MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	STERIMED SURGICALS (INDIA) PRIVATE LIMITED PLANET GREEN INNOVATION (DIVISION OF STERIMED SURGICALS (INDIA) PRIVATE LIMITED)
Registered Office :	Q-21 A, Model Town, New Delhi-110009
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1991
Com. Reg. No.:	55-46699
Capital Investment/ Paid-up Capital:	Rs. 8.943 Millions
CIN No.: [Company Identification No.]	U74899DL1991PTC046699
IEC No.:	0596057644
PAN No.: [Permanent Account No.]	AABCS1818A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Non Woven Bags, Medical and Industrial Adhesive Tapes and Surface Protection Tapes.
No. of Employees:	127 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions, with slight caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Sarabjot Singh
Designation :	Director
Contact No.:	91-9810039745
Date :	03.11.2011

LOCATIONS

Registered Office :	Q-21 A, Model Town, New Delhi-110009, India
Tel. No.:	91-11-42466396/ 42466196
Mobile No.:	91-9810039745 (Mr. Sarabjot Singh)
Fax No.:	91-11-23854144/ 23854535/ 25220907/ 23854144
E-Mail :	sterimed@vsnl.com sterimed.corporate@gmail.com
Website :	http://www.pgi-india.com
Area :	2250 Sq. ft.
Location :	Owned
Factory 1 :	C-H/2, Government Industrial Area, Bahadurgarh, Haryana, India
Area :	4000 Sq.ft.
Location :	Owned
Factory 2 :	E-11, Government Industrial Area, Bahadurgarh, Haryana, India
Area :	4000 Sq.ft.
Location :	Owned
Sales Office:	Plot No. 48, Road No. 52, 2^nd Floor, Punjabi Bagh (West), New Delhi – 110026, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Beant Singh Narang
Designation :	Director
Address :	Q-21A, Model Town, New Delhi-110009, India
Date of Birth/Age :	14.01.1928
Date of Appointment :	10.12.1991
DIN NO:	00619561

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1991PTC046699	Sterimed Surngicals (India) Private Limited	Director	10/12/1991	10/12/1991	-	Active	NO
2	U33119DL2003PTC119500	Sterimed Medical Devices Private Limited	Director	21/03/2003	21/03/2003	-	Active	NO

Name :	Mr. Sarabjot Singh Narang
Designation :	Director
Address :	Q-21A, Model Town, New Delhi-110009, India
Date of Birth/Age :	19.06.1959
Qualification :	Graduate
Experience :	27 Years
Date of Appointment :	10.12.1991
DIN NO:	00212133

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1991PTC046699	Sterimed Surngicals (India) Private Limited	Director	10/12/1991	10/12/1991	-	Active	NO
2	U33119DL2003PTC119500	Sterimed Medical Devices Private Limited	Director	21/03/2003	21/03/2003	-	Active	NO
3	U29195DL2004PTC126726	Precision Thermacoat Technologies Private Limited	Director	2/6/2004	2/6/2004	-	Active	NO

Name :	Mr. Sarabdeep Singh Narang
Designation :	Director
Address :	Q-21A, Model Town, New Delhi-110009, India
Date of Birth/Age :	02.02.1967
Qualification :	Graduate
Experience :	20 Years
Date of Appointment :	10.12.1991
DIN NO:	00287132

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1991PTC046699	Sterimed Surngicals (India) Private Limited	Director	10/12/1991	10/12/1991	-	Active	NO
2	U33112DL1996PTC081354	Hi-Tech Medisyst Private Limited	Director	22/08/1996	22/08/1996	-	Active	NO
3	U33119DL2003PTC119500	Sterimed Medical Devices Private Limited	Director	21/03/2003	21/03/2003	-	Active Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Beant Singh Narang	10615
Sarabjot Singh Narang	26721
Sarabdeep Singh Narang	14966
Indrajee Kaur	1425
Jasmeet Kaur	4950
Gagan Preet Kaur	3450
Davinder Kaur	1150
Bhawan Deep Singh	350
S Randhir Singh Kohil	900
Amrit Kohli	150
Chattar Singh Bedi	500
Paramjeet Singh Bedi	1310
Arvinder Kaur Bedi	1640
Vijender Mittal	1000
Ipniderr Kaur	500
Swam Ahuja	1000
Avtar Singh Arora	1000
Anil Kumar Garg	1000
Swastik Leasing Private Limited, New Delhi, India	2000
Cilsoln Finance Limited, New Delhi, India	4900
Musk Export and Marketing Limited, New Delhi, India	4900
Cilson Organics Limited, New Delhi, India	3000
S Harinder Pal Sing Gulati	2000
Total	89427

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2011)

Category	Percentage of Holding
Bodies corporate (Not mentioned above)	17.00
Directors or relatives of directors	74.00
Other top fifty (50) shareholders (other than listed above)	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Non Woven Bags, Medical and Industrial Adhesive Tapes and Surface Protection Tapes.

Products :

Product Description	ITC Code
Surgical Items	0124

Exports :

Products :

· Non Woven Bags

· Surface Protection Tapes

Countries :

Spain and Egypt

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

127 (Approximately)

Bankers :

State Bank of India, Chandni Chowk, Delhi-110006, India

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Term Loan
From State Bank of India
A/C No. 30471284185	2.324	3.214
A/C No. 10820481878	0.000	2.470
A/C No. 10820291026	9.112	9.111
A/c No. 31037717902	3.872	2.694
(Secured against equitable mortgage of land, hypothecation of plant and machinery and personal guarantee of directors)
State Bank of India (Secured against Car)	0.363	0.629
State Bank of India (Secured against Car) - 31167621235	0.623	0.000
Tata Capital Limited (Secured Against Car)	0.132	0.221
Deferred CST and HGST	10.376	11.866
Working Capital Finance		12.716
From S.B.I, Chandni Chowk (0160810509)	9.577	10.993
Total	36.379	41.198

Banking Relations :	--
Auditors :
Name :	R Grover and Company Chartered Accountant
Address :	306, Shiv Chamber, 18/ 2830, Beadon Pura, Karol Bagh, Delhi - 110005, India
Tel. No.:	91-11-28721890/ 28728218
PAN No.:	AAIPG1873F
Associates/Subsidiaries :	Sterimed Medical Devices Private Limited Address: Q-21 A Model Town, New Delhi-110009, India Activity: Manufacturer and Trader of Medical Devices CIN No.: U33119DL2003PTC119500

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89427	Equity Shares	Rs. 100/- each	Rs. 8.943 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.943	8.943	8.943
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.619	17.566	16.554
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.562	26.509	25.497
LOAN FUNDS
1] Secured Loans		36.379	41.198	36.653
2] Unsecured Loans		0.000	0.000	0.473
TOTAL BORROWING		36.379	41.198	37.126
DEFERRED TAX LIABILITIES		0.182	0.662	0.712
TOTAL		63.123	68.369	63.335
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.211	27.991	24.711
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.042	2.992	2.826
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.640	25.661	25.480
	Sundry Debtors	21.883	29.738	24.879
	Cash & Bank Balances	0.666	0.623	0.786
	Other Current Assets	16.962	3.422	4.093
	Loans & Advances	4.285	1.757	1.584
Total Current Assets		63.436	61.201	56.822
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.400	21.102	18.783
	Other Current Liabilities	8.225	1.773	1.542
	Provisions	0.941	0.940	0.699
Total Current Liabilities		28.566	23.815	21.024
Net Current Assets		34.870	37.386	35.798
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		63.123	68.369	63.335

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	151.055	123.458	70.762
		Other Income			4.533
		TOTAL	151.055	123.458	75.295
Less	EXPENSES
		Office Expenses	150.997	122.000	72.007
		Administrative Expenses
		Advertising Expenses
		TOTAL	150.997	122.000	72.007
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	3.288
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	2.711
	PROFIT BEFORE TAX		0.058	1.458	0.577
Less	TAX		0.019	0.451	0.255
	PROFIT AFTER TAX		0.039	1.007	0.322
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.084	0.279	1.385
	TOTAL EARNINGS		1.084	0.279	1.385
	IMPORTS		0.000	0.000	4.936
	Earnings Per Share (Rs.)		0.44	11.26	3.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.02	0.81	0.43
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.82
Return on Total Assets (PBT/Total Assets}	(%)	0.06	1.63	0.71
Return on Investment (ROI) (PBT/Networth)		0.00	0.05	0.02
Debt Equity Ratio (Total Liability/Networth)		2.44	2.45	2.28
Current Ratio (Current Asset/Current Liability)		2.22	2.56	2.70

LOCAL AGENCY FURTHER INFORMATION

Check List:

Check List by info Agents	Available in Report (Yes/ No)
1) Year of Establishment	Yes
2)Locality of the Firm	Yes
3)Constitution of the Firm	Yes
4)Premises Details	Yes
5)Type of Business	Yes
6)Line of Business	Yes
7)Promoter’s Background	------------------
8)No. of Employees	Yes
9)Name of Person Contacted	Yes
10)Designation of Contact person	Yes
11)Turnover of Firm for last three years	No
12)Profitability for last three years	No
13)Reason for variation <> 20%	No
14)Estimated for coming financial year	No
15)Capital in the Business	No
16)Details of Sister Concern	Yes
17)Major Suppliers	No
18)Major Customer	Yes
19)Payment Terms	Yes
20)Export/ Import Details (if Applicable)	Yes
21)Market Information	------------------
22)Litigation that the Firm / Promoter	------------------
23)Banking Details	Yes
24)Banking facility details	Yes
25)Conduct of the Banking	-------------------
26)Buyer visit details	-------------------
27)Financials, if provided	Yes
28)Incorporation details, if applicable	-------------------
29)Last account filed at ROC	-------------------
30)Major Shareholders, if applicable	-------------------

OPERATION:

During the year, a major fire broke on 11.01.2011 in the factory premises causing substantial loss to its Building, Machinery and Stock of the company. However, the company could achieve a turnover Rs. 151.055 Millions (Previous year Rs. 119.556 Millions). They expect the growth of the company in future considerably.

The company, due to this accident could earn only a profit before tax of Rs. 0.058 Million (after adjusting loss of Rs. 1.715 Millions from ABLESTICK Division) during the current financial year as compared to profit of Rs. 1.458/ Millions during the previous financial year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1991PTC046699
Name of the company	STERIMED SURGICALS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Q-21 A Model Town, New Delhi-110009, India Email: sterimed.corporate@gmail.com
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10118968
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of India, Chandni Chowk, Delhi-110006, India Email: delhiroc@jksco.in
Nature of instrument creating charge	Agreement of Loan –cum-Hypothecation (SME–2) Letter of arrangement (SME–1) Letter of confirmation for extension of mortgage by deposit of title deeds (SME–8)
Date of instrument Creating the charge	28.09.2011
Amount secured by the charge	Rs. 47.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - @ 6.50% above base rate. Present effective rate 16.00% p.a. with monthly rests. TL - @ 7.00% above base rate. Present effective rate 17.00% p.a. with monthly rests. LC and BG – as per Bank Norms. Terms of Repayment Working Capital: Repayable on demand. Term Loan of Rs. 13.500 Millions shall be repayable in 60 monthly installments of Rs. 0.225 Million each (excluding moratorium period of 12 months) plus interest commencing from August 2012. Margin: 25% on Raw Material – Indigenous 25% on Semi Finished goods 25% on Finished goods 25% on Term Loan 40% on Domestic receivables (Cover period 90 days) 15% on LC (Usance) 15% on BG Extent and Operation of the charge The company movable and immovable properties as mentioned hereunder are hypothecation and mortgage to secure following credit facilities agg to Rs. 47.900 Millions granted by the bank to the borrower: Cash Credit Rs. 22.500 Millions TL-1 (O/S) Rs. 2.100 Millions OTL (O/S) Rs. 3.300 Millions Term Loan Rs. 13.500 Millions BG Rs. 4.000 Millions LC Rs. 2.500 Millions Total Rs. 47.900 Millions Others Term Loan (Car Loan) of Rs. 0.800 Million is registered separately vide charge ID 10167731 hence the above said charge is only for Rs. 47.900 Millions instead of Rs. 48.700 Millions.
Short particulars of the property charged	First charge on entire current assets of the borrower including hypothecation of all stocks of raw material, goods in transit and hypothecation of all receivables (both present and future) First charge on hypothecation of all plant and machinery and entire fixed assets of the borrower Equitable mortgage by deposits of title deeds of immovable properties situated at Plot No. E – 11, Old Industrial Area, Bahadurgarh (Haryana) admeasuring area 4000 Sq. ft Yards Equitable mortgage by deposits of title deeds of immovable properties situated at Plot No. CH-2 and CH-4, Industrial Area, Bahadurgarh, Haryana, India admeasuring area 4033 Sq. ft Yards Equitable mortgage of immovable properties situated at Plot No. Q-21 A, Model Town, admeasuring area 243.60 Sq.ft Yards in the name of Beant Singh, Sarabjot Singh, Sarabdeep Singh and Inderjit Kaur
Date of instrument modifying the charge	02.02.2010
Particulars of the present modification	The aggregate amount of various credit facilities granted by the bank has now been enhanced from Rs. 38.700 Millions to Rs. 47.900 Millions. Therefore, total amount of charge secured against hypothecation of entire current assets, stocks, book debts, plant and machinery and entire fixed assets etc. has now been enhanced from Rs. 38.700 Millions to Rs. 47.900 Millions and break up to credit facilities

FIXED ASSETS:

• Air Condition
• Building
• Camera
• Car
• Computer
• Cooler
• Cycle
• Electrical Installation
• EPBX
• Fire Extinguisher
• Furniture and Fixture
• Lab Instrument
• Land
• Mobile Phone
• Motor Cycle
• Office Equipment
• Pager
• Plant and Machinery
• Scooter
• Tools and Equipment
• Underground Tanks
• UPS

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. 49.78
UK Pound	1	Rs. 80.10
Euro	1	Rs. 68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.