1. Summary Information

		Country	India
Company Name	MEDSAVE HEALTHCARE (TPA) LIMITED	Principal Name 1	Mr. Arvind Kumar Saraf
Status	Satisfactory	Principal Name 2	Mr. Gautam Khaitan
		Registration #	55-050805
Street Address	F-701-A, Lado Sarai, New Delhi-110032, India
Established Date	29.10.1992	SIC Code	--
Telephone#	91-11-29521061	Business Style 1	Service Provider
Fax #	91-11-29521067	Business Style 2	--
Homepage	http://www.medsave.in	Product Name 1	Healthcare administration
# of employees	Not Available	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	20 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	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	370,250,000	Current Liabilities	239,108,000
Inventories	0	Long-term Liabilities	124,287,000
Fixed Assets	80,831,000	Other Liabilities	35,620,000
Deferred Assets	0	Total Liabilities	399,015,000
Invest& other Assets	0	Retained Earnings	12,073,000
		Net Worth	52,066,000
Total Assets	451,081,000	Total Liab. & Equity	451,081,000
Total Assets (Previous Year)	252,026,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	440,000,000	Net Profit	11,221,000
Sales(Previous yr)	186,789,000	Net Profit(Prev.yr)	6,050,000

MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	MEDSAVE HEALTHCARE (TPA) LIMITED (w.e.f. 30.06.2008)
Formerly Known As :	MEDSAVE HEALTHCARE LIMITED
Registered Office :	F-701-A, Lado Sarai, New Delhi-110032
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.10.1992
Com. Reg. No.:	55-050805
Capital Investment / Paid-up Capital :	Rs. 39.993 Millions
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.
No. of Employees :	Not Available

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 200000
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 – 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 :

F-701-A, Lado Sarai, New Delhi-110032, India

Tel. No.:

91-11-29521061/ 66/ 39001234

Fax No.:

91-11-29521067/ 71

E-Mail :

info@medsave.in

Website :

http://www.medsave.in

Branches :

Located at:

Ahmedabad	Surguja
Hingoli	Chitrakoot
New Delhi	Kanker
Ballia	Taran taran
Hoshiyarpur	Coimbatore
Patna	Kiphire
Banda	Tehri garhwal
Hyderabad	Dehradun
Raigarh	Kochi
Bangalore	Thrissur
Idukki	Deoria
Raipur	Kolkata
Bankura	Tuensang
Indore	Dhamtari
Rajnandgaon	Korba
Bastar	Vadodara
Janjgir-champa	Dharbhanga
Rampur	Longleng
Bhopal	Wohka
Jashpur	Dimapur
Rudraprayag	Lucknow
Bilaspur	Zunebhoto
Jehanabad	Durg
Sant kabeer nagar	Mahoba
Calicut	Ernakulam
Jhajjar	Mon
Siddharth nagar	Gaya
Chandigarh	Moradabad
Jind	Gonda
Sitapur	Mumbai
Chennai	Gorakhpur
Kaithal	Muzaffarnagar
Guwahati	Hamirpur
Narayanpur	Panchkula

DIRECTORS

AS ON 08.09.2011

Name :

Mr. Arvind Kumar Saraf

Designation :

Chairman-cum-Managing Director

Address :

56, Sultanpur Farms, Prakriti Marg, Mehrauli, New Delhi-110030, India

Date of Appointment :

29.10.1992

DIN No.:

00057323

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17100MH1970PTC014561	HIMDOOT MERCANTILE PRIVATE LIMITED	Director	25-11-81	25-11-81	05-09-09	Active	NO
2	U45201WB1982PTC035094	JEEVAN VIHAR PROPERTIES PRIVATE LIMITED	Director	17-07-82	17-07-82	-	Active	NO
3	U25209MH1989PTC050935	VIDHAN FIBREGLASS PRODUCTS PRIVATE LIMITED	Director	08-03-89	08-03-89	05-09-09	Active	NO
4	U51909WB1996PTC077424	VASUDHA COMMERCIAL PRIVATE LIMITED	Director	23-07-01	23-07-01	-	Active	NO
5	U51909WB1996PTC077423	SIDHANT DISTRIBUTORS PRIVATE LIMITED	Director	23-07-01	23-07-01	-	Active	NO
6	U72200DL2001PLC111987	ARCOTECH INFO LIMITED	Director	02-09-09	13-08-01	05-06-10	Active	NO
7	L34300HR1981PLC012151	ARCOTECH LIMITED	Director	04-09-06	22-03-06	-	Active	NO
8	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Director	06-12-06	06-12-06	-	Active	NO
9	U51909WB2008PTC128407	SARATHI INFRASTRUCTURE PRIVATE LIMITED	Director	29-09-09	15-06-09	-	Active	NO
10	U24100DL2010PLC210492	ARCOTECH BIOCHEM LIMITED	Director	16-11-10	16-11-10	-	Active	NO
11	U80903DL2010PLC211847	ARCOTECH UNIEXPAT LIMITED	Director	28-12-10	28-12-10	-	Active	NO
12	U24240DL2011PLC216307	ARCOFEMI HEALTHCARE LIMITED	Director	22-03-11	22-03-11	-	Active	NO
13	U27100DL2012PLC230147	ARCOTECH ADVANCED METALIKS LIMITED	Director	17-01-12	17-01-12	-	Active	NO

Name :

Mr. Gautam Khaitan

Designation :

Director

Address :

N-12, Panchsheel Park, New Delhi-110017, India

Date of Appointment :

13.01.2003

DIN No.:

00021117

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U22110DL1988PTC031416	NIPSHELL BUILDERS PRIVATE LIMITED	Director	14-03-95	14-03-95	-	Active	NO
2	U74899DL1993PTC054731	NETWORK AIR PRIVATE LIMITED	Director	16-12-96	16-12-96	03-09-08	Active	NO
3	U25209DL1996PLC082810	ILPEA PARAMOUNT LIMITED	Director	26-09-00	26-09-00	-	Active	NO
4	L74899DL1968PLC004962	SALORA INTERNATIONAL LIMITED	Director	28-06-01	28-06-01	-	Active	NO
5	U72200DL2001PLC111987	ARCOTECH INFO LIMITED	Director	09-08-01	09-08-01	25-02-09	Active	NO
6	L18101WB1983PLC035976	I C TEXTILES LIMITED	Director	04-09-01	04-09-01	29-10-07	Active	YES
7	U51909WB1996PTC077424	VASUDHA COMMERCIAL PRIVATE LIMITED	Director	13-09-02	13-09-02	-	Active	NO
8	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Director	13-01-03	13-01-03	-	Active	NO
9	L25206WB1996PLC079417	JK SUGAR LIMITED	Director	04-09-03	04-09-03	-	Active	NO
10	U51909DL2004PTC123867	PAISLEY DESIGNS AND EXPORT PRIVATE LIMITED	Director	05-01-04	05-01-04	-	Active	NO
11	L67120HR1980PLC039125	ARAVALI SECURITIES AND FINANCE LIMITED	Director	12-08-04	12-08-04	-	Active	NO
12	U74899DL1995PTC071412	LONG VIEW DEVELOPERS PRIVATE LIMITED	Director	30-12-04	30-12-04	-	Active	NO
13	U45201WB1982PTC035094	JEEVAN VIHAR PROPERTIES PRIVATE LIMITED	Director	10-03-06	10-03-06	-	Active	NO
14	L34300HR1981PLC012151	ARCOTECH LIMITED	Director	04-09-06	22-03-06	-	Active	NO
15	U45201DL2005PTC135692	MUDAJAYA CONSTRUCTION (INDIA) PRIVATE LIMITED	Additional director	28-10-06	28-10-06	16-08-08	Active	NO
16	U51397DL2002PTC115876	ZAMBON INDIA PRIVATE LIMITED	Alternate director	09-11-06	09-11-06	-	Active	NO
17	U45400DL2007PTC161594	INFINITY FURNISHINGS PRIVATE LIMITED	Alternate director	13-10-07	10-04-07	28-08-08	Active	YES
18	L01111DL1993PLC052845	KRBL LIMITED	Director	29-09-08	30-07-07	-	Active	NO
19	U45400DL2007PTC167766	SIGAN PROPERTIES PRIVATE LIMITED	Director	05-09-07	05-09-07	-	Active	NO
20	L27101AP2004PLC043252	FACOR ALLOYS LIMITED	Additional director	27-10-07	27-10-07	-	Active	NO
21	U63013DL2007PTC170851	HORIZON AIR SUPPORT MAINTENANCE (INDIA) PRIVATE LIMITED	Director	28-11-07	28-11-07	11-07-08	Active	NO
22	U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	Director	30-09-08	14-12-07	-	Active	NO
23	U80904DL2007NPL171985	ARBOR CHARITABLE FOUNDATION	Director	28-12-07	28-12-07	04-10-08	Active	YES
24	U74900DL2008PTC177820	Wasserstein Advisors India Private Limited	Director	08-05-08	08-05-08	-	Active	NO
25	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Director	16-07-09	04-06-08	-	Active	NO
26	U65993DL2008PTC178927	ASAS INVESTMENTS PRIVATE LIMITED	Director	18-06-08	18-06-08	-	Active	NO
27	U65100DL2007PTC169416	ROOT INVEST PRIVATE LIMITED	Director	18-06-08	18-06-08	-	Active	NO
28	U72211DL2006PTC153844	TEMPLE RESEARCH PRIVATE LIMITED.	Director	18-06-08	18-06-08	-	Active	NO
29	U74140DL2008PLC179030	MAPLE RESOURCES LIMITED	Director	18-06-08	18-06-08	02-11-10	Active	NO
30	U29119PN2006PTC133905	FASTER HYDRAULICS PRIVATE LIMITED	Alternate director	26-02-10	08-09-08	-	Active	NO
31	U67120DL2008PTC184548	FFF CAPITAL PRIVATE LIMITED	Director	27-10-08	27-10-08	-	Active	NO
32	U31908DL2008PTC185311	ELETTROMECCANICA INDIA PRIVATE LIMITED	Alternate director	26-03-09	27-11-08	22-03-12	Active	NO
33	U74999DL2009PTC188604	CLICK CONSULT AND DESIGN INDIA PRIVATE LIMITED	Director	19-03-09	19-03-09	-	Strike off	NO
34	U93000DL2009PTC189287	ATARAH HEALTH CENTRE PRIVATE LIMITED	Director	09-04-09	09-04-09	-	Strike off	NO
35	U01403DL2009PTC189874	ADM AGRO INDUSTRIES INDIA PRIVATE LIMITED	Director	30-04-09	30-04-09	06-10-09	Active	NO
36	U72900DL2009PTC191658	AEROMATRIX INFO SOLUTIONS PRIVATE LIMITED	Director	26-06-09	26-06-09	-	Active	NO
37	U70109DL2006PTC151242	SAMHI Hotels (Gurgaon) Private Limited	Director	15-09-09	12-08-09	21-10-11	Active	NO
38	U15143DL1991PTC083071	ADM Agro Industries Latur and Vizag Private Limited	Alternate director	29-09-10	12-08-09	08-08-11	Active	NO
39	U74999DL2004PTC124262	ADM Agro Industries Dharwad Private Limited	Alternate director	18-11-10	12-08-09	08-08-11	Active	NO
40	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	25-11-09	03-09-09	30-01-12	Active	NO
41	U74140DL2010PTC199962	DOM ADVISORY SERVICES PRIVATE LIMITED	Director	11-03-10	11-03-10	-	Active	NO
42	U74899DL1994PTC061172	BOUTIQUE HOTELS INDIA Private LIMITED	Additional director	13-01-12	31-03-10	-	Active	NO
43	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE AND HOLDINGS LIMITED	Director	25-09-10	25-09-10	-	Active	NO
44	U80903DL2010PLC211847	ARCOTECH UNIEXPAT LIMITED	Director	28-12-10	28-12-10	-	Active	NO
45	U24240DL2011PLC216307	ARCOFEMI HEALTHCARE LIMITED	Director	22-03-11	22-03-11	-	Active	NO
46	U93000DL2011NPL229128	SIGHTLIFE INDIA	Director	22-12-11	22-12-11	-	Active	NO
47	U74999DL2011PTC225753	AA NEWS LINE PRIVATE LIMITED	Director	26-12-11	26-12-11	-	Active	NO
48	U72900DL2010PTC203384	ADVANTECH IT SOLUTIONS PRIVATE LIMITED	Additional director	23-03-12	23-03-12	-	Active	NO
49	U62200DL2012PTC234245	ASAS Aviation Private Limited	Director	12-04-12	12-04-12	-	Active	NO
50	U31909HR1980PLC010226	QH TALBROS LIMITED	Director	19-04-12	19-04-12	-	Active	NO

Name :

Mr. Rony Davidoff

Designation :

Director

Address :

38, Medinat, Hayemurim, Merzelia-46176, Israel

Date of Appointment :

24.12.2002

DIN No.:

00254015

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Nominee director	24-12-02	24-12-02	-	Active	NO
2	U72200DL2001PLC111987	ARCOTECH INFO LIMITED	Nominee director	24-12-02	24-12-02	17-12-08	Active	NO
3	U93000DL2009PTC189287	ATARAH HEALTH CENTRE PRIVATE LIMITED	Director	17-04-09	17-04-09	23-03-10	Strike off	NO

Name :

Mr. Adish Labru

Designation :

Director

Address :

410, Krish and Lok Apartment, CGHS Sector – 45, Faridabad – 121001, Haryana, India

Date of Birth/Age :

20.05.1971

Date of Appointment :

08.07.2011

DIN No.:

03565482

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	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Whole-time director	01-10-11	08-07-11	Active	NO

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
PAN No.:	DCUPS7133F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.09.2011

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

AS ON 08.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian 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

Customers :

v American Embassy

No. of Employees :

Not Available

Bankers :

Syndicate Bank, Hauz Khas Branch, New Delhi-110016, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan (Secured by way of hypothecation of office equipments, Computers, Software and furniture and fixture of the company. The loan has been collaterally secured by farm house of the promoter and personally guaranteed by the promoters)	45.007	24.761
Cash Credit Facilities (Secured by way of hypothecation of present and future book debts of the company. The loan has been collaterally secured by farm house of the promoter and presently supported by the promoters)	79.280	61.038
Total	124.287	85.799
Note: Amount repayable within one year Current year Rs. 6.126 Millions (Previous Year Rs. 3.125 Millions)

Banking Relations :	--
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	Golf View, Corporate Tower B, Sector-42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644080
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Holding Company :	Vasudha Commercial Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		39.993	39.993	39.993
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.073	5.516	4.129
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52.066	45.509	44.122
LOAN FUNDS
1] Secured Loans		124.287	85.799	90.731
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		124.287	85.799	90.731
DEFERRED TAX LIABILITIES		5.467	0.993	0.000
TOTAL		181.820	132.301	134.853
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.831	41.401	38.129
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.189
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	228.316	97.471	82.967
	Cash & Bank Balances	24.335	13.946	13.962
	Other Current Assets	0.633	0.910	0.413
	Loans & Advances	116.966	98.298	37.794
Total Current Assets		370.250	210.625	135.136
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.398	12.160	17.661
	Other Current Liabilities	167.710	98.514	14.783
	Provisions	30.153	9.051	6.157
Total Current Liabilities		269.261	119.725	38.601
Net Current Assets		100.989	90.900	96.535
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		181.820	132.301	134.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Service Income (Net)	440.000	186.789	123.696
		Other Income	2.741	1.602	1.386
		TOTAL (A)	442.741	188.391	125.082
Less	EXPENSES
		Personnel Expenses	89.892	45.894	32.675
		Operating and Other expenses	280.672	103.696	65.589
		TOTAL (B)	370.564	149.590	98.264
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.177	38.801	26.818
Less	FINANCIAL EXPENSES (D)		21.233	13.521	9.722
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.944	25.280	17.096
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.132	15.122	4.130
	PROFIT BEFORE TAX (E-F) (G)		27.812	10.158	12.966
Less	TAX (H)		16.591	4.108	4.694
	PROFIT AFTER TAX (G-H) (I)		11.221	6.050	8.272
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.515	4.129	0.536
Less	APPROPRIATIONS
		Proposed Dividend	3.999	3.999	3.999
		Tax on Dividend	0.664	0.664	0.680
	BALANCE CARRIED TO THE B/S		12.073	5.516	4.129
	Earnings Per Share (Rs.)		2.81	1.51	2.07

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.53	3.21	6.61
Net Profit Margin (PBT/Sales)	(%)	6.32	5.44	10.48
Return on Total Assets (PBT/Total Assets}	(%)	6.17	4.03	7.48
Return on Investment (ROI) (PBT/Networth)		0.53	0.22	0.10
Debt Equity Ratio (Total Liability/Networth)		7.56	4.52	2.93
Current Ratio (Current Asset/Current Liability)		1.38	1.76	3.50

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. Constitution 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	No
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	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

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 Sarai, New delhi – 110032, India
This form is for	Modification of charge
Charge identification number of the modified	10045002
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Syndicate Bank, Hauz Khas Branch, New Delhi – 110016, India Email Id: akandco@hotmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement.
Date of instrument Creating the charge	10.06.2010
Amount secured by the charge	Rs. 198.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest In case of SODH - @ PLR +2.50% presently 14.50% p.a. In case of BG - As per rules. Terms of Repayment SODH and BG - Payable on demand. Term Loan - II - As per Existing Terms and conditions. Margin SODH - 25% BG - 15% Extent and Operation of the charge 100% Others To secure all amounts payable under various credit facilities of Rs. 198.000 Millions granted to the Company together with all interests, costs, charges, expenses etc. The details are as under: SODH - Rs. 80.000 Millions Term Loan - II - Rs. 18.000 Millions (Existing) BG - Rs. 100.000 Millions
Short particulars of the property charged	(i) Hypothecation of Book Debts. For Fixing DP Book Debts upto 7 months may be reckoned. (ii) Extension of charge on Current Assets.
Particulars of the present modification	Credit facilities stands enhanced to Rs. 198.000 Millions. i.e. SODH Limit - Rs. 80.000 Millions, TL - II (Existing) - Rs. 18.000 Millions and BG Limit - Rs. 100.000 Millions. Other terms and conditions.

FIXED ASSETS

Tangible assets

v Leasehold Improvements]

v Computers

v Office Equipments

v Furniture and Fixtures

v Vehicles

Intangible Assets

v Software

AS PER WEBSITE DETAILS

PROFILE:

Subject is a specialized healthcare management company head-quartered in New Delhi, India. It is a joint venture between Arcotech Group and Medsave USA. Subject is a global facilitator of healthcare services with presence in United States, Europe and Asia

Subject is a Third Party Administrator (TPA) licensed by Insurance Regulatory Development Authority (IRDA) for health insurance, with country wide operations and provides quality services [ISO 9001: 2008 Certificate issued by Kvalitet Veritas Quality Assurance] to its customers, be it the insured, the insurance companies or the care providers. Subject has 76 branch offices with more than 3500 hospitals in its network in 182 cities in the country.

There Head office located at New Delhi, India boasts of secured global connectivity, international standard technology and support facilities. The facilities are maintained by qualified and experienced resources with deep domain expertise.

In India, Subject is servicing the healthcare needs of over Twenty Million medically insured populace on behalf of all major insurance companies including National Insurance Company Limited, United India Assurance Company Limited, Oriental Insurance Company and Life Insurance Corporation of India. Subject has been structured to meet specific requirements of its insured as well as insurance companies.

MedSave USA, international partner of Medsave India, is a diversified healthcare management company headquartered in Hauppauge, New York. Founded in 1991, MedSave USA offers a broad spectrum of specialized medical services to customers domestically and internationally. It is a privately held firm and member of the Davidoff Group. The Davidoff Group which was established in 1963 specializes in the field of insurance and healthcare services

The Indian partners Arcotech Group, aims at creating a benchmark, professional venture fostering learning and continuous growth in every field of healthcare services in India. Arcotech Limited, the groups leading company is involved in the manufacturing of non- ferrous metals, with its setup in Haryana. Arcotech Limited adopts latest technology for manufacture of Non Ferrous Metal Semis mainly Copper and Brass Strips, Foils and Sheets. Arcotech Info Private Limited, a group company is a Business Consulting, Technology and Services Company. It offers effective evaluation, implementation, integration and support of Automatic Identification and Data Capture (AIDC) technologies and Biometrics. It is focused on delivery of solutions to the government, healthcare industry and banking sector.

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. 55.26
UK Pound	1	Rs. 86.80
Euro	1	Rs. 69.63

INFORMATION DETAILS

Report Prepared by :

BVA

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.