MIRA INFORM REPORT

Report Date :

07.04.2008

IDENTIFICATION DETAILS

Name :	MMC HEALTHCARE (HIMACHAL PRADESH) PRIVATE LIMITED
Registered Office :	Deonghat Solan Kalka State Highway, Himachal Pradesh – 173211
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	24.12.2004
Com. Reg. No.:	06-27776
CIN No.: [Company Identification No.]	U24232HP2004PTC027776
TAN No.: [Tax Deduction & Collection Account No.]	PTLM13045E
PAN No.: [Permanent Account No.]	AAECM3106E
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business as manufacturers, marketers, processors, importers, exporters, analysts and dealers in medicine, drugs, injections, formulations, allopathic and market the same all over India or Abroad.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 40224
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Deonghat Solan Kalka State Highway, Himachal Pradesh – 173211, India
Tel. No.:	91-1792-227281/ 228401
Email :	camksolan@yahoo.co.in
Factory :	61, Kurunji Street, Fatima Nagar, Valasarakkam, Chennai – 600087, India

DIRECTORS

Name :	Mr. Ravichandra M.
Designation :	Director
Address :	21 Periyari Street, Gandhi Nagar West, Avadi, Chennai – 600054, India
Date of Birth/Age :	18.05.1955
Date of Appointment :	24.12.2004
Name :	Mr. Jayaraman R S
Designation :	Director
Address :	3 Maria Street, Sathyanagar Extn. Padi, Chennai – 600050, India
Date of Birth/Age :	12.04.1956
Date of Appointment :	24.12.2004
Name :	Mr. Dhanasekaran W. Gideon
Designation :	Director
Address :	Plot No.43- B, Door No.62, Gandhi Road, Alwarthiru Nagar, Chennai – 600087, India
Date of Birth/Age :	01.05.1955
Date of Appointment :	01.04.2005

KEY EXECUTIVES

Name :	Ms. Manisha Chopra
Designation :	Company Secretary
Address :	580, Sector 12A, Panchkula, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2005)

Names of Shareholders	No. of Shares
Mr. Ravichandra M.	20000
Mr. Jayaraman R S	20000
Mr. Dhanasekaran W. Gideon	20000
Mr. Rajarathinam	20000
Mr. Shanthi R R	20000
Mrs. Madhuben R.	10000
Mr. Thayammal M.	5000
Mr. Jothimani M.	7500
Mr. Vidyavathi R.	20000
Mr. Prabhushankar R.	10000
Mrs. Sheethalakshmi	5000
Mrs. Indumathi R.	7500
Mr. Jothiarulmani	20000
Mr. Sedion Matilda	10000
Mr. Gedion Catharine	5000
Mrs. Rani Shanthi	7500
Mrs. Girijadevi J.	20000
Mr. Vijaykumar J.	10000
Mrs. Vimla M R	5000
Mrs. Sulochana S.	7500
Total	250000

(As on 31.03.2007)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	To carry on the business as manufacturers, marketers, processors, importers, exporters, analysts and dealers in medicine, drugs, injections, formulations, allopathic and market the same all over India or Abroad.
Products :	Medicine Drugs Injections

GENERAL INFORMATION

Bankers :

State Bank of India Nungabakkam, 110/1, Uthamgr, Gandhi Nagar, Salai, Chennai – 600034, India HDFC Bank Canara Bank

Banking Relations :	Satisfactory
Auditors :
Name :	Mohinder K Sharma and Company Chartered Accountant
Address :	Mansha Sunny Side, Near DC Office, Solan – 173212, Himachal Pradesh, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500
2] Share Application Money		4.880	0.250
3] Reserves & Surplus		2.676	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		10.056	2.750
LOAN FUNDS
1] Secured Loans		22.754	3.075
2] Unsecured Loans		0.650	0.900
TOTAL BORROWING		23.404	3.975
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		33.460	6.725
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.293	3.645
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.526	0.000
	Sundry Debtors	20.653	0.000
	Cash & Bank Balances	2.473	0.952
	Other Current Assets	0.000	0.000
	Loans & Advances	2.251	2.786
Total Current Assets		45.903	3.738
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	30.353	1.577
	Provisions	1.123	0.005
Total Current Liabilities		31.476	1.582
Net Current Assets		14.427	2.156
MISCELLANEOUS EXPENSES		0.740	0.924
TOTAL		33.460	6.725

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006
Sales Turnover		72.214
Other Income		0.107
Total Income		72.321
Profit/(Loss) Before Tax		3.032
Provision for Taxation		0.345
Profit/(Loss) After Tax		2.687
Expenditures :
	Financial Charges	2.206
	Depreciation & Amortization	1.820
	Other Expenditure	65.263
Total Expenditure		69.289

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	3.71	NA
Net Profit Margin (PBT/Sales)	(%)	4.20	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.72	NA
Return on Investment (ROI) (PBT/Networth)		0.30	NA
Debt Equity Ratio (Total Liability/Networth)		5.46	2.02
Current Ratio (Current Asset/Current Liability)		1.46	2.36

LOCAL AGENCY FURTHER INFORMATION

Nil

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.39.97
UK Pound	1	Rs.79.78
Euro	1	Rs.62.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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