg. No.:	18-047385
Capital Investment / Paid-up Capital :	Rs.10.776 Millions
CIN No.: [Company Identification No.]	U51397TN2001PTC047385
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in offering sales, installation and services support to high end radiology medical equipment.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 78000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported consecutive losses from its operations during FY14. Moreover, the company is implementing an expansion plan in terms of manufacturing facility which is expected to commence from second half of 2014 – 2015. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of modest scale of operations though established regional market position, the company can be considered for business dealings 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CRISIL
Rating	Long term rating : BB
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations
Date	27^th August, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	27^th August, 2014

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 DECLINED BY

Name :	Mr. Bharat
Designation :	Finance Manager
Contact No.:	91-44-66792600
Date :	19.12.2014

LOCATIONS

Registered Office :	Plot No. A – 32, Phase 1, MEPZ – SEZ, Tambaram, Kadaperi, Chennai -600045, Tamil Nadu, India
Tel. No.:	91-44-66792600
Fax No.:	Not Available
E-Mail :	cura@cura.in
Website :	http://www.cure.in

DIRECTORS

As on 29.09.2014

Name :

Mr. Venugopala Rao Sri Chittoory

Designation :

Additional director

Address :

No. 8, 6^th Main Road, 10^th Cross street, AGS Colony, Velachery, Chennai – 600042, Tamil Nadu, India

Date of Birth/Age :

18.03.1968

Date of Appointment :

21.02.2014

DIN No.:

00011403

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	U30007TN1999PTC043325	e-SOLUTIONS PRIVATE LIMITED	Director	19-05-2003	19-05-2003	-	Active	NO
2	U92200TG2003PTC040633	IVISION MEDIA INDIA PRIVATE LIMITED	Director	30-05-2003	30-05-2003	-	Active	NO
3	U72200TN2005PTC055670	SYNERGETIC ENGINEERING SOLUTIONS PRIVATE LIMITED	Director	16-03-2005	16-03-2005	27-08-2007	Active	NO
4	U72200TG2006PTC049521	GTECH INDIA PRIVATE LIMITED	Director	17-03-2006	17-03-2006	20-06-2008	Active	NO
5	U93000TG2005PTC045094	VISAGE MEDIA SERVICES PRIVATE LIMITED	Director	26-02-2007	26-02-2007	-	Active	NO
6	U32109TN2007PTC062014	INDUS MOBILE DISTRIBUTION PRIVATE LIMITED	Director	29-09-2007	08-03-2007	02-03-2009	Active	NO
7	U74900TG2007PTC054615	OCHRE MEDIA PRIVATE LIMITED	Director	26-06-2007	26-06-2007	-	Active	NO
8	U74999TG2006PTC051788	VISWAS BUSINESS SYNERGIES Private LIMITED	Nominee director	21-05-2008	21-05-2008	02-03-2009	Active	YES
9	U31103KA2002PTC030060	UNIVERSAL POWER TRANSFORMER PRIVATE LIMITED	Director	13-08-2010	12-11-2009	-	Active	NO
10	U72200KA2002PTC030917	TELE DNA COMMUNICATIONS PRIVATE LIMITED	Director	29-09-2010	02-04-2010	-	Active	NO
11	U85110AP2006PTC051845	MEDPLUS HEALTH SERVICES PRIVATE LIMITED	Nominee director	03-02-2011	03-02-2011	04-03-2011	Active	NO
12	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Additional director	21-02-2014	25-04-2012	-	Active	NO
13	U41000TN2002PTC050091	AQUA DESIGNS INDIA PRIVATE LIMITED	Nominee director	22-05-2013	22-05-2013	-	Active	NO
14	U74900TN2014PTC097094	AVINI ADVISORS PRIVATE LIMITED	Director	27-08-2014	27-08-2014	-	Active	NO
15	U93000TG2008PTC057908	PEEPUL CAPITAL ADVISORS PRIVATE LIMITED	Additional director	26-09-2014	26-09-2014	-	Active	NO
16	U63000DL2012PTC241107	ECOM EXPRESS PRIVATE LIMITED	Additional director	17-10-2014	17-10-2014	-	Active	NO

Name :

Balasubramaniam Meenakshisundaram

Designation :

Additional director

Address :

No. 5, Darshan Apartments, # 1, Tiger Vardhachary Road, Besant Nagar Chennai – 600090, Tamil Nadu, India

Date of Birth/Age :

15.06.1964

Date of Appointment :

03.04.2014

DIN No.:

00566060

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	U24232WB2000PTC091267	DATEX OHMEDA (INDIA) PRIVATE LIMITED	Director	01-11-2004	01-11-2004	-	Active	NO
2	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Additional director	03-04-2014	03-04-2014	-	Active	NO

Name :

Mr. Sridhar Parthasarathy

Designation :

Director

Address :

24, Alangatha Street, Triplicane, Chennai – 600004, Tamil Nadu, India

Date of Birth/Age :

24.05.1973

Date of Appointment :

24.04.2013

DIN No.:

02796979

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	U85110TN1994PTC029023	MEDALL HEALTHCARE PRIVATE LIMITED	Director	23-09-2010	08-11-2009	-	Active	NO
2	U85110KA2004PTC035092	CLUMAX DIAGNOSTIC AND RESEARCH CENTRE PRIVATE LIMITED	Director	03-02-2010	03-02-2010	01-04-2014	Active	NO
3	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	28-09-2012	25-04-2012	-	Active	NO
4	U55101TN1994PTC027509	ORIENTAL CUISINES PRIVATE LIMITED	Director	24-04-2013	24-04-2013	-	Active	NO

Name :

Mr. Ajith Ambika Jagannathan Nair

Designation :

Director

Address :

Flat No. 218, Royal Heritage Apartments, Benniganahalli East Range, Bangalore – 560016, Karnataka, India

Date of Birth/Age :

26.01.1974

Date of Appointment :

28.09-2012

DIN No.:

02882059

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	U72200KA2002PTC030917	TELE DNA COMMUNICATIONS PRIVATE LIMITED	Director	30-11-2009	30-10-2009	12-11-2014	Active	NO
2	U41000TN2002PTC050091	AQUA DESIGNS INDIA PRIVATE LIMITED	Director	30-11-2010	06-08-2010	31-10-2014	Active	NO
3	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	28-09-2012	25-08-2012	-	Active	NO
4	U18109KA2009PTC051868	BRANDIS MANUFACTURING AND MARKETING PRIVATE LIMITED	Director	30-09-2013	29-11-2012	27-10-2014	Active	NO
5	U24246TG2012PTC079909	VISHAL PERSONAL CARE PRIVATE LIMITED	Director	28-09-2013	21-12-2012	-	Active	NO
6	U63000DL2012PTC241107	ECOM EXPRESS PRIVATE LIMITED	Additional director	17-10-2014	17-10-2014	-	Active	NO
7	U74130KA2006PTC059425	LOYALTY SOLUTIONS & RESEARCH PRIVATE LIMITED	Director	27-10-2014	27-10-2014	-	Active	NO
8	U01541KA2004PTC034294	UNIBIC FOODS INDIA PRIVATE LIMITED	Additional director	14-11-2014	14-11-2014	-	Active	NO

Name :

Pratima Ram

Designation :

Additional director

Address :

F – 304, Central Park – I, Sector – 42, Gurgaon – 1220022, Haryana, India

Date of Birth/Age :

29.08.1950

Date of Appointment :

08.08.2014

DIN No.:

03518633

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	U67120MH2004PLC147365	India Infoline Finance Limited	Whole-time director	07-05-2012	07-05-2011	31-03-2013	Active	NO
2	U67120MH1984PLC033646	MONEYLINE CREDIT LIMITED	Additional director	01-07-2011	01-07-2011	-	Amalgamated	NO
3	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Additional director	28-07-2014	28-07-2014	-	Active	NO
4	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Additional director	08-08-2014	08-08-2014	-	Active	NO
5	L51909GJ1994PLC022719	NANDAN DENIM LIMITED	Additional director	11-11-2014	11-11-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Peepul Capital Fund III LLC	100000
Sridhar Parthasarathy	1
Peepul Capital Fund III LLC	1779949
Total	1879950

As on 29.09.2014

Names of Preference Shareholders	No. of Shares
Peepul Capital Fund III LLC	449000
Total	449000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in offering sales, installation and services support to high end radiology medical equipment.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• State Bank of India, SME Branch, 84, Rajaji Salai, Chennai – 600001, Tamil Nadu, India
• Reliance Commercial Finance, No. 10, A Haddows Road, NungamBakkam, Chennai – 600006, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Reliance Capital	5.179	0.000
Cash Credits From Banks	40.580	56.075
Total	45.759	56.075

Banking Relations :	---
Auditors :
Name :	Narasimhan and Srinivasan Chartered Accountants
Address :	Old 45 New 60 Murthy Street, West Mambalam, Chennai - 600033, Tamil Nadu, India
Tel. No.:	91-44-24890821
Fax No.:	91-44-24741469
E-Mail :	nara@nands.ca.co.in audit@nands.ca.co.in
Website :	http://www.nands.ca.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFN7749R
Memberships :	--
Collaborators :	--
Subsidiaries Company :	Peepul Capital Fund III LLC I cure Technologies Private Limited,(U85190TN2010PTC078031) Pacsmart Solutions Private Limited, (U72200TN2010PTC074725)

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4100000	Equity Shares	Rs.10/- each	Rs.41.000 Millions
50000	Preference Share	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.46.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1879950	Equity Shares	Rs.10/- each	Rs.18.799 Millions
449000	Preference Share	Rs.10/- each	Rs.4.490 Millions
	Total		Rs.23.289 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions
500000	Preference Share	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
628559	Equity Shares	Rs.10/- each	Rs.6.285 Millions
449000	Preference Share	Rs.10/- each	Rs.4.490 Millions
	Total		Rs.10.775 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	10.775	10.775	5.285
(b) Reserves & Surplus	240.271	455.260	22.279
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	450.000
Total Shareholders’ Funds (1) + (2)	251.046	466.035	477.564
(3) Non-Current Liabilities
(a) Unsecured long-term borrowings	2.919	9.425	16.925
(b) Deferred tax liabilities (Net)	0.423	0.000	0.268
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.409	3.287	0.000
Total Non-current Liabilities (3)	11.751	12.712	17.193
(4) Current Liabilities
(a) Secured Short term borrowings	45.760	56.076	43.020
(b) Trade payables	42.186	39.480	21.714
(c) Other current liabilities	100.376	49.185	43.180
(d) Short-term provisions	0.000	21.850	4.997
Total Current Liabilities (4)	188.322	166.591	112.911
TOTAL	451.119	645.338	607.668
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.410	14.635	7.681
(ii) Intangible Assets	43.982	44.052	0.419
(iii) Capital work-in-progress	110.167	89.498	0.000
(iv) Deposits	9.708	9.532	0.000
(b) Non-current Investments	2.500	2.500	2.500
(c) Deferred tax assets (net)	0.000	0.242	0.000
(d) Long-term Loan and Advances	13.370	12.253	15.615
(e) Other Non-current assets	0.000	0.000	4.768
Total Non-Current Assets	210.137	172.712	30.983
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.180	136.105	52.208
(c) Account receivables	98.603	208.842	0.000
(d) Trade Received	0.000	0.000	87.498
(e) Cash and cash equivalents	21.570	61.618	348.954
(f) Short-term loans and advances	7.229	6.653	46.038
(g) Other current assets	43.400	59.408	41.987
Total Current Assets	240.982	472.626	576.685
TOTAL	451.119	645.338	607.668

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	234.401	395.533	318.013
	Other Income	7.115	22.589	2.163
	TOTAL	241.516	418.122	320.176
Less	EXPENSES
	Direct Expenses	246.006	279.150	221.062
	Unallocable Expenses	207.421	129.857	95.085
	TOTAL	453.427	409.007	316.147
	PROFIT/ (LOSS) BEFORE TAX	(211.911)	9.115	4.029
Less	TAX	0.665	0.510	1.504
	PROFIT/ (LOSS) AFTER TAX	(212.576)	9.625	2.525
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	27.935	19.408	NA
	Other	0.000	1.482	NA
	TOTAL EARNINGS	27.935	20.890	NA
	IMPORTS
	Raw Materials	80.814	194.866	NA
	TOTAL IMPORTS	80.814	194.866	NA
	Earnings / (Loss) Per Share (Rs.)
	Actual Earning	18.34	1.92	4.78
	Diluted Earning	18.34	1.92	4.78

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(90.69)	2.43	0.79
Operating Profit Margin (PBIDT/Sales)	(%)	(90.41)	2.30	1.27
Return on Total Assets (PBT/Total Assets}	(%)	(64.46)	1.68	0.67
Return on Investment (ROI) (PBT/Networth)		(0.84)	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.19	0.14	0.13
Current Ratio (Current Asset/Current Liability)		1.28	2.84	5.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.285	10.775	10.775
Reserves & Surplus	22.279	455.260	240.271
Net worth	27.564	466.035	251.046
long-term borrowings	16.925	9.425	2.919
Short term borrowings	43.020	56.076	45.760
Total borrowings	59.945	65.501	48.679
Debt/Equity ratio	2.175	0.141	0.194

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)
Sales	318.013	395.533	234.401
		24.376	(40.738)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	318.013	395.533	234.401
Profit	2.525	9.625	-212.576
	0.79%	2.43%	-90.69%

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	Yes
10]	Designation of contact person	Yes
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10435215	28/06/2013	6,000,000.00	RELIANCE COMMERCIAL FINANCE	NO. 10, A HADDOWS ROAD, NUNGAMBAKKAM, CHENNAI, TAMIL NADU - 600006, INDIA	B78918349
2	10187207	12/07/2013 *	97,000,000.00	STATE BANK OF INDIA	SME BRANCH, 84, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	B81455933

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Term Loans
- From banks	1.335	3.677
- From other parties	1.584	5.735
Other loans & advances	0.000	0.013
Total	2.919	9.426

FIXED ASSETS

• Plant, Machinery and Equipment
• Allied Tools
• Furniture
• Electrical Fittings
• Vehicles
• Computers and Accessories
• Software
• Technical Know How

PRESS RELEASE

CURA HEALTHCARE ACQUIRES CONCEPT INTEGRATIONS

JULY 3, 2014

City-based medical technology company Cura Healthcare is looking at developing countries for its products, said a top company official.

"Indian medical equipment makers have to look at developing markets to have economies of scale. We are looking at markets that are similar to India. We are awaiting the CE marking for our medical devices so that it is easy to venture into overseas markets," M.Balasubramaniam, chief executive officer told IANS.

The Rs.450.000 Millions turnover Cura Healthcare in May acquired the Pune based, Rs.80.000Millions turnover Concept Integrations for an undisclosed sum.

He said Concept Integrations is an apt fit for Cura Healthcare as it makes patient monitoring systems, diagnostic tele-ECG systems. Concept Integrations also offers tele-medicine, hospital management solutions and others.

"Patient monitoring systems is a huge opportunity in India. Similarly, tele-medicine will take off in a big way as it is the one of the ways to reach the rural populace," Balasubramaniam added.

Confirming the development, Concept Integrations' managing director Arvind Savargoankar told IANS: "There are lot of synergies between the two companies. The products of both companies are complimentary and not competitive. Further, customer base for both the companies is the same."

According to Sarvargoankar, the two companies can increase their market reach with this association.

Balasubramaniam said Cura Healthcare's design of its digital radiography machine was validated by Korean company Sitec.

The Korean company makes the machines now as Cura Healthcare is awaiting the CE certification.

According to Balasubramaniam, the company will also make mobile computer radiography systems which can work at low power outputs.

Recently, Cura Healthcare made additional funds infusion of $6 million from private equity fund Peepul Capital. In 2012, the company got $9 million from Peepul Capital.

"The majority stake is held by Peepul Capital. The fund is ready to put in additional funds if needed," Balasubramaniam said.

CURA HEALTHCARE ACQUIRES CHENNAI BASED DE HEALTHCARE

JULY 31, 2014

Medical technology company CURA Healthcare has acquired city-based DE Healthcare for an undisclosed sum marking its foray in the Rs 850.000 Millions ultrasound imaging industry.

"It is a strategic deal", CURA Healthcare Chief Executive Officer, M Bala told reporters here, on the acquisition of DE Healthcare, but declined to reveal the sum.

Following the acquisition, CURA Healthcare would foray into the ultrasound equipment device business" he said, adding the DE Healthcare brand would be retained.

"DE Healthcare would focus on sales of ultrasound equipment under CURA's banner with its sales force pan-India. We are having pipeline of opportunities. We are now trying to consolidate", he said.

To a query, he said the company was looking at two more acquisitions this year. "Maybe two more acquisitions", he said but did not reveal further details.

On the target for current fiscal, he said, "We are hoping to become Rs 900.000-1000.000 Millions revenue by March 2015. In next five years, we are aiming to become Rs 5000.000 Millions company".

In June, CURA Healthcare announced USD six million capital infusion from private equity firm Peepul Capital that would support its expansion plans.

DE Healthcare Director S Balaji said the domestic medical equipment industry is valued at Rs 300.000 Millions and the imaging industry alone is valued at Rs 50.000 Millions.

"The ultrasound imaging industry is about Rs 850.000 Millions market, growing 20 per cent (year-on-year).This year,post this acquisition, we are looking at a revenue of Rs 200.000 Millions from DE Healthcare", he said.

PEEPUL CAPITAL INVESTS $6 MILLION MORE IN CURA HEALTHCARE
JUN 11 2014.

Chennai: Peepul Capital LLC, an India-centric private equity (PE) firm, has invested $6 million in Cura Healthcare Private Limited, a high-end radiology equipment maker.

Peepul had invested $9 million in 2012 in Cura Healthcare, which was set up in 2001 and makes and sells digital radiography, computerized radiography and mammography systems. “Peepul Capital holds a majority stake in the company,” said Balasubramaniam, chief executive officer of Cura Healthcare, who goes by a single name. He declined to provide more details

.

Cura Healthcare, which earns Rs.450.000 Million in annual revenue, expects to manufacture top-of-the-line mobile computer radiography systems that offer high-quality x-rays at the bedside of patients. The medical equipment maker plans to expand to Tier II and III markets affected by infrastructural challenges such as irregular power supply.

With the new funding, the Chennai-based company intends to enter critical care, healthcare information technology and nuclear medicine segments. “The medical equipment manufacturing sector in India is still at a nascent stage as more than 85% of our requirements are met by imports,” said Sridhar Parthasarathy, a nominee director of Peepul Capital Fund.

INTERNATIONAL DAY OF RADIOLOGY PRESS RELEASE

NOV 8TH 2014, CHENNAI

International Day of Radiology to dedicate Brain Imaging and Countless Innovations in Radiology Research.

Radiologists around the world are celebrating the role they play in keeping their patients brain active to live quality life. The third annual International Day of Radiology (IDoR, 8th Nov 2014), will focus on brain imaging, which plays a key role in the diagnosis and treatment of brain disease and injuries. IDoR also recognizes the important role radiation therapy plays in treating some diseases of the brain, such as cancer.

This day also marks the 119th anniversary of the 1895 discovery of the X-ray by German physicist Wilhelm Röntgen.

CURA Healthcare is proud to take part in this special day (8th Nov 2014), which will focus on the important role medical imaging plays in the diagnosis and treatment of brain disease and brain injuries. “Medical imaging has revolutionized medicine. Physicians rely on scans to diagnose and treat a variety of conditions — especially brain disease and injuries. Countless brain scans are performed each year to help doctors make treatment decisions safely, quickly and efficiently. Imaging also helps physicians and researchers understand the intricacies of the human brain and neurological system,” said Bala.M, CEO, CURA Healthcare. He also added, “We want to educate people about the role the radiologist plays in their healthcare, particularly their brain health. Many people don’t realize they have something going on until it is affecting other parts of their body as well”. CURA has been pioneering in indigenous imaging solutions including high end pre-owned CT, MRI and also manufactures customised/patented Digital Radiography, mobile Computed Radiography, and other x-ray related solutions for diagnosing other disorder/disease in these smaller markets in India apart from catering to healthcare providers in metro/large cities.

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 records 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.62.97
UK Pound	1	Rs.94.97
Euro	1	Rs.74.43

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.