MIRA INFORM REPORT

Report Date :

03.05.2011

IDENTIFICATION DETAILS

Name :	BAFNA HEALTH CARE PRIVATE LIMITED
Registered Office :	Unit No.712, 7^th Floor, World Trade Centre No.1, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.08.2007
Com. Reg. No.:	173326
CIN No.: [Company Identification No.]	U85190MH2007PTC173326
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18375A
PAN No.: [Permanent Account No.]	AADCB2121P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Fabrication of Ambulances.

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 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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

INFORMATION PARTED BY

Name :	Mr. Manu Jain
Designation :	Director
Contact No.:	91-9810014179
Date :	02.05.2011

LOCATIONS

Registered Office :	Unit No.712, 7^th Floor, World Trade Centre No.1, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Tel. No.:	91-22-27632261/ 62/ 63
Mobile No.:	91-9810014179 (Manu)
Fax No.:	91-22-27636990/ 27636050
E-Mail :	agarwalkala@gmail.com info@bafnahealthcareindustries.com bafnaho@yahoo.com mjain@bafnahealthcare.com finance@bafnahealthcare.com
Factory :	Plot No. 5, Sector – 6, Main Mathura Road, Faridabad – 121 006, Haryana, India
Tel. No.:	91-129-4180700
Fax No.:	91-129-4180701
Area :	Rented
Delhi Office :	N-114, Panchasheel Park, New Delhi – 110 017, India
Tel. No.:	91-11-41752645/ 41436747
Fax No.:	91-11-41752644
E-Mail :	anil_nagpal@bafnahealcare.in

DIRECTORS

As on 30.09.2010

Name :	Mr. Sumati Prasad Mishrilal Bafna
Designation :	Director
Address :	22, Gobind Mahal, 86-B, Marine Drive, Mumbai – 400 002, Maharashtra, India
Date of Birth/Age :	26.10.1961
Date of Appointment :	21.08.2007
DIN No.:	00162546
Name :	Mr. Kamal Kishore Gandhi
Designation :	Director
Address :	701, Pluto, B Wing, Gaurav Galaxy, Phase II, Near Surya Shopping Centre, Mir Road (East), Thane – 401 107, Maharashtra, India
Date of Birth/Age :	23.08.1999
Date of Appointment :	21.08.2007
DIN No.:	00960732
Name :	Mr. Sunil Sumatilal Mutha
Designation :	Director
Address :	1087, Shukrwar Peth, Kuldeep Bulnglow, Pune – 411 002, Maharashtra, India
Date of Birth/Age :	29.05.1959
Date of Appointment :	01.04.2008
DIN No.:	01643589
Name :	Mr. Manu Jain
Designation :	Director
Address :	4498, Gali Raja Patnamal, Pahari Dhiraj, Sadar Bazar, Delhi – 110 006, India
Date of Birth/Age :	10.06.1970
Date of Appointment :	01.04.2008
DIN No.:	01637223

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sumatiprasad Mishrilal Bafna	4950
Kamal Kishore Gandhi	100
Sunil Sumatilal Mutha	404950
Bafna Motors (Mumbai) Private Limited, India	400000
Manu Jain	130000
Total	940000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	42.55
Directors or relatives of directors	57.45
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Fabrication of Ambulances.
Products :	v ACLS Ambulance v BLS Ambulance v Patient Transport Ambulance v Mobile Healthcare Unit v Mobile Pathology Unit v Neonatal Ambulance v Mobile Dialysis Unit v Mobile Out Patient Unit v Mobile Dental Unit v Mobile Audiology Unit v Mobile Mother and Child Unit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Actual Production
Health Care Equipment	439

GENERAL INFORMATION

Customers :

v Wholesalers

v Retailers

v End Users

No. of Employees :

27 (Approximately)

Bankers :

v State Bank of India, Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Bank
Working Capital Demand Loan - State Bank of India, Mumbai (Secured against Stock and book debts and personal guarantee of directors)	29.542	29.707
Due under hire purchase agreement From Bank	0.637	0.000
Total	30.179	29.707

Notes:

1. Working Capital Demand Loans are secured by hypothecation of stocks and book debts, both present and future, and mortgage of property and Personal guarantee of Directors.

3. Secured by hypothecation of assets purchased under hire purchase arrangement.

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	2.612	1.020
Total	2.612	1.020

Banking Relations :	--
Auditors :
Name :	Lalit and Surendra Chartered Accountants
Address :	Bharat House, 104, Mumbai Samachar Marg, Mumbai – 400 002, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
940000	Equity Shares	Rs.10/- each	Rs.9.400 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
810000	Equity Shares	Rs.10/- each	Rs.8.100 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		8.100	0.100	0.100
2] Share Application Money		2.600	4.000	0.000
3] Reserves & Surplus		14.200	7.510	0.908
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.900	11.610	1.008
LOAN FUNDS
1] Secured Loans		30.179	29.707	0.000
2] Unsecured Loans		2.612	1.020	0.000
TOTAL BORROWING		32.791	30.727	0.000
DEFERRED TAX LIABILITIES		0.616	0.183	0.085
TOTAL		58.307	42.520	1.093
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.134	4.484	2.650
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.989	9.188	2.331
	Sundry Debtors	51.902	24.073	11.937
	Cash & Bank Balances	4.390	13.395	1.167
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.476	26.042	2.315
Total Current Assets		91.757	72.698	17.750
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.376	26.003	18.636
	Other Current Liabilities	9.321	4.744	0.172
	Provisions	7.035	3.935	0.525
Total Current Liabilities		40.732	34.682	19.333
Net Current Assets		51.025	38.016	(1.583)
MISCELLANEOUS EXPENSES		0.148	0.020	0.026
TOTAL		58.307	42.520	1.093

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	154.588	137.239	17.957
		Other Income	NA	0.000	0.000
		TOTAL	NA	137.239	17.957
Less	EXPENSES
		Raw Material Consumed	NA	80.433	14.974
		Manufacturing Expenses		12.041	0.376
		Employee’s Remuneration and Benefits		11.826	1.375
		Office and Administration Expenses		12.936	0.731
		Financial Expenses		1.649	0.008
		Selling and Distribution Expenses		5.562	0.707
		Increase/ Decrease in Stock		2.026	[2.026]
		TOTAL	NA	126.473	16.145
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		11.572	10.766	1.812
Less/ Add	DEPRECIATION/ AMORTISATION		1.350	0.656	0.294
	PROFIT BEFORE TAX		10.222	10.110	1.518
Less	TAX		3.100	3.410	0.525
	PROFIT AFTER TAX		7.122	6.700	0.993
	Balance Brought forward from Previous year		7.510	0.908	0.000
Less	Deferred Tax Assets / (Liability)		0.432	0.098	0.085
	BALANCE CARRIED TO THE B/S		14.200	7.510	0.908
	Earnings Per Share (Rs.)		8.79	3.58	0.57

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	4.88	5.53
Net Profit Margin (PBT/Sales)	(%)	NA	7.37	8.45
Return on Total Assets (PBT/Total Assets}	(%)	10.34	13.10	7.44
Return on Investment (ROI) (PBT/Networth)		0.41	0.09	0.08
Debt Equity Ratio (Total Liability/Networth)		2.95	5.63	19.18
Current Ratio (Current Asset/Current Liability)		2.25	2.10	0.92

LOCAL AGENCY FURTHER INFORMATION

Note:

Bafna Health Care Private Limited incorporated August 2007 has taken over Sayunkta Industries which was a partnership firm established in 1992.

The business was also being taken over on the same date of incorporation i.e. August 2007.

Note:

The registered office of the company has been shifted from D-105, TTC Industrial Area, MIDC, Near London Pilsner, Nerul, Navi Mumbai – 400 706, Maharashtra to the present address w.e.f. 09.11.2010.

PERFORMANCE:

The Directors are trying their level best to improve the performance of the Company and achieve better results and are hopeful about the future prospects.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U85190MH2007PTC173326
Name of the company	BAFNA HEALTH CARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-105, TTC Industrial Area, MIDC, Near London Pilsner, Nerul, Navi Mumbai-400706, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank of India, Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Agreement of Loan- Cum – Hypothecation SME-2
Date of instrument Creating the charge	30.08.2008
Amount secured by the charge	Rs. 70.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Demand Cash Credit (Stock and Book Debts) : Rs.30.000 Million 0.50% above SBAR Effective Rate 14.25% Bank Guarantee: Rs.20.000 Millions monthly Letter of Credit: Rs.20.000 Millions payable monthly Margin Raw Material Imported 35% Raw Material Indigenous 35% Semi Finished Goods 35% Finished Goods 25% Domestic Receivables (Book Debts ) 25% Letter of Credit 20% Bank Guarantee 20%
Short particulars of the property charged	All the fixed assets, entire stock and book debts including components, All movable assets such as furniture and fixtures, plant and machinery, air conditioning system, electrical items and fittings, tools and equipments, JIGS and Fixtures, Office Equipments Computers and Peripherals, vehicles and all other miscellaneous, Movable Assets present and future.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Electric Installation

· Vehicles

· Office Premises

· Capital Work in process

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.44.30
UK Pound	1	Rs.73.90
Euro	1	Rs.65.57

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	5
--PROFITABILIRY	1~10	5
--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	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.