MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	BIPSON SURGICAL PRIVATE LIMITED
Registered Office :	305, Ashwamegh Avenue, Near Mithakhali Underbridge, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014 [Provisional]
Date of Incorporation :	27.02.2004
Com. Reg. No.:	04-043705
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U25199GJ2004PTC043705
PAN No.: [Permanent Account No.]	AACCB3606N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sterile and Non-Sterile, Surgical Dressing and Hygiene Products.
No. of Employees :	85 (20 in Office and 65 in Factory) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having moderate track record. Mr. Bharat Patel, Chairman and Managing Director has provided unaudited financial statement for the year 2014. As per financial of 2013, external borrowing of the company is huge which act as a threat to liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Bharat Patel
Designation :	Chairman and Managing Director
Contact No.:	91-9328073710
Date :	10.09.2014

LOCATIONS

Registered Office :	305, Ashwamegh Avenue, Near Mithakhali Underbridge, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26468503/ 32920463
Mobile No.:	91-9328073710 [Mr. Bharat Patel]
Fax No.:	91-79-26400513
E-Mail :	anish_shahcs@yahoo.com bipsonsurgical@yahoo.co.in
Website :	http://www.bipsonsurgical.com
Area :	550 Sq. ft.
Location :	Owned
Factory :	Plot No. 14, Industrial Area, Near GTS, Sector 30, Gandhinagar – 382030, Gujarat, India
Tel. No.:	91-79-23260293/ 23260296
Fax No.:	91-79-23260296
Area :	1000 Sq. ft.
Location :	Leased

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Bharatbhai Ishwarbhai Patel
Designation :	Chairman and Managing Director
Address :	1, Shyam Vihar Bungalow, Shilaj-Thaltej Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	01.06.1953
Qualification :	M.B.B.S
Experience :	30 Years
Date of Appointment :	27.02.2004
PAN No.:	AEIPP9644P
DIN No.:	00096567
Name :	Mrs. Bharatiben Bharatbhai Patel
Designation :	Director
Address :	1, Shyam Vihar Bungalow, Shilaj-Thaltej Road, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	13.10.1964
Qualification :	B. Com
Experience :	16 Years
Date of Appointment :	17.01.2011
DIN No.:	03301244

KEY EXECUTIVES

Name :	Mr. Paresh B. Parikh
Designation :	Production Manager
Name :	Mr. Paresh M. Shah
Designation :	Accountant
Name :	Mr. Pradeep Thakkar
Designation :	Head Accountant
Name :	Ambily Nair
Designation :	Computer Operator
Name :	Mr. Ashish Parikh
Designation :	General Manager – Sales all over India
Name :	Mr. Rajesh Rawal
Designation :	Factory Manager
Name :	Mr. Rakesh Panchal
Designation :	Technical and Maintenance Incharge
Name :	Mr. Haresh Patel
Designation :	Lab Chemist and Q.C. Incharge
Name :	Mr. Milan Patel
Designation :	Lab Chemist Assistant
Name :	Mr. Umesh Sing
Designation :	Raw Materials Store Incharge
Name :	Mr. Arvind Padhiyar
Designation :	Finished Goods Store Incharge
Name :	Kanti Meena
Designation :	Supervisor and Machine Operator
Name :	Mrs. Jyotsna Patel
Designation :	Dispatch Clerk

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Bharatbhai Ishwarbhai Patel	90000	45.00
Bharatiben Bharatbhai Patel	90000	45.00
Neshal B. Patel	20000	10.00
Total	200000	100.00

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Sterile and Non-Sterile, Surgical Dressing and Hygiene Products.
Agencies Held :	· Mature Enterprise Krishna Enterprise Osteon Surgical
Terms :
Selling :	Credit [60 Days – 90 Days]
Purchasing :	Cash and Credit [30 Days]

GENERAL INFORMATION

Suppliers :

· Giriraj Trading Company, Dholka

Biraj Textiles, Ahmedabad

Patidar Poly Print, Ahmedabad

Carex Surgi Cot Ind., Ahmedabad

H. D. Surgical, Modinagar

Laxmisankar Textile, Rajapalayam

Rajalakshmi Enterprise, Rajapalayam

Radhakrishna Textile, Rajapalayam

Eampee Corporation, Rajapalayam

Customers :

Wholesalers and End Users

· Mature Enterprise, Ahmedabad

Krishna Enterprise, Aurangabad

The Osteon Surgical, Mumbai

Various Corporate Hospital

Civil Hospital, Ahmedabad

Civil Hospital, Surat

Other Government Hospitals

No. of Employees :

85 (20 in Office and 65 in Factory) (Approximately)

Bankers :

· Union Bank of India

Karaka Building No.1, Ellisbridge, Ashram Road, Ahmedabad – 380009, Gujarat, India

· IDBI Bank Limited

IDBI Complex, Lal Bungalows, Off C.G. Road, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loan from Financial Institution	26.304	18.799
Total	26.304	18.799

Banking Relations :	--
Auditors :
Name :	Harish V. Gandhi and Company Chartered Accountants
Address :	104, Shreeji Complex, Near Ellisbidge Post Office, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26578036
Mobile No.:	91-9824349855
E-Mail :	cahvgandhi_18@yahoo.in
Income-tax PAN of auditor or auditor's firm :	APAPG4107D

CAPITAL STRUCTURE

AS ON 31.03.2014 [PROVISIONAL]

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 [Unaudited]	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000	2.000	2.000
(b) Reserves & Surplus	2.686	1.828	1.270
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.438	1.438
Total Shareholders’ Funds (1) + (2)	4.686	5.266	4.708
(3) Non-Current Liabilities
(a) long-term borrowings	26.304	18.799	0.273
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.105	8.637	10.147
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.409	27.436	10.420
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.623	5.290	21.314
(c) Other current liabilities	0.000	0.000	8.048
(d) Short-term provisions	0.706	0.380	0.520
Total Current Liabilities (4)	5.329	5.670	29.882
TOTAL	41.424	38.372	45.010
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.806	3.339	2.036
(ii) Intangible Assets	1.900	1.900	1.900
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.011	0.011	0.011
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.020	0.020	0.020
Total Non-Current Assets	4.737	5.270	3.967
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.678	18.266	10.261
(c) Trade receivables	10.888	6.717	27.371
(d) Cash and cash equivalents	2.072	2.647	0.398
(e) Short-term loans and advances	1.200	3.807	2.051
(f) Other current assets	1.849	1.665	0.962
Total Current Assets	36.687	33.102	41.043
TOTAL	41.424	38.372	45.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [Unaudited]	31.03.2013	31.03.2012
	SALES
		Income	154.333	52.274	58.665
		Other Income	0.199	0.018	0.007
		TOTAL (A)	154.532	52.292	58.672
Less	EXPENSES
		Cost of Materials Consumed	126.182	35.536	45.024
		Manufacturing and Other Expenses	8.223	5.922	4.257
		Staff Expenses	8.471	3.192	3.109
		Administrative and Selling Expenses	7.330	2.868	2.993
		Director Remuneration	0.000	0.840	0.360
		TOTAL (B)	150.206	48.358	55.743
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.326	3.934	2.929
Less	FINANCIAL EXPENSES (D)		2.384	2.468	1.491
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.942	1.466	1.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.533	0.658	0.319
	PROFIT BEFORE TAX (E-F) (G)		1.409	0.808	1.119
Less	TAX (H)		0.550	0.251	0.375
	PROFIT AFTER TAX (G-H) (I)		0.859	0.557	0.744
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.827	1.270	0.526
	BALANCE CARRIED TO THE B/S		2.686	1.827	1.270
	Earnings Per Share (Rs.)		4.30	2.79	3.72

KEY RATIOS

PARTICULARS		31.03.2014 [Unaudited]	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.56	1.07	1.27
Net Profit Margin (PBT/Sales)	(%)	0.91	1.55	1.91
Return on Total Assets (PBT/Total Assets}	(%)	3.40	2.11	2.49
Return on Investment (ROI) (PBT/Networth)		0.30	0.15	0.24
Debt Equity Ratio (Total Debt/Networth)		5.61	3.57	0.06
Current Ratio (Current Asset/Current Liability)		6.88	5.84	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014 [Unaudited]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.000	2.000	2.000
Reserves & Surplus	1.270	1.828	2.686
Share Application money pending allotment	1.438	1.438	0.000
Net worth	4.708	5.266	4.686
Long-term borrowings	0.273	18.799	26.304
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.273	18.799	26.304
Debt/Equity ratio	0.058	3.570	5.613

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 [Unaudited]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	58.665	52.274	154.333
		(10.894)	195.239

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 [Unaudited]
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	58.665	52.274	154.333
Profit	0.744	0.557	0.859
	1.27%	1.07%	0.56%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2013
Income Heads	Income before Set off		Income after Set off
Income from House Property	0.000		0.000
Income from Business or Profession	0.816		0.816
Income from Capital Gains	0.000		0.000
Income from Other Sources	0.000		0.000
Gross Total Income			0.816
Less: Deduction under Chapter VIA			0.000
Total Income			0.816
Rounding off u/s 288A			0.816
Income Taxable at Normal Rate		0.816
Income Taxable at Special Rate		0.000
TAX CALCULATION
Tax at Normal Rates	0.245
	MAT Prov.	Normal Prov.
Total Tax as per other provisions of the IT Act		0.245
Tax Payable u/s 115JB	0.103
Add: Surcharge [If Applicable]	0.000
Total	0.103	0.245
Add: Education Cess	0.002	0.005
Add: Secondary and Higher Education Cess	0.001	0.002
Total	0.106	0.252
Higher of the above two			0.252
Less: TDS/TCS			0.011
Assessed Tax			0.241
Less: Advance Tax			0.100
Add: Interest			0.019
u/s 234B	0.008
8430[6M]+0[0M]
u/s 234C	0.011
[1080+3246+5412+1405]
Less: Tax Deposited u/s 140A			0.160
COMPREHENSIVE DETAILS
Income from Business and Profession Details			0.816
BIPSON SURGICAL PRIVATE LIMITED
Net Profit as per P&L A/c		0.808
Add: Items Inadmissible / for Separate Consideration		0.663
Depreciation Separately Considered	0.658
Donation	0.005	______
Sub Total		1.471
Less: Items Inadmissible / for Separate Consideration		0.655
Deprecation allowed as per IT Act	0.655	______
Income from BIPSON SURGICAL PRIVATE LIMITED		0.816
Total of Business and Profession			0.816

------------------------------------------------------------------------------------------------------------------------------

D S C R ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016
	(Projections)	(Projections)
Net Profit	1.464	1.991
Depreciation	0.453	0.385
Term Loan interest	4.684	5.310
Total Inflow	6.601	7.685
Term Loan Instalments	2.721	1.653
Term loan Interest	4.684	5.310
Total Outflow	7.405	6.963
D S C R	0.89	1.10
Average D S C R	1.02

------------------------------------------------------------------------------------------------------------------------------

BALANCE SHEET ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016
ASSETS	(Projections)	(Projections)
FIXED ASSETS
Gross Block	8.209	8.209
Depreciation	3.956	4.341
Revaluation Reserves	0.000	0.000
NET BLOCK	4.253	3.868
Capital WIP	--	--
Investments	0.011	0.011
Current Assets:
Inventories
Raw Material
Indigenous	27.048	32.458
Imported	0.000	0.000
Stock in Process	0.000	0.000
Finished Goods	0.000	0.000
Stores and Spares	0.000	0.000
Traded Products	0.000	0.000
Others [Packing Material]	0.000	0.000
Total	27.048	32.458
Debtors:
Over 6 Months	1.845	0.845
Export Receivables	0.000	0.000
Local Receivables	20.519	20.164
Total	22.364	21.009
Cash and Bank Balances
In Margin Money Account	0.750	0.750
Cash and Bank Balances	1.115	1.036
Loans and Advances
Group Company/ Staff/ ICDs	0.000	0.000
Suppliers and Others	1.440	1.152
Others
Of Current nature	2.958	1.958
Of Non-Current Nature	0.024	0.000
Total Current Assets	55.699	58.362
TOTAL ASSETS	59.963	62.241
LIABILITIES
Capital
Equity	7.105	7.105
Share Application Money	0.000	0.000
Quasi Equity Unsecured Loan	0.000	0.000
Reserves and Surplus	4.150	6.141
Debit Balance in P&L account	0.000	0.000
Preliminary Expenses/ Miscellaneous Expenses	0.000	0.000
Revaluation Reserves	0.000	0.000
TANGIBLE NETWORTH	11.255	13.246
Term Liabilities
Secured	21.930	20.049
Deposits	0.000	0.000
Unsecured	0.000	0.000
	21.930	20.049
Current Liabilities
Creditors	4.283	5.951
Loans and Advances	0.000	0.000
Provision
Tax	0.655	0.890
Others	0.187	0.224
Bank Borrowings	20.000	20.000
Others	0.000	0.000
LT Liabilities due within 1 Year	1.653	1.881
TOTAL CURRENT LIABILITIES	26.778	28.947
TOTAL LIABILITIES	59.963	62.241

------------------------------------------------------------------------------------------------------------------------------

INCOME STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016
	(Projections)	(Projections)
Manufacturing Sales
Export	0.000	0.000
Domestic	195.200	234.240
	195.200	234.240
Total Income
Export	0.000	0.000
Domestic	0.000	0.000
	0.000	0.000
Gross Sales	195.200	234.240
Less: Excise Duty and Sales Tax	0.000	0.000
Net Sales	195.200	234.240
Other Operating Income	0.002	0.003
Total Income	195.202	234.242
EXPENSES
Raw Material and Stores and Spares Consumed
Opening Stock	20.678	27.048
Purchase of raw materials and stores and spares	165.611	196.477
Closing stock	27.048	32.458
	159.242	191.068
Manufacturing Expenses	9.457	11.159
Increase/ (Decrease) in WIP	0.000	0.000
Depreciation	0.453	0.385
Cost of Production	169.151	202.612
Increase/ (Decrease) in finished Goods and Stores and Spares	0.000	0.000
Trading Activity
Opening Stock	0.000	0.000
Purchases	0.000	0.000
Closing Stock	0.000	0.000
Cost of sales	169.151	202.612
Gross Profits	26.051	31.630
Personnel Cost	10.165	11.689
Administration Cost	8.698	11.307
Selling Expenses	0.091	0.113
Other Expenses [Financial Charges]	0.295	0.330
Interest	4.684	5.310
Operating Profit	2.119	2.881
Non-Operating Surplus/ (Deficit)	0.000	0.000
Profit before tax	2.119	2.881
Provision for tax	0.655	0.890
Profit after tax	1.464	1.991
Dividend
Equity	0.000	0.000
Preference	0.000	0.000
Dividend Tax	0.000	0.000
Retained Earnings	1.464	1.991
Cash Generation	1.917	2.375

------------------------------------------------------------------------------------------------------------------------------

WORKING CAPITAL ASSESSMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016
	(Projections)	(Projections)
CURRENT ASSETS
Raw Materials
Indigenous	0.000	0.000
[Month]	0	0
Raw Materials	27.048	32.458
[Month]	[2.04]	[2.04]
Work in Progress	0.000	0.000
[Month]	--	--
Finished Goods	0.000	0.000
[Month]	--	--
Others	0.000	0.000
Sundry Debtors
Domestic	20.519	20.164
[Month]	[1.26]	[1.03]
Export	0.000	0.000
[Month]	--	--
Cash and Bank Balance	1.115	1.036
Advances	1.440	1.152
Other Current Assets	2.958	1.958
TOTAL CURRENT ASSETS	53.080	56.768
Creditors	4.283	5.951
[Month]	[0.31]	[0.36]
Other Current Liabilities [excluding Bank Borrowings]	0.842	1.114
TOTAL CURRENT LIABILITIES	5.125	7.066
Working Capital Gap	47.956	49.702
25% Margin [Excluding Export Debtors]	13.270	14.192
Actual/ Projected Net Working Capital [CA-CL]	27.956	29.702
MPBF-I	34.686	35.510
MPBF-II	20.000	20.000
MPBF	20.000	20.000
Excess Borrowings	--	--

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FINANCIAL DETAILS

(RS. IN MILLIONS)

PARTICULARS	31.03.2015	31.03.2016
	(Projections)	(Projections)
Net Sales	195.202	234.242
Operating Profit	7.255	8.575
Other Income	0.000	0.000
PBDIT	7.255	8.575
Depreciation and Amortisation	0.453	0.385
Interest and Financial Charges	4.979	5.640
Profit before Tax [PBT]	2.119	2.881
Profit after Tax [PAT]	1.464	1.991
Cash Accruals	1.917	2.375
Share Capital	7.105	7.105
Reserves and Surplus	4.150	6.141
Miscellaneous Expenses not w/off	0.000	0.000
TNW	11.255	13.246
USL as Quasi Equity	0.000	0.000
Adjusted TNW	11.255	13.246
TTL	21.930	20.049
TOL	48.707	48.995
Net Sales Growth %	26.48%	20.00%
PBDIT Margin%	3.72%	3.66%
PAT Margin%	0.75%	0.85%
ROCE	20.50%	24.60%
TOL / TNW	4.33	3.70
Adj. TOL / TNW	4.33	3.70
TTL / TNW	1.95	1.51
Adj. TTL / TNW	1.95	1.51
Current Ratio	2.01	1.99
Current Ratio w/o TL inst.	2.14	2.13
Interest Coverage Ratio	1.55	1.62

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ASSESSMENT OF BANK GUARANTEE

(RS. IN MILLIONS)

Type of BG	Particulars	Assessment	Amount Eligible
EMD	Average Bids participated during estimated / projected	120.000	--
	BG Requirements @ 3% (i)	3%	3.600
Mobilisation Advance	Total Expected Works in hand	--	--
	Total Expected amount to be received in advance @ 10%	0%	--
	BG required for mobilization advance (ii)	--	--
Performance BG	Total Expected Works for which Performance Guarantee	90.000	--
	BG required for Performance Guarantee [5% of above]	5%	4.500
Retention Money BG	BG required for retention money	0.00%	--
Total BG required	(i + ii + iii + iv) A	--	8.100
	Present Outstanding’s (with all Banks) (B)	--	--
	BG expected to be matured during estimated / projected	--	--
	Total BG required (A+B+C) (D)	--	8.100
	Existing Limits (with all Banks) (E)	--	--
(A)	Additional BG requirement (D-E)	--	8.100
(B)	Proposed BG Limit	--	8.000
	Eligible BG Limit (W / Lower (A) or (B))	--	8.000

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STATEMENT OF ASSETS AND LIABILITIES

MR. BHARATBHAI L. PATEL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	AMOUNT
	ASSETS
1	FIXED PROPERTY
	Agricultural Land	4.500
	Factory
	- Land	45.000
	- Building	6.000
	- Plant and Machinery	8.210
2	Cash and Bank Balance	0.107
3	Capital Investment in Company	0.900
4	Fixed Deposit in Bipson	4.934
5	Gold and Silver Ornaments	0.200
6	Provident Fund Balance	0.278
7	Cars	0.900
	TOTAL	71.029
	OUTSTANDING LIABILITIES
1	Outstanding Liabilities	0.000
	TOTAL	0.000
NETWORTH [ASSETS - LIABILITIES]		71.029

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MRS. BHARATIBEN B. PATEL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	AMOUNT
	ASSETS
1	FIXED PROPERTY
	Office	4.500
2	Cash and Bank Balance	0.122
3	Capital Investment in Company	0.900
4	Gold and Silver Ornaments	0.700
5	Insurance Policies/ Mutual Fund	0.367
6	Provident Fund Balance	0.176
	TOTAL	6.765
	OUTSTANDING LIABILITIES
1	Outstanding Liabilities	0.000
	TOTAL	0.000
NETWORTH [ASSETS - LIABILITIES]		6.765

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

(GENERAL DETAILS)

Purpose of valuation

To ascertain present market value of Leasehold Interest on non-agriculture land and building there on.

Date of Visit

13.08.2014.

Persons accompanying/ available at the site at the time of visit/ valuation

Mr. Bharatbhai Ishwarbhai Patel

Complete address of the property [Door No./ Street/ Cross Road, Survey No. etc.]

M/s. Bipson Surgical Private Limited

Sector – 30, North Audyogik Vistar, Plot No. 14, Gandhinagar Township, GTS Road, At Gandhinagar

Boundaries

East	Plot No. 13
West	Plot No. 15
North	Bridge of PWD
South	Road

Title of the property

Name of the Owner

M/s. Bipson Surgical Private Limited

Director: Mr. Bharatbhai Ishwarbhai Patel

Since how long owing the property

In year 2004 through Registered Lease Deed

Whether joint/ co-ownership/ other

Yes, Joint Ownership

In case of joint ownership, please furnish shares of each owner and whether the shares are undivided?

As per Resolution of Company.

Corporation Tax paid

Amount

Year of assessment

Date of payment

Receipt is not on Record.

Restrictive clauses as to uses, if any [whether building use certificate from corporation has been obtained etc.]

Industrial Purpose Non-Agricultural permission is obtained from Dy. Collector, Gandhinagar, vide permission No.: AC/Sili/LND-2/Regi/A-Plot/R-561. Dated 29.10.1977. The Construction of Building is as per Guidelines of NDMA and Building Bye-Laws. [Plan is not on record].

Location advantages/ disadvantages

All amenities nearby viz. Schools, Residential Society markets, bus stand are available at walkable Distance.

Classification of locality: Higher Class/ Middle Class/ Poor Class

Industrial Purpose

Civic Amenities

Proximity to surface communication

Distance from city/ Municipal limits

All located within 2 or 3 kms.

The property is situated on internal road.

Within Gandhinagar Municipal Limits.

If the property is not within the city / town Municipal limits then state the distance of the property from the Municipal office

Within Gandhinagar Municipal limits

Municipal limits

Disadvantages if any to be specified

Within Gandhinagar Municipal limits

Nil

Title to the property

Whether freehold

Leasehold

If not freehold, what is unexpired period of lease?

As per Lease Agreement

If leasehold, name of the lessor/lessee nature of lease, date of commencement and forms of renewal of lease

Lessor: Mr. Ishwarbhai Bababhai Patel

Lessee: M/s. Bipson Surgical Private Limited

Director: Bharatbhai Ishwarbhai Patel

Rent per annum

As per Lease Agreement

Unearned increases payable to the lessor in the event of safe or transfer

As per Lease Agreement

Type of property – whether

Industrial

Yes

What is the -

Year of acquisition purchase of land

In year 2004 through Registered Lease Deed

Value / Purchase price paid

Rs. 6000.00 as per Registered Lease Deed No. 8952

Dated: 27.09.2004.

Year of construction of super structure/ purchase of building

Partly in year 2004 and Partly in year 2011.

Numbers of floors / storeys

Some Buildings are on Ground Floor and Some Buildings are on Ground Floor and First Floor.

Year of construction

Partly in year 2004 and Partly in year 2011.

Cost for construction. Purchase price

As per construction agreement

Additions/ improvement carried out is any state briefly nature of additional cost there of

Refer Valuation Part

Estimate future life

Approximately 55 years

Area of land to be supported by a map showing shape, dimensions, physical features

1000.00 Sq. Mtr

1000.00 Sq. Mtr

Area of building / constructed portion [State separately for factory, Admin. Building, staff quarters etc.]

Refer Valuation Part

Type / Class of construction

RCC and M.S. frame structure

Service items available [list of all the items to be provided such as borewell sump embedded. Motors, BMC water supply, sanitary disposal systems, canteen stores etc.]

Water connection is provided by Municipality and Drainage is connected to public sewer.

If the property is industrial -

Yes.

State for what type of activity / industry the premise is well suited

Industrial Activity

Sanctioned/ connected power load

19 KV Connection

Type of activity presently going on at the premises

Manufacturing of Sterile and Non Sterile Surgical Dressing Materials and Hygienic Products.

Whether the property is residential flat apartment if so, than state

Not Available

If the property is of a commercial type state

Not Available

If the property is agriculture state

Not Available

Whether building/ property is constructed strictly according to the sanctioned plan details of variation, noticed if any and effect of the same on the valuation to be dealt with specifically

Industrial Purpose. Non Agricultural permission is obtained from Dy. Collector, Gandhinagar, Vide permission No.: AC/Sili/LND-2/Regi/A-Plot/R-561.Dated: 29.10.1977. The Construction of Building is as per Guidelines of NDMA and Building Bye-Laws. [Plan is not on record]

Whether the property is self-occupied or tenanted/ let out, if tenanted/ let out

Occupied by: M/s. Bipson Surgical Private Limited

If partly owner occupied specify portion and extent of area under owner occupation

Fully Owner Occupied

Whether the said property was valued earlier? If so,

Not Available

Basis of present valuation

Present depreciated value

As per Part II here below

Market value

Rate adopted

Basis for adopted rates

Rs. 35000.00 per sq. mtr. for Land Component by inquiry in surrounding

Whether the adopted rates are commensurate with the rates adopted by the registrar’s office? In case of wide variation, please specify reasons variation, please

Yes, wide variation is observed because rates fixed by Registrar’s Office are not based on scientific studies and same cannot be applicable for ascertaining present market value.

Whether the adopted rates have any relationship with those adopted by I.T. Dept.

They have adopted rates as per open market in area.

Whether the rates are based on prevalent rates in the area if so, the basis for accepting the same.

Yes, by inquiry

Whether the building is insured – if so

For what value

Owner has to Furnished Detail.

Against what risks

Owner has to Furnished Detail.

Date of expiry of the insurance

Owner has to Furnished Detail.

In case the Bank were to sell the property what would be approximate realizable value

85 to 95% as per valuation

Sources of information for arriving at the realizable value

By inquiry

VALUATION OF LAND AND BUILDING

LAND

Area of Land 1000.00 Sq. Mtrs.

Shape: Rectangular piece of land

The plot has frontage on the internal Road.

The land is used for industrial purpose

The tenure is Leasehold

The plot is situated on internal road, surrounded by small/ medium size industrial setups, running and healthy industrial units, full of infrastructure facilities.

All kinds of infrastructural need like Transporters, Bus depots, Commercial Complexes, Hotels, Banks, small scale units laborers point, etc. are easily available from the vicinity, Industrial Estate as well as from Gandhinagar City.

As per situation of land, size of land, shape of land, conditions prevailing and taking into consideration facts mentioned above, value of land at Rs. 35000.00 Sq. Mtr. Is considered being fair and reasonable.

Area

1000.00 Sq. Mtr.

BUILDING

Name of building

Production Hall

Production Hall, ETO Room, 2 Finish Good Rooms, 2-Row Materials Rooms are provided on Ground Floor and First Floor has Office, Laboratory, Changing Room, Steping Room with Common Bath and W.C. It is RCC frame structure type construction with brick masonry walls. The Roofing is of RCC Slab. The Flooring is of kota stone and IPS, M.S. Rolling Shutters, Aluminum section Glass Frame Doors and Aluminum Frame Glass Windows are provided with oil paint. Inside has smooth plaster and outside sand face plaster with white wash. Electrification is of Open type.

Ground Floor

243.24 Sq. Mtr.

First Floor

102.23 Sq. Mtr.

Total Built up area in Sq. Mtrs.

348.47 Sq. Mtr.

Name of building

Shed: 5 Nos.

It is M.S. Frame structure type constructed with brick masonry walls. The Roofing is of G.I. Sheets with M.S. Columns and M.S. Purlins. the Flooring is of kota stone and IPS.

Shed No. 1

139.06 Sq. Mtr.

Shed No. 2

170.04 Sq. Mtr.

Shed No. 3

55.38 Sq. Mtr.

Shed No. 4

47.58 Sq. Mtr.

Shed No. 5

16.80 Sq. Mtr.

Total

428.86 Sq. Mtr.

Name of building

Packing and Worker Rooms

Packing Room, Gents Worker Room, Room are provided on Ground Floor. It is BB masonry load bearing Structure e type construction. The Roofing is of G.I. Sheets. The Flooring is of Kota Stone. Wooden Doors are provided. Inside has smooth plaster and outside sand face plaster. Electrification is of Open type.

Built up area in Sq. Mtr.

37.95 Sq. Mtr. [Ground Floor]

Name of building

Rooms

Ground Floor

[RCC]

Servant Room, Female Worker Room and Packing rooms are provided on Ground Floor. It is BB Masonry load bearing Structure e type construction. The Roofing is of RCC slab. The Flooring is of Mosaic tiles. Wooden Doors are provided. Inside has smooth plaster and outside sand face plaster. Electrification is of Open type.

Built up area in Sq. Mtr.

50.16 Sq. Mtr.

Name of building

Packing and Materials Room

First Floor

Packing Material Rooms is provided on First Floor. It is BB masonry load bearing Structure e type construction. The Roofing is of G.I. Sheets. The Flooring is of IPS. Wooden Doors are provided. Inside has smooth plaster and outside sand face plaster. Electrification is of Open type.

Built up area in Sq. Mtr.

50.16 Sq. Mtr.

Name of building

2 Nos. Rooms

Packing Material Rooms and Tools Rooms are provided on Ground Floor. It is BB Masonry load bearing Structure e type construction. The Roofing is of G.I. Sheets. The Flooring is of IPS. Wooden Doors are provided. Inside has smooth plaster and outside sand face plaster. Electrification is of Open type.

Built up area in Sq. Mtr.

48.41 Sq. Mtr.

Name of building

Toilet Block

Built up area in Sq. Mtr.

20.00 Sq. Mtr.

Name of building

Compound Wall

Built up area in Sq. Mtr.

150.00 R. Mtr.

PRESENT MARKET VALUE OF LAND AND BUILDING

Land Value	1000.00 Sq. Mtr. @ Rs. 35000.00 per Sq. Mtr.	Rs. 35.000 Millions
Production Hall [Ground Floor and First Floor]	348.47 Sq. Mtr. @ Rs. 7500.00 per Sq. Mtr.	Rs. 2.613 Millions
Shed 5 Nos.	428.86 Sq. Mtr. @ Rs. 6500.00 per Sq. Mtr.	Rs. 2.787 Millions
Packing and Worker Rooms [Ground Floor]	37.95 Sq. Mtr. @ Rs. 5000.00 per Sq. Mtr.	Rs. 0.190 Million
Rooms [Ground Floor]	50.16 Sq. Mtr. @ Rs. 5000.00 per Sq. Mtr.	Rs. 0.251 Million
Rooms [First Floor]	50.16 Sq. Mtr. @ Rs. 4000.00 per Sq. Mtr.	Rs. 0.201 Million
2 Nos. Rooms [First Floor]	48.41 Sq. Mtr. @ Rs. 4000.00 per Sq. Mtr.	Rs. 0.194 Million
Toilet Block [First Floor]	20.00 Sq. Mtr. @ Rs. 4000.00 per Sq. Mtr.	Rs. 0.080 Million
Compound Wall	150.00 R. Mtr. @ Rs. 2000.00 R. Mtr.	Rs. 0.300 Million
Total Valuation of Land and Building is Rs.		Rs. 41.616 Millions
Total Valuation of Land and Building Say Rs.		Rs. 41.616 Millions

DIFFERENT VALUE OF THE PROPERTY

Present Market Value

Rs. 41.616 Millions

Realizable Value

Rs. 38.495 Millions

Distress Sale Value

Rs. 35.374 Millions

The value of Land and Building as per Stamp duty Department [Exclusively meant for stamp duty purpose] Basis of Valuation as per Mumbai Stamp Duty Act 1958 Section 32/C, [Does not represent the market value]

Land Value:

1000.00 Sq.mt @ Rs. 15000.00 per Sq.mt

[For Residential Plot]

Rs. 15.000 Millions [a]

Building Value

Rs. 6.616 Millions [b]

Total Jantri Value of the Property is [a + b] is

Rs. 21.616 Millions

------------------------------------------------------------------------------------------------------------------------------

PROJECT REPORT

PROPOSED DETAILS

[RS. IN MILLIONS]

SR. NO.	TYPE OF FACILITY	PRESENT WC FACILITY	PROPOSED FACILITY	COLLATERAL SECURITY	APPROX. M.V.
1	Cash Credit [Against Stock]	0.000	20.000	Plot No. 14, GTS, Sector 30, Gandhinagar, Gujarat, India	45.000
2	Cash Credit [Against Book Dents]	0.000	(5.000)
3	Bank Guarantee	0.000	8.000
		0.000	28.000		45.000

Note: Till July 12, applicant was availing Cash Credit facility of Rs.9.000 Millions from Union Bank of India against Factory + Residence property having total market value of approx. Rs. 80.000 Million. Multiple times applicant had requested for enhancement of CC limit but the same was not materialized due to very poor response from local branch manager as well as delayed credit appraisal process. On the other hand, turnover of the applicant was increasing with >50% growth rate. Hence to meet the working capital requirement of growing business, applicant had shifted to HDB Limited who took over the entire working capital limit from Union Bank of India and had given personal loan of Rs. 20.000 Millions for 7 years in July 2012.

Currently company is having current accounts with Union Bank of India and IDBI Bank Limited from where all business transaction are routed.

BACKGROUND OF THE FIRM

The Company incorporated in 2004 is private Limited company engaged in manufacturing of Sterile and Non Sterile Surgical Dressing Material and Related Orthopedic and Hygiene Products.

The Company is having manufacturing facility at Gandhinagar, Gujarat. The manufacturing facility is accredited with International Organization for Standardization (ISO) cerfication for quality management system (9001:2008) by Indian Registrar Quality Systems (IRQS). ISL achieved total turnover of Rs. 154.400 Millions and earned EBIDTA of Rs. 4.568 Million in FY 2014.

Company was originally promoted by its founder Mr. Bharatbhai Patel in the year 1983 under his own proprietorship with the name and style “M/s. Bipson Surgical”. Till 2004, firm was run under proprietorship of Mr. Bharatbhai Patel. In the year 2006, for better prospects and product branding, the proprietorship firm was converted into Private Limited Company in the year 2004 with his spouse (Mrs. Bharatiben Patel) as additional director.

Company is having infrastructure set up at Plot No. 14, GTS-30, Gandhinagar. Currently, Company is renowned manufacturer and exporter of high quality healthcare products such as sterilized -Gauze Swab B.P., X-Ray Detectable Abdominals Pad B.P., Eye Pad B.P., Combined Dressing Surgi-Pad, Non-sterilized Rolled Bandages/ soft Rolls etc. Company is having in-house Ultra-modern un-touched technology. The company has an acute quality control with its own sterile and non-sterile laboratory, which is well-equipped and is controlled by a group of experienced staff.

MANAGEMENT

Company’s core strength is its highly professional senior management and associates having vast experience in pharmaceutical industry. Company’s backbone is their specialized technical skilled work force of different trades and profession.

BSPL has an experienced management team with sound industry knowledge to manage the day-to-day operations of the company. The details of the key management personnel of BSPL are given below:

Name of the Key Person	Brief about the Key Managerial Staff
Mr. Rajesh Raval	Mr. Rajesh Raval is Commerce Graduate and is the factory manager in the company. He is 20 years old resource in the company and is responsible for overall factory in charge.
Mr. Paresh Parikh	By qualification, Mr. Paresh is B.Sc. chemistry and is production chemist in the company. He is associated with the company for last 25 years and is heading the production department.
Mr. Ashish Parikh	By qualification, Mr. Ashish is Commerce Graduate and MBA. He is marketing incharge of the company and is associated with the company for last 12 years.

PRODUCTION PROCESS

Company purchases the basic raw material in form of Grey Cloth from various cotton processors located in Tamilnadu on against delivery terms. Raw material so procured is then processed under various process like Bleaching, Drying, Folding, Rolling and then Cutting according to order size. Various in house laboratory testing process are done on each lot before packing into finished form.

After inhouse laboratory testing, finished material is then packed in mono or large size boxes and then sent to outside agency for Gamma level testing which is then sent back to company’s premises on one or two days. Tested material is finally dispatched with company logo/ trademark to end customers.

MARKETING ARRANGEMENT AND CUSTOMERS

Promoting Director-Mr. Bharatbhai Patel and marketing in charge Mr. Ashish Parikh has a rich experience of more than two decades in the pharma industry. The company has well established Government and Private Hospital networks for its products.

Company’s customers are mainly segregated in two segment:

1) Government Bodies of different state government / Hospitals

2) Private Dealers/ renowned hospitals across India

As company is having presence for last 30 Years, most of the customers are associated with the company since long time and are having good business relations.

FUTURE BUSINESS PLAN

Company is having presence for last 30 years and has established itself as one of the renowned manufacturer of surgical products. Company has developed wide range of Government and private customer base which are associated with the company since long time and are having very good business relations. Company wants to leverage its goodwill by adding new product segment in liquid paper soaps and get in its present product mix. As the company is already having satisfied customer base, marketing of new product will not be tough task for the company. However for the successful launch of these products, company will require working capital arrangement to meet its marketing, administrative and selling expense.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

TRADE REFERENCES

· Mature Enterprise

Krishna Enterprise

Osteon Surgical

Other Government Hospitals

FIXED ASSETS:

· Buildings

Furniture and Fixture

Plant and Machinery

Vehicles

------------------------------------------------------------------------------------------------------------------------------

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 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 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 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. 60.92
UK Pound	1	Rs. 98.66
Euro	1	Rs. 78.64

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.