MIRA INFORM REPORT

Report Date :

03.08.2012

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) :	31.03.2011
Date of Incorporation :	21.08.2007
Com. Reg. No.:	11-173326
Capital Investment / Paid-up Capital :	Rs.9.400 millions
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.
No. of Employees :	27 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears a drastic dip in the sales turnover of the company during 2011. It has incurred heavy loss during this year. Financial position of the company appears to be under pressure. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

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

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

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

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

INFORMATION DECLINED

Management non-cooperative

(Contact No.; 91-129-4180700)

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
Location :	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 30.09.2011

Name :

Mr. Sumatiprasad Mishrilal Bafna

Designation :

Director

Address :

22, Gobind Mahal, 86-B, Marine Drive, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

26.10.1961

Date of Appointment :

21.08.2007

DIN No.:

00162546

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U50100MH1973PTC016956	BAFNA MOTORS PRIVATE LIMITED	Director	12/08/1984	12/08/1984	-	Active	NO
2	U74999MH1994PLC079512	ISUTA ELECTRONICS (INDIA) LIMITED	Director	08/07/1994	08/07/1994	-	Active	NO
3	U34100MH1996PTC097465	BAFNA MOTORS (RATNAGIRI) PRIVATE LIMITED	Director	19/02/1996	19/02/1996	-	Active	NO
4	U65920MH1986PLC040617	SEWA FINANCE LIMITED	Director	12/08/1996	12/08/1996	-	Active	NO
5	U63090MH1998PTC116336	ABCN LOGISTICS PRIVATE LIMITED	Director	24/08/1998	24/08/1998	30/05/2012	Active	NO
6	U63090MH1998PTC116335	KISHOR TRANSPORT SERVICES PRIVATE LIMITED	Director	24/08/1998	24/08/1998	-	Active	NO
7	U34300MH2001PTC133866	BAFNA MOTORS (MUMBAI) PRIVATE LIMITED	Director	05/11/2001	05/11/2001	-	Active	NO
8	U34300MH2002PTC136662	RUSHABH MOTORS PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
9	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
10	U70100MH2006PTC159983	URJAYANT ESTATE PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
11	U24200MH1997PTC110465	BNB CONTAINERS PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
12	U34201PN2006PTC021794	TRANSPORT SOLUTIONS INDIA PRIVATE LIMITED	Director	18/07/2007	18/07/2007	-	Active	NO
13	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
14	U67190MH2005PTC152977	BAFNA CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/07/2008	01/07/2008	-	Active	NO
15	U62200MH2008PTC184637	BAFNA AVIATION PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
16	U60231KA2010PTC052698	TOYOTA LOGISTICS KISHOR INDIA PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
17	U50400MH2010PTC201547	BAFNA MOTORCYCLES PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
18	U34100MH2005PTC151827	PANCHAVATI AUTOMOBILE PRIVATE LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34300MH2001PTC133866	BAFNA MOTORS (MUMBAI) PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
2	U63090MH1998PTC116335	KISHOR TRANSPORT SERVICES PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U34100MH2005PTC151827	PANCHAVATI AUTOMOBILE PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U67190MH2005PTC152977	BAFNA CONSULTANCY SERVICES PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Active	NO
5	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
6	U60231KA2010PTC052698	TOYOTA LOGISTICS KISHOR INDIA PRIVATE LIMITED	Alternate director	14/07/2010	14/07/2010	27/12/2010	Active	NO

Name :

Mr. Manu Bipin Jain

Designation :

Director

Address :

B-37, Panchasheel Enclaves, New Delhi – 110 017, India

Date of Birth/Age :

10.06.1970

Date of Appointment :

01.04.2008

DIN No.:

01637223

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51311PN2001PTC016441	TULIPS AMBBIENCE PRIVATE LIMITED	Director	29/09/2008	14/01/2008	Active	NO
2	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	01/04/2008	01/04/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

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 30.09.2011

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 Ambulance Vehicles v Emergency Ambulance v Transport Ambulance v Mobile Health Unit v Medical emergency Kit v Neonatal Ambulance v Mobile Dialysis Unit v Mobile Out Patient Unit v Mobile Dental Unit v Mobile Medical Unit v Mobile Mother and Child Unit Ambulance v Mobile Clinic v Emergency Kits v Medical Stretcher v Electronic Oxygen

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Actual Production
Health Care Equipment	439

GENERAL INFORMATION

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	31.03.2011 Rs. In Millions	31.03.2010 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)	0.000	29.542
Due under hire purchase agreement From Bank	0.420	0.637
Total	0.420	30.179

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	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	2.787	2.612
Total	2.787	2.612

Banking Relations :	--
Auditors :
Name :	Lalit and Surendra Chartered Accountants
Address :	Bharat House, 104, Mumbai Samachar Marg, Mumbai – 400 002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFL0612P

CAPITAL STRUCTURE

As on 30.09.2011

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.400	8.100	0.100
2] Share Application Money		1.300	2.600	4.000
3] Reserves & Surplus		1.039	14.200	7.510
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.739	24.900	11.610
LOAN FUNDS
1] Secured Loans		0.420	30.179	29.707
2] Unsecured Loans		2.787	2.612	1.020
TOTAL BORROWING		3.207	32.791	30.727
DEFERRED TAX LIABILITIES		0.700	0.616	0.183
TOTAL		15.646	58.307	42.520
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.221	7.134	4.484
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.645	11.989	9.188
	Sundry Debtors	68.222	51.902	24.073
	Cash & Bank Balances	6.639	4.390	13.395
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.192	23.476	26.042
Total Current Assets		117.698	91.757	72.698
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	67.159	24.376	26.003
	Other Current Liabilities	34.190	9.321	4.744
	Provisions	7.035	7.035	3.935
Total Current Liabilities		108.384	40.732	34.682
Net Current Assets		9.314	51.025	38.016
MISCELLANEOUS EXPENSES		0.111	0.148	0.020
TOTAL		15.646	58.307	42.520

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	58.161	154.588	135.212
		Other Income	NA	NA	2.027
		TOTAL	NA	NA	137.239
Less	EXPENSES
		Raw Material Consumed	NA	NA	80.433
		Manufacturing Expenses			12.041
		Employee’s Remuneration and Benefits			11.826
		Office and Administration Expenses			12.936
		Financial Expenses			1.649
		Selling and Distribution Expenses			5.562
		Increase/ Decrease in Stock			2.026
		TOTAL	NA	NA	126.473
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		11.734	11.572	10.766
Less/ Add	DEPRECIATION/ AMORTISATION		1.342	1.350	0.656
	PROFIT/ (LOSS) BEFORE TAX		(13.076)	10.222	10.110
Less	TAX		0.000	3.100	3.410
	PROFIT/ (LOSS) AFTER TAX		(13.076)	7.122	6.700
Less	Deferred Tax Assets / (Liability)		0.085	0.432	0.098
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.200	7.510	0.908
	BALANCE CARRIED TO THE B/S		1.039	14.200	7.510
	Earnings/ (Loss) Per Share (Rs.)		(13.91)	8.79	3.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	4.88
Net Profit Margin (PBT/Sales)	(%)	(22.48)	6.61	7.48
Return on Total Assets (PBT/Total Assets}	(%)	(10.55)	10.34	13.10
Return on Investment (ROI) (PBT/Networth)		(1.11)	0.41	0.09
Debt Equity Ratio (Total Liability/Networth)		9.51	2.95	5.63
Current Ratio (Current Asset/Current Liability)		1.09	2.25	2.10

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
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) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

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.

FIXED ASSETS:

v Plant and Machinery

v Furniture and Fixtures

v Office Equipments

v Computers

v Electric Installation

v Vehicles

v Office Premises

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.77
UK Pound	1	Rs.86.75
Euro	1	Rs.68.32

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		16

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.