MIRA INFORM REPORT

Report No. :	303943
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	SANDOR MEDICAIDS PRIVATE LIMITED

Registered Office :	No. 8-2-326/5, 4^th Floor, Plot No.1, Road No.3, Banjara Hills, Hyderabad – 500034, Telangana

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	04.10.1995

Com. Reg. No.:	01-021906

Capital Investment / Paid-up Capital :	Rs. 116.508 Millions

CIN No.: [Company Identification No.]	U51101TG1995PTC021906

TAN No.: [Tax Deduction & Collection Account No.]	HYDS04391C

PAN No.: [Permanent Account No.]	AADCS4168H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject operates as a medical device and drugs marketing and distribution company and also provides medical and health care, diagnostics and R&D and dialysis services.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. As per registrar of companies of Balance Sheet (i.e. Financial Filed) is shown as 31.03.214 but the documents related to financials are not available from any source. As per available financial record of 2013, reserves of the company is low. However, the rating takes into consideration company’s improved operational risk profile and sound profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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.

INFORMATION DECLINED BY

Name :	Mr. Chandra Sekhar
Designation :	General Manager in Finance
Contact No.:	91-40-23357048
Date :	21.01.2015

LOCATIONS

Registered Office/ Head Office :	No. 8-2-326/5, 4^th Floor, Plot No.1, Road No.3, Banjara Hills, Hyderabad – 500034, Telangana, India
Tel. No.:	91-40-23357048/ 49/ 50/ 51/ 23354824
Fax No.:	91-40-23357046
E-Mail :	info@sandor.co.in rajeev@sandor.co.in chandrasekhar@sandor.co.in
Website :	http://www.sandor.co.in

Branch Offices :	Located at: · Hyderabad · Visakhapatnam · Chennai · Coimbatore · Bangalore · Kochi · Mumbai · Indore · Ahmedabad · Kolkata · Bhubaneshwar · Patna · Guwahati · New Delhi · Mohali · Panchkula · Lucknow · Jaipur

Distribution Points :	Located at: · Madurai · Trivandrum · Goa · Nagpur · Pune · Aurangabad · Vadodara · Ranchi · Cuttack · Jalandhar · Ludhiana · Srinagar · Kanpur

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajeev Sindhi

Designation :

Managing Director

Address :

No. 203, Akarshan, Banjara, Road No.3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

11.10.1961

Date of Appointment :

29.09.2007

PAN No.:

AFVPS5709N

DIN No.:

00184701

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	U85110TG2004PTC043672	SANDOR LIFE SCIENCES PRIVATE LIMITED	Managing director	29-03-2007	16-07-2004	Active	NO
2	U51101TG1995PTC021906	SANDOR MEDICAIDS PRIVATE LIMITED	Managing director	29-09-2007	26-10-2005	Active	NO
3	U85110TG2006PTC050656	SANDOR ISOTOPES PRIVATE LIMITED	Director	29-09-2007	19-07-2006	Active	NO
4	U72200DL2008PTC184775	ARM INFOSOFT PRIVATE LIMITED	Director	07-11-2008	07-11-2008	Active	NO
5	U85190TG2009PTC065830	CHANNEL HEALTH INFRATEK PRIVATE LIMITED	Director	16-11-2009	16-11-2009	Active	NO
6	U85100TG2011PTC072032	SANDOR NEPHRO SERVICES PRIVATE LIMITED	Director	04-01-2011	04-01-2011	Active	NO
7	U14200TG2013PTC089147	SANDOR STONES PRIVATE LIMITED	Director	26-07-2013	26-07-2013	Active	NO
8	U01119TG2013PTC089274	SANDOR ANIMAL BIOGENICS PRIVATE LIMITED	Director	31-07-2013	31-07-2013	Active	NO

Name :

Venkata Muralidhar Reddy Kasiralla

Designation :

Director

Address :

No. 8-3-1073-101, Flat No.62, Jyothi Mahal, Sri Nagar Colony, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

01.12.1964

Date of Appointment :

16.05.2002

PAN No.:

ADFPK1203R

DIN No.:

01881121

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	U51101TG1995PTC021906	SANDOR MEDICAIDS PRIVATE LIMITED	Director	16-05-2002	16-05-2002	-	Active	NO
2	U40101TG2009PLC065454	SURYASHAKTI URJA UDYOG LIMITED	Director	13-10-2009	13-10-2009	24-05-2010	Active	NO
3	U85190TG2009PTC065830	CHANNEL HEALTH INFRATEK PRIVATE LIMITED	Managing director	04-01-2010	16-11-2009	-	Active	NO
4	U85100TG2011PTC072032	SANDOR NEPHRO SERVICES PRIVATE LIMITED	Director	04-01-2011	04-01-2011	08-03-2014	Active	NO
5	U45209TG2011PLC076755	MARVEL INFRAAVENUES INDIA LIMITED	Additional director	01-06-2012	01-06-2012	-	Active	NO
6	U72900TG2013PTC088657	CHANNEL ITES PRIVATE LIMITED	Director	28-06-2013	28-06-2013	-	Active	NO

Name :

Mr. Avinash Anand Kenkare

Designation :

Director

Address :

No. 1602, Casa Grande Tower 1, Near Peninsula, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

15.01.1962

Date of Appointment :

30.05.2011

DIN No.:

03303607

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	U73100MH2010PTC211417	PREKLIN RESEARCH LABS PRIVATE LIMITED	Director	27-12-2010	27-12-2010	-	Active	NO
2	U51101TG1995PTC021906	SANDOR MEDICAIDS PRIVATE LIMITED	Director	30-05-2011	18-05-2011	-	Active	NO
3	U85100PN2011PTC138822	EXPRESS CLINICS PRIVATE LIMITED	Director	18-07-2012	18-07-2012	01-10-2014	Active	NO
4	U85190DL2011PTC225170	CYGNUS MEDICARE PRIVATE LIMITED	Director	30-09-2013	26-02-2013	-	Active	NO
5	U85110DL2008PTC174556	ALTIUS HEALTHCARE PRIVATE LIMITED	Director	30-09-2013	26-02-2013	-	Active	NO
6	U72900KA2003PTC032831	PROGNOSYS MEDICAL SYSTEMS PRIVATE LIMITED	Director	03-03-2014	03-03-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chandra Sekhar
Designation :	General Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders [Equity Shares]	No. of Shares
Gunjan Sindhi	68081
Rakesh Sindhi	54682
K. V. Muralidhar Reddy	62500
Renu Khanna	5000
Laura Sindhi	4000
Smarth Sindhi represented by his father, Rajeev Sindhi	11000
Rajeev Sindhi	843918
I. Jaipal Reddy	5000
Somerset Indus Healthcare Fund I Limited, Mauritius (Formerly Leonardo Investments Limited)	100
Koduru Iswara Varaprasad Reddy	95238
Mayur Sirdesai	3756
Total	1153275

Names of Shareholders [5% Cumulative Compulsorily Convertible Preference Shares (CCPS)]	No. of Shares
Somerset Indus Healthcare Fund I Limited, Mauritius (formerly Leonardo Investments Limited)	518395
Total	518395

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	5.10*
Directors or relatives of directors	85.45
Other top fifty shareholders	9.45
Total	100.00

NOTE:

* Out of this 5.09% is held by relatives of director and 0.01 % is held by foreign company

BUSINESS DETAILS

Line of Business :

Subject operates as a medical device and drugs marketing and distribution company and also provides medical and health care, diagnostics and R&D and dialysis services.

Products :

Item Code No. (ITC Code)	Product Description
99611730	Pharmaceutical Products

POCT (Point of Care Technology) Devices
Reprocessing Devices
Specialty Devices
Transdermal Drugs
Conventional Drugs
Perfusion Fluids
Cool-Touch

They provide services in the field of:

Medical and Healthcare products
Diagnostics and Research

Nephrology / Dialysis Services

Brand Names :

Agencies Held :

Exports :

Imports :

Terms :

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

· Apollo Hospitals

· Fortis Malar Hospital

· Yashoda Hospital

· Dr. Ram Manohar Lohia Hospital

· All India Institute of Medical Sciences

· Sunshine Hospitals

· Star Hospitals

· Hinduja Hospital

· Medanta The Medicity

· KIMS

· Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute

· Lotus Children's Hospital

· Jaslok Hospital

· Global Hospitals

· SDMH

· Lalita Gayathri Hospital

· Narayana Hrudayalaya Hospitals

· Manipal Hospital

· Niloufer Hospital

· Fernandez Hospital

· Calicut Medical College

· Christian Medical College

· National Institute of Mental Health and Neuro Sciences

· Nizam's Institute of Medical Sciences

· Banaras Hindu University

· Goa Medical College

· Post Graduate Institute of Medical Education and Research Chandigarh

No. of Employees :

Not Divulged

Bankers :

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

· State Bank of India, SME Branch, Saifabad, Haca Bhavan, Opposite Assembly, Hyderabad – 500 004, Andhra Pradesh, India

· Oriental Bank of Commerce, 9-1-129/1, Oxford Plaza, Sarojini Devi Road, Secunderabad – 500 003, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	29.559	29.089
Loans taken for vehicles	0.000	0.120

SHORT-TERM BORROWINGS
Other loans and advances (Hypothecation of current Assets)	120.324	90.000
Total	149.883	119.209

NOTE

LONG-TERM BORROWINGS

Nature of security

EM of open land adm 1042 sq. yards bearing No.30, north part in S. No.46, SRB Cargo Ville, Shamshabad First charge on the entire current assets of the company, both fixed and future. First charge on the unencumbered fixed assets of the company, both fixed and future. Equitable mortgage of House property bearing M. No. 8-2-326/s adm.815 sq. yards situated at Road No.3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India.


Auditors :
Name :	Harinarayan Loya and Company Chartered Accountants
Address :	413, Raghav Ratna Towers, Chirag Ali Lane Abids, Hyderabad – 500001, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAQPL5402R

Subsidiary Company :	Sandor Nephro Services Private Limited, India CIN No.: U85100AP2011PTC072032

Associate :	Sandor Proteomics Private Limited, India CIN No.: U85110AP2004PTC043672

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Sandor Associates, India · Harmonica Healthcare, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions
518396	Preference Shares	Rs.202.50/- each	Rs.104.975 millions

	Total		Rs.124.975 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1153275	Equity Shares	Rs.10/- each	Rs.11.533 millions
518395	Preference Shares	Rs.202.50/- each	Rs.104.975 millions

	Total		Rs.116.508 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	116.508	116.470	11.018
(b) Reserves & Surplus	97.682	70.379	42.153
(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)	214.190	186.849	53.171

(3) Non-Current Liabilities
(a) Long-term borrowings	33.372	37.491	22.550
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.628	2.700	2.475
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	36.000	40.191	25.025

(4) Current Liabilities
(a) Short term borrowings	120.324	90.000	58.178
(b) Trade payables	386.467	204.687	219.070
(c) Other current liabilities	29.611	13.903	15.733
(d) Short-term provisions	12.982	9.985	8.253
Total Current Liabilities (4)	549.384	318.575	301.234

TOTAL	799.574	545.615	379.430

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.384	85.910	19.713
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	1.965
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.351	6.351	0.500
(c) Deferred tax assets (net)	0.386	0.339	0.253
(d) Long-term Loan and Advances	12.076	9.855	9.370
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	146.197	102.455	31.801

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	390.210	269.913	195.394
(c) Trade receivables	178.034	111.330	94.984
(d) Cash and cash equivalents	48.555	37.718	33.311
(e) Short-term loans and advances	36.578	24.199	23.940
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	653.377	443.160	347.629

TOTAL	799.574	545.615	379.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	771.583	556.740	464.836
		Other Income	4.771	8.031	20.000
		TOTAL (A)	776.354	564.771	484.836

Less	EXPENSES
		TOTAL (B)	706.264	516.577	445.890

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		70.090	48.194	38.946

Less	FINANCIAL EXPENSES (D)		25.168	14.468	8.534

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.922	33.726	30.412

Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.123	3.738	3.448

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		40.799	29.988	26.964

Less	TAX (H)		14.219	11.305	9.330

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		26.580	18.683	17.634

	EARNINGS IN FOREIGN CURRENCY
		Payment received from customers	2.791	7.289	6.204
	TOTAL EARNINGS		2.791	7.289	6.204

	IMPORTS
		Finished Goods	547.423	391.935	403.271
	TOTAL IMPORTS		547.423	391.935	403.271

	Earnings / (Loss) Per Share (Rs.)		23.04	16.25	16.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	3.44	3.36	3.79

Operating Profit Margin (PBDIT/Sales)	(%)	9.08	8.66	8.38

Return on Total Assets (PBT/Total Assets}	(%)	5.15	5.56	7.16

Return on Investment (ROI) (PBT/Networth)		0.19	0.16	0.51

Debt Equity Ratio (Total Debt/Networth)		0.72	0.68	1.52

Current Ratio (Current Asset/Current Liability)		1.19	1.39	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	11.018	116.470	116.508
Reserves & Surplus	42.153	70.379	97.682
Net worth	53.171	186.849	214.190

long-term borrowings	22.550	37.491	33.372
Short term borrowings	58.178	90.000	120.324
Total borrowings	80.728	127.491	153.696
Debt/Equity ratio	1.518	0.682	0.718

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	464.836	556.740	771.583
		19.771	38.589

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	464.836	556.740	771.583
Profit	17.634	18.683	26.580
	3.79%	3.36%	3.44%

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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	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	10534426	30/09/2014	2,754,900.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	C35698919
2	10519336	30/07/2014	10,370,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	C20113957
3	10438859	22/07/2013 *	188,700,000.00	STATE BANK OF INDIA	SME BRANCH, SAIFABAD, HACA BHAVAN, OPP. ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B82097668
4	10387466	27/09/2012	7,000,000.00	RELIANCE CAPITAL LIMITED	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B62333299
5	10157026	29/04/2009	400,000.00	FAMILY CREDIT LIMITED	TECHNOPOLIS, 7TH FLOOR, A- WING, PLOT NO. - 4, B LOCK - BP, SECTOR -V, SALT LAKE, KOLKATA, WEST BENGAL - 700091, INDIA	A61848354

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Other loans and advances	3.813	8.282
Total	3.813	8.282

CHANGE OF ADDRESS

The registered office of the company has been shifted from # 101 and 102, Lateef Plaza, MCH No.8-2-403/A/1/A, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh to the present address w.e.f. 01.11.2013.

FINANCIAL RESULT, OPERATIONS AND PROSPECTS:

The company made a profit before tax of Rs.40.800 Millions against Rs.30.000 Millions approximately last year. The profit after tax also increased to Rs.26.600 Millions.

The management is of the opinion that the company performed well for the financial year and has clocked a revenue of Rs.810.000 Millions which is a growth of more than 37%. The company also launched many new products during the financial year and the two highlights are exclusive arrangement with Convatec and J&J for their reprocessing system. There are many new contracts for sales and marketing which were signed in the last 4 months which will help them achieve their aggressive growth target of Rs.110.00 crores revenue for FY 2013-14 with a healthy EBIDTA.

The following were the additional business opportunities that were converted to generate higher revenues and EBIDTA for the company during the last FY:

Ø Abbott Point of Care, US based diagnostic giant had amended the existing agreement to sell I-stat system across entire Indian territory from June, 2012 for 5 years on a sole and exclusive basis. This will add about Rs.50.000 Millions additional revenues for FY 2013-14. This will also give them an opportunity to sell their other point of care products to this new customer base which will now be serviced by them for supply of consumables.

Ø Their main drug manufacturing partner, Genzyme Corporation, USA was bought by Sanofi of France in the previous year and thereafter they have been working with Sanofi, India. Due to the unique distribution chain that their company has created in India, Sanofi has now added three of their products, Fludara, from Cadilla Healthcare, Erythropoitin (Shanpoitin) and Hepatitis B Vaccine (Shanvac B) from Shantha Biotech (acquired by Sanofi) to be distributed through their company.

Ø They have also launched two new products in their point of care diagnostic devices division, namely Coagusense (Coagulation analyser) and Glucose / Blood Ketone Meter which is a synergetic product for their critical care division. Both these products are closed loop systems which need consumables to be supplied through them.

Ø They have signed up with Convatech, India for exclusive selling rights for their latest critical care products for use in ICUs. These are high end consumables used for infection control manufactured by the world leaders in this business.

Ø The company has also signed up with Johnson and Johnson, India for their sterilizers for use in Operating Rooms.

Ø The company is also launching three of its own branded products in March/April this year. The first one is a Transdermal Patch, Memory Touch, for use in Dementia and Alzimers. The other two products are narcotic drugs, Fentanyl and Morphine which are being manufactured by Rusan Pharma, Mumbai on loan licence on their brand name for sale across India.

Ø The company has also for the first time in licensed a patented product, IV Ibuprufen, with 10 years sole and exclusive selling rights in India.

This product has the potential to become a Rs.500.000 millions brand in the next 5-7 years and will be launched in the next 6 months in India. Besides the above newly added / amended contracts there is an average growth of about 16% on the existing business by virtue of the closed loop nature of their products.

The above growth in revenue will need a huge working capital support since the hospital healthcare system works on long credit and considering the fact that they have a national cold and room temperature distribution chain they always have to stock about 3 months stock across India to maintain adequate inventory. That also increases their book debts considering the 65-70 days credit they offer to hospitals, nursing homes and Government Institutions.

The company has also nearly completed the construction of its new facility which will be ready to move in by end of September 2013.

The Board shall strengthen to ensure all applicable statutory compliances.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Refrigerator and Temperature Recorder

· Temperature Control System

· Air Conditioners

· Fax Machine

· Mobile Phones

· Cold Storage Plant

· Website

· Telephone Instrument + EPABX System

· UPS

· Stabilizer

· Generator

· Push and Pull Trolley

· Transformer

· Attendance Machine

· Office Equipment

· Computer Equipments

· Leasehold Improvements

Intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.
UK Pound	1	Rs.
Euro	1	Rs.

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	MRI

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	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.

MIRA INFORM REPORT

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