MIRA INFORM REPORT

Report No. :	498163
Report Date :	21.03.2018

IDENTIFICATION DETAILS

Name :	HEALTHIUM MEDTECH PRIVATE LIMITED (w.e.f. 24.05.2017)
Formerly Known As :	SUTURES INDIA PRIVATE LIMITED
Registered Office :	472/D, 4^th Phase, 13^th Cross, peenya Industrial Area, Bangalore - 560058, Karnataka
Tel. No.:	91-80-41868000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	28.12.1992
Com. Reg. No.:	08-013831
Capital Investment / Paid-up Capital :	INR 92.184 Million
CIN No.: [Company Identification No.]	U03311KA1992PTC013831
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02607D
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCS6580N
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is engaged in the production and marketing of variety of surgical consumables such us natural and synthetic, absorbable and non absorbable sutures and sutures materials, meshes, tapes, needles and surgical gloves.. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 23000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject was incorporated in the year 1992 and it is a manufacturer and exporter of wound closure, wound care and other medical consumable products such as surgical gloves, surgical tapes and surgical mesh. As per financials of March 2017, the company has registered a growth of 20.62% in its revenue as compared to its previous year’s revenue and reported good profit margin of 18.99% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position. Rating also takes into account the position as the second largest manufacturer of surgical sutures in India with a market share of ~20% in the domestic market and its diversified presence across products and geographies with export. Further, the company has reported a healthy earnings per share of INR 14.67 against its face value of INR 2. However, rating strength is partially offset by competitive nature of the industry marked by presence of various strong international players and smaller domestic players. Payments seems to be regular as per commitments. In view of aforesaid, the company can be considered good 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	07.06.2017

Rating Agency Name	ICRA
Rating	Short Term Rating = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	07.06.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 21.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: Tel No.: 91-80-41868000

LOCATIONS

Registered Office :	472/D, 4^th Phase, 13^th Cross, peenya Industrial Area, Bangalore - 560058, Karnataka, India
Tel. No.:	91-80-41868000 / 41868100
Fax No.:	91-80-41171056
E-Mail :	Reddy.ks@suturesindia.com
Website :	www.suturesindia.com www.healthiummedtech.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Thyagarajan Venkatraman

Designation :

Director

Address :

11F, Mount Sinai Lane, 05-23, Glentrees Singapore 277055 SG

Date of Appointment :

09.09.2015

DIN No.:

00017541

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	05/09/2005	-
U73100KA1998PTC102040	INDEGENE PRIVATE LIMITED	29/09/2008	-

Name :

Mr. Vivek Chhachhi

Designation :

Director

Address :

C/O, 409, Magnolias, Golf Course Road, DLF Phase 5, Sector 42, Gurugram - 122009, Haryana, India

Date of Birth/Age :

05.01.1971

Date of Appointment :

30.09.2013

DIN No.:

00496620

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24230TG1981PLC003201	NATCO PHARMA LIMITED	27/09/2014	-
U74140DL2008PTC182274	CX ADVISORS PRIVATE LIMITED	15/09/2010	-

Name :

Mr. Vishal Bali

Designation :

Director

Address :

No. 245, Phase - I, Adarsh Palm Meadows, Ramagondanahalli, Varthur Road Bangalore – 560066, Karnataka, India

Date of Appointment :

09.09.2015

DIN No.:

01457380

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U64202KA2002PTC030092	TELERADIOLOGY SOLUTIONS PRIVATE LIMITED	22/08/2014	-
U74999TG2016PTC110459	ARTMED HEALTHCARE PRIVATE LIMITED	10/08/2017	-
U85100GJ2014PTC079080	MEDWELL VENTURES PRIVATE LIMITED	01/08/2014	-
U85110GJ2014PTC079078	CYTECARE HOSPITALS PRIVATE LIMITED	05/02/2016	-
U85110KA2008PTC108146	RHEA HEALTHCARE PRIVATE LIMITED	15/07/2016	-
U85110TG2006PTC051690	CANCER TREATMENT SERVICES HYDERABAD PRIVATE LIMITED	23/09/2016	-
U85110TG2008PTC058679	CYBERABAD CITIZENS HEALTH SERVICES PRIVATE LIMITED	28/04/2016	-
U93000TG2007PTC056136	AMERICAN INSTITUTE OF PATHOLOGY AND LABORATORY SCIENCES PRIVATE LIMITED	02/05/2016	-

Name :

Mr. Chandrasekhar Gopalan Latteri

Designation :

director

Address :

A-11 , Sobha Emerald, Jakkur Village, Yelahanka Hobli, Bangalore - 560064, Karnataka, India

Date of Birth/Age :

08.10.1958

Qualification :

Graduate

Date of Appointment :

15.06.2017

PAN No.:

AALPC3244M

DIN No.:

01997057

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24236KA1995PTC019479	EASYSTICH NEEDLES PRIVATE LIMITED	27/12/1995	-
U51434KA1983PTC005166	VALLEY PAINTS PRIVATE LIMITED	29/09/2016	-
U65910KA2015PTC081747	GEETHAM SHARES AND SECURITIES PRIVATE LIMITED	09/10/2015	-
U72200KA2015FTC084075	HOMERGIZE TECHNOLOGIES PRIVATE LIMITED	15/12/2017	-
U72900KA2001PTC028908	AGILE LABS PRIVATE LIMITED	28/09/2016	-
U74140KA2014PTC076210	WICKEDRIDE ADVENTURE SERVICES PRIVATE LIMITED	04/11/2017	-
U80904KA2015PTC079344	SCIENCEHOPPER EDUCATION PRIVATE LIMITED	06/11/2015	-

Name :

Mr. Mohammed Azeez

Designation :

Wholetime Director

Address :

NO.153, 4th Cross, 5th Main Road, Sidd Apura Layout, K.M. Colony, Jayanagar, 1st Block, Bangalore 560011, Karnataka, India

Date of Birth/Age :

10.01.1967

Qualification :

Graduate

Date of Appointment :

06.03.2017

DIN No.:

03527725

Name :

Mr. Ankur Nand Thadani

Designation :

Director

Address :

205 Crown Jewel Yogi Hills B. R. Road Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Appointment :

09.09.2015

DIN No.:

03566737

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999TG2016PTC110459	ARTMED HEALTHCARE PRIVATE LIMITED	10/08/2017	-
U85110KA2008PTC108146	RHEA HEALTHCARE PRIVATE LIMITED	29/09/2016	-
U85110TG2006PTC051690	CANCER TREATMENT SERVICES HYDERABAD PRIVATE LIMITED	23/09/2016	-
U85110TG2008PTC058679	CYBERABAD CITIZENS HEALTH SERVICES PRIVATE LIMITED	28/04/2016	-
U93000TG2007PTC056136	AMERICAN INSTITUTE OF PATHOLOGY AND LABORATORY SCIENCES PRIVATE LIMITED	02/05/2016	-

Name :

Mr. Mahadevan Narayanamoni

Designation :

Director

Address :

A502, Aditya Hill Top Apartments, Shaikpet, Hyderabad – 500096, Telangana, India

Date of Appointment :

09.09.2015

DIN No.:

07128788

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1984PTC017706	QUALITY NEEDLES PRIVATE LIMITED	13/01/2016	-

Name :

Mr. Mayank Bajpai

Designation :

Director

Address :

Apartments 1101, 11th Floor, Celeste, Planet Godrej, Near Saat Rasta, Mahalaxmi, Mumbai – 400011, Maharashtra, India

Date of Appointment :

27.09.2017

DIN No.:

07713274

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24231GJ1994PTC023875	LANDMARK AUTOMOBILES PRIVATE LIMITED	17/10/2017	-
U50100GJ2006PTC058553	LANDMARK CARS PRIVATE LIMITED	17/10/2017	-

KEY EXECUTIVES

Name :	Mr. Pedda Mekala Kullayiswamy Reddy
Designation :	Company Secretary
Address :	2363, Sreenilayam, 24th Main Road 1st Sector, HSR Layout Bangalore - 560034, Karnataka, India
Date of Appointment :	18.10.2009
PAN No.:	AASPR0442F
Name :	Mr. Dinesh Kumar Lodha
Designation :	Chief Executive Officer
Address :	429, Prestige Greenwood Mapel, A CV Ramanagar, Bangalore – 560093, Karnataka, India
Date of Birth/Age :	46 years
Qualification :	CA , CS,
Experience :	21 Years
Date of Appointment :	30.03.2016
PAN No.:	AAZPL3330K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
L.G. Chandrasekhar	1614260
S. Subramanian	1254500
Geetha Chandrasekhar	2347220
S.V Nene	1020
Ambrose Private Limited	5581612
AAJV Investment Trust	113908
TPG Growth Fund II SF Pte Limited, Singapore	33693133
Ajay Patel	638000
Hemang Badiani	738460
Christopher Edward Portis	92480
Mahadevan Narayanamoni	17420
Total	46092013

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	11.31
Public – (Individual/ Hindu Undivided Family – Indian	0.04
Public – (Individual/ Hindu Undivided Family – Foreign National (Other than NRI)	3.19
Public - Bodies corporate	85.46
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in the production and marketing of variety of surgical consumables such us natural and synthetic, absorbable and non absorbable sutures and sutures materials, meshes, tapes, needles and surgical gloves.. (Registered activity)

Products :

Item Code No.	Product Description
40151100	Gloves
90181990	Truglyde
90183990	Trugut
21006	Surgical Consumables

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	The Hongkong and Shanghai Banking Corporation Limited
Branch	NO 7, M G Road, Bangalore – 560001, Karnataka, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	6.872	11.301
Total	6.872	11.301

Auditors :
Name :	S. R Batiliboi and Associates LLP Chartered Accountants
Address :	12th 713th Floor, UB City Canberra Block 24, Vittal Malya Road, Bangalore – 560001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9118A
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	TPG Growth I I Markets PTE Limited, Singapore (w.e.f 13 December, 2016) TPG Growth II SF Pte. Ltd (upto 12 December, 2016)
Subsidiary company :	Quality Needles Private Limited, India U74899DL1984PTC017706 Healthium Oem Private Limited, India U25191KL2001PTC014953 Mena Medical Manufacturing (FZC), United Arab Emirates Sironixmedical Technologies B V, Netherlands
Fellow Subsidiary Company :	Meditex Supplies Limited, United Kingdom Clinisupplies Limited, United Kingdom
Others :	Peekay Mediequip Limited, India U33112TN1995PLC032432

CAPITAL STRUCTURE

After 27.09.2017

Authorised Capital : INR 200.000 Million

Issued, Subscribed & Paid-up Capital : INR 92.235 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	INR 2/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46092013	Equity Shares	INR 2/- each	INR 92.184 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	92.184	17.063	17.601
(b) Reserves & Surplus	7980.468	3063.661	3151.378
(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)	8072.652	3080.724	3168.979
(3) Non-Current Liabilities
(a) long-term borrowings	6.872	11.301	5.063
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	63.201	57.644	48.321
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	70.073	68.945	53.384
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	206.533	135.618	116.600
(c) Other current liabilities	138.996	97.089	78.011
(d) Short-term provisions	52.283	89.319	112.321
Total Current Liabilities (4)	397.812	322.026	306.932
TOTAL	8540.537	3471.695	3529.295
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	660.557	675.523	691.657
(ii) Intangible Assets	30.259	2.188	2.556
(iii) Capital work-in-progress	50.214	44.934	26.376
(iv) Intangible assets under development	17.653	0.000	0.000
(b) Non-current Investments	5089.049	598.548	55.157
(c) Deferred tax assets (net)	57.575	46.757	34.924
(d) Long-term Loan and Advances	444.428	195.408	129.107
(e) Other Non-current assets	273.079	265.130	5.976
Total Non-Current Assets	6622.814	1828.488	945.753
(2) Current assets
(a) Current investments	364.007	456.244	104.211
(b) Inventories	553.125	420.633	388.903
(c) Trade receivables	729.222	503.087	482.510
(d) Cash and cash equivalents	158.694	189.696	1575.186
(e) Short-term loans and advances	82.878	47.609	26.090
(f) Other current assets	29.797	25.938	6.642
Total Current Assets	1917.723	1643.207	2583.542
TOTAL	8540.537	3471.695	3529.295

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	2638.296	2187.266	2196.649
	Other Income	93.650	109.842	44.882
	TOTAL	2731.946	2297.108	2241.531
Less	EXPENSES
	Cost of Materials Consumed	939.196	778.074	693.263
	Purchases of Stock-in-Trade	26.879	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(78.535)	(56.071)	48.683
	Employees benefits expense	426.285	357.217	289.602
	CSR expenditure	0.153	3.138	0.175
	Other expenses	605.927	573.008	455.485
	TOTAL	1919.905	1655.366	1487.208
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	812.041	641.742	754.323
Less	FINANCIAL EXPENSES	44.727	33.012	13.224
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	767.314	608.730	741.099
Less/ Add	DEPRECIATION/ AMORTISATION	87.520	102.001	108.964
	PROFIT/ (LOSS) BEFORE TAX	679.794	506.729	632.135
Less	TAX	178.744	151.899	169.047
	PROFIT/ (LOSS) AFTER TAX	501.050	354.830	463.088
	Earnings / (Loss) Per Share (INR)	14.67	9.95	295.38

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	10.516	9.020	3.521
Net cash flows from (used in) operations	1064.580	996.822	681.843
Net cash flows from (used in) operating activities	1243.575	1172.667	493.044

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	100.89	83.95	80.17
Account Receivables Turnover (Income / Sundry Debtors)	3.62	4.35	4.55
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	78.03	63.62	61.39
Inventory Turnover (Operating Income / Inventories)	1.47	1.53	1.94
Asset Turnover (Operating Income / Net Fixed Assets)	1.07	0.89	1.05

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.05	0.10	0.09
Debt Equity Ratio (Total Liability / Networth)	0.00	0.01	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.05	0.10	0.10
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.09	0.23	0.23
Interest Coverage Ratio (PBIT / Financial Charges)	18.16	19.44	57.04

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	18.99	16.22	21.08
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.87	10.22	13.12
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.21	11.52	14.61

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	4.82	5.10	8.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.43	3.80	7.15
G-Score Ratio Financial (Networth / Total Assets)	0.95	0.89	0.90
G-Score Ratio Debt (Debts / Equity Capital)	0.19	1.19	0.49
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	4.82	5.10	8.42

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	17.601	17.063	92.184
Reserves & Surplus	3151.378	3063.661	7980.468
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3168.979	3080.724	8072.652
Long Term borrowings	5.063	11.301	6.872
Short Term borrowings	0.000	0.000	0.000
Current Maturities of Long term debt	3.521	9.020	10.516
Total borrowings	8.584	20.321	17.388
Debt/Equity ratio	0.003	0.007	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	2196.649	2187.266	2638.296
		(0.427)	20.621

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	2196.649	2187.266	2638.296
Profit	463.088	354.830	501.050
	21.08%	16.22%	18.99%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	92.184	17.063
(b) Reserves & Surplus	7744.189	2976.931
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	1.693	316.692
Total Shareholders’ Funds (1) + (2)	7838.066	3310.686
(3) Non-Current Liabilities
(a) long-term borrowings	669.480	1087.938
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	63.201	57.555
(d) long-term provisions	18.268	0.000
Total Non-current Liabilities (3)	750.949	1145.493
(4) Current Liabilities
(a) Short term borrowings	6.445	0.000
(b) Trade payables	291.147	288.496
(c) Other current liabilities	443.519	326.982
(d) Short-term provisions	150.694	97.216
Total Current Liabilities (4)	891.805	712.694
TOTAL	9480.820	5168.873
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1207.281	758.866
(ii) Intangible Assets	4767.730	953.068
(iii) Capital work-in-progress	37.245	44.934
(iv) Intangible assets under development	17.653	0.000
(b) Non-current Investments	0.069	0.020
(c) Deferred tax assets (net)	67.103	46.757
(d) Long-term Loan and Advances	84.555	44.213
(e) Other Non-current assets	273.106	265.129
Total Non-Current Assets	6454.742	2112.987
(2) Current assets
(a) Current investments	383.721	456.245
(b) Inventories	1027.487	638.736
(c) Trade receivables	1029.389	725.776
(d) Cash and cash equivalents	367.420	997.539
(e) Short-term loans and advances	185.623	207.396
(f) Other current assets	32.438	30.194
Total Current Assets	3026.078	3055.886
TOTAL	9480.820	5168.873

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	4026.789	3622.451
	Other Income	79.636	88.845
	TOTAL	4106.425	3711.296
Less	EXPENSES
	Cost of Materials Consumed	985.751	865.963
	Purchases of Stock-in-Trade	699.207	498.827
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(208.906)	(58.208)
	Employees benefits expense	714.620	596.677
	CSR expenditure	0.153	3.137
	Other expenses	989.918	971.802
	TOTAL	3180.743	2878.198
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	925.682	833.098
Less	FINANCIAL EXPENSES	73.290	94.869
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	852.392	738.229
Less/ Add	DEPRECIATION/ AMORTISATION	105.099	134.337
	PROFIT/ (LOSS) BEFORE TAX	747.293	603.892
Less	TAX	218.318	188.142
	PROFIT/ (LOSS) AFTER TAX	528.975	415.750
	Earnings / (Loss) Per Share (INR)	15.22	9.31

LEGAL CASES

HIGH COURT

MS.S.ANURADHA BALAJI S. PORKODI R1 SUTURES INDIA PVT. LTD. BANGALORE R2 PEEKAY MEDIEQUI PVT.LTD TANJORE R3 KAVITHA SHANKAR TANJORE R4 SERVICE AWAITED PRIVATE NOTICE AFFIDAVIT OF SERVICE NOT FILED

High Court-Madras

Case No:MP.1/2015 in COM APEL.SR24851/2015

Case Status: Pending

Judge: HON BLE MR.JUSTICE S.MANIKUMAR

Date: 2016-01-11

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C60684297	10583819	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	06/08/2015	-	-	1437337000.0	NO 7, M G ROADBANGALOREKA560001IN
2	C60020989	10582379	The Hongkong and Shanghai Banking Corporation Limited	01/07/2015	-	-	543400162.0	HSBC Main Building, 1 Queen's Road Central,HongkongNA0HK
3	C52233046	10566578	The Hongkong and Shanghai Banking Corporation Limited	29/04/2015	-	-	10000000.0	NO 7, MAHATMA GANDHI ROADBANGALOREKA560001IN
4	C52227535	10566564	The Hongkong and Shanghai Banking Corporation Limited	29/04/2015	-	-	1472922000.0	NO 7, MAHATMA GANDHI ROADBANGALOREKA560001IN
5	C54147418	10566562	The Hongkong and Shanghai Banking Corporation Limited	29/04/2015	23/05/2015	-	1532922000.0	NO 7, MAHATMA GANDHI ROADBANGALOREKA560001IN
6	C52232360	10566577	The Hongkong and Shanghai Banking Corporation Limited	23/04/2015	-	-	239788000.0	NO 7, MAHATMA GANDHI ROADBANGALOREKA560001IN
7	C54483904	10200290	State Bank of India	28/04/2009	-	26/05/2015	760000.0	PEENYA INDUSTRIAL ESTATE BRANCHB-96, II CROSS, I STAGE, PEENYA INDUSTRIAL ESTATEBANGALOREKA560058IN
8	C52577525	80041121	State Bank of India	12/06/2004	23/12/2014	04/05/2015	250000000.0	SME Branch, No. 45B,2nd Phase, Peenya 2nd Stage,BangaloreKA560058IN
9	A74369869	90199915	BANK OF BARODA	25/11/1993	03/12/1997	16/11/2009	1200000.0	APMC YARD;YESHWANTHPUR BRANCHBANGLOREKA560022IN
10	A74370016	90201229	BANK OF BARODA	11/10/2005	-	16/11/2009	10000000.0	APMC YARDYESHWANTHPUR BRANCHBANGALOREKA560022IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	242.613	220.276
Guarantees	88.950	71.798

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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	INR
US Dollar	1	INR 65.03
UK Pound	1	INR 90.55
Euro	1	INR 79.77

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VIV
Report Prepared by :	SUJ

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.