MIRA INFORM REPORT

Report No. :	311662
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	NOVOMED INCORPORATION PRIVATE LIMITED
Registered Office :	12, Shrinath Kunj, Silver Sand Bunglow, Dariyalal Society, Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.02.2011
Com. Reg. No.:	11-213378
Capital Investment / Paid-up Capital :	Rs.5.000 million
CIN No.: [Company Identification No.]	U51909MH2011PTC213378
IEC No.:	Not Available
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 distribution of various types of medical products, surgical instruments, surgical products, vascular grafts, interventional devices, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 55000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 :	12, Shrinath Kunj, Silver Sand Bunglow, Dariyalal Society, Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India
Tel. No. :	91-22-28800702
Fax No. :	Not Available
E-Mail :	naineshm@gmail.com info@novomed.in
Website :	http://novomed.in
Head Office :	Unit No.3, Sarvodaya Bhavan, Ramchandra Lane Extension, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28800701/ 02/ 03
Branch Office 1 :	J128/1-301, Mohammadpur Near Bhikaji Cama Place New Delhi – 110 066, India
Tel. No. :	91-11-26177205/ 40565428
Branch Office 2 :	No.7/1-1, 1^st Floor, 8^th B Cross, Mariyamma Temple Street, Vasanth Nagar, Bangalore – 560 052, Karnataka, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nainesh Nagardas Mehta

Designation :

Director

Address :

12, Shrinath Kunj, Silver Sand Bunglow, Dariyalal Society, Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

18.08.1956

Date of Appointment :

12.02.2011

DIN No. :

02182311

Name :

Jasrekha Nainesh Mehta

Designation :

Director

Address :

12, Shrinath Kunj, Silver Sand Bunglow, Dariyalal Society, Juhu Tara Road, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

27.01.1960

Date of Appointment :

12.02.2011

DIN No. :

00088292

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	U51507TN2006PTC059656	MEDI FOCUS INDIA PRIVATE LIMITED	Whole-time director	28/04/2006	28/04/2006	31/07/2012	Active	NO
2	U51909MH2011PTC213378	NOVOMED INCORPORATION PRIVATE LIMITED	Director	12/02/2011	12/02/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Nainesh Nagardas Mehta	247500	49.50
Jasrekha Nainesh Mehta	247500	49.50
Parthiv Nainesh Mehta	2500	0.50
Jay Nainesh Mehta	2500	0.50
Total	500000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in distribution of various types of medical products, surgical instruments, surgical products, vascular grafts, interventional devices, etc.
Products :	· Aquacast · Gore · Sigvaris · Viasonix
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Bank of India
Branch Address	Mahavir Nagar (Charkop) Branch, Veena Geeta Sangeet Building, No3, B Wing, Dahanukarwadi ,Mahavir Nagar, Kandivli (West), Mumbai – 400 067, Maharashtra, India
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 Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Cash Credit	18.207	1.578
Total	18.207	1.578

Banking Relations :	--
Auditors :
Name :	D. Ajmera and Company Chartered Accountants
Address :	112-B, Super Market, Monghibai Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
PAN No.:	AABPA6705B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.000	5.000	5.000
(b) Reserves & Surplus	14.215	8.550	2.870
(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)	19.215	13.550	7.870
(3) Non-Current Liabilities
(a) Long-term borrowings	34.596	14.528	7.761
(b) Deferred tax liabilities (Net)	0.019	0.077	0.020
(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)	34.615	14.605	7.781
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	27.346	50.301	55.505
(c) Other current liabilities	3.739	6.163	2.495
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	31.085	56.464	58.000
TOTAL	84.915	84.619	73.651
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.063	1.229	0.302
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.758	0.656	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.821	1.885	0.302
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.359	22.017	11.337
(c) Trade receivables	32.724	40.505	33.272
(d) Cash and cash equivalents	30.304	18.583	11.740
(e) Short-term loans and advances	0.227	0.428	4.227
(f) Other current assets	1.480	1.201	12.773
Total Current Assets	83.094	82.734	73.349
TOTAL	84.915	84.619	73.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales/ Gross Receipt of Business or Profession	NA	NA	89.846
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.476	11.286	NA
Less	INTEREST		4.113	2.974	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		8.363	8.312	4.445
Less/ Add	DEPRECIATION/ AMORTISATION		0.320	0.045	0.054
	PROFIT/ (LOSS) BEFORE TAX		8.043	8.267	4.391
Less	TAX		2.379	2.587	1.521
	PROFIT/ (LOSS) AFTER TAX		5.664	5.680	2.870
	Earnings / (Loss) Per Share (Rs.)		11.33	11.36	10.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	3.19
Return on Total Assets (PBT/Total Assets}	(%)	9.47	9.77	5.96
Return on Investment (ROI) (PBT/Networth)		0.42	0.61	0.56
Debt Equity Ratio (Total Debt/Networth)		1.80	1.07	0.99
Current Ratio (Current Asset/Current Liability)		2.67	1.47	1.26

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	2.870	8.550	14.215
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.870	13.550	19.215
Long Term borrowings	7.761	14.528	34.596
Short Term borrowings	0.000	0.000	0.000
Total borrowings	7.761	14.528	34.596
Debt/Equity ratio	0.986	1.072	1.800

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

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Directors	16.389	11.950
From Others (repayable on demand)	0.000	1.000
Total	16.389	12.950

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10334148	12/07/2013 *	40,000,000.00	BANK OF INDIA	MAHAVIR NAGAR (CHARKOP) BRANCH, VEENA GEETA SANGEET BUILDING, NO3, B WING, DAHANUKARWADI ,MAHAVIR NAGAR, KANDIVLI (WEST), MUMBAI – 400 067, MAHARASHTRA, INDIA	B80341795

* Date of charge modification

FIXED ASSETS

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.