MIRA INFORM REPORT

Report No. :	323365
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	AFFORD MEDICAL TECHNOLOGIES PRIVATE LIMITED

Registered Office :	B – 230, Afcos, Sainikpuri, Hyderabad – 500094, Telangana
Tel. No.:	91-40-27117068 (Mr. Kartik)

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.10.2007

Com. Reg. No.:	36-056067

Capital Investment / Paid-up Capital :	Rs. 0.100 Million

CIN No.: [Company Identification No.]	U72200TG2007PTC056067

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 :	Manufacturing, Exporting, Importing, Supplying of Medical Products that includes Heart Lung Machines, Ventilators, Anesthesia, Hematology Consumables etc.

No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 7000

Status :	Small Company

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a small company in its field. Its scale of activities are limited. The rating is constrained on account of company small scale of business operation and small net worth base of the company. Trade relation are fair. Business is active. Payment are reported to be slow but correct. The company can be considered for small business dealings with some cautions.

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

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 31-03-2014.

GENERAL DETAILS

Name :	Mr. Kartik
Designation :	Accounts Department
Contact No.:	91-40-27117068
Date :	19.05.2015

LOCATIONS

Registered Office :	B – 230, Afcos, Sainikpuri, Hyderabad – 500094, Telangana, India
Tel. No.:	91-40-27117068
Fax No.:	91-40-27116989
E-Mail :	accts@affordmed.com dayasn.afford@gmail.com affordmedtech@gmail.com
Website :	http://www.affordmed.com
Location :	Rented

Branches :	Located at : Hyderabad Mumbai Pune Vishakapatnam Vijayavawada

DIRECTORS

As on : 29.09.2014

Name :

Mr. Dayanidhi Sankarambadi Nadathur

Designation :

Director

Address :

H. No. 37-16/8/3 And 4, Flat No. 201, Habitat Apartment, Sainikpuri, Defence Colony, Malkajgiri, Secunderabad – 500094, Telangana, India

Date of Birth/Age :

10.07.1969

Date of Appointment :

24.10.2007

DIN No.:

01651057

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	U72200TG2007PTC056067	AFFORD MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	NO
2	U31503TN2008PTC069023	AFFORD LIGHTING TECHNOLOGIES PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
3	U51909TG2010PTC070387	DALKO DIAGNOSTICS PRIVATE LIMITED	Director	10/09/2010	10/09/2010	-	Active	NO

Name :

Mr. Rayadurgam Govardhana Giri

Designation :

Director

Address :

91, Sai Nagar, VI Street, Virugambakkam, Chennai – 600092, Tamilnadu, India

Date of Birth/Age :

05.12.1949

Date of Appointment :

19.12.2008

DIN No.:

02393485

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	U72200TG2007PTC056067	AFFORD MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	19/12/2008	19/12/2008	-	Active	NO
2	U51909TG2010PTC070387	DALKO DIAGNOSTICS PRIVATE LIMITED	Director	10/09/2010	10/09/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kartik
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Dayanidhi Sankarambadi Nadathur	8000	80.00
Rayadurgam Govardhana Giri	2000	20.00
Total	10000	100.00

As on : 11.12.2014

Names of Allotees	No. of Shares
Dayanidhi Sankarambadi Nadathur	72,000
Rayadurgam Govardhana Giri	18,000
Total	90000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting, Importing, Supplying of Medical Products that includes Heart Lung Machines, Ventilators, Anesthesia, Hematology Consumables etc.

Products :	Heart Lung Machines Intra Aortic Ballon Pump Ventilators Anesthesia Workstations Patient Monitors / Defibrillators Laproscopes Endoscopes LED Operating Lights / Operating Tables Electrosurgery and Surgical Equipment Hospital Furniture Blood Gas Analyzer Electrolyte Analysers Blood Gas Systems Automated Clot Time Machine Bio Medical Test Equipment Hematology Consumables Dalko Insturments Electrolyte Consumables

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash / Cheque

Purchasing :	Cash / Cheque

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 :

Manufacturer

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 :

15 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Not Divulged
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Vehicle Loans	0.000	0.187
Cholamandalam Finance Limited	0.060	0.194
HDFC Bank	0.077	0.350
Shriram City Union Finance	0.000	0.007

Total	0.137	0.738

Auditors :
Name :	Srikalyan and Associates Chartered Accountants
Address :	#11-6-539/103, Gulmohar Apartments, Nampally, Hyderabad – 500001, Telangana, India
Tel. No.:	91-40-23300720 / 24111085
E-Mail :	mail@srikalyan.in
PAN N Income-tax PAN of auditor or auditor's firm :	ACLFS4608P

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries : (As confirmed by the management)	Beacon Diagnostics Private Limited

CAPITAL STRUCTURE

As on : 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

After : 29.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

100,000	Equity Shares	Rs.10/- each	Rs. 1.000 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	0.100	0.100	0.100
(b) Reserves & Surplus	2.366	2.087	1.742
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.290	0.290
Total Shareholders’ Funds (1) + (2)	2.466	2.477	2.132

(3) Non-Current Liabilities
(a) long-term borrowings	2.484	3.214	3.819
(b) Deferred tax liabilities (Net)	0.309	0.292	0.249
(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)	2.793	3.506	4.068

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	18.299	22.334	11.927
(c) Other current liabilities	0.850	0.812	0.626
(d) Short-term provisions	0.107	0.112	0.159
Total Current Liabilities (4)	19.256	23.258	12.712

TOTAL	24.515	29.241	18.912

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.104	2.435	2.274
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.004
Total Non-Current Assets	2.104	2.435	2.278

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.694	5.954	5.678
(c) Trade receivables	3.814	6.223	6.504
(d) Cash and cash equivalents	2.347	1.942	2.416
(e) Short-term loans and advances	5.238	12.410	1.819
(f) Other current assets	0.318	0.277	0.217
Total Current Assets	22.411	26.806	16.634

TOTAL	24.515	29.241	18.912

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	36.632	36.468	32.598
		Other Income	0.385	0.328	0.862
		TOTAL	37.017	36.796	33.460

Less	EXPENSES
		Purchases of Stock-in-Trade	26.899	25.062	17.199
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.739)	(0.276)	4.913
		Employees benefits expense	2.673	2.993	2.743
		Other expenses	10.874	7.139	6.638
		TOTAL	35.707	34.918	31.493

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1.310	1.878	1.967

Less	FINANCIAL EXPENSES		0.468	0.956	0.933

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.842	0.922	1.034

Less/ Add	DEPRECIATION/ AMORTISATION		0.439	0.423	0.294

	PROFIT BEFORE TAX		0.403	0.499	0.740

Less	TAX		0.124	0.154	0.229

	PROFIT AFTER TAX		0.279	0.345	0.511

	Earnings Per Share (Rs.)		27.85	34.50	51.13

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.76	0.95	1.57

Operating Profit Margin (PBIDT/Sales)	(%)	3.58	5.15	6.03

Return on Total Assets (PBT/Total Assets}	(%)	1.64	1.71	3.91

Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.35

Debt Equity Ratio (Total Debt /Networth)		1.01	1.30	1.79

Current Ratio (Current Asset/Current Liability)		1.16	1.15	1.31

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	0.100	0.100	0.100
Reserves & Surplus	1.742	2.087	2.366
Share Application money pending allotment	0.290	0.290	0.000
Net worth	2.132	2.477	2.466

long-term borrowings	3.819	3.214	2.484
Short term borrowings	0.000	0.000	0.000
Total borrowings	3.819	3.214	2.484
Debt/Equity ratio	1.165	1.298	1.549

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	32.598	36.468	36.632
		11.872	0.450

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	32.598	36.468	36.632
Profit	0.511	0.345	0.279
	1.57%	0.95%	0.76%

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	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
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 31 and 32, Ganesh Nagar Colony, Marredpally (West), Hyderabad – 500026, Andhar Pradesh, India to the present address w.e.f. 25.04.2012

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Unsecured Loan	2.347	2.476

Total	2.347	2.476

INDEX OF CHARGES

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

10534774

18/08/2014

3,500,000.00

INDUSIND BANK LTD.

2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA

C35887348

FIXED ASSETS

Vehicles
Furniture and Fixture
Computers
Plant and Machinery

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. 63.76
UK Pound	1	Rs. 97.79
Euro	1	Rs. 69.90

INFORMATION DETAILS

Information Gathered by :	KAM

Analysis Done by :	KAS

Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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

INDEX OF CHARGES

Unit