MIRA INFORM REPORT

Report No. :	330506
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	MEDICON SURGICAL TECHNOLOGIES PRIVATE LIMITED
Registered Office :	318, Damji Shamji Industrial Complex, 3rd Floor, 9, L. B. S. Marg, Kurla (West) Mumbai - 400070, Maharashtra
Tel. No.:	91-22-42047000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.11.2009
Com. Reg. No.:	11-197154
Capital Investment / Paid-up Capital :	Rs. 6.954 Million
CIN No.: [Company Identification No.]	U33111MH2009PTC197154
IEC No.:	0309062055
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCM2468P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of medical, Surgical goods and equipments.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during 2009 having a moderate track record. The company has incurred huge accumulated losses However, company has achieved a fair profitability during FY 2014 which has reduced a major part of its accumulated losses. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. In view of moderate financial risk profile, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Dilip Mane
Designation :	Account Manager
Contact No.:	91-22-42047000
Date :	02.07.2015

LOCATIONS

Registered Office :	318, Damji Shamji Industrial Complex, 3rd Floor, 9, L. B. S. Marg, Kurla (West) Mumbai - 400070, Maharashtra, India
Tel. No.:	91-22-42047000
Mobile No.:	91-9987256872 (Mr. S.A. Johnson )
Fax No.:	91-22-42047010
E-Mail :	info@biomedicon.net
Website :	www.biomedicon.net
Branch Office :	Eshwari Industrial Estate, Bannerghatta Road, Hulimavu, Bangalore – 560076, Karnataka, India

DIRECTORS

AS ON 27.09.2014

Name :	Mrs. Suchitra Jitendra Hegde
Designation :	Director
Address :	Everest Grandeur, 1^ST Floor, Flat No.102, Chitrakar Kethkar Marg, Vile Parle (East), Mumbai, 400057, Maharashtra, India
Date of Birth/Age :	13.02.1975
Date of Appointment :	19.11.2009
DIN No.:	00413983
Name :	Mr. Jitendra Madhava Hegde
Designation :	Director
Address :	102, 1^ST Floor, Everest Granduer,, Playground Road, Vile Parle (E), Mumbai, 400057, Maharashtra, India
Date of Birth/Age :	03.03.1972
Date of Appointment :	19.11.2009
DIN No.:	00414006

KEY EXECUTIVES

Name :	Mr. Dilip Mane
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Names of Shareholders	No. of Shares	%age holding
Jitendra Madhava Hegde	5000	0.72
Suchitra Jitendra Hegde	5000	0.72
Medicon EG, Tuttlingen	315000	45.30
BMC Consulting SDN. BHD, Malaysia	65428	9.41
Biomedicon Services (India) Private Limited, India	305000	43.86
Total	695428	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	54.70
Bodies corporate	43.66
Directors or relatives of Directors	1.44
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of medical, Surgical goods and equipments.
Products :	Surgical goods Equipments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30/ 60/ 90 Days)
Purchasing :	Cash and Credit (30/ 60/ 90 Days)

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 :

End Users and OEM’s

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 :

20 (Approximately)

Bankers :

Bank Name	Karnataka Bank Limited
Branch	Sion (East), Mumbai - 400022, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 10.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working Capital loan from Bank	9.217	9.655
Total	9.217	9.655

Auditors :
Name :	K. P. Joshi and Company Chartered Accountants
Address :	607, Sharda Chambers, 5, New Marine Lines, Mumbai - 400020, Maharashtra, India
Tel. No.:	91-22-22008618/ 22003499
Fax No.:	91-22-22008889
E-Mail :	kishorjoshi@icai.org
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPJ6806B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 27.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
695428	Equity Shares	Rs.10/- each	Rs. 6.954 Million

ABRIDGED BALANCE SHEET

FINANCIAL DATA

[all figures are in Rupees Million]

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.954	6.954	6.954
(b) Reserves & Surplus	(6.874)	(8.862)	(9.876)
(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)	0.080	(1.908)	(2.922)
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	9.217	9.655	9.428
(b) Trade payables	12.198	13.996	16.773
(c) Other current liabilities	6.769	2.896	6.430
(d) Short-term provisions	0.329	0.000	0.000
Total Current Liabilities (4)	28.513	26.547	32.631
TOTAL	28.593	24.639	29.709
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.042	1.363	1.821
(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)	0.060	0.033	0.002
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.102	1.396	1.823
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.477	12.916	9.388
(c) Trade receivables	10.774	9.352	14.904
(d) Cash and cash equivalents	0.577	0.675	2.659
(e) Short-term loans and advances	2.520	0.108	0.755
(f) Other current assets	0.143	0.192	0.180
Total Current Assets	27.491	23.243	27.886
TOTAL	28.593	24.639	29.709

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES AND SERVICES	64.271	50.165	38.978
Less	TOTAL EXPENSES	61.981	49.181	43.776
	PROFIT BEFORE TAX	2.290	0.984	(4.798)
Less	TAX	0.303	(0.031)	(0.033)
	PROFIT AFTER TAX	1.987	1.015	(4.765)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(8.861)	(9.876)	(5.111)
	BALANCE CARRIED TO THE B/S	(6.874)	(8.861)	(9.876)
	Earnings Per Share (Rs.)	2.86	1.46	(6.85)

Particulars	31.03.2015
Sales Turnover (Approximately)	70.000

The above information has been parted by Mr. Dilip Mane (Account Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.09	2.02	(12.22)
Net Profit Margin (PBT/Sales)	(%)	3.56	1.96	(12.31)
Return on Total Assets (PBT/Total Assets}	(%)	8.03	4.00	(16.15)
Return on Investment (ROI) (PBT/Networth)		28.63	(0.52)	1.64
Debt Equity Ratio (Total Liability/Networth)		115.21	(5.06)	(3.23)
Current Ratio (Current Asset/Current Liability)		0.96	0.88	0.85

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	6.954	6.954	6.954
Reserves & Surplus	(9.876)	(8.862)	(6.874)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(2.922)	(1.908)	0.080
long-term borrowings	0.000	0.000	0.000
Short term borrowings	9.428	9.655	9.217
Total borrowings	9.428	9.655	9.217
Debt/Equity ratio	(3.227)	(5.060)	115.213

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	38.978	50.165	64.271
		28.701	28.119

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	38.978	50.165	64.271
Profit	(4.765)	1.015	1.987
	(12.22)%	2.02%	3.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE:

Registered office of the company has been shifted from 203, Damji Shamji Industrial Complex, 9, L.B.S. Marg, Kurla (West), Mumbai - 400070, Maharashtra, India to the present address w.e.f. 22.11.2013.

FINANCIAL RESULTS

During the year the company was engaged primarily in the trading and providing for medical, surgical goods and equipments. The directors are confident that the activities of the company would progress further in the years to come.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10259818	27/03/2015 *	10,000,000	Karnataka Bank Limited	239-A, Tamil Sangam Road, Opposite Mata Lachmi Hospital, Sion East, Mumbai, Maharashtra - 400022, INDIA	C53413043

FIXED ASSETS

• Land
• Building
• Electrical Installation
• Computer
• Furniture and Fixture
• Office Equipment
• Vehicles

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.63.39
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	DIV
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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 unfavorable 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.