MIRA INFORM REPORT

Report Date :

04.12.2008

IDENTIFICATION DETAILS

Name :	GENERAL SURGICAL COMPANY INDIA PRIVATE LIMITED
Registered Office :	G – 6, Gee Gee Crescxent, 114 Poonamallee High School Road, Chennai – 600084, Tamilnadu.
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	25.09.1996
Com. Reg. No.:	036627
CIN No.: [Company Identification No.]	U33112TN1996PTC036627
IEC No.:	0497013045
PAN No.: [Permanent Account No.]	AACCG6767F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Marketing of Surgical Implants and Surgical Instruments.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 80000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track records. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Mr.Samuel George
Designation :	Director
Contact No.:	91-9841030607
Name :	Mr. V J Balvam
Designation :	Manager – Administrative
Contact No.:	91- 9841278607

LOCATIONS

Registered Office :	G – 6, Gee Gee Crescxent, 114 Poonamallee High School Road, Chennai – 600084, Tamilnadu, India.
Tel. No.:	91-44-28259602 / 28233280
Mobile No.:	91-9841030607 (Mr.Samuel W. George)
Fax No.:	91-44-28259439 / 28259602
E-Mail :	gesco@gescoindia.com
Website :	www.gescoindia.com
Area :	1200 sq.ft.
Location :	Owned
Branches :	Located At : Main Factory; 43-F, Tass Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India. Branch Unit I: 285, Sidco Industrial Estate, North Phase, Chennai – 600098, Tamilnadu, India. Branch Unit II: 91, Tass Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India. Madurai (Contact No. : - 91-458-5560177 ) Coimbatore (Contact No. : - 91-422-5503607 )

DIRECTORS

Name :	Mr.George P.Ebenezer
Designation :	Director
Address :	1131, I Block, Anna Nagar West, Chennai – 600040, Tamil Nadu, India.
Date of Birth :	31.01.1968
Qualification :	BA
Date of Appointment :	25.09.1996
DIN No.:	00080194
Email :	gesco@airtelbroadband.in
Name :	George O.Davis
Designation :	Director
Address :	Plot No.1131, I Block, 40^th Street, Anna Nagar West, Chennai – 600040, Tamil Nadu, India.
Date of Birth :	24.12.1964
Qualification :	B.com
Date of Appointment :	25.09.1996
DIN No.:	00079969
Email :	gesco@airtelbroadband.in
Name :	Theodore George
Designation :	Managing Director
Address :	Plot No.1131, I Block, 40^th Street, Anna Nagar West, Chennai – 600040, Tamil Nadu, India.
Date of Birth :	08.09.1930
Date of Appointment :	25.09.1996
DIN No.:	00080098
Email :	gesco@airtelbroadband.in
Name :	George S. Williams
Designation :	Director
Address :	Plot No.1131, I Block, Anna Nagar West, Chennai – 600040, Tamil Nadu, India.
Date of Birth :	03.06.1962
Qualification :	B.Tech
Date of Appointment :	25.09.1996
DIN No.:	00080039
Email :	gesco@airtelbroadband.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As per Registry Records

Names of Shareholders	No. of Shares
Mr.Theodore George	151272
Mr.Samuel Williams George	151074
Mr.Oliver Davis George	161174
Mr.Paul Ebenezer George	157674
Mrs. Kamala George	53603
Mr.Ravikumar	56003
Mr.Darig Oliver	52900
Mrs.Jennifa Paul	47900
Mrs.Shiela Samuel	46400

AS ON 31.03.2007

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Marketing of Surgical Implants and Surgical Instruments.
Imports :
Products :	v Raw Material
Countries :	v China v Germany v Pakistan
Exports :
Products :	Surgical Implants and Instruments
Countries :	USA and Germany
Terms :
Selling :	L/C, Cash and Credit (30/ 60/ 90)
Purchasing :	L/C, Cash and Credit (30/ 60/ 90)

GENERAL INFORMATION

Suppliers :

v Aadhi A

v Advanced Pneumatics Private Limited

v Annai Traders, Chennai

v Ansell Medical Products

v Aryan Enterprises

v A.T.R. Enterprises, Chennai

v Baby Plastic, Ekkttutnangal

v Bharat Enterprises, Delhi

v Bharathi Enterprises

v Bhaskaran .k

v Blackstone Ind.Inc. USA

v Cadem Technologies Private Limited

v Cam Tech Industries

v Central Surgical, Pakistan

v Chami.P.K

v Chandran.E

v Chandran P

v Chennai Trading Company

v Classic metal, Mumbai

v Divya Agencies

v Deepak marketing

v Danand Engineers

v Electronica Machine Tools Limited

Customers :

v Acharya Med.Col and Hosp. Jammu

v Advance Neuro Science Hosp.

v Ahujasons Surgicals, New Delhi

v Anna Gandhi Memorial Government Hospital

v Apollo Hospital, Bangalore

v Apollo Speciality Hospital, Mdu

v DHS Jammu

v DHS-Srinagar

v Director of Family Welfare

v Director of Public Health, Chennai

v DM AND RHS, MS

v Down Town Hospital, Assam

v Dr. Mohandas, Nagercoil

v Dr.Navalkha, Delhi

v Esi Corporation Hospital, Kk Nagar

v Global Surgicals

v Government Hospital Kodavasal

v Government. H Q H, Nagercoil

No. of Employees :

230 (in office 50 + in factory 150 + in branches 30 )

Bankers :

v HDFC Bank, Cbe Gesco Branch

v HDFC Bank, Madurai Gesco Branch

v SBH

v South Indian Bank Limited

Mylapore Branch, Chennai.

Facilities :

Secured Loans

Particulars	Debit (Rs. In Million)	Credit (Rs. In Million)
SBH CC MT	0.027
SIBL CCOL		8.090
SIBL MTL I		5.301
SIBL MTL II		4.488
SIBL MTL III		6.834
SIBL MTL IV		0.987
SIBL OD	0.004
ICICI Bank I		0.624
ICICI Bank II		0.165
ICICI Bank III		0.016
Total	0.031	26.510
Grand Total		26.478

Banking Relations :	Satisfactory
Auditors :
Name :	Mr.R.Soundararajan Chartered Accountant
Address :	No. 23/43, (Old no. 9), 18^th Street, Nanaganallur, Chennai – 600061, Tamilnadu, India.
Tel. No.:	91-44-22240838
Sister Concern :	Canmec Medical Deviecs
Address :	G – 6, Gee Gee Crescxent, 114 Poonamallee High School Road, Chennai – 600084, Tamilnadu, India
Line of Business :	Manufacturer and Marketing of Surgical Implants and Surgical Instruments.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- Each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
726600	Equity Shares	Rs. 10/- Each	Rs.7.266 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008 (Unaudited)	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		0.000	7.266	7.266
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	8.829	8.431
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.000	16.095	15.697
LOAN FUNDS
1] Secured Loans		29.501	26.479	16.264
2] Unsecured Loans		14.686	0.000	0.770
TOTAL BORROWING		44.187	26.479	17.034
DEFERRED TAX LIABILITIES		1.443	1.330	1.072
TOTAL		45.630	43.904	33.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.397	30.386	18.849
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	3.648	3.305
	Sundry Debtors	19.728	17.735	15.459
	Cash & Bank Balances	4.153	1.481	3.694
	Other Current Assets	0.000	0.000	1.676
	Loans & Advances	5.715	5.213	1.690
Total Current Assets		29.596	28.077	25.824
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	15.149	11.110	8.369
	Provisions	5.214	3.449	2.501
Total Current Liabilities		20.363	14.559	10.870
Net Current Assets		9.233	13.518	14.954
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45.630	43.904	33.803

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		67.663	63.389
Other Income		0.000	0.000
Total Income		67.663	63.389
Profit/(Loss) Before Tax		5.586	3.521
Provision for Taxation		1.765	1.861
Profit/(Loss) After Tax		3.821	1.660
Expenditures :
	Financial Charges	2.155	1.437
	Depreciation & Amortization	4.094	2.629
	Other Expenditure	55.828	55.802
Total Expenditure		62.077	59.868

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	--	5.64	2.61
Net Profit Margin (PBT/Sales)	(%)	--	8.25	5.55
Return on Total Assets (PBT/Total Assets}	(%)	--	9.55	7.88
Return on Investment (ROI) (PBT/Networth)		--	0.34	0.22
Debt Equity Ratio (Total Liability/Networth)		--	2.54	1.77
Current Ratio (Current Asset/Current Liability)		1.45	1.92	2.37

LOCAL AGENCY FURTHER INFORMATION

DIRECTORS REPORT

The Performance of the company for the current year continues to be satisfactory. The profit before deprecation and tax has grown by 57.40% compared to the last year.

With constant vigil over ever-changing technological trends and consistent upgrading of equipment, the company is able to provide value added products to its customers.

The Directors re-assure that all efforts shall continue to sustain satisfactory margin and to further consolidate retained earnings.

FIXED ASSETS

Ø Land

Ø Factory Building

Ø Plant and Machinery

Ø Turn Mill Centre

Ø VMC, Hass-Vmc

Ø Plug and Play Vmc

Ø Furniture and Fittings

Ø Motor Car

Ø Electrical Fittings

Ø Office Equipments

Ø Air Conditioner

Ø Computer

Ø Laser Mark

Ø Citizen sliding mach

TRADE REFERENCES:

v Cannan Medical Equipment Comp, Chennai

v Birwaeia Metals Comp, Chennai

Additional Requirement of Indiamart for Trust-Seal

VAT / TIN : 33291122125 (as claimed but not available online)

IEC Code : 0497013045

PAN / TAN : AACCG6767F

Bank Name : South Indian Bank Limited

Bank Address : Mylapore Branch Chennai

Bank A/c. No.: 149083000001016

Account Since : 12 years

In case of any affiliations / memberships / certifications :

Name : ISO 9001 : 2000

Type : 13485

Expiry Date : 16.07.2010

AUTHORISED STOCKISTS:

Location

Name	Contact Number
New Delhi	91-11-24678852 / 24107685
Bangalore	91-80-25353641
Cochin	91-484-2323818
Jaipur	91-9414070099
Nagercoil	91-222026 / 223329
Kolkata	91-33-2491778 / 9433193335
Pune	91-20-25820467
Nagpur	91-712-3093300
Vishakapatnam	91-891-2525077
Hyderabad	91-40-27901634

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.49.90
UK Pound	1	Rs.74.30
Euro	1	Rs.63.42

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
--PROFITABILIRY	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	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
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.	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