MIRA INFORM REPORT

Report No. :	317794.2
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	VASCULAR CONCEPTS LIMITED (w.e.f.15.09.2006)
Formally Known AS :	VASCULAR CONCEPTS PRIVATE LIMITED (w.e.f.16.02.2001) MEDICAL CONCEPT (BANGALORE) PRIVATE LIMITED
Registered Office :	No. 606 and 607, 6^th Floor, Bhandari House, Building No. 91, Nehru Place, New Delhi, Delhi – 110019
Tel No.:	Not Available
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.05.1992
Com. Reg. No.:	55-141596
Capital Investment / Paid-up Capital :	Rs15.785. Million
CIN No.: [Company Identification No.]	U33119DL2005PLC141596
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM8353R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is primarily focused on Processing and trading in various kinds of Medical Devices consisting of Bare Metal and Drug Eluting Stents, Catheters, Balloons, Occlusion Devices and their Accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Vascular Concepts (Holding) Ltd. It is an established company having satisfactory track. The rating is constrained on account of operational loss incurred by the company during FY2014. Further, is remains constrained due to working capital intensive nature of operations and growing competition in the medical industry. However, it has good net worth and strong liquidity position during year under review. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. In the view of experienced management, subject 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

Rating Agency Name	CARE
Rating	Long term Bank Facilities -“BBB -“
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	16.03.2015

Rating Agency Name	CARE
Rating	Short term Bank Facilities – “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	16.03.2015

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 DENIED BY

Name :	Mr. Manohar
Designation :	Finance Head
Contact No.:	91-80-23438146
Date :	16.04.2015

LOCATIONS

Registered Office :	No. 606 and 607, 6^th Floor, Bhandari House, Building No. 91, Nehru Place, New Delhi, Delhi – 110019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mdg@airtelbroadband.in
Website :	http://www.vascularconcepts.com
Corporate Office :	2 Deans Hall Business Park, Oak Road, Little Maplestead, Halstead, Essex C09 2RT, United Kingdom
Tel. No.:	01787-477199
Fax No.:	01787 477510
E-Mail :	info@vascularconcepts.com
World Sales Headquarters:	Londres, 90 -4.2. , 08036 – Barcelona – Espana
Tel. No.:	+34 933632895
Fax No.:	+34 933220611
Asian Sales Headquarters/ Corporate Office:	No. 19, SV Complex (1^st Floor), Bellary Road, Hebbal, Bangalore 560 024 India
Tel. No.:	91-80-23438146-49
Fax No.:	91-80-23439205
E-Mail :	vcpl_bgl@vascularconcepts.com
Factory :	7C, Doddaballapur Industrial Estate, Doddaballpur, Bangalore 561203, Karnataka, India

DIRECTORS

As on 26.09.2014

Name :

Mr. Swaminathan Mayuram Jayaraman

Designation :

Director

Address :

No 32-3-2 11^th Cross 8^th Main Malleshwaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

04.12.1964

Date of Appointment :

01.04.2014

DIN No.:

00235900

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	U33119DL2005PLC141596	VASCULAR CONCEPTS LIMITED	Managing director	01/04/2014	25/05/1992	-	Active	NO

Name :

Mr. Anurag Dubey

Designation :

Director

Address :

C-3/3, Mangla Appt., Plot No. 53,, Ip Extension, Patparganj, New Delhi – 110092, India

Date of Birth/Age :

05.04.1974

Date of Appointment :

20.07.2006

DIN No.:

00508600

Name :

Mr. Kala Swaminathan

Designation :

Director

Address :

GF 3, Renaissaissance Krishna No. 13, 5^th Main,, 9^th Cross, Malleswaram, Bangalore - 560003, India

Date of Birth/Age :

19.01.1969

Date of Appointment :

22.08.2011

DIN No.:

03355580

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	U33119DL2005PLC141596	VASCULAR CONCEPTS LIMITED	Director	22-08-2011	10-12-2010	-	Active	NO

Name :

Mr. Lakshminarasimhan Krishnan

Designation :

Director

Address :

No. 135, 4^th Main, 3^rd Cross, Hal 3^rd Stage, Bangladesh – 560075, Karnataka, India

Date of Birth/Age :

01.04.1961

Date of Appointment :

26.09.2014

DIN No.:

02930312

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	U67190KA2010PTC053086	GROWELL HOLDINGS PRIVATE LIMITED	Director	31-03-2010	31-03-2010	-	Strike off	NO
2	U74140KA2010PTC055699	TAX & FINANCE SERVICES INDIA PRIVATE LIMITED	Director	29-10-2010	29-10-2010	31-03-2014	Active	NO
3	U33119DL2005PLC141596	VASCULAR CONCEPTS LIMITED	Director	26-09-2014	15-04-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manohar
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Vascular Concepts Holdings Ltd, British Isles	137404
Vascular Concepts Limited, United Kingdom	20400
P S Subramanian	10
Deepak Wadhwa	10
N K Zaveri	10
Piyush Dwivedi	10
Alok Arora	10
Total	157854

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

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	99.97
Other top fifty shareholders	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily focused on Processing and trading in various kinds of Medical Devices consisting of Bare Metal and Drug Eluting Stents, Catheters, Balloons, Occlusion Devices and their Accessories.

Products :

Item Code No.	Product Description
90183990	Medical Devices Pronova, Pronova XR

Brand Names :

Not Available

Agencies Held :

Not Available

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 :

Not Available

Bankers :

• State Bank of Mysore – Dr. Ambedkar Veedhi Branch, Rajbhavan Road, Bangladesh – 560001, Karnataka, India
• State Bank of Mysore – MID Corporation Centre Processing Centre, Ground Floor Head Office Kempe Gowda Road, Bangalore – 560009, Karnataka, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks (Secured By Hypothecation of Vehicles)	3.016	2.950
Short-term borrowings
Loans repayable on demand	181.153	182.624
Total	184.169	187.574

Auditors :
Name :	SVR and Associates Chartered Accountants
Address :	S-3, II Floor, Mangalam Chambers, 25, KH Road, Bangalore – 560027, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAQFS5657M
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Vascular Concepts (Holding) Limited – United Kingdom

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
157854	Equity Shares	Rs.10/- each	Rs.15.785 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	15.785	15.785	15.785
(b) Reserves & Surplus	506.602	509.950	496.802
(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)	522.387	525.735	512.587
(3) Non-Current Liabilities
(a) long-term borrowings	3.016	2.950	4.777
(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	31.089	28.554	22.293
Total Non-current Liabilities (3)	34.105	31.504	27.070
(4) Current Liabilities
(a) Short term borrowings	181.153	182.624	118.864
(b) Trade payables	318.334	443.299	337.325
(c) Other current liabilities	34.097	12.700	38.540
(d) Short-term provisions	38.593	61.146	118.120
Total Current Liabilities (4)	572.177	699.769	612.849
TOTAL	1128.669	1257.008	1152.506
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.237	78.398	77.840
(ii) Intangible Assets	0.000	1.035	4.242
(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)	8.973	7.798	3.419
(d) Long-term Loan and Advances	17.226	18.263	20.595
(e) Other Non-current assets	2.475	1.212	1.515
Total Non-Current Assets	97.911	106.706	107.611
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	365.146	383.417	312.016
(c) Trade receivables	623.793	730.955	697.493
(d) Cash and cash equivalents	34.991	27.600	25.975
(e) Short-term loans and advances	6.828	8.330	9.411
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1030.758	1150.302	1044.895
TOTAL	1128.669	1257.008	1152.506

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1446.361	1332.189	1445.231
	Other Income	1.913	2.380	2.547
	TOTAL (A)	1448.274	1334.569	1447.778
Less	EXPENSES
	Cost of Materials Consumed	381.936	592.301	497.049
	Purchases of Stock-in-Trade	60.076	61.444	37.862
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	42.160	(73.4870)	8.139
	Employees benefits expense	153.330	178.370	162.793
	Exceptional items	4.110	0.764	0.266
	Other expenses	706.729	518.456	477.475
	TOTAL (B)	1348.341	1277.848	1183.584
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	99.933	56.721	264.194
Less	FINANCIAL EXPENSES (D)	82.443	24.590	45.343
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	17.490	32.131	218.851
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.990	11.690	9.618
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	8.500	20.441	209.233
Less	TAX (H)	11.848		72.006
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(3.348)	20.441	137.227
	Earnings / (Loss) Per Share (Rs.)	(2.121)	8.329	86.933

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.23)	1.53	9.50
Operating Profit Margin (PBIDT/Sales)	(%)	6.91	4.26	18.28
Return on Total Assets (PBT/Total Assets}	(%)	0.76	1.64	18.21
Return on Investment (ROI) (PBT/Networth)		0.02	0.04	0.41
Debt Equity Ratio (Total Debt /Networth)		0.35	0.35	0.24
Current Ratio (Current Asset/Current Liability)		1.80	1.64	1.70

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	15.785	15.785	15.785
Reserves & Surplus	496.802	509.950	506.602
Net worth	512.587	525.735	522.387
long-term borrowings	4.777	2.950	3.016
Short term borrowings	118.864	182.624	181.153
Total borrowings	123.641	185.574	184.169
Debt/Equity ratio	0.241	0.353	0.353

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	1445.231	1332.189	1446.361
		(7.822)	8.570

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	15.000	15.000	42.500
Profit	137.227	13.148	(3.348)
	914.85%	87.65%	(7.88%)

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 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	No
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	No
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

NOTE: Registered office of the company has been shifted from B – 6, Flat No. 4, G. K. Enclave, New Delhi – 48, Delhi, India to the present address w.e.f. 01.05.2006

CORPORATE INFORMATION:

Vascular Concepts Limited (the company) was incorporated as a Private Limited Company 0n 25 May 1992 and was subsequently converted into a Public Limited Company on 15 Sept 2006. The Company is primarily focused on Processing and trading in various kinds of Medical Devices consisting of Bare Metal and Drug Eluting Stents, Catheters, Balloons, Occlusion Devices and their Accessories. The Company has its registered office at New Delhi, Head Office and factory at Bangalore and branches all over India. As On 31 March 2014, Vascular Concepts Holding Ltd along with its Subsidiary Company Vascular Concepts Ltd U.K. owned 99.97% of the Company’s Equity Share Capital.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80022358	12/06/2013 *	280,000,000.00	STATE BANK OF MYSORE	DR.AMBEDKAR VEEDHI BRANCH,, RAJBHAVAN ROAD,, BANGALORE, KARNATAKA - 560001, INDIA	B81361057

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Factory equipment’s
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

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 records 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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	GTA

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.