MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	WOCKHARDT HOSPITALS LIMITED (w.e.f. 19.10.2000)
Formerly Known As :	FIRST WOCKHARDT AND HEART INSTITUTE LIMITED WOCKHARDT HEALTH SCIENCES LIMITED
Registered Office :	Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.1991
Com. Reg. No.:	11-063096
Capital Investment / Paid-up Capital :	Rs.793.509 millions
CIN No.: [Company Identification No.]	U85100MH1991PLC063096
TAN No.: [Tax Deduction & Collection Account No.]	MUMW01768E
PAN No.: [Permanent Account No.]	AAACW3342G
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The Company is Primarily engaged in Hospital Business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 17620000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is the 5^th largest Pharmaceutical and Healthcare Company around the globle. It is having good track record. But there appears slight loss in the current year. However, trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. In view of strong holding company can be considered for normal business dealing at usual trade terms and condition.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

LOCATIONS

Registered Office :	Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra, India
Tel. No.:	91-22-26534444
Fax No.:	91-22-26534242
E-Mail :	viralj@wockhardt.com ndatar@wockhardt.com
Website :	www.wockhardhospitals.net
Branches :	Located at: Bhavnagar South Mumbai Nagpur Heart Hospital Nagpur Super Specialty Nashik Rajkot Surat Vashi

DIRECTORS

As on 30.09.2011

Name :

Habil Fakhruddin Khorakiwala

Designation :

Director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

22.09.1942

Date of Appointment :

28.08.1991

DIN No.:

00045608

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	U73100MH1985NPL134121	KHORAKIWALA FOUNDATION	Director	24/04/1985	24/04/1985	-	Active	NO
2	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	28/08/1991	28/08/1991	-	Active	NO
3	U99999DL1967PLC002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY.	Director	19/09/1998	19/09/1998	-	Active	NO
4	L24230MH1999PLC120720	WOCKHARDT LIMITED	Whole-time director	01/03/2010	08/07/1999	-	Active	NO
5	U67120MH1983PTC031217	PALANPUR HOLDINGS AND INVESTMENTS CO PRIVATE LTD	Director	25/11/2002	25/11/2002	-	Active	NO
6	U67120MH1981PTC023803	KHORAKIWALA HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	28/12/2002	28/12/2002	-	Active	NO
7	U51909MH2004PTC143952	DARTMOUR HOLDINGS PRIVATE LIMITED	Director	24/02/2005	24/02/2005	-	Active	NO
8	L72200MH1987PLC045205	Datamatics Global Services Limited	Director	08/12/2005	08/12/2005	-	Active	NO

Name :

Zahabiya Habil Khorakiwala

Designation :

Managing director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

16.09.1982

Date of Appointment :

31.03.2010

DIN No.:

00102689

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	U45200MH1993PTC074015	SHRAVAN CONSTRUCTIONS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
2	U70100MH1995PTC091167	YURT ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
3	U70100MH1995PTC089294	DENARIUS ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
4	U70200MH1995PTC091315	AMADOU ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
5	U24239MH1958PLC011204	MERIND LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
6	U85110MH2001PLC133110	WOCKHARDT MAHARASHTRA HOSPITAL LIMITED	Director	21/09/2010	31/03/2010	-	Active	NO
7	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Managing director	01/12/2010	31/03/2010	-	Active	NO
8	U73100MH1985NPL134121	KHORAKIWALA FOUNDATION	Director	29/09/2011	01/12/2010	-	Active	NO

Name :

Murtaza Habil Khorakiwala

Designation :

Director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

07.09.1972

Date of Appointment :

06.04.2009

DIN No.:

00102650

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	U70100MH1995PTC091167	YURT ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
2	U67120MH1981PTC023803	KHORAKIWALA HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
3	U67120MH1983PTC031217	PALANPUR HOLDINGS AND INVESTMENTS CO PRIVATE LTD	Director	10/11/2004	10/11/2004	-	Active	NO
4	U70100MH1995PTC089294	DENARIUS ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
5	U70200MH1995PTC091315	AMADOU ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
6	U45200MH1993PTC074015	SHRAVAN CONSTRUCTIONS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
7	U73100MH1985NPL134121	KHORAKIWALA FOUNDATION	Director	10/11/2004	10/11/2004	-	Active	NO
8	U24230MH1991PLC060162	WOCKHARDT INFRASTRUCTURE DEVELOPMENT LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
9	U51909MH2004PTC143952	DARTMOUR HOLDINGS PRIVATE LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO
10	L24230MH1999PLC120720	WOCKHARDT LIMITED	Managing director	29/06/2009	31/03/2009	-	Active	NO
11	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	30/09/2009	06/04/2009	-	Active	NO
12	U24230MH1996PLC097019	WOCKHARDT BIOPHARM LIMITED	Director	17/09/2010	31/03/2010	-	Active	NO
13	U15204DL1995PLC128355	VINTON HEALTHCARE LIMITED	Director	11/09/2012	07/12/2011	-	Active	NO

Name :

Huzaifa Habil Khorakiwala

Designation :

Director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

04.11.1970

Date of Appointment :

06.04.2009

DIN No.:

02191870

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	L24230MH1999PLC120720	WOCKHARDT LIMITED	Whole-time director	29/06/2009	31/03/2009	-	Active	NO
2	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	30/09/2009	06/04/2009	-	Active	NO
3	U15400MH2010PTC200511	PRIDE INDIA CONFECTIONERS PRIVATE LIMITED	Director	02/03/2010	02/03/2010	03/01/2011	Active	NO
4	U24239MH1958PLC011204	MERIND LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
5	U85110MH2001PLC133110	WOCKHARDT MAHARASHTRA HOSPITAL LIMITED	Director	21/09/2010	31/03/2010	-	Active	NO
6	U55204MH2011PTC212714	INSPIRATION CAFEE PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Strike off	NO
7	U74999MH2012PTC232351	7 HUMAN VALUES PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Viral Vijay Joshi
Designation :	Secretary
Address :	Ram Tatva Bhavana, Room No.2, 2^nd Floor, N.S.Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	04.01.1985
Date of Appointment :	23.09.2009
PAN No.:	AIKPJ8968Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. Equity of Shares
Dartmour Holdings Private Limited, India	60777865
Merind Limited, India	1612903
Carol Info Services Limited, India	6750000
Mr. H F Khorakiwala	6750000
Mr. H F Korakiwala (nominee of DHPL)	54
Mr. GB Parulkar (nominee of DHPL)	27
Mr. Casubhay Oves (nominee of DHPL)	27
Ms. Vijaya Nair (nominee of DHPL)	27
Citigroup Global Markets Mauritius Private Limited, Mauritius	3300000
Total	79190903

As on 30.09.2011

Names of Shareholders	No. Preference of Shares
Palanpur Holdings and Investments Private Limited, India	160000
Total	160000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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	4.17
Bodies corporate	87.31
Directors or relatives of Directors	8.52
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is Primarily engaged in Hospital Business.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans taken for vehicles secured	0.000	0.027
Total	0.000	0.027

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	4.500	0.000
Total	4.500	0.000

Banking Relations :	--
Financial Institutions:	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai-400703, Maharashtra, India Wockhardt Life Sciences Limited, Bandra (East), Mumbai-400051, Maharashtra, India
Auditors :
Name :	M. A. Shah and Company Chartered Accountants
Address :	M A Shah and Company, 202 Jolly Bhavan No 2 New Marine Lines, Mumbai-400020, Maharashtra, India
PAN No.:	AABFM0309D
Holding company:	Dartmour Holdings Private Limited, India CIN No.: U51909MH2004PTC143952
Subsidiary company:	Kanishka Housing Development Company Private Limited, India CIN No.: U04520KA1988PTC008921
Fellow Subsidiary company:	Merind Limited, India CIN No.: U24239MH1958PLC011204
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Khorakiwala Holdings And Investments Private Limited, India CIN No.: U67120MH1981PTC023803 Palanpur Holdings And Investments Company Private Limited, India CIN No.: U67120MH1983PTC031217 Wockhardt Limited, India CIN No.: U99999MH1973PTC016260 Carol Info Services Limited, India CIN No.: L74999MH1979PLC021942 Sri Raghavendra Educational Institute and Society, India PAN No.: AAETS1918F Chetana Trust, India PAN No.: AAATC6229P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
125840000	Equity Shares	Rs.10/- each	Rs.1258.400 Millions
160000	Preference Shares	Rs.10/- each	Rs.1.600 Millions
	Total		Rs.1260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79190903	Equity Shares	Rs.10/- each	Rs.791.909 Millions
160000	Preference Shares	Rs.10/- each	Rs.1.600 Millions
	Total		Rs.793.509 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		793.509	791.909	791.909
2] Share Application Money		0.000	1.600	0.000
3] Reserves & Surplus		3611.652	3627.054	1277.471
4] (Accumulated Losses)		0.000	0.000	(133.323)
NETWORTH		4405.161	4420.563	1936.057
LOAN FUNDS
1] Secured Loans		0.000	0.027	2163.794
2] Unsecured Loans		4.500	0.000	4202.445
TOTAL BORROWING		4.500	0.027	6366.239
DEFERRED TAX LIABILITIES		81.905	98.962	33.837
TOTAL		4491.566	4519.552	8336.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1788.022	1574.808	3379.250
Capital work-in-progress		1060.222	985.721	3059.704
INVESTMENT		0.000	0.000	139.391
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.341	65.854	227.972
	Sundry Debtors	231.020	177.773	423.411
	Cash & Bank Balances	1442.964	1324.609	1220.651
	Other Current Assets	14.630	11.134	2.032
	Loans & Advances	608.471	1006.360	1169.123
Total Current Assets		2359.426	2585.730	3043.189
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	498.637	412.745	984.823
	Other Current Liabilities	88.144	85.328	202.323
	Provisions	129.323	128.634	98.255
Total Current Liabilities		716.104	626.707	1285.401
Net Current Assets		1643.322	1959.023	1757.788
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4491.566	4519.552	8336.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1822.431	4085.232	4436.235
		Other Income	42.869	1204.918	11.221
		TOTAL (A)	1865.300	5290.150	4447.456
Less	EXPENSES
		Consumption materials changes inventories	604.095	1342.477	3826.859
		Manufacturing service costs	548.325	1195.366
		Employee related expenses	243.929	566.789
		Administrative selling other expenses	378.758	801.817
		TOTAL (B)	1775.107	3906.449	3826.859
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		90.193	1383.701	620.597
Less	FINANCIAL EXPENSES (D)		0.005	648.390	699.255
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		90.188	735.311	(78.658)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		122.582	356.587	282.707
	PROFIT BEFORE TAX (E-F) (G)		(32.394)	378.724	(361.365)
Less	TAX (I)		(16.992)	133.622	(115.923)
	PROFIT AFTER TAX (G-I) (J)		(15.402)	245.102	(245.442)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		111.779	(133.323)	112.119
	BALANCE CARRIED TO THE B/S		96.377	111.779	(133.323)
	EARNINGS IN FOREIGN CURRENCY		12.373	105.453	101.464
	IMPORTS		NA	0.000	137.503
	Earnings Per Share (Rs.)		(0.19)	3.10	(3.10)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.83)	4.63	(5.52)
Net Profit Margin (PBT/Sales)	(%)	(1.78)	9.27	(8.15)
Return on Total Assets (PBT/Total Assets}	(%)	(0.78)	9.10	(5.63)
Return on Investment (ROI) (PBT/Networth)		0.01	0.09	0.19
Debt Equity Ratio (Total Liability/Networth)		0.16	0.14	3.95
Current Ratio (Current Asset/Current Liability)		3.29	4.13	2.37

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PRESS RELEASE:

Wockhardt Hospital plans Rs 400 crore expansion

Tushar Pawar / Mumbai/ Nashik Feb 12, 2010, 00:42 IST

As part of its expansion plans, Wockhardt Hospitals Ltd (WHL) is planning to open 4 new super speciality hospitals in the next three years and investment for the purpose and other expansions is estimated at around Rs. 400 crore.

With an aim to clear its entire debt, the company recently sold its 10 hospitals (including two under construction) with total 1,902 beds to Fortis Healthcare for Rs. 909 crore. Now, WHL is again in expansion mode.

Presently, the company has 10 super speciality hospitals with 1,200 inpatient beds.

“We are planning to open four new hospitals in the next three years. These four new hospitals, which will be located in Mumbai, Bhopal, Jabalpur and Patana, will have combined capacity of 1,000 inpatient beds and will cover a built-up area of around 10 lakh sq ft. The company’s investment for these four proposed hospitals and other expansions in the next three years will be close to Rs. 400 crore,” Anil V Kamath, Managing Director, Wockhardt Hospitals Ltd, told Business Standard.

“Some part of the fund we raised through sale of our 10 hospitals was used to clear the company’s debt, while the balance will be used for expansion,” Kamath said, but avoided to divulge more details in this regard.

The company’s proposed superspeciality hospital in Mumbai will cover a built-up area of 2.5 lakh sqft, Bhopal 4 lakh sq ft, Jabalpur 1.5 lakh sqft and Patana will cover 1.5 lakh sq ft built-up area.

“We are planning to have total 3,500 beds by the year 2013, from the present 1,200 beds. We are expecting to add around 700 to 1,000 beds a year,” Kamath added.

LITIGATION DETAILS:

Case Details

Bench: - Tribunal – Hyderabad

Petitioner:	Wockhardt Hospitals Limited
Respondent:	Department of Income Tax
Appellant by:	Shri M.S. Rao/ Shri P.Peerya
Respondent by:	Shri V. Siva Kumar
Date of Hearing:	08.05.2012
Date of Pronouncement:	02.07.2012

FINANCIAL PERFORMANCE

For the year ended March 31, 2011, the Company achieved a Turnover of Rs. 1822.431 Millions and Profit before Depreciation, Interest and Tax of Rs. 21.750 Millions. However, due to decrease in turnover to Rs.1822.431 Millions as compared to Rs. 4085.231 Millions in the previous year, the Company incurred a loss of Rs. 15.402 Millions

WEB DETAILS:

Wockhardt Hospital's existence is the result of a 40-year tradition of caring and innovation nurtured by Wockhardt Ltd, India's 5th largest Pharmaceutical and Healthcare company with a presence in 20 countries across the globe. By consistently investing in technology and infrastructure which match international benchmarks, Wockhardt Hospitals are today, one amongst the best healthcare institutes in the country. The group has a pan India presence and provides super specialty care in Cardiology/Cardiac Surgery, Orthopedics, Neurology/Neurosurgery, Minimal Access Surgery and Women's health.

Wockhardt Hospitals currently runs 8 hospitals located at Bhavnagar, Goa, Nagpur (I and II), Nashik, Rajkot, Surat and Vashi. Wockhardt would initiate its presence in South Mumbai with a new hospital in 2012.

Wockhardt Hospitals follow process driven quality systems that adhere to international standards of clinical care, safe environment, medication safety, respect for patient rights and privacy and infection control standards. With the latest technology, multi-disciplinary capability, state of the art facilities, world-class infrastructure and excellent patient care ambience and processes, Wockhardt is poised to become the most advanced and progressive healthcare institution in India.

Mr. Ramesh Tawadkar, honorable Minister for Sports, Tribal AND Welfare, Goa, visits Wockhardt

Wockhardt Hospital has been the pacesetter in bringing the leading edge and the newest world class medical facilities to Goa. During the recent visit of Mr. Ramesh Tawadkar, honorable Minister for Sports, Tribal & Welfare, Goa, for a Health Check-up, accompanied by his wife Mrs. Savita Tawadkar, he was astounded with the international standard facilities provided at Wockhardt. Wockhardt hospitals known for its peerless infrastructure, highly experienced doctors, technicians and skilled nurses left him flabbergasted and he quoted “It was a pleasant experience to have a full body check-up at Wockhardt Hospitals, Goa. All the doctors and staff were very nice. Good Hospitality”. Accompanied by his wife Mrs. Savita Tawadkar, who was more than delighted seeing the care and affection showered on them by the Wockhardt staff and doctors, said it was a Wonderful experience and the service was excellent. Satisfied and charmed with the services while leaving Mr. Ramesh Tawadkar wished Wockhardt Hospitals all the best in future Endeavour’s to become a successful hospital and to provide the best world-class services to Goans.

FIXED ASSETS:

· Management Right

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Computers

· Vehicles

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 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 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.51.97
UK Pound	1	Rs.83.67
Euro	1	Rs.67.19

INFORMATION DETAILS

Report Prepared by :

MRI

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.