MIRA INFORM REPORT

Report Date :

03.07.2012

IDENTIFICATION DETAILS

Name :	LOTUS SURGICALS 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) :	31.03.2011
Date of Incorporation :	21.10.2005
Com. Reg. No.:	11- 156940
Capital Investment / Paid-up Capital :	Rs.37.625 Millions
CIN No.: [Company Identification No.]	U33110MH2005PTC156940
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 330000
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 – 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 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.:	91-22-24049302
Fax No.:	91-22-23049301
E-Mail :	info@lotus-surgicals.com info@lotussurgicals.com commi@lotus-surgicals.com
Website :	www.lotus-surgicals.com
Factory :	Khasra No. 1051/1 and 2 Twin Industrial Estate, Selaqui, District. Dehradun, PIN 248197, Uttarakhand, India.
Tel. No.:	91-135-2698661/ 2698709
Fax No.:	91-135-2698661/ 2698709

DIRECTORS

As on 30.09.2011

Name :

Mr. Sagar Pravin Shah

Designation :

Director

Address :

203, Sugan Co-operative Housing Society, Kemps Corner, Mumbai – 400 036, Maharashtra, India

Date of Birth/Age :

26.01.1977

Date of Appointment :

21.10.2005

DIN No.:

00319431

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1984PLC032687	AMAR REMEDIES LIMITED	Managing director	30/09/2010	1/04/1997	-	Active	NO
2	U33110MH2005PTC156940	LOTUS SURGICALS PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
3	U72100MH1988PTC047745	FAX COMPUTERS AND FINANCE SERVICES PRIVATE LIMITED	Director	1/12/2006	1/12/2006	14/04/2010	Active	NO
4	U31300MH1996PTC096758	ROLLOY WIRES PRIVATE LIMITED	Director	1/03/2007	1/03/2007	-	Dormant	NO
5	U29268MH2009PTC189617	EXTREME TECHCHEM PRIVATE LIMITED	Director	15/01/2009	15/01/2009	14/04/2010	Active	NO

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

Qualification:

B.Sc

Experience:

27 Years

Date of Appointment :

21.10.2005

DIN No.:

00520164

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

DIN No.:

00520284

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

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

As on 18.06.2011

Names of Allottees	No. of Shares
Sweta Shah	63000
Total	63000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of surgical Items used for Surgery
Product:	surgical Sutures

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

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

· ICICI Bank

· HDFC Bank

· Standard Chartered Bank, 90 M G Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of Baroda a Term Loan (Against Machinery ar Dehradun)	2.446	0.328
ICICI Bank (Against Hypothecation of Vehicle)	0.147	0.282
Zoroastrain Co op Bank Limited (Against Hypothecation of Vehicle)	0.130	0.285
HDFC Bank (Against Hypothecation of Vehicle)	0.047	0.222
Bank of Baroda (Against hypothecation of Stock, Book Debts and Fixed Assets )	87.850	51.349
Total	90.620	52.466
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Bodies corporate and other	155.994	173.693
From Bank	3.676	3.085
Total	159.670	176.778

Banking Relations :	--
Auditors :
Name :	Kala Deepak and Company Chartered Accountants
Address :	2003, 20^th Floor, Kesar Symphony, Sector 19, Kharghar, Navi Mumbai – 410210, Maharashtra, India
PAN.:	AKZPK8113H
Entities over which key managerial personnel or their relatives exercises significant influence:	· Amar Remedies Limited · Karai Enterprises

CAPITAL STRUCTURE

As on 30.09.2011

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
3762510	Equity Shares	Rs.10/- each	Rs.37.625 Millions

As on 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		36.995	35.625	0.100
2] Share Application Money		6.300	13.650	35.277
3] Reserves & Surplus		40.278	16.843	6.020
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.573	66.118	41.397
LOAN FUNDS
1] Secured Loans		90.620	52.466	26.151
2] Unsecured Loans		159.670	176.778	184.753
TOTAL BORROWING		250.290	229.244	210.904
DEFERRED TAX LIABILITIES		1.565	1.514	2.551
TOTAL		335.428	296.876	254.852
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.327	119.450	137.720
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.464	8.192	7.967
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.819	98.908	66.258
	Sundry Debtors	160.516	155.469	65.970
	Cash & Bank Balances	1.576	1.389	0.607
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.666	8.249	3.324
Total Current Assets		313.577	264.015	136.159
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		85.797	20.481
	Other Current Liabilities	81.059	0.067	0.075
	Provisions	11.881	8.953	6.510
Total Current Liabilities		92.940	94.817	27.066
Net Current Assets		220.637	169.198	109.093
MISCELLANEOUS EXPENSES		0.000	0.036	0.072
TOTAL		335.428	296.876	254.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	371.192	198.054	123.127
		Other Income	0.274	0.493	0.794
		TOTAL (A)	371.466	198.547	123.921
Less	EXPENSES
		Cost of Materials		78.116	45.424
		Manufacturing Expenses		7.137	5.213
		Employees Remuneration		33.340	25.035
		Selling and Distribution Expenses		22.259	13.745
		Office Expenses		0.036	0.036
		Administrative Expenses		15.163	9.120
		TOTAL (B)	328.084	156.051	98.573
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.382	42.496	25.348
Less	FINANCIAL EXPENSES (D)		12.235	7.177	4.538
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.147	35.319	20.810
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.242	23.284	14.920
	PROFIT BEFORE TAX (E-F) (G)		13.905	12.035	5.890
Less	TAX (H)		2.800	1.212	2.229
	PROFIT AFTER TAX (G-H) (I)		11.105	10.823	3.661
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.843	6.020	2.359
	BALANCE CARRIED TO THE B/S		27.948	16.843	6.020
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.133	3.452	0.000
	TOTAL EARNINGS		3.133	3.452	0.000
	Earnings Per Share (Rs.)		3.02	2.75	458.59

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.99	5.45	2.95
Net Profit Margin (PBT/Sales)	(%)	3.75	6.07	4.78
Return on Total Assets (PBT/Total Assets}	(%)	4.43	3.13	1.33
Return on Investment (ROI) (PBT/Networth)		0.17	0.18	0.14
Debt Equity Ratio (Total Liability/Networth)		4.11	4.92	5.81
Current Ratio (Current Asset/Current Liability)		3.37	2.78	5.03

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note: Registered office of the company has been shifted from 401, Marker Mansion, 623, Lady Jehangir Road, Dadar Parsi Colony, Mumbai – 400014, Maharashtra India to the present address w.e.f.30.11.2007

OPERATION:

The SaIes turnover of the Company has increased to Rs.371.192 Millions during ate current year as compared to Rs.198.054 Millions in previous year registering growth of 87.41%. The Company has made profit of Rs.13.905 Millions during the current year as compared to Rs.12.035 Millions in previous year registering growth of 15.53%. The financial performance of the company was satisfactory and the Directors expect better performance upcoming years.

CONTINGENT LIABILITIES NOT PROVIDED FOR (As on 31.03.2011)

Letter of Credit – 7.576 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U33110MH2005PTC156940
Name of the company	LOTUS SURGICALS 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 Email: info@lotus-surgicals.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10183120
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda, Mandvi 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	23.02.2012
Amount secured by the charge	Rs.139.724 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest :6.25% over base rate of the bank per annum with monthly rests. Terms of Repayment Cash credit Term loan Cash credit adhoc Margin 25% on stocks 40% on book debts Extent and Operation of the charge Bank of baroda b/o mandvi branch rang mahal mumbai first charge holder
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of goods, book debts, moveable machinery and vehicles
Date of instrument modifying the charge	25.06.2011
Particulars of the present modification	Charge stand at Rs.139.724 Millions

FIXED ASSETS:

· Car

· Computers and Printers

· Electrical Installation

· Factory Building

· Furniture and Fixture

· Office Equipment

· Plant and Machinery

· Refrigerator

· Television Sets

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.55.83
UK Pound	1	Rs.87.40
Euro	1	Rs.70.42

INFORMATION DETAILS

Report Prepared by :

KVT

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	NO
--AFFILIATION	YES/NO	YES
--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.