BUSINESS INFORMATION REPORT

1. Summary Information

		Country	India
Company Name	LOTUS SURGICAL PRIVATE LIMITED	Principal Name 1	Mr. Mehernosh Framfroze Daruwalla
Status	Satisfactory	Principal Name 2	Mr. Sagar Pravin Shah
		Registration #	156940
Street Address	4 Geetanjali, 1^st Floor, Plot No. 116A, Road No. 24A, Jain Society, Sion (West), Mumbai 400022, Maharashtra
Established Date	21.10.2005	SIC Code	--
Telephone#	91-22-24049301/ 02/ 03	Business Style 1	Manufacturer and Exporter of surgical Items used for Surgery
Fax #	91-22-23049301	Business Style 2	--
Homepage	www.lotus-surgicals.com	Product Name 1	--
# of employees	200 Approximately	Product Name 2	--
Paid up capital	Rs. 36,995,100	Product Name 3	--
Shareholders	Directors or relatives of directors 100 %	Banking	Bank of Baroda
Public Limited Corp.	--	Business Period	6 years
IPO	--	International Ins.	--
Public Enterprise	--	Rating	Ba (46)
Related Company
Relation	Country	Company Name	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	165,107,000	Current Liabilities	94,817,000
Inventories	98,908,000	Long-term Liabilities	229,244,000
Fixed Assets	119,450,000	Other Liabilities	1,514,000
Deferred Assets	0	Total Liabilities	325,575,000
Invest& other Assets	8,228,000	Retained Earnings	16,843,000
		Net Worth	66,118,000
Total Assets	391,693,000	Total Liab. & Equity	391,693,000
Total Assets (Previous Year)	281,916,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	198,054,000	Net Profit	10,823,000
Sales(Previous yr)	123,127,000	Net Profit(Prev.yr)	3,661,000

MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	LOTUS SURGICAL PRIVATE LIMITED
Registered Office :	4 Geetanjali, 1^st Floor, Plot No. 116A, Road No. 24A, Jain Society, Sion (West), Mumbai 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.10.2005
Com. Reg. No.:	156940
Capital Investment / Paid-up Capital :	Rs.36.995 millions
CIN No.: [Company Identification No.]	U33110MH2005PTC156940
TAN No.: [Tax Deduction & Collection Account No.]	muml06027a
PAN No.: [Permanent Account No.]	Aabcl1217g
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of surgical Items used for Surgery
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 264472
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Pankaj
Designation :	Accountant

LOCATIONS

Registered Office/ Head office :	4, Geetanjali, 1^st Floor, Plot 116-A, Road No. 24-A, Jain Society, Sion (West), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24049301/ 02/ 03
Fax No.:	91-22-23049301
E-Mail :	info@lotus-surgicals.com info@lotussurgicals.com commi@lotus-surgicals.com
Website :	www.lotus-surgicals.com
Area :	1000 Sq. ft.
Location :	Rented
Factory :	Khasra No. 1051/1 and 2 Twin Industrial Estate, Selaqui, Dist. Dehradun, PIN 248197, Uttarakhand, India.
Tel. No.:	91-135-2698661/ 2698709
Fax No.:	91-135-2698661/ 2698709
Location :	Rented

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Sagar Pravin Shah
Designation :	Director
Address :	203, Sugan Co-op Housing Society, Kemps Corner, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	26.01.1977
Date of Appointment :	21.10.2005
E-Mail :	sagarshah@amarremedies.com
Name :	Mr. Mehernosh Framfroze Daruwalla
Designation :	Director
Address :	401, Marker Mansion, 623 Lady Jehangir Road, Dadar Parsi Colony, Maharashtra, India
Date of Birth/Age :	01.11.1953
Date of Appointment :	21.10.2005
E-Mail :	mf_daruwala@yahoo.co.in
Name :	Mr. Sanjeev Arvind Mehta
Designation :	Director
Address :	87/4, Nitin Villa, Sewree Wadala Road, Wadala, Mumbai – 400 031, Maharashtra
Date of Birth/Age :	02.05.1964
Date of Appointment :	21.10.2005
E-Mail :	sanjeev_mehta_64@hotmail.com

KEY EXECUTIVES

Name :	Mr. Hasmukh Bhai
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Sagar Pravin Shah	1762500
Natasha Sagar Shah	712500
Mehernosh Frammroze Daruwalla	525000
Coomi Ardeshir Kapadia	525000
Sanjeev Arvind Mehta	37500
Sweta Shah	137010
Total	3699510

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of surgical Items used for Surgery
Exports :
Products :	surgical Items used for Surgery
Countries :	§ Nepal § Bangladesh
Imports :
Products :	Raw Materials
Countries :	§ Japan § Korea § France § Germany
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

§ Wholesalers

§ Retailers

§ End Users

No. of Employees :

200 Approximately

Bankers :

· Standard Chartered Bank,

90 M G Road, Fort, Mumbai – 400001, Maharashtra, India

· Canara Bank

· Axis Bank

· Bank of Baroda, Mandvi Branch, 212/216, Samuel Street, Mandvi, Mumbai 400003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
ICICI Bank (Against Hypothecation of Vehicles)	0.281	0.399
Zoroastrian Co-operative Bank Limited (Against Hypothecation of Vehicles)	0.284	0.420
Bank of Baroda Term Loan (Against Machinery at Dehradun)	0.328	0.000
Standard Chartered Bank (Against Hypothecation of Closing Stock, Book Debts and Fixed Assets)	0.000	24.951
HDFC Bank (Against Hypothecation of Vehicles)	0.223	0.380
Bank of Baroda (against hypothecation of stock, book debts and fixed assets)	51.350	0.000
TOTAL	52.466	26.150
UNSECURED LOANS
From Bodies Corporate and Other	173.692	183.206
From Bank	3.086	1.547
TOTAL	176.778	184.753

Banking Relations :

---

Auditors :

Name :

M P Kala and Company

Chartered Accountants

Address :

Sharon House, Plot No. 1653, Park Street, Janakidevi Public School Road, SVP Nagar, Andheri (West), Mumbai – 400 053, Maharashtra

Tel. No.:

91-22-26323192/ 93/ 94

Fax No.:

91-22-26323140

E-Mail :

mpkala_ca@rediffmail.com

ca_mpkala@yahoo.com

Associates/Subsidiaries :

Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10 each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3699510	Equity Shares	Rs. 10 each	Rs.36.995 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		35.625	0.100	0.100
2] Share Application Money		13.650	35.276	0.000
3] Reserves & Surplus		16.843	6.020	2.358
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.118	41.396	2.458
LOAN FUNDS
1] Secured Loans		52.466	26.150	5.503
2] Unsecured Loans		176.778	184.753	195.185
TOTAL BORROWING		229.244	210.903	200.688
DEFERRED TAX LIABILITIES		1.514	2.551	1.626
TOTAL		296.876	254.850	204.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.450	137.720	88.725
Capital work-in-progress		0.000	0.000	46.324
INVESTMENT		8.192	7.965	7.967
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.908	66.258	35.629
	Sundry Debtors	155.469	65.970	39.687
	Cash & Bank Balances	1.389	0.607	2.168
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.249	3.324	8.633
Total Current Assets		264.015	136.159	86.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.797	20.481	20.703
	Other Current Liabilities	0.067	0.075	0.000
	Provisions	8.953	6.510	3.766
Total Current Liabilities		94.817	27.066	24.469
Net Current Assets		169.198	109.093	61.648
MISCELLANEOUS EXPENSES		0.036	0.072	0.108
TOTAL		296.876	254.850	204.772

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	198.054	123.127	53.392
		Other Income	0.493	0.794	0.134
		TOTAL (A)	198.547	123.921	53.526
Less	EXPENSES
		Cost of Materials	78.116	45.424
		Manufacturing Expenses	7.137	5.213
		Employees Remuneration	33.340	25.035	43.949
		Selling and Distribution Expenses	22.259	13.745
		Office Expenses	0.036	0.036
		Administrative Expenses	15.163	9.120
		TOTAL (B)	156.051	98.573	43.949
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.496	25.348	9.577
Less	FINANCIAL EXPENSES (D)		7.177	4.538	5.682
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.319	20.810	3.895
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.284	14.920	NA
	PROFIT BEFORE TAX (E-F) (G)		12.035	5.890	3.895
Less	TAX (H)		1.212	2.229	1.478
	PROFIT AFTER TAX (G-H) (I)		10.823	3.661	2.417
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.452	0.000	0.000
	TOTAL EARNINGS		3.452	0.000	0.000
	IMPORTS
		Capital Goods	0.523	0.554	0.000
	TOTAL IMPORTS		0.523	0.554	0.000
	Earnings Per Share (Rs.)		2.92	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.45	2.95	4.51
Net Profit Margin (PBT/Sales)	(%)	6.07	4.78	7.29
Return on Total Assets (PBT/Total Assets}	(%)	3.13	1.33	1.38
Return on Investment (ROI) (PBT/Networth)		0.18	0.14	1.58
Debt Equity Ratio (Total Liability/Networth)		4.92	5.81	92.26
Current Ratio (Current Asset/Current Liability)		2.78	5.03	3.51

LOCAL AGENCY FURTHER INFORMATION

OPERATION:

The Sales turnover of the Company has increased to Rs. 198.054 millions during the current year as compared to Rs. 123.127 millions in previous year registering growth of 60.85%. The Company has made profit of Rs. l2.035 millions during the current year as compared to Rs. 5.890 millions in previous year registering growth of 104.31%. The financial performance of the company was satisfactory and your Directors expect better performance in upcoming years.

NoteS:

The registered Office of the company has been shifted from 401, Marker Mansion, 623, Lady Jehangir Road, Dadar Parsi Colony, Mumbai – 400004, Maharashtra, India, to the present address w.e.f 30.11.2007

Trade references:-

· Karai Enterprises, Thane (Maharashtra)

· Ace Marketing, Pune (Maharashtra)

· V J Surgicals. Cochin (Kerala)

FIXED ASSETS:

§ Car

§ Computers and Printers

§ Electrical Installation

§ Factory Building

§ Furniture and Fixture

§ Office Equipment

§ Plant and Machinery

§ Refrigerator

§ Television Sets

FORM 8

Corporate identity number of the company	U33110MH2005PTC156940
Name of the company	LOTUS SURGICAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4 Geetanjali, 1^st Floor, Plot No. 116A, Road No. 24A, Jain Society, Sion (West), Mumbai 400022, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Mondovi Branch, 212/216, Samuel Street, Mandvi, Mumbai 400003, Maharashtra, India Email: ravinputhran@yahoo.co.in
Nature of instrument creating charge	Supplemental Composite Agreement of Hypothecation of Goods, Book Debts, Moveable Machinery and Vehicles
Date of instrument Creating the charge	18.12.2010
Amount secured by the charge	Rs. 104.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest :4.25% Over Base Rate of the Bank Per Annum With Monthly Rests Terms of repayment Cash Credit (Hypothecation of Stock and Book Debts) Term Loan Inland/ Import L/C (DP/DA 90 and 80days) Margin 25% On Stocks 40% On Book Debts 25% In Respect of Inland/ Import L/C Extent and operation of the charge Bank of Baroda B/O Mandvi Branch Mumbai First Charge Holder
Short particulars of the property charged (Including location of the property)	Hypothecation of Goods, Book Debts, Moveable Machinery
Date of instrument modifying the charge	09.06.2010
Particulars of the present modification	Charge Increased From Rs.75.000 millions to Rs.104.000 millions

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.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.