MIRA INFORM REPORT

Report Date :

15.02.2012

IDENTIFICATION DETAILS

Name :	SOUTH INDIA SURGICAL COMPANY LIMITED
Registered Office :	New No.117, (Old No.65) Wallajah Road, Chennai – 600 002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.03.1983
Com. Reg. No.:	18-009878
Capital Investment / Paid-up Capital :	Rs.28.901 millions
CIN No.: [Company Identification No.]	U33112TN1983PLC009878
TAN No.: [Tax Deduction & Collection Account No.]	CHES15227C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of High Quality Surgical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 964000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. 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 – 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

LOCATIONS

Registered/ Head/ Corporate Office :	New No.117, (Old No.65) Wallajah Road, Chennai – 600 002, Tamilnadu, India
Tel. No.:	91-44-42195500
Fax No.:	91-44-43227994
E-Mail :	accounts@sisco.in sisco@sisco.in
Website :	http://www.sisco.in
Factory :	6/153, Mount Poonamallee Road, Chennai – 600 089, Tamilnadu, India
Tel. No.:	91-44-43117373/ 43117376
Fax No.:	91-44-43117375
E-Mail :	siscofac@md3.vsnl.net.in siscofactory@airtelmail.in
Showroom :	No.850, Annasalai, Chennai, Tamilnadu, India
Tel. No.:	91-44-43227985
Branch Office :	Located at: v Delhi v Ahmedabad v Kolkata v Mumbai v Pune v Hyderabad v Bangalore v Pondicherry v Chennai v Thiruvanthapuram

DIRECTORS

As on 27.09.2010

Name :

Mr. Prannath Bolonath Bajaj

Designation :

Director

Address :

No.11, Padmavathi Road, Jeypore Nagar, Chennai - 600 086, Tamilnadu, India

Date of Birth/Age :

29.09.1925

Date of Appointment :

02.03.1983

DIN No.:

00394191

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33112TN1983PLC009878	South India Surgical Company Limited	Director	02-03-83	02-03-83	Active	NO
2	U24231TN1987PTC014540	Sisco Medicals Device Private Limited	Director	16-09-87	16-09-87	Active	NO
3	U24231TN1989PTC016749	Sisco Latex Private Limited	Director	16-01-89	16-01-89	Active	NO

Name :

Mr. Ashok Prannath Bajaj

Designation :

Managing Director

Address :

No.13, Padmavathi Road, Jeypore Nagar, Chennai - 600 086, Tamilnadu, India

Date of Birth/Age :

15.04.1951

Date of Appointment :

01.08.1986

DIN No.:

00447468

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33112TN1983PLC009878	South India Surgical Company Limited	Managing director	01-04-08	01-08-86	Active	NO
2	U24231TN1987PTC014540	Sisco Medicals Device Private Limited	Director	16-09-87	16-09-87	Active	NO
3	U24231TN1989PTC016749	Sisco Latex Private Limited	Director	16-01-89	16-01-89	Active	NO

Name :

Mr. Dilip Bajaj

Designation :

Whole Time Director

Address :

No.11, Padmavathi Road, Jeypore Nagar, Chennai - 600 086, Tamilnadu, India

Date of Birth/Age :

18.02.1953

Date of Appointment :

02.03.1983

DIN No.:

00029174

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33112TN1983PLC009878	South India Surgical Company Limited	Whole-time director	01-04-08	02-03-83	Active	NO
2	U24231TN1989PTC016749	Sisco Latex Private Limited	Director	16-01-89	16-01-89	Active	NO
3	U85195TZ2006PTC012750	Accura Diagnostic Centre India Private Limited	Director	04-05-06	04-05-06	Active	NO
4	U99999MH1961PTC012019	Jolly Steel Industries Private Limited	Director	30-09-06	30-09-06	Active	YES
5	U85195TZ2010PTC016185	Accura Imaging Centre Private Limited	Director	30-06-10	30-06-10	Active	NO
6	U85190TN2010PTC077794	D.P. New Life Healthcare Private Limited	Managing director	01-12-10	22-10-10	Active	NO

Name :

Mr. Vivek Prannath Bajaj

Designation :

Executive Director

Address :

No.8, First Cross Street Choudhary Colony, Off Kothari Road, Nungambakkam, Chennai - 600 034, Tamilnadu, India

Date of Birth/Age :

23.07.1965

Date of Appointment :

01.08.1986

DIN No.:

00370109

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33112TN1983PLC009878	South India Surgical Company Limited	Whole-time director	01-04-08	01-08-86	Active	NO
2	U24231TN1987PTC014540	Sisco Medicals Device Private Limited	Managing director	18-06-87	18-06-87	Active	NO
3	U24231TN1989PTC016749	Sisco Latex Private Limited	Managing director	16-01-89	16-01-89	Active	NO

Name :

Mr. Mohit Ashok Bajaj

Designation :

Director

Address :

No.7, Padmavathi Road, Jeypore Nagar, Chennai - 600 086, Tamilnadu, India

Date of Birth/Age :

21.05.1983

Date of Appointment :

01.10.2005

DIN No.:

00391909

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
P.N. Bajaj	27891
Ashok Bajaj	7772
Dillip Bajaj	22522
Vivek Bajaj	10264
Prabha Talwar	1200
Seneha Rajpal	1200
P.N. Bajaj HUF	21000
Ashok Bajaj HUF	26000
Dillip Bajaj HUF	7250
Shobarani Bajaj	22400
Jyothi Bajaj	6000
Romila Bajaj	21000
Bharka Bajaj	500
Bhavana Bajaj	5500
Mohit Bajaj	26000
Rohit Bajaj	21000
Vinitha Bajaj	21001
Varsha Bajaj	25001
Prathana Talwar	1
Megana Talwar	1
Vivek Bajaj HUF	15508
Total	289011

As on 27.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer of High Quality Surgical Products.

Products :

v Surgical Instruments

v Minimal Invasive Instruments

v Disposable Instruments

v Foley Catheters

v Endotracheal Tubes

v Disposable Syringes

Item Code No. (ITC Code)	901890
Product Description	Surgical Items, Surgical Sterilizers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Short Term Loan from HDFC Bank Limited – 100L	6.111	0.000
Short Term Loan from HDFC Bank Limited – 150L	11.667	0.000
Short Term Loan from HDFC Bank Limited – 200L	9.444	0.000
HDFC Bank Limited (Mercedes Benz-0055)	0.641	1.498
HDFC/CRV Honda Car Loan (A/C)	0.735	1.294
ICICI Bank Limited (BMW-TN-02-AE-0099)	0.000	0.640
ICICI BMW Car Loan – 8880	1.489	2.665
Kotak Mahindra – Honda Civic	5.798	0.755
New Honda City TN-01 AH-7770-SEC. Loan HDFC Bank	0.518	0.000
Tata AIG Limited Car Loan	0.696	0.000
HDFC Car Loan – Skoda Super B TN01 AJ 6660	1.589	0.000
Secured Loan HDFC EMI Lanson Toyota TN-01 AH 4440	0.665	1.017
HDFC – FCRN Loan	90.000	0.000
HDFC – Working Capital Demand Loan	40.000	0.000
Short Term Loan from HDFC Bank Limited	22.870	123.192
HDFC Bank Limited, Chennai (Overdraft and Short term loan secured by Equitable Mortgage of certain land & buildings, plant and machinery of the company, hypothecation of stock in trade, book debts and personal guarantee of Directors)	5.000	0.000
Term Loan from HDFC Bank Limited (For Purchase of New Property at Walajah Road, Chennai)	0.000	25.555
HDFC Bank (Secured against Purchase of Vehicle) Jubilant Motor Private Limited	(0.176)	0.000
Total	197.047	156.616

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors and Share Holders	51.673	34.661
From Others	0.000	10.000
Total	51.673	44.661

Banking Relations :	--
Auditors :
Name :	C.A. Patel and Company Chartered Accountants
Address :	No.12 Jeypore Colony, Gopalapuram, Chennai – 600 086, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AACPP7169H
Associates :	v Sisco Latex Private Limited v Sisco Medical Devices Private Limited v Eisco

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
289011	Equity Shares	Rs.100/- each	Rs.28.901 millions

(Of the above shares 16902 shares are allotted as fully paid up pursuant to transfer without payment being received in cash)

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		28.901	28.901	28.901
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		212.100	196.630	190.934
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		241.001	225.531	219.835
LOAN FUNDS
1] Secured Loans		197.047	156.616	100.871
2] Unsecured Loans		51.673	44.661	31.833
TOTAL BORROWING		248.720	201.277	132.704
DEFERRED TAX LIABILITIES		3.065	2.770	2.360
TOTAL		492.786	429.578	354.899
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		161.940	107.345	83.177
Capital work-in-progress		0.000	0.000	10.979
INVESTMENT		0.032	0.031	0.031
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	116.843	121.320	106.739
	Sundry Debtors	212.010	176.979	175.237
	Cash & Bank Balances	14.478	12.050	13.875
	Other Current Assets	191.774	173.720	156.172
	Loans & Advances	26.604	88.346	52.948
Total Current Assets		561.709	572.415	504.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.571	110.868	111.857
	Other Current Liabilities	14.548	21.684	21.641
	Provisions	125.776	117.661	110.761
Total Current Liabilities		230.895	250.213	244.259
Net Current Assets		330.814	322.202	260.712
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		492.786	429.578	354.899

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	473.592	420.372	410.897
		Other Income	42.240	34.669	32.317
		TOTAL (A)	515.832	455.041	443.214
Less	EXPENSES
		Cost of Materials	312.101	295.245	273.001
		Employees Cost	41.015	33.763	30.482
		Administrative Expenses	52.268	43.645	41.268
		Selling and Distribution Expenses	47.655	38.070	34.296
		TOTAL (B)	453.039	410.723	379.047
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.793	44.318	64.167
Less	INTEREST CHARGES (D)		22.327	20.735	12.997
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.466	23.583	51.170
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.587	10.576	8.683
	PROFIT BEFORE TAX (E-F) (G)		23.879	13.007	42.487
Less	TAX (H)		8.115	6.900	16.575
	PROFIT AFTER TAX (G-H) (I)		15.764	6.107	25.912
	Prior Year Adjustments - Deferred Tax		0.294	0.411	0.101
	PROFIT AFTER APPROPRIATIONS		15.470	5.696	25.811
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		186.922	181.226	155.415
	BALANCE CARRIED TO THE B/S		202.392	186.922	181.226
	EARNINGS IN FOREIGN CURRENCY		29.232	20.443	43.861
	IMPORTS
		Raw Materials	193.719	167.982	176.371
	TOTAL IMPORTS		193.719	167.982	176.371
	Earnings Per Share (Rs.)		53.52	19.71	89.31

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.06	1.34	5.85
Net Profit Margin (PBT/Sales)	(%)	5.04	3.09	10.34
Return on Total Assets (PBT/Total Assets}	(%)	3.30	1.91	7.22
Return on Investment (ROI) (PBT/Networth)		0.10	0.06	0.19
Debt Equity Ratio (Total Liability/Networth)		1.99	2.00	1.71
Current Ratio (Current Asset/Current Liability)		2.43	2.29	2.07

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 850, Mount Road, Madras – 600 002, Tamilnadu to the present address w.e.f. 02.09.2009.

OPERATIONS:

The Company’s performance during the year was quite encouraging. The Company was able to achieve appreciable growth in sales during the year.

CONTINGENT LIABILITIES:

Claims against the Company not acknowledged as debts:

Particulars	31.03.2010 (Rs. in millions)
a. Guarantees given by bankers	45.032
b. Liability under acceptances against letter of credit established by bankers	5.987
c. Other contingent liabilities	Nil

FORM 8:

Corporate identity number of the company	U33112TN1983PLC009878
Name of the company	SOUTH INDIA SURGICAL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	New No.117, (Old No.65) Wallajah Road, Chennai – 600 002, Tamilnadu, India E-Mail: accounts@sisco.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: satish.ramanathan@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of Stocks and Book Debts dated 15^th April, 2011.
Date of instrument Creating the charge	15.04.2011
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment: WCDL / STL of Rs.30.000 millions - Repayable on Demand. Margin: As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge: Hypothecation by way of Exclusive Charge in favour of HDFC Bank Limited, on all the Stock in trade and Book Debts of the Company both present and future. The securities are offered as a continuing security for the due repayment by the borrower to the Bank on demand of all the monies now or at any time hereafter due / may become due and owing to the bank in respect of and under the above said credit facilities and interest and commission thereon and all legal and other costs, charges, payments.
Short particulars of the property charged	Hypothecation by way of Exclusive Charge in favour of HDFC Bank Limited, on all Stock in trade and Book Debts of the Company both present and future

FIXED ASSETS:

v Land

v Building

v Furniture and Fittings

v Electrical Fittings

v Air Conditioner

v Vehicle

v Office Equipment

v Tools and Instruments

v Generator

v Pump Set

v Plant and Machinery

v Computers

v Loannerscope

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.49.33
UK Pound	1	Rs.77.41
Euro	1	Rs.64.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.