MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	VANDANA SURGI PHARMA PRIVATE LIMITED
Registered Office :	G-A-26, RIICO Industrial Area, Bijay Nagar, District Ajmer – 305624, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.02.2004
Com. Reg. No.:	17-019043
Capital Investment / Paid-up Capital :	Rs.1.350 Millions
CIN No.: [Company Identification No.]	U24236RJ2004PTC019043
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Surgical Cotton, Absorbent Cotton Wool I.P., Non Absorbent Cotton Roll, Bleached Cotton etc.
No. of Employees :	20 (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 12000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is small company having moderate track. Its scale of activities are finite. Profitability 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 small to mediocre business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rohit
Designation :	Director
Contact No.:	91-9929434524
Date :	17.07.2012

LOCATIONS

Registered Office/ Factory 1 :	G-A-26, RIICO Industrial Area, Bijay Nagar, District Ajmer – 305624, Rajasthan
Tel. No.:	91-1462-230380
Mobile No.:	91-9929434524 (Mr. Rohit)
Fax No.:	91-1462-230380
E-Mail :	rkosatwal@gmail.com vandanasurgical@in.com
Location :	Owned
Factory 2 :	GA-24/25, RIICO Industrial Area, Bijaynagar, District Ajmer – 305624, Rajasthan, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Mahavir Chand Kothari

Designation :

Director

Address :

G-A-24-25, RIICO Industrial Area, Bijainagar – 305624, Rajasthan, India

Date of Birth/Age :

05.02.1962

Qualification :

B. Com

Date of Appointment :

27.02.2004

DIN No.:

01171873

Name :

Mr. Hemant Mahaveer Kothari

Designation :

Director

Address :

G-A-24-25, RIICO Industrial Area, Bijainagar – 305624, Rajasthan, India

Date of Birth/Age :

29.12.1985

Qualification :

B. Com

Date of Appointment :

14.08.2006

DIN No.:

01171888

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	Company/ LLP Status	Defaulting status
1	U24236RJ2004PTC019043	VANDANA SURGI PHARMA PRIVATE LIMITED	Director	14/08/2006	14/08/2006	Active	NO
2	U74120MH2010PTC205344	PARAS BRAND SOLUTIONS PRIVATE LIMITED	Director	08/07/2010	08/07/2010	Active	NO

Name :

Mrs. Vandana Mahaveer Kothari

Designation :

Director

Address :

G-A-24-25, RIICO Industrial Area, Bijainagar – 305624, Rajasthan, India

Date of Birth/Age :

07.01.1963

Qualification :

B. Com

Date of Appointment :

14.08.2006

DIN No.:

01171898

Name :

Mr. Rohit Mahaveer Kothari

Designation :

Director

Qualification :

B. Com

Name :

Mr. Punit Kothari

Designation :

Director

Qualification :

B. Com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Mahavir Chand Kothari	98750
Vandana Mahaveer Kothari	25025
Hemant Mahaveer Kothari	8025
Mahaveer Kothari (HUF)	3200
Total	135000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Surgical Cotton, Absorbent Cotton Wool I.P., Non Absorbent Cotton Roll, Bleached Cotton etc.
Terms :
Selling :	Credit (30 days), Depends
Purchasing :	Cash

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	31.03.2011
Installed Capacity (As certified by Management, being the technical matter relied upon by auditors)	MT	450 MT

Particulars	Unit	Actual Production
Surgical Cotton	Kgs.	34443

GENERAL INFORMATION

Customers :

Wholesalers, Hospital/ Government Hospital

No. of Employees :

20 (Approximately)

Bankers :

· Bank of Baroda, Ajmer

· State Bank of Bikaner and Jaipur

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Rajasthan Financial Corporation
Loan I	1.647	2.141
Loan II	1.885
Interests Accrured but not due on above	0.037	0.021
Total	3.569	2.162
NOTE :- Term loan from Rajasthan Financial Corporation is secured against equitable mortgage over factory land and Building situated at G-A 26, Riico Industrial Area, Bijainagar and Hypothecation of Machinery and Movable Property. Further such credit facilities are Personally guaranteed by Mr. Mahaveer Chand Kothari and Mrs. Vandana Kothari Directors of the Company
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Share Holders	1.682	1.499
From Relatives of Directors	1.189	0.810
Total	2.871	2.309

Banking Relations :	--
Financial Institution :	· Rajasthan Financial Corporation 2/196, Adarsh Nagar, Ajmer Road, Beawar - 305901, Rajasthan, India
Auditors :
Name :	R K Osatwal and Company Chartered Accountant
Address :	Tax Chambers, Inside Ajmeri Gate, Beawar – 305901, Rajasthan, India
PAN No.:	AAAPO6579Q
Enterprises in which Key Managerial personnel or their relatives, share holders have significant influence :	· Vandana Surgical Cotton Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
135000	Equity Shares	Rs.10/- each	Rs.1.350 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
135000	Equity Shares	Rs.10/- each	Rs.1.350 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		1.350	1.350	1.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.603	1.524	1.380
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.953	2.874	2.730
LOAN FUNDS
1] Secured Loans		3.569	2.162	2.621
2] Unsecured Loans		2.871	2.309	1.503
TOTAL BORROWING		6.440	4.471	4.124
DEFERRED TAX LIABILITIES		0.159	0.100	0.015
TOTAL		9.552	7.445	6.869
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.490	5.704	5.872
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.004	0.004	0.004
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.809	1.212	1.176
	Sundry Debtors	4.757	1.625	0.192
	Cash & Bank Balances	0.190	0.040	0.092
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.876	0.073	0.102
Total Current Assets		10.632	2.950	1.562
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.423	1.043	0.489
	Other Current Liabilities	0.118	0.128	0.075
	Provisions	0.033	0.042	0.005
Total Current Liabilities		6.574	1.213	0.569
Net Current Assets		4.058	1.737	0.993
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.552	7.445	6.869

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9.002	9.066	0.739
		Other Income	0.021	0.033	0.157
		TOTAL (A)	9.023	9.099	0.896
Less	EXPENSES
		Increase/ (Decrease) in Stock	(0.577)	0.252	(0.695)
		Cost of Production	7.971	7.058	1.251
		Payment to and provision for Employees	0.544	0.614	0.000
		Selling and Administrative Expenses	0.370	0.289	0.043
		TOTAL (B)	8.308	8.213	0.599
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.715	0.886	0.297
Less	FINANCIAL EXPENSES (D)		0.326	0.404	0.212
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.389	0.482	0.085
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.213	0.210	0.035
	PROFIT BEFORE TAX (E-F) (G)		0.176	0.272	0.050
Less	TAX (H)		0.097	0.128	0.020
	PROFIT AFTER TAX (G-H) (I)		0.079	0.144	0.030
	Earnings Per Share (Rs.)		0.59	1.07	0.22

Particulars	31.03.2012
Sales Turnover (Approximately)	23.000

Expected Sales (2012-13): Rs.40.000 Millions

The above information has been parted by Mr. Rohit.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.88	1.58	3.35
Net Profit Margin (PBT/Sales)	(%)	1.96	3.00	6.77
Return on Total Assets (PBT/Total Assets}	(%)	1.09	3.14	0.67
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.02
Debt Equity Ratio (Total Liability/Networth)		4.41	1.98	1.72
Current Ratio (Current Asset/Current Liability)		1.62	2.43	2.75

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
Promoter’s 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 in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

NOTE:

The company was incorporated on February 27, 2004 by converting the erstwhile partnership firm ‘Vandana Surgi Pharma Private Limited’.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U24236RJ2004PTC019043
Name of the company	VANDANA SURGI PHARMA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-1-26, RIICO Industrial Area, Bijay Nagar, District Ajmer – 305624, Rajasthan, India rkosatwal@gmail.com
Type of charge	Immovable Property Movable Property
Particular of charge holder	· Rajasthan Financial Corporation 2/196, Adarsh Nagar, Ajmer Road, Beawar - 305901, Rajasthan, India info@rfconline.org
Nature of description of the instrument creating or modifying the charge	1. Loan Document Dt. 24/01/2012. 2. Letter of hypothecation of tangible movable property to secure loan dt. 24/01/2012.
Date of instrument Creating the charge	24/01/2012
Amount secured by the charge	Rs.1.785 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Rate of Interest will be 13.50% PA Terms of Repayment Flexi Loan is sanctioned for 3 years (From the date of 1st disbursement of loan) which can be renewed on the request of the party for next 3 years on the terms & conditions of interest rate at that time. In case the loan limit is not renewed after 3 years the party will have to pay the outstanding loan in one installment or maximum in 12 equated monthly installments Margin No margin will be maintained under flexi loan scheme. Extent and Operation of the charge Equitable mortgage by deposit of title documents of all immovable properties with all building and structure thereon and plant and machineries, fixed assets situated At G-A-26, RIICO Industrial Area, Bijainagar. Others The liquidated damages @ 2% shall be charge on the amount in default for the period of default and shall follow the terms and conditions of sanction letter.
Short particulars of the property charged	All immovable properties with all building and structure thereon and plant and machineries, fixed assets situated at G-A- 26, RIICO Industrial Area, Bijainagar. All movable assets including stock, book debts, advances etc.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Equipments

· Computers

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.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--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.