MIRA INFORM REPORT

Report Date :

03.07.2007

IDENTIFICATION DETAILS

Name :	OMKAR SURGICO INDUSTRIES

Registered Office :	3094, Sangatrashan, Paharganj, New Delhi – 110 055

Country :	India

Financials (as on) :	31.03.2006

Date of Incorporation :	1998

Legal Form :	Sole Proprietory Concern

Line of Business :	Manufacturer and Supplier of Disposable Surgical Clothing.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 3700
-
Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a small concern having satisfactory track. Trade relations are fair. Payments are reported as correct and per commitments. The concern can be considered normal for business dealings at usual trade terms. Kindly note the correct name as Omkar Surgico Industries.

LOCATIONS

Registered Office :	3094, Sangatrashan, Paharganj, New Delhi – 110 055, India
Tel. No.:	91-11-55302003/ 25863880/ 32535368/ 41597707
Mobile No.:	91-981111855/ 9550990935
Fax No.:	91-11-25863880/ 55302003
E-Mail :	info@surgeine.com , amit@surgeine.com
Website :	http://www.surgeine.com
Area :	1300 sq. ft.
Location :	Owned (commercial)

Head Office :	443/2, 2^nd Floor, Khalsa Barreck Street No. 4, T Anand Prabat Industrial Area, New Delhi, India

Factory :	443/1, Khalsa Barreck Street No. 4, T Anand Prabat Industrial Area, New Delhi, India

SOLE PROPRIETOR

Name :	Mr. Amit Arora
Designation :	Sole Proprietor
Date of Birth/Age :	29 years
Qualification :	MBA
Experience :	7 years

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Disposable Surgical Clothing.

Products :	Disposable Surgical Clothing

Imports from:	China

Terms :
Selling :	Credit upto 30-45 days

Purchasing :	On documents against Payment

GENERAL INFORMATION

Customers :	Hospitals Medical Profession Food Industry Pharmaceutical Industry

No. of Employees :	Around 50 (including contractual employees)

Bankers :	Standard Chartered Bank ICICI Bank Limited


Banking Relations :	Satisfactory

Auditors :
Name :	N. Sharma and Company Chartered Accountants
Address :	New Delhi, India

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs. 0.942 million
Borrowed :	-
Total :	Rs. 0.942 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006
PROPRIETORS FUNDS
1] Proprietor’s Capital		0.942
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.942
LOAN FUNDS
1] Secured Loans		0.250
2] Unsecured Loans		0.095
TOTAL BORROWING		0.345
DEFERRED TAX LIABILITIES		0.000

TOTAL		1.287

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.740
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.576
	Sundry Debtors	1.591
	Cash & Bank Balances	0.599
	Other Current Assets	0.000
	Loans & Advances	0.045
Total Current Assets		2.811
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2.095
	Provisions	0.169
Total Current Liabilities		2.264
Net Current Assets		0.547

MISCELLANEOUS EXPENSES		0.000

TOTAL		1.287

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005	31.03.2004
Sales Turnover		23.600	10.026	20.000	16.000
Other Income			0.000	0.000	0.000
Total Income		NA	10.026	20.000	16.000

Profit/(Loss) Before Tax		NA	0.279	0.850	0.600
Provision for Taxation		NA	0.000	0.160	0.096
Profit/(Loss) After Tax		NA	0.279	0.690	0.504

Expenditures :
	Purchases		8.461
	Freight Inward		0.114
	Salary to Staff		0.226
	Printing and Stationery Expenses		0.099
	Conveyance Expenses		0.033
	Rent Paid		0.117
	Postage and Courier Expenses		0.043
	Telephone Expenses		0.074
	Electricity Expenses		0.074
	Staff Welfare Expenses		0.036
	Sales Promotion Expenses		0.010	19.150	15.400
	Repair and Maintenance		.042
	Freight Outward		0.105
	Vehicle Running and Maintenance		0.064
	Bank Charges and Interest		0.044
	Advertisement Expenses		0.011
	Insurance Expenses		0.005
	Audit Fee		0.003
	Miscellaneous Expenses		0.001
	Job Work Paid		0.024
	Depreciation on Fixed Assets		0.161
Total Expenditure		NA	9.747	19.150	15.400

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	2.78	3.45	3.15

Net Profit Margin (PBT/Sales)	(%)	2.78	4.25	3.75

Return on Total Assets (PBT/Total Assets}	(%)	7.86	NA	NA

Return on Investment (ROI) (PBT/Networth)		0.30	0.24	0.20

Debt Equity Ratio (Total Liability/Networth)		2.77	NA	NA

Current Ratio (Current Asset/Current Liability)		1.24	NA	NA

Expected Sales (2007 – 08) : Rs. 50.000 millions

LOCAL AGENCY FURTHER INFORMATION

Profile

They are pleased to introduce theirselves as a manufacturer of Surgeine make Disposable Hygiene & Surgical Clothing based in Delhi. Their Product is widely used in various field like Hospital & Medical Profession, Food Industry, Chemical & Pharmaceuticals Industries, and where basic hygiene is required.

Subject was founded in 1998. Since its inception, OSI has been committed to producing premium quality non-woven single use medical apparel. Their products are carefully designed to provide exception barrier protection, while still offering comfort & Breathablity in order to meet a vide variety of application.

They pledge to provide their customers with quality products & reliable services. They define quality products as products meeting customer's requirements, produced in hygiene working environment and are safe for use. They define reliable service as delivering the right product to the right person at the right time.

They are able to tailor-make their products to their customer's design, specifications and requirement using various types of non-woven advanced composites, plastic films, paper & rubber.

They are committed to be at the forefront of technological innovation in the healthcare industry. As their valued customers, you can rest assured that you will be access to the very best & latest technology in the field of medical disposables.

They hope you will find their products of some use to you. For further details and any clarification please feel free to contact us.

Subject is imported Face Mask, Gloves, Disposal Kits, etc.

Products

Face Mark

Caps

Aprons

Sheets and Covers

Shoe Covers

Gloves

Gowns and Suits

Disposable Kits

Others

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. 40.66
UK Pound	1	Rs. 81.70
Euro	1	Rs. 55.05

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
--PROFITABILIRY	1~10	5
--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	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
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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

2.78

2.78

7.86

0.30

2.77

1.24

Unit