MIRA INFORM REPORT

Report No. :	314303
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	MEHRA EYETECH PRIVATE LIMITED
Registered Office :	801, ‘B’ Wing, Lotus Corporate Park, Graham Firth Steel Compound, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.12.1996
Com. Reg. No.:	11-104500
Capital Investment / Paid-up Capital :	Rs.9.000 Million
CIN No.: [Company Identification No.]	U33110MH1996PTC104500
TAN No.: [Tax Deduction & Collection Account No.]	MUMM23105F
PAN No.: [Permanent Account No.]	AAACU2684H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and importer of medical equipment specialized in ophthalmological.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 960000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Vijayendran
Designation :	Finance Manager
Contact No.:	91-22-61285455
Date :	23.03.2015

LOCATIONS

Registered Office :	801, ‘B’ Wing, Lotus Corporate Park, Graham Firth Steel Compound, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-61285455
Fax No.:	91-22-24378531
E-Mail :	accounts@mehraeyetech.in
Website :	www.mehraeyetech.in
Location :	Owned
Locality :	Industrial
Warehouse :	No.22, Main Road, Sakthi Nagar, Puducherry – 605013, India
Branch Office :	Located at: · Chennai · Kolkata · Delhi · Kochi

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Ravi Mehra
Designation :	Director
Address :	601, Andheri Ashiyana Co-operative Housing Society Limited, Four Bunglow, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	01.03.1954
Date of Appointment :	13.12.1996
DIN No.:	00681185
Name :	Mr. Kunal Ravi Mehra
Designation :	Director
Address :	601, Andheri Ashiyana Co-operative Housing Society Limited, Four Bunglow, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	07.06.1980
Date of Appointment :	10.10.2006
DIN No.:	00522224
Name :	Mrs. Shobha Ravi Mehra
Designation :	Director
Address :	601, Andheri Ashiyana Co-operative Housing Society Limited, Four Bunglow, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Appointment :	01.08.2004
DIN No.:	00681253

KEY EXECUTIVES

Name :	Mr. Vijayendran
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Ravi Mehra	600000	66.67
Kunal Ravi Mehra	30000	3.33
Shobha Ravi Mehra	270000	30.00
Total	900000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Trader and importer of medical equipment specialized in ophthalmological.

Products :

Product Description	ITC Code
Eye Testing Equipments	9018

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Medical Equipment

Countries :

· Japan

· Europe

Terms :

Selling :

Cash, Cheque

Purchasing :

Cash, Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Topcon Singapore Medical Pte. Limited – Singapore
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 :

Company Name :	Arvind Eye Hospital – Puducherry
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 :

120 (Approximately)

Bankers :

Banker Name :	Bank of India
Branch :	Juhu Branch, Nehru Nagar "A", Juhu Tara Road, Juhu, Mumbai - 400054, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Cash Credit= Rs.50.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Term loans from banks	70.715	56.595
Total	70.715	56.595

Banking Relations :	--
Auditors :
Name :	N. R. Agrawal and Company Chartered Accountants
Address :	305/D, Crystal Plaza, New Link Road, Andheri (West), Mumbai – 400533, Maharashtra, India
PAN No.:	AAEFN1711V
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

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
900000	Equity Shares	Rs.10/- each	Rs.9.000 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	9.000	9.000	9.000
(b) Reserves & Surplus	325.896	268.827	206.464
(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)	334.896	277.827	215.464
(3) Non-Current Liabilities
(a) long-term borrowings	0.100	0.100	0.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.453	0.503	0.534
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.553	0.603	0.634
(4) Current Liabilities
(a) Short term borrowings	70.715	56.595	35.073
(b) Trade payables	390.162	245.197	232.506
(c) Other current liabilities	62.348	21.118	24.582
(d) Short-term provisions	28.466	31.719	25.535
Total Current Liabilities (4)	551.691	354.629	317.696
TOTAL	887.140	633.059	533.794
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.396	23.465	21.255
(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	0.653	0.653	0.653
(c) Deferred tax assets (net)	0.142	0.243	0.053
(d) Long-term Loan and Advances	21.975	16.285	16.202
(e) Other Non-current assets	0.259	0.443	0.627
Total Non-Current Assets	84.425	41.089	38.790
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	255.517	169.654	160.926
(c) Trade receivables	350.570	296.374	239.839
(d) Cash and cash equivalents	156.912	71.419	50.962
(e) Short-term loans and advances	33.869	36.892	37.405
(f) Other current assets	5.847	17.631	5.872
Total Current Assets	802.715	591.970	495.004
TOTAL	887.140	633.059	533.794

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	1022.823	855.047	NA
Less	EXPENSES	937.311	761.155	NA
	PROFIT/(LOSS) BEFORE TAX	85.512	93.892	NA
Less	TAX	28.443	31.528	NA
	PROFIT/(LOSS) AFTER TAX	57.069	62.364	52.127
	Earnings Per Share (Rs.)	63.41	--	--

Expected Sales (2014-2015): Rs.900.000 Million

The above information has been parted by Mr. Vijayendran (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	9.65	14.85	NA
Return on Investment (ROI) (PBT/Networth)		0.26	0.34	NA
Debt Equity Ratio (Total Debt /Networth)		0.21	0.20	0.16
Current Ratio (Current Asset/Current Liability)		1.46	1.67	1.56

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	9.000	9.000	9.000
Reserves & Surplus	206.464	268.827	325.896
Net worth	215.464	277.827	334.896
long-term borrowings	0.100	0.100	0.100
Short term borrowings	35.073	56.595	70.715
Total borrowings	35.173	56.695	70.815
Debt/Equity ratio	0.163	0.204	0.211

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Sales	855.047	1022.823
		19.622

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

NOTE:

Registered office address of the company has been shifted from 54, Kaliandas Udyog Bhavan, Near Century Bazar, Prabhadevi, Mumbai – 400025, Maharashtra, India to the present address.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Intercorporate Borrowings	0.100	0.100
Total	0.100	0.100

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10460490	23/10/2013	18,000,000.00	Bank of India	Juhu Branch, Nehru Nagar "A", Juhu Tara Road, Juhu, Mumbai, Maharashtra - 400054, India	B89596852
2	10211616	06/12/2012 *	138,000,000.00	Bank of India	Juhu Branch, Plot No. 5-B, Nehru Nagar A, Juhu Tara Road, Mumbai, Maharashtra - 400049, India	B64805781

*Date of modification Charges

FIXED ASSETS:

· Office Equipments

· Motor Car

· Computers

· Air conditioner and Refrigerator

· Furniture and Fixtures

· Electrical Fittings

· Machinery (Tools)

· Demo Units

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.62.29
UK Pound	1	Rs.93.02
Euro	1	Rs.67.36

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	NKT

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	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.