1. Summary Information

		Country	India
Company Name	MEDSAVE HEALTHCARE (TPA) LIMITED	Principal Name 1	Mr. Arvind Kumar Saraf
Status	Satisfactory	Principal Name 2	Mr. Pran Nath
		Registration #	55-50805
Street Address	F-701-A, Lado Sari, New Delhi-110032, India
Established Date	29.10.1992	SIC Code	--
Telephone#	91-11-39001234 (30 Lines) / 29521061/ 66 1800111142 (Tollfree)	Business Style 1	Service Provider
Fax #	91-11-29521067/ 71	Business Style 2	--
Homepage	http://www.medsave.in	Product Name 1	Healthcare administration
# of employees	--	Product Name 2	Insurance claims processing
Paid up capital	Rs. 39,992,980/-	Product Name 3	--
Shareholders	Foreign holdings (25.99%) Bodies corporate (69.56%) Directors or relatives of Directors (2.45%) Others (2.00%)	Banking	Syndicate Bank
Public Limited Corp.	NO	Business Period	19 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Vasudha Commercial Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	210,625,000	Current Liabilities	110,674,000
Inventories	000	Long-term Liabilities	85,799,000
Fixed Assets	41,401,000	Other Liabilities	10,044,000
Deferred Assets	000	Total Liabilities	206,517,000
Invest& other Assets	000	Retained Earnings	5,516,000
		Net Worth	45,509,000
Total Assets	252,026,000	Total Liab. & Equity	252,026,000
Total Assets (Previous Year)	173,454,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales (TPA Fees)	186,789,000	Net Profit	6,050,000
Sales(Previous yr)	123,696,000	Net Profit(Prev.yr)	8,272,000

MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	MEDSAVE HEALTHCARE (TPA) LIMITED
Registered Office :	F-701-A, Lado Sari, New Delhi-110032
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.10.1992
Com. Reg. No.:	55-50805
CIN No.: [Company Identification No.]	U74899DL1992PLC050805
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged in providing services of healthcare administration and insurance claims processing in the capacity of a Third party administrator.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 180000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	F-701-A, Lado Sari, New Delhi-110032, India
Tel. No.:	91-11-39001234 (30 Lines) / 29521061/ 66 1800111142 (Tollfree)
Fax No.:	91-11-29521067/ 71
E-Mail :	info@medsave.in
Website :	http://www.medsave.in
Branches :	Located at: · Ahmedabad · Amritsar · Bangladesh · Bhopal · Bilaspur · Calicut · Chandigarh · Chennai · Coimbatore · Dehradun · Dumka · Durg · Girdhi · Gumla · Guwahati · Hoshiyarpur · Hyderabad · Idukki · Indore · Jaipur · Kaithal · Kanyakumari · Karnal · Kochi · Kolkata · Kurushetra · Lohardaga · Lucknow · Mumbai · Nagapattinam · Nellore · New Delhi · Palamu · Patna · Pune · Shimla · Simdega · Surguja · Trissur · Vadodara

DIRECTORS

As on 30.09.2010

Name :	Mr. Arvind Kumar Saraf
Designation :	Director
Address :	56, Sultanpur Farms, Prakriti Marg, Mehrauli, New Delhi-110030, India
Date of Appointment :	29.10.1992
Name :	Mr. Pran Nath
Designation :	Whole Time Director
Address :	H-152, Awho Vijay Rattan Vihar, Sector-15, Gurgaon-122001, Haryana, India
Date of Appointment :	11.04.2003
Name :	Ms Renu Saraf
Designation :	Director
Address :	56, Sultanpur Farms, Prakriti Marg, Mehrauli, New Delhi-110030, India
Date of Appointment :	29.10.1992
Name :	Mr. Gautam Khaitan
Designation :	Director
Address :	N-12, Panchsheel Park, New Delhi-110017, India
Date of Appointment :	13.01.2003
Name :	Mr. Rony Davidoff
Designation :	Director
Address :	38, Medinat, Hayemurim, Merzelia-46176, Israel
Date of Appointment :	24.12.2002

KEY EXECUTIVES

Name :	Mr. Sambit Kumar Sarangi
Designation :	Secretary
Address :	QR. No. Type-III/264, New A G Colony, Nayapalli, Bhubanesar-751012, Orrisa, India
Date of Birth/Age :	01.01.1970
Date of Appointment :	18.06.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
A K Saraf	56570
Renu Saraf	41350
Atashi Singhania	79980
Vasudha Commercial Private Limited, Kolkata, India	1970000
Femi Medical Services	1039298
Rishab Saraf	100
Sidhant Distributors Private Limited, Kolkata, India	812000
Total	3999298

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.99
Bodies corporate	69.56
Directors or relatives of Directors	2.45
Others	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing services of healthcare administration and insurance claims processing in the capacity of a Third party administrator.

GENERAL INFORMATION

Bankers :

• Syndicate Bank, Hauz Khas Branch, New Delhi-110016, India
• Lord Krishna Bank Limited, K-2, Chaudhary Building, Connaught Place, New Delhi-110001, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan (Secured by way of hypothecation of office equipments, Software and furniture and fixture of the company. The loan has been constantly secured by farm house of the promoter and personally guaranteed by the promoters)	24.761	27.877
Cash Credit Facilities (Secured by way of hypothecation of present and future book debts of the company. The loan has been collaterally by farm house of the promoter and presently supported by the promoters)	61.038	62.854
Total	85.799	90.731

Banking Relations :	--
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountant
Address :	Golf View, Corporate Tower B, Sector-42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644080
Holding Company :	Vasudha Commercial Private Limited U51909WB1996PTC077424

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3999298	Equity Shares	Rs. 10/- each	Rs. 39.993 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		39.993	39.993	39.993
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.516	4.129	0.536
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.509	44.122	40.529
LOAN FUNDS
1] Secured Loans		85.799	90.731	32.517
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		85.799	90.731	32.517
DEFERRED TAX LIABILITIES		0.993	0.000	0.000
TOTAL		132.301	134.853	73.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.401	38.129	4.446
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.189	2.902
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	97.471	82.967	58.929
	Cash & Bank Balances	13.946	13.962	10.661
	Other Current Assets	0.910	0.413	0.889
	Loans & Advances	98.298	37.794	19.958
Total Current Assets		210.625	135.136	90.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.160	17.661	9.757
	Other Current Liabilities	98.514	14.783	13.897
	Provisions	9.051	6.157	1.085
Total Current Liabilities		119.725	38.601	24.739
Net Current Assets		90.900	96.535	65.698
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		132.301	134.853	73.046

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TPA Fees	186.789	123.696	77.846
		Other Income	1.602	1.386	1.857
		TOTAL (A)	188.391	125.082	79.703
Less	EXPENSES
		Personnel Expenses	45.894	32.675	22.025
		Operating and Other expenses	103.696	65.589	43.727
		TOTAL (B)	149.59	98.264	65.752
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.801	26.818	13.951
Less	FINANCIAL EXPENSES (D)		13.521	9.722	5.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.280	17.096	8.951
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.122	4.130	2.342
	PROFIT BEFORE TAX (E-F) (G)		10.158	12.966	6.609
Less	TAX (I)		4.108	4.694	2.927
	PROFIT AFTER TAX (G-I) (J)		6.050	8.272	3.682
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.129	0.536	[3.146]
Less	APPROPRIATIONS
		Proposed Dividend	3.999	3.999	--
		Tax on Dividend	0.664	0.680	--
	BALANCE CARRIED TO THE B/S		5.516	4.129	0.536
	Basic Earnings Per Share (Rs.)		1.51	2.07	0.92

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.21	6.61	4.62
Net Profit Margin (PBT/Sales)	(%)	5.44	10.48	8.49
Return on Total Assets (PBT/Total Assets}	(%)	4.03	7.48	5.38
Return on Investment (ROI) (PBT/Networth)		0.22	0.10	0.16
Debt Equity Ratio (Total Liability/Networth)		4.52	2.93	1.41
Current Ratio (Current Asset/Current Liability)		1.76	3.50	3.66

LOCAL AGENCY FURTHER INFORMATION

Nature of Operations:

Subject is engaged in providing services of healthcare administration and insurance claims processing in the capacity of a Third party administrator.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1992PLC050805
Name of the company	MEDSAVE HEALTHCARE (TPA) LIMITED
Address of the registered office or of the principal place of business in India of the company	F-701-A, Lado Sari, New Delhi-110032, India
This form is for	Creation of Charge
Type of charge	Movable Property
Particular of charge holder	Syndicate Bank, Hauz Khas Branch, New Delhi-110016, India
Nature of instrument creating charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	10.06.2010
Amount secured by the charge	Rs. 26.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ PLR + 2.50% presently 14.50% p.a. Terms of Repayment Term Loan –III- Loan shall be repaid in 48 equal monthly installment after repayment holiday of 12 months. Monthly interest to be serviced separately as and when charged to the account Margin 30% on Rs. 25.900 Millions and 50% on Rs. 16.000 Millions Extent and Operation of the charge 100% Others To secure all amounts payable under Term Loan – III of Rs. 26.000 Millions granted to the company together with all interest, costs, chares, expenses etc.
Short particulars of the property charged	Hypothecation of Equipments, Computer Software, Hardware, Furniture and Fixture etc. purchased / to be purchased

Name of the company	MEDSAVE HEALTHCARE (TPA) LIMITED
Presented By	Director
1) Date and description of instrument creating the change	Charge and Hypothecation of Debts Agreement to Secure Cash Credit dated 06.02.2004\
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 23.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all the present and future book debts, outstandings, monies receivables, claims and bills wchi are not due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or by any Government or local or public body or authority by way of first charge.
4) Gist of the terms and conditions and extent and operation of the charge.	a) Interest @ 15.50% p.a. b) Cash Margin – 15% c) Commission : Rs. 100 + 2% p.a. d) Above is to secure BG limit of Rs. 23.500 Millions e) Other Terms as per sanction letter LKB/ND/ 2003 dated 09.08.2003
5) Name and Address and description of the person entitled to the charge.	Lord Krishna Bank Limited, K-2, Chaudhary Building, Connaught Place, New Delhi-110001, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Fixed Assets:

· Leasehold Improvements

· Computers

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Software

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.45.37
UK Pound	1	Rs.70.04
Euro	1	Rs.58.93

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		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	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.