MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	J.R. SURGICAL PRODUCTS PRIVATE LIMITED
Registered Office :	J. R. House, Opposite Vakharia Market, Behind Surat Textile Market, Ring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.02.2006
Com. Reg. No.:	04-047722
Capital Investment/ Paid-up Capital:	Rs.1.100 Millions
CIN No.: [Company Identification No.]	U33110GJ2006PTC047722
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Self Adhesive Tapes, LDPE Surface Protection Tape.
No. of Employees:	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 9000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of “Multi Pac Industries”, a partnership concern which was incorporated in the year 1996. It is an established company having moderate track. The profitability and reserves of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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. Ashish
Designation :	Director
Contact No.:	91-9825124733
Date :	09.07.2012

LOCATIONS

Registered Office/ Factory :	J. R. House, Opposite Vakharia Market, Behind Surat Textile Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2320906
Mobile No.:	91-9825124733 (Mr. Ashish)
Fax No.:	91-261-2313231
E-Mail :	ashish@multipactapes.com sbazari2003@yahoo.co.in
Website :	www.multipactapes.com
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mr. Ashish Brijbhushan Tulsian

Designation :

Director

Address :

43, Sant Tukaram Society, Ghod Dod Road, Surat - 395007, Gujarat, India

Date of Birth/Age :

36 Years

Qualification :

B.Com

Date of Appointment :

13.02.2006

DIN No.:

00330167

Other Directorships :

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	U33110GJ2006PTC047722	J.R. SURGICAL PRODUCTS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO
2	U17119GJ1980PTC003806	J R DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	01/04/2012	01/04/2012	-	Active	NO

Name :

Mr. Alok Kumar Tulsian

Designation :

Director

Address :

3-C, Ratan Milan Apartment,, Panjara Pole, Ghod Dod Road, Surat - 395007, Gujarat, India

Date of Birth/Age :

39 Years

Qualification :

B.Com

Date of Appointment :

13.02.2006

DIN No.:

00389329

Other Directorships :

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	U17119GJ1980PTC003806	J R DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
2	U17110GJ1994PTC021924	PAYAL DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	20/12/2003	20/12/2003	-	Active	NO
3	U33110GJ2006PTC047722	J.R. SURGICAL PRODUCTS PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO
4	U21019GJ1995PTC027748	SACHIN PAPER MILLS PRIVATE LIMITED	Additional director	05/07/2007	05/07/2007	-	Active	NO
5	U17231GJ2010PTC059389	OM SATYA THREADS PRIVATE LIMITED	Director	02/02/2010	02/02/2010	18/04/2011	Active	NO
6	U17119GJ2002PTC040840	RAGESHWARI TEXTILES PRIVATE LIMITED	Director	20/05/2010	20/05/2010	26/12/2011	Active	NO
7	U17120MH1982PTC026447	NAVBHARAT SILK MILLS PRIVATE LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO

Name :

Mr. Anandkumar Jagatvijay Tulsian

Designation :

Director

Address :

151-C Jamna Nagar, Ghod Dod Road, Surat - 395007, Gujarat, India

Date of Birth/Age :

38 Years

Qualification :

B.Com

Date of Appointment :

31.12.2007

DIN No.:

02133091

Other Directorships :

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	U21019GJ1995PTC027748	SACHIN PAPER MILLS PRIVATE LIMITED	Director	11/10/1995	11/10/1995	-	Active	NO
2	U33110GJ2006PTC047722	J.R. SURGICAL PRODUCTS PRIVATE LIMITED	Director	31/12/2007	31/12/2007	-	Active	NO
3	U17115GJ2000PTC038351	PAYAL SAREES PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO
4	U17118GJ2001PTC039359	PAYAL PRINTS PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Jagatvijay Ramchandra Tulsian	3400
Alok Bharatbhushan Tulsian	3300
Ashish Brijbhushan Tulsian	3300
Anitadevi Sushilkumar Tulsian	10000
Atul Brijbhushan Tulsian (HUF)	10000
Shipa Atul Tulsian	10000
Ashish Brijbhushan Tulsian (HUF)	10000
Sweta Ashish Tulsian	10000
Anand Jagatvijay Tulsian (HUF)	10000
Ekta Anand Tulsian	10000
Tripti Amit Tulsian	10000
Alok Bharatbhushan Tulsian (HUF)	10000
Sarita Alok Tulsian	10000
Total	110000

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 of Self Adhesive Tapes, LDPE Surface Protection Tape.
Products :	· Bopp Packaging Tape · Bopp Rubber Tape · Polyester Tape · Cotton Insulation Tape · Cellophane Tape · Tarapaulin Adhesive Tape · Paper Masking Tape · Kraft Paper Tape · Double Sided Polyester Tape · Aluminium Foil Tape · Double sided Foam Tape · Cotton Cloth Adhesive Tapes · Double sided Cotton Tape · Nylon Cloth Adhesive Tape · Rayon Cloth Adhesive Tape · Synthetic Cloth Adhesive Tape · Duct Cloth Tape · Double Sided Carpet Tape
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

80 (Approximately)

Bankers :

· The Sutex Co-Operative Bank Limited, 2nd Floor, "Surajram Bachkaniwala Bhavan", Near Navjivan Circle, Udhna Magdalla Road, Surat - 395017, Gujarat, India

· The Sutex Co-Oprative Bank Limited, Bank Block, Surat Textile Market, Ring Road, Surat - 395002, Gujarat, India

· HDFC Bank

· ICICI Bank Limited

· Dena Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
The Sutex Co-Operative Bank (C.C.) (Secured by Hypothecation of Plant and Machinery, Stock and Book debts)	18.086	7.406
HDFC Bank Car Loan	0.185	0.303
The Sutex Bank Term Loan	4.950	6.011
The Sutex Bank Term Loan (Term Sutex from Sutex Bank are secured by Hypothecation of Plant and Machinery and Immovable Property of Director’s Relative)	1.422	0.000
Total	24.643	13.720
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director and their relatives	3.640	8.482
Total	3.640	8.482

Banking Relations :	--
Auditors :
Name :	Ramesh Kumar Malpani Chartered Accountant
Address :	401,Trividh Chambers, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2322411/ 2326578
PAN No.:	AALFR1267R
Sister Concern :	· Panika Sarees · J. R. Dyeing · J. R. Fashion · Sachin Paper

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.10/- each	Rs.1.100 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		1.100	1.100	1.100
2] Share Application Money		0.900	0.900	0.400
3] Reserves & Surplus		0.299	0.000	0.000
4] (Accumulated Losses)		0.000	(0.324)	(0.177)
NETWORTH		2.299	1.676	1.323
LOAN FUNDS
1] Secured Loans		24.643	13.720	4.097
2] Unsecured Loans		3.640	8.482	10.197
TOTAL BORROWING		28.283	22.202	14.294
DEFERRED TAX LIABILITIES		0.158	0.435	0.000
TOTAL		30.740	24.313	15.617
APPLICATION OF FUNDS
		6.642	6.086	4.375
		0.000	0.000	0.000
INVESTMENT		0.635	0.420	0.150
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.635	13.218	7.426
	Sundry Debtors	20.717	15.951	8.975
	Cash & Bank Balances	1.580	0.848	0.530
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.343	0.216	0.214
Total Current Assets		44.275	30.233	17.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	20.529	12.302	6.103
	Other Current Liabilities	0.195	0.143	0.098
	Provisions	0.088	0.058	0.007
Total Current Liabilities		20.812	12.503	6.208
Net Current Assets		23.463	17.730	10.937
MISCELLANEOUS EXPENSES		0.000	0.077	0.155
TOTAL		30.470	24.313	15.617

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	89.928	49.395	37.217
		Other Income	0.046	0.044	0.011
		Bank Interest Income	0.062	0.027	0.025
		TOTAL (A)	90.036	49.466	37.253
Less	EXPENSES
		Cost of goods sold	82.657	45.354	33.637
		Office and Administration Expenses	1.217	0.848	1.035
		Selling and Distribution Expenses	1.738	0.039	0.611
		Preliminary Expenses W/off	0.007	0.007	0.007
		Pre-operative Expenses W/off	0.070	0.070	0.070
		Loss on sale of Fixed Assets	0.029	0.000	0.029
		TOTAL (B)	85.718	46.318	35.389
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.318	3.148	1.864
Less	FINANCIAL EXPENSES (D)		2.981	2.064	1.512
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.337	1.084	0.352
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.905	0.738	0.499
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.432	0.346	(0.147)
Less	TAX (H)		(0.191)	0.493	(0.034)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.623	(0.147)	(0.113)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.324)	(0.177)	(0.064)
	BALANCE CARRIED TO THE B/S		0.299	(0.324)	(0.177)
	Earnings/loss Per Share (Rs.)		5.66	(1.34)	(1.03)

Particulars	31.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-2013): Rs.250.000 Millions

The above information has been parted by Mr. Ashish

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.69	(0.30)	(0.30)
Net Profit Margin (PBT/Sales)	(%)	0.48	0.70	(0.39)
Return on Total Assets (PBT/Total Assets}	(%)	0.85	0.95	(0.68)
Return on Investment (ROI) (PBT/Networth)		0.18	0.21	(0.11)
Debt Equity Ratio (Total Liability/Networth)		21.35	20.71	15.50
Current Ratio (Current Asset/Current Liability)		2.13	2.42	2.76

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U33110GJ2006PTC047722
Name of the company	J.R. SURGICAL PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	J. R. House, Opposite Vakharia Market, Behind Surat Textile Market, Ring Road, Surat – 395002, Gujarat, India E-mail: sbazari2003@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10087642
Type of charge	· Book debts · Others (Stocks of the Company)
Particular of charge holder	The Sutex Co-Operative Bank Limited, 2nd Floor, "Surajram Bachkaniwala Bhavan", Near Navjivan Circle, Udhna Magdalla Road, Surat - 395017, Gujarat, India E-mail: sutbk2006@gmail.com
Nature of instrument creating charge	Supplemental composite agreement of hypothecation against book-debt and stock
Date of instrument Creating the charge	04.10.2011
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate on new charge 13.50% p.a. Calculated on daily basis. And other terms and condition as per earlier documentation. Terms of Repayment 12 months subject to review annually Margin 30 % on stock, and 50% on book debts up to 90 days Extent and Operation of the charge First charge by way of hypothecation agreement against present and future stock and book-debt other movable assets
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of present and future stock and book-debt and other movable assets
Date of instrument modifying the charge	20.01.2011
Particulars of the present modification	The credit limit is modified as under Present Proposed Cash Credit 17.500 Millions 30.000 Millions

FIXED ASSETS:

· Factory Building

· Machinery

· Factory Quarters

· Fire Extinguisher

· Electric Fitting

· Weight Scale

· Computer

· Mobile

· Furniture

· Tempo

· Air Conditioner

· Boiler

· Lab Instrument

· Motor Cycles

· Office Equipment

· EPBX Machine

· CCTV Camera

· Motor Car

AS PER WEBSITE DETAILS:

PROFILE

They take the pleasure to introduce there selves as the leading company of J. R. Group engaged in manufacturing of all types of Self Adhesive Tapes for industrial use. They are specialized in Bopp Tape and Cotton Tape. They feel proud to say that they are one of the largest manufacturer of Bopp Self Adhesive Tapes in Gujarat state with the capacity of 100mt per month.

Multipac brand Self Adhesive Tapes are premium grade, high quality application tapes with specialty formulated water and solvent adhesive to deliver high initial tack, uniform and enhanced a safe permanent seal, which also ensures tamper proof and security protection to applied item. Having good resistance to humidity, it also has a longer shelf life.

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.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.