MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	SPAN HEALTHCARE PRIVATE LIMITED
Registered Office :	Columbus Business Chambers, No.17, 7^th Temple Street, 15^th Cross Malleswaram, Bangalore – 560 003, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.01.2004
Com. Reg. No.:	08-033217
Capital Investment / Paid-up Capital :	Rs.0.103 Million
CIN No.: [Company Identification No.]	U02423KA2004PTC033217
TAN No.: [Tax Deduction & Collection Account No.]	BLRS15356F
PAN No.: [Permanent Account No.]	AAHCS8505N
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Medical Kits and Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 441000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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/ Head Office/ Corporate Office :	Columbus Business Chambers, No.17, 7^th Temple Street, 15^th Cross Malleswaram, Bangalore – 560 003, Karnataka, India
Tel. No.:	91-80-23442851/ 52/ 23442950
Fax No.:	91-80-23442950/ 23460595
E-Mail :	customercare@spanhealth.com
Website :	http://www.spanhealth.com
Branch Office :	Located at : · New Delhi · Kolkata · Mumbai · Chennai · Pune · Hyderabad · Kochi

DIRECTORS

As on 26.09.2011

Name :

Mr. Anil Kumar Birla

Designation :

Director

Address :

No.308, 6^th Cross, I Block, R.T. Nagar, Bangalore - 560 032, Karnataka, India

Date of Birth/Age :

12.10.1965

Date of Appointment :

25.06.2005

DIN No.:

00015948

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200KA2000FTC027156	Bizpivot.Com Private Limited	Alternate director	22-07-11	02-11-00	Active	NO
2	U63040KA2002PTC029980	Latitudes Tourism Private Limited	Director	09-03-05	09-03-05	Active	NO
3	U02423KA2004PTC033217	Span Healthcare Private Limited	Director	25-06-05	25-06-05	Active	NO
4	L70101WB1989PLC047465	Sumedha Fiscal Services Limited	Director	30-11-05	30-11-05	Active	NO
5	U80301KA2011FTC059442	SchoolCity Learning India Private Limited	Alternate director	11-07-11	11-07-11	Active	NO

Name :

Mr. Sanjay Ganapathy

Designation :

Managing Director

Address :

No.41/42, 8^th Main, RMV Extension, Bangalore - 560 080, Karnataka, India

Date of Birth/Age :

07.12.1964

Date of Appointment :

20.01.2004

DIN No.:

00041868

Name :

Mrs. Anupama Ganapathy

Designation :

Director

Address :

No.41/42, 8^th Main, RMV Extension, Bangalore - 560 080, Karnataka, India

Date of Birth/Age :

25.06.1966

Date of Appointment :

15.06.2005

DIN No.:

00041908

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Sanjay Ganpathy	5000	48.54
Anupama Ganpathy	5000	48.55
Venkatesh D.	100	0.97
Hegde A.R.	100	0.97
Vishwa Kutumb	100	0.97
Total	10300	100.00

As on 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.97
Directors or relatives of directors	97.08
Other top fifty shareholders	1.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Medical Kits and Equipments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Citibank NA, #24, 3^rd Floor, Canberra Block, UB City, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India

· HDFC Bank Limited

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Scheduled Bank a/c - (Secured against hypothecation of stock and book debts and guaranteed personally by two Directors)	39.263	39.105
Total	39.263	39.105

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Directors and Shareholders	4.000	6.184
Total	4.000	6.184

Banking Relations :
Auditors :
Name :	Rao Associates Chartered Accountants
Address :	# 17/1, Seshadri Road, Gandhinagar, Bangalore – 560 009, Karnataka, India
Tel. No.:	91-80-22260790
Mobile No.:	91-80-22201160
Fax No.:	info@raoassociates.com
Income-tax PAN of auditor or auditor's firm :	AAMPA4268L

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10300	Equity Shares	Rs.10/- each	Rs.0.103 Million

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		0.103	0.103	0.103
2] Share Application Money		1.525	1.525	1.525
3] Reserves & Surplus		108.737	56.550	23.076
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		110.365	58.178	24.704
LOAN FUNDS
1] Secured Loans		39.263	39.105	28.812
2] Unsecured Loans		4.000	6.184	2.984
TOTAL BORROWING		43.263	45.289	31.796
DEFERRED TAX LIABILITIES		0.786	0.265	0.319
TOTAL		154.414	103.732	56.819
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.036	25.871	26.803
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.060	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.036	65.649	34.209
	Sundry Debtors	42.658	48.383	28.639
	Cash & Bank Balances	11.640	5.116	4.066
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.356	27.778	13.181
Total Current Assets		182.690	146.926	80.095
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.851	48.370	41.842
	Other Current Liabilities	16.908	11.705	8.068
	Provisions	1.613	8.990	0.169
Total Current Liabilities		58.372	69.065	50.079
Net Current Assets		124.318	77.861	30.016
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		154.414	103.732	56.819

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	397.219	280.530	166.686
		Other Income
		TOTAL	397.219	280.530	166.686
Less	EXPENSES
		Office Expenses	312.193	223.275	156.102
		Administrative Expenses
		Advertising Expenses
		TOTAL	312.193	223.275	156.102
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		85.026	57.255	10.584
Less/ Add	DEPRECIATION/ AMORTISATION		5.448	4.794	4.528
	PROFIT BEFORE TAX		79.578	52.461	6.056
Less	TAX		27.391	18.986	2.248
	PROFIT AFTER TAX		52.187	33.475	3.808
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.550	23.075	19.267
	BALANCE CARRIED TO THE B/S		108.737	56.550	23.075
	Earnings Per Share (Rs.)		5066.69	3249.97	369.72

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.14	11.93	2.28
Return on Total Assets (PBT/Total Assets}	(%)	37.41	30.36	5.67
Return on Investment (ROI) (PBT/Networth)		0.72	0.90	0.25
Debt Equity Ratio (Total Liability/Networth)		0.92	1.97	3.31
Current Ratio (Current Asset/Current Liability)		3.13	2.13	1.60

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the period, the Company has achieved a turnover of Rs.397.219 millions and a Profit of Rs.79.578 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U02423KA2004PTC033217
Name of the company	SPAN HEALTHCARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Columbus Business Chambers, No.17, 7^th Temple Street, 15^th Cross Malleswaram, Bangalore – 560 003, Karnataka, India E-Mail: customercare@spanhealth.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Stock)
Particular of charge holder	Citibank NA, #24, 3^rd Floor, Canberra block, UB City, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India E-Mail: pintu.das@citi.com
Nature of instrument creating charge	Goods Security Agreement
Date of instrument Creating the charge	26.03.2011
Amount secured by the charge	Rs.106.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As agreed to from time to time Terms of repayment Repayable on demand Margin As determined to from time to time Extent and operation of the charge First Charge by way of hypothecation of movable assets (including stocks and book debts) forming part of current assets both present and future.
Short particulars of the property charged (Including location of the property)	Whole of the Borrower's stocks of raw materials, goods in process of manufacture, semi finished goods, all finished and manufactured goods and articles together with all stores, components and spares All of the present and future book debts, outstanding monies, receivables, claims, bills, investments, securities, rights to or in moveable properties and moveable assets forming part of current assets

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Computers

· Furniture and Fixtures

· Improvement to Leasehold Premises

· Vehicle

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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

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.