MIRA INFORM REPORT

Report Date :

02.01.2013

IDENTIFICATION DETAILS

Name :	VLCC HEALTH CARE LIMITED
Registered Office :	M-14, Greater Kailash-II, Commercial Complex, New Delhi-110048
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.10.1996
Com. Reg. No.:	55-082842
Capital Investment / Paid-up Capital :	Rs.22.573 Millions
CIN No.: [Company Identification No.]	U74899DL1996PLC082842
TAN No.: [Tax Deduction & Collection Account No.]	DELC06134C
PAN No.: [Permanent Account No.]	AAACC4808P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in sale of beauty products, health and wellness products, supplements, consumer food service products, apparels and lifestyle products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4240000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. The latest financial of the company are not made available. As per previous year’s record, we found that the subject is performing well. It has long standing experience of the promoters in the wellness industry, strong brand presence of VLCC across India. Trade relations are reported as trustworthy. Business is active. Payments are regular and as per commitments. The company can be considered good 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A + [Term Loan]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December 2011

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 :	M-14, Greater Kailash-II, Commercial Complex, New Delhi-110048, India
Tel. No.:	91-11-41631975/6/41632463/4
Fax No.:	Not Available
E-Mail :	dkpandey@vlcc.co.in nkumar@vlcc.co.in
Corporate Office :	64, HSIDC Sector 18, Maruti Industrial Area, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-4719700
Fax No.:	91-124-4011371
E-Mail :	contact@vlcc.co.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Mukesh R.S. Luthra

Designation :

Chairman cum Director

Address :

C-42, Anand Niketan, New Delhi-110021, India

Date of Birth/Age :

29.07.1958

Date of Appointment :

01.11.2010

Din No.:

00296830

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	U51311OR1984PTC001376	ORISSA WOOLLEN MILLS PRIVATE LIMITED	Managing director	07/07/1984	07/07/1984	12/12/2011	Active	NO
2	U17123DL1981PTC012796	NATRAJ WOOLLEN AND FINISHING MILLS PRIVATE LIMITED	Director	01/04/1992	01/04/1992	-	Active	NO
3	U74899DL1978PTC009043	L. SHIVA INTERNATIONAL PRIVATE LIMITED	Director	06/07/1994	06/07/1994	23/03/2007	Active	NO
4	U22219DL2000PTC107488	CLOUD CUCKOO FARM AND EDUCATION PRIVATE LIMITED	Director	10/03/2002	10/03/2002	08/01/2009	Strike off	NO
5	U52212DL2000PLC107566	VLCC PERSONAL CARE LIMITED	Director	01/01/2003	01/01/2003	12/07/2010	Active	NO
6	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Director	01/11/2010	01/04/2003	-	Active	NO
7	U45201DL1996PTC078850	RAJAWONGSE PROPERTIES AND REAL ESTATE DEVELOPMENT PRIVATE LIMITED	Director	11/08/2003	11/08/2003	-	Active	NO
8	U26246DL1999PLC099212	VLCC INDIA LIMITED	Director	26/08/2005	26/08/2005	-	Active	NO
9	U74996DL2006PLC149773	VLCC RETAIL LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO

Name :

Mr. Sandeep R.C. Ahuja

Designation :

Managing Director

Address :

C-2619, Sushant Lok-1, Gurgaon-122002, Haryana, India

Date of Birth/Age :

31.10.1961

Date of Appointment :

01.04.2012

Din No.:

00043118

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	U74899DL1995PTC068945	ALFA DIRECT PRIVATE LIMITED	Director	27/10/2002	27/10/2002	-	Active	YES
2	U22219DL2000PTC107488	CLOUD CUCKOO FARM AND EDUCATION PRIVATE LIMITED	Director	06/10/2003	06/10/2003	08/01/2009	Strike off	NO
3	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Managing director	01/04/2012	29/07/2004	-	Active	NO
4	U52212DL2000PLC107566	VLCC PERSONAL CARE LIMITED	Director	01/04/2007	09/08/2005	-	Active	NO
5	U74899DL1978PTC009043	L.SHIVA INTERNATIONAL PRIVATE LIMITED	Director	15/11/2005	15/11/2005	23/03/2007	Active	NO
6	U17123DL1981PTC012796	NATRAJ WOOLLEN AND FINISHING MILLS PRIVATE LIMITED	Director	20/04/2010	15/11/2005	-	Active	NO
7	U45201DL1996PTC078850	RAJAWONGSE PROPERTIES AND REAL ESTATE DEVELOPMENT PRIVATE LIMITED	Director	15/11/2005	15/11/2005	-	Active	NO
8	U74996DL2006PLC149773	VLCC RETAIL LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
9	U26246DL1999PLC099212	VLCC INDIA LIMITED	Director	30/09/2008	25/03/2008	-	Active	NO

Name :

Mr. Omprakash Shri Mohan Khaitan

Designation :

Director

Address :

B-1, Defense Colony, New Delhi-110024, India

Date of Birth/Age :

21.11.1943

Date of Appointment :

01.01.2002

Din No.:

00027798

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	L67120WB1951PLC019430	JK TYRE AND INDUSTRIES LIMITED	Director	30/08/1974	30/08/1974	-	Active	NO
2	L31500DL1945PLC008279	ECE INDUSTRIES LIMITED	Director	23/06/1977	23/06/1977	-	Active	NO
3	U27109DL1901PLC022060	HONDA SIEL POWER PRODUCTS LIMITED	Director	30/03/1988	30/03/1988	-	Not Available for eFiling	NO
4	L40103DL2004PLC203950	HONDA SIEL POWER PRODUCTS LIMITED	Director	31/03/1988	31/03/1988	-	Active	NO
5	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director	27/11/1989	27/11/1989	-	Active	NO
6	U91200DL1990NPL041439	JKT AND I EMPLOYEES WELFARE ASSOCIATION LIMITED	Director	10/09/1990	10/09/1990	-	Active	NO
7	U65993DL1992PLC048390	W G F FINANCIAL SERVICES LIMITED	Director	15/10/1992	15/10/1992	14/01/2009	Active	NO
8	U22110DL1988PTC031416	NIPSHELL BUILDERS PRIVATE LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
9	U25209DL1996PLC082810	ILPEA PARAMOUNT LIMITED	Director	10/04/1997	10/04/1997	-	Active	NO
10	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO
11	L74899DL1986PLC023202	SHARDA MOTOR INDUSTRIES LIMITED	Director	25/08/2006	16/12/2005	-	Active	NO
12	U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	Director	30/09/2008	14/12/2007	-	Active	NO
13	L67120DL1947PLC116830	BENGAL AND ASSAM COMPANY LIMITED	Director	22/09/2009	02/02/2009	-	Active	NO

Name :

Mr. Sanjay Yashpal Mehta

Designation :

Director

Address :

A-71, New Friends Colony, New Delhi-110065, India

Date of Birth/Age :

31.10.1962

Date of Appointment :

01.08.2004

Din No.:

00297971

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	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Director	01/08/2004	01/08/2004	Active	NO
2	U74100MH2004PTC150047	BMR BUSINESS SOLUTIONS PRIVATE LIMITED	Additional director	18/01/2012	18/01/2012	Active	NO

Name :

Mr. Sumer Shivkumar Datta

Designation :

Director

Address :

A-194, Grenwood City, Gurgaon-122001, Haryana, India

Date of Birth/Age :

02.08.1962

Date of Appointment :

29.07.2007

Din No.:

00138569

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	U74899DL1995PTC067542	HEWITT ASSOCIATES (INDIA) PRIVATE LIMITED	Director	20/04/1995	20/04/1995	03/07/2007	Active	NO
2	U74140DL1999PLC128578	HEWITT HUMAN RESOURCE SERVICES LIMITED	Director	11/03/2002	11/03/2002	03/07/2007	Active	NO
3	U74999DL1997PLC129061	HEWITT OUTSOURCING SERVICES INDIA LIMITED	Director	14/11/2003	14/11/2003	03/07/2007	Active	NO
4	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Director	29/09/2007	17/07/2007	-	Active	NO
5	U74140DL2004PTC124402	ASPIRE HUMAN CAPITAL MANAGEMENT PRIVATE LIMITED	Director	28/09/2007	25/09/2007	27/07/2011	Active	NO
6	U51109UR1962PTC002881	DOON INDUSTRIES AND AGENCIES PRIVATE LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
7	U55101HR2008PTC037573	AAMOKSH LEISURE LIVING PRIVATE LIMITED	Director	29/01/2008	29/01/2008	-	Active	NO
8	U74140DL2002PTC114073	MYND SOLUTIONS PRIVATE LIMITED	Director	29/09/2008	08/08/2008	01/04/2012	Active	NO
9	U74910DL2006PTC146269	PEOPLESTRONG HR SERVICES PRIVATE LIMITED	Director	22/09/2010	21/07/2009	-	Active	NO
10	U55101HR2009PTC039464	AAMOKSH ONE EIGHTY HOSPITALITY PRIVATE LIMITED	Director	11/09/2009	11/09/2009	-	Active	NO
11	U74140DL2005PTC140943	WITHYA HR FUND PRIVATE LIMITED	Director	22/09/2012	27/01/2012	-	Active	NO

Name :

Mr. Sameer Sain

Designation :

Nominee Director

Address :

3, Avinash Apartment, Road No. 3, Union Park, Bandra, Mumbai-400052, Maharashtra, India

Date of Birth/Age :

05.11.1970

Date of Appointment :

01.04.2008

Din No.:

01164185

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	L29120MH2005PLC156795	CAPITAL FIRST LIMITED	Director	05/02/2010	15/04/2006	10/08/2010	Active	NO
2	U67190MH2005PLC155095	FCH SECURITIES AND ADVISORS LIMITED	Director	02/05/2006	02/05/2006	27/09/2007	Amalgamated	NO
3	U67190MH2004PLC150329	KSHITIJ INVESTMENT ADVISORY COMPANY LIMITED	Director	02/05/2006	02/05/2006	15/02/2010	Active	NO
4	U99999MH1984PTC031975	APARNA COMMERCIAL HOLDINGS PRIVATE LIMITED	Director	18/07/2006	18/07/2006	-	Active	NO
5	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Director	25/01/2007	25/01/2007	24/09/2007	Amalgamated	NO
6	U67190MH2005PLC157444	FUTURE CAPITAL INVESTMENT ADVISORS LIMITED	Director	20/09/2007	26/03/2007	15/02/2010	Amalgamated	NO
7	U85110MH2007PLC169493	FUTURE HOSPITALITY MANAGEMENT LIMITED	Director	31/03/2007	31/03/2007	24/09/2007	Active	NO
8	U65933MH1991PLC192261	FUTURE FINANCE LIMITED	Director	22/07/2008	02/05/2007	15/02/2010	Active	NO
9	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Director	29/06/2007	29/06/2007	19/06/2008	Active	NO
10	U85110AP1998PTC030229	RAVINDRANATH GE MEDICAL ASSOCIATES PRIVATE LIMITED	Nominee director	30/06/2007	30/06/2007	27/02/2008	Active	NO
11	U15549MH2003PTC139352	NASHIK VINTNERS PRIVATE LIMITED	Director	06/09/2007	24/08/2007	-	Active	NO
12	U65999MH2004PTC144113	PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED	Director	03/09/2007	03/09/2007	07/03/2011	Active	NO
13	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	24/10/2007	24/10/2007	19/06/2008	Active	NO
14	U51909MH2007PTC168066	MAYS COMMERCIAL PRIVATE LIMITED	Director	21/08/2008	14/11/2007	-	Active	NO
15	L67120MH1996PLC192090	FUTURE VENTURES INDIA LIMITED	Director	30/09/2008	28/01/2008	05/02/2010	Active	NO
16	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Nominee director	01/04/2008	01/04/2008	-	Active	NO
17	L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	Director	29/12/2008	16/07/2008	14/10/2011	Active	NO
18	U51101MH2010PTC207463	ESSAY COMMERCIAL RESOURCES PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
19	U51909WB2009PTC136998	INDOSTAR CAPITAL FINANCE PRIVATE LIMITED	Director	23/09/2011	28/04/2011	-	Active	NO

Name :

Mr. Kamal Oberoi

Designation :

Nominee Director

Address :

J-13, 1^st Floor, Saket, New Delhi-110017, India

Date of Birth/Age :

23.11.1955

Date of Appointment :

10.11.2010

Din No.:

00713900

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	U52212DL2000PLC107566	VLCC PERSONAL CARE LIMITED	Director	18/04/2005	18/04/2005	-	Active	NO
2	U74300DL2005PTC141682	M AND C SAATCHI COMMUNICATIONS PRIVATE LIMITED	Director	18/10/2005	18/10/2005	18/08/2011	Active	NO
3	U64200DL2008PTC186070	M AND C SAATCHI DIRECT AND DIGITAL COMMUNICATIONS PRIVATE LIMITED	Director	23/12/2008	23/12/2008	18/08/2011	Active	NO
4	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Nominee director	10/11/2010	10/11/2010	-	Active	NO
5	U74999DL2011PTC226030	QUO HOSPITALITY AND TRAVEL STRATEGISTS PRIVATE LIMITED	Managing director	01/11/2011	01/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Narinder Kumar R. N. Gupta
Designation :	Company Secretary
Address :	21/43, Shakti Nagar, New Delhi-110007, India
Date of Birth/Age :	05.01.1963
Date of Appointment :	21.04.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	Address of Shareholders	No. of Shares
Mukesh R.S. Luthra	C-42, Anand Niketan, New Delhi-110021, India	550000
Vandana Luthra	C-42, Anand Niketan, New Delhi-110021, India	1001100
Kamini Ram Arora	B-38, Sector 31, Noida, Uttar Pradesh, India	100
Meera Anurag Bhatia	Sky Scraper, 18^th Floor, Bhulla Bhai Desai Road, Mumbai, Maharashtra, India	100
Pallavi Luthra Varun Puri	KH-134-135/151, Puri Farms, M.G. Road, Sultanpur, New Delhi-110021, India	100
Anurag Kamal Bhatia	Sky Scraper, 18^th Floor, Bhulla Bhai Desai Road, Mumbai, Maharashtra, India	100
Nishith Ram Arora	B-38, Sector 31, Noida, Uttar Pradesh, India	100
Leon International Limited	Rogger House, 5, President John Kennady, Street, Port Louis, Mauritius	308119
Indivision India Partner	International Financial Services Limited, IFS Court, 28, Cybercity, Ebene, Mauritius	341132
VLCC Employee Welfare Trust	M-14, Greater Kailash-II, Commercial Complex, New Delhi-110048, India	56432
TOTAL		2257283

AS ON 30.09.2011

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]	28.76
Directors or relatives of directors	68.74
Other top fifty shareholders	2.50
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in sale of beauty products, health and wellness products, supplements, consumer food service products, apparels and lifestyle products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	863.363	318.198
Loans taken for vehicles	2.682	4.265
TOTAL	866.045	322.463
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Fully convertible debentures	0.000	500.000
TOTAL	0.000	500.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF City, Phase II, Gurgaon-122002, Haryana, India
Tel No.:	91-124-6792000
Fax No.:	91-124-6792012
PAN No:	AABFD2095B
Associates/Subsidiaries :	· VLCC India Limited [U26246DL1999PLC099212] · VLCC Personal Care Limited [U52212DL2000PLC107566] · VLCC Retail Limited [U74996DL2006PLC149773] · VLCC International Inc
Other Related Parties :	· VLCC International LLC · VLCC Middle East LLC · VLCC Europe Limited · VLCC International Liability Company, Oman · VLCC International LLC, (Bahrain) WLL · VLCC International Qatar W.L.L. · VLCC Overseas Limited · VLCC Healthcare (Bangladesh) Private Limited · VLCC Healthcare Lanka (Private) Limited · VLCC Education Lanka (Private) Limited · VLCC Singapore Pte Limited · VLCC Healthcare Egypt LLC · Natraj Woollen and Finishing Mills Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2257283	Equity Shares	Rs.10/- each	Rs.22.573 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		22.573	372.614	369.626
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1039.330	458.456	222.476
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1061.903	831.070	592.102
LOAN FUNDS
1] Secured Loans		866.045	322.463	439.497
2] Unsecured Loans		0.000	500.000	500.000
TOTAL BORROWING		866.045	822.463	939.497
DEFERRED TAX LIABILITIES		0.000	8.230	17.884
TOTAL		1927.948	1661.763	1549.483
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1123.120	928.827	918.846
Capital work-in-progress		54.148	82.276	43.132
INVESTMENT		808.050	703.823	616.125
DEFERREX TAX ASSETS		5.885	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.662	54.491	55.995
	Sundry Debtors	9.853	12.113	11.862
	Cash & Bank Balances	179.138	160.467	145.907
	Other Current Assets	0.232	27.512	0.138
	Loans & Advances	202.638	188.149	174.898
Total Current Assets		491.523	442.732	388.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	306.484	235.029	171.141
	Other Current Liabilities	209.201	206.147	181.175
	Provisions	39.093	54.719	65.102
Total Current Liabilities		554.778	495.895	417.418
Net Current Assets		(63.255)	(53.163)	(28.618)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1927.948	1661.763	1549.483

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2344.825	2139.504	2036.868
		Other Income	33.731	39.258	8.429
		TOTAL (A)	2378.556	2178.762	2045.297
Less	EXPENSES
		Consumption materials changes inventories	240.632	223.412
		Employee related expenses	586.972	502.291	1769.959
		Administrative selling other expenses	1211.380	1109.986
		TOTAL (B)	2038.984	1835.689	1769.959
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		339.572	343.073	275.338
Less	FINANCIAL EXPENSES (D)		64.273	49.085	41.537
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		275.299	293.988	233.801
Less/ Add	DEPRECIATION/ AMORTISATION (F)		152.939	127.795	110.825
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		122.360	166.193	122.976
Less	TAX (H)		33.757	47.546	52.857
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		88.603	118.647	70.119
Less	APPROPRIATIONS
		Dividend on Preferences Shares	NA	24.788	24.788
		Proposed Dividend	NA	4.005	3.569
		Tax on Dividend	NA	0.240	4.819
		Transfer to Capital Redemption Reserve	44.800	22.435	10.280
		Transfer to General Reserve	8.800	11.865	7.012
	BALANCE CARRIED TO THE B/S		NA	55.314	19.651
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.755	3.464	5.527
	IMPORTS
		Consumables	47.574	20.976	35.278
		Capital Goods	47.537	28.192	33.878
	TOTAL IMPORTS		95.111	49.168	69.156
	Earnings / (Loss) Per Share (Rs.)		47.20	53.89	26.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.72	5.45	3.43
Net Profit Margin (PBT/Sales)	(%)	5.22	7.77	6.04
Return on Total Assets (PBT/Total Assets}	(%)	7.57	12.12	9.40
Return on Investment (ROI) (PBT/Networth)		0.12	0.20	0.21
Debt Equity Ratio (Total Liability/Networth)		1.34	1.59	2.29
Current Ratio (Current Asset/Current Liability)		0.89	0.89	0.93

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	No
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office of the company has been shifted from D-58, Panchsheel Enclave, New Delhi-110017, India to the present address w.e.f. 25.07.2006.

BACKGROUND:

Subject was incorporated in India on October 23, 1996 to carry on the business of maintaining and running beauty, slimming, fitness and health centres at various locations, sale of beauty products and also provide vocational training at various institutes. The company is a closely held company with 308,119 shares held by Leon International Limited, Mauritius, 341,132 shares held by Indivision India Partners, Mauritius, 56,432 shares held by VLCC Employee Welfare Trust and the balance shares held by individuals.

CHANGES TO THE SHARE CAPITAL:

During the year, the Company allotted 65,704 equity shares of face value Rs.10/- each as a result of Right Issue to the existing shareholders of the Company. Further, the Company also allotted 341,132 Equity Shares of Rs. 10 each at a premium of Rs. 1455.71 per share to Indivision India Partners on conversion of Compulsory Convertible Debentures. The issued and paid-up equity share capital of the Company as on the date of this report stands at Rs. 22.573 Millions (equity shares of face value Rs.10/- each fully paid up)

BUSINESS OVERVIEW:

During the year, your Company achieved an operating income of Rs. 2340.000 Millions as compared to Rs. 2140.000 Millions in the previous year, registering a growth of 10%. The EBITDA of the company (before dividend income from subsidiary companies but after sharing of surplus with infrastructure providers was at Rs 324.600 Millions, compared to Rs 315.700 Millions during previous year.

During the year, 15 new companies owned and 8 franchisee operated VLCC Slimming, Beauty and Fitness centres were opened in India. In addition, 10 new VLCC Institute of Beauty and Nutrition were launched. The year also saw the opening of the Company’s first longevity centre and day spa under its collaboration with Pritikin, USA. This is the first Pritikin centre outside the US. With the openings of these new outlets, VLCC Wellness centres and institutes are now present across 216 locations in 97 cities in India.

SUBSIDIARY COMPANIES:

A) VLCC PERSONAL CARE LIMITED:

During the year, this company achieved an Income of Rs. 636.900 Millions, against sales of Rs. 454.000 Millions in the previous year, registering a growth of 40%. In addition to increasing sales, the Company controlled its operating cost, which helped it to achieve an EBITDA of Rs 147.900 Millions, against Rs. 99.300 Millions in FY 10. The Profit after Tax of Rs. 126.500 Millions for this year was 53 % higher over the previous year (Rs. 82.400 Millions). The Company also declared and paid an Interim / Final Dividend of Rs. 15.000 Millions (previous year final dividend 27.300 Millions), during the year.

VLCC Personal Care has planned specific marketing initiatives for each of its product categories to deliver higher growth in sales and profits in coming year. The company has already launched new products in Q2 of FY12 and has also invested substantially in new packaging.

B) VLCC INTERNATIONAL INC.:

In the International business the overall revenue increased from AED 69.08 Million in 2009-10 to AED 77.53 Million in 2010-11. Operations in countries other than the UAE performed well, though performance of the VLCC centres in Dubai was under pressure during the year, given the continued slackness in economic recovery in the Emirate. Looking at the changing dynamics in the market place, the focus was shifted towards increasing the Local (Arabic) client base for better sustainability and such clientele increased substantially in the year 2010-11. Continued focus in this direction will bring in stability of performance in UAE in the coming years. New VLCC centers were started in Marina, Dubai and 2^nd center in Bahrain and a centre in new country in Qatar (Doha). 3 new VLCC Slimming, beauty and fitness centres were opened during the year-one each in Dubai, Bahrain and Doha (Qatar). While it was the 6th VLCC centre in Dubai and the second in Bahrain, the opening of the centre in Doha marked the entry of the VLCC brand in a new country and the 4 in GCC region.

The Company is of strong view that its international operations have huge potential and the company is well positioned to leverage the opportunity in wellness segment.

C) VLCC INDIA LIMITED AND VLCC RETAIL LIMITED:

There were no business activities in these subsidiary companies during the year.

FIXED ASSETS:

· Plant and Machinery

· Freehold Land

· Building

· Computers

· Office Equipments

· Furniture and Fixtures

· Leasehold Improvement

· Vehicles

PRESS RELEASE:

HEALTHY BODY MASS INDEX: YOU MAY STILL BE OBESE

REVEALS THE LATEST STUDY BY VLCC

KNOWLEDGE PAPER RELEASED BY MRS. VANDANA LUTHRA, FOUNDER AND MENTOR, VLCC GROUP, ON VLCC ANTI-OBESITY DAY

· Research reveals that Waist Circumference-to-Height Ratio (WHtR) is a better and more accurate screening tool as compared to Body Mass Index (BMI) for identifying the risk of Obesity related disorders at an early stage.

· With every 0.01 increase in WHtR there is a gradual increase in body fat%, leading to an increase in the number of medical cases, both in case of males and females.

New Delhi, November 26, 2012: Even if you are well within the generally accepted healthy Body Mass Index (BMI), you could still be diagnosed as obese, according to a latest study by VLCC, a leading wellness brand in South Asia and the Middle East. The pan-India study, covering a sample size of nearly 7000 men and women, has concluded that despite people staying in the “healthy” BMI range, there is noticeable percentage of individuals diagnosed with or already suffering from associated Medical Disorders related to Obesity.

On the occasion of Anti-Obesity Day (26th November), an initiative that the organization launched 13 years ago, VLCC released a knowledge paper on „Waist-Height Ratio and Body Fat % Synergy‟ that ascertains a linkage between Waist Circumference-to-Height Ratio (WHtR) and Obesity.

Speaking on the path-breaking research, Mrs. Vandana Luthra, Founder and Mentor, VLCC, “As pioneers in the Wellness domain in South Asia and Middle East it is incumbent upon us to take active interest in propagating awareness about the dangers of Obesity and related issues. It has been our endeavor, through constant research and study, to understand the underlying factors that cause Obesity, the effects Obesity can have on an individual’s health as well as to lay down recommendations for preventive healthcare. As it is difficult to measure Body Fat% on one’s own, for this measurement requires specialized equipment like a Body Composition Analyzer, WHtR is an easier to measure and more accurate screening tool for Overweight or Obesity related lifestyle diseases.”

The detailed research, conducted over a period of one year, has clearly established a correlation between Waist-Height ratio with the Body Fat%. The Waist-Height ratio in both the genders could be demarcated at a particular value, which highlighted the need for a “Preventive Healthcare Approach” before the Medical Condition becomes severe. This value also flashed the corresponding Healthy Body Fat% limit.

This knowledge paper has clearly addressed the limitations faced on using other „obesity indicators‟ like BMI, Waist-Hip ratio, and Waist Circumference. The study also helped establish borderline value of WHtR >0.50 as indicative of increased obesity related health risks for men and women.

The trend of body fat % in each WHtR range was studied.

Body fat % of 27% in females and 17% in males, at < 0.50 WHtR range was taken as the cut off value. This was because the medical cases (namely hypertension, diabetes, hypothyroid, PCOD, dyslipidemia etc.) increased after this cut off WHtR value.

Despite being in the normal BMI range, many clients had a higher Body Fat%, WHtR higher than 0.5 and associated Medical conditions as well.

Globally, BMI of 18.5 – 24.9 is considered as Normal. Whereas, for Asian Indians 18.5 – 22.9 is Normal Category.

Commenting on this knowledge paper and VLCC‟s Anti-Obesity Drive, Dr. Veena Aggarwal, Head of RandD, VLCC Health Care Ltd. said, “The study conducted brings out some startling findings that have been an eye opener. Obesity is a lifestyle disease that is rapidly catching up amongst urban audiences. This research study brings about the concept of using „Waist-Height ratio‟ as an easy and more practical and accurate assessment tool for self analysis of one’s health status with regard to obesity at an early stage, for timely proactive measures to be taken.”

This study is another step in VLCC‟s on-going efforts to ensure a better quality of life for everyone and highlight the problems arising from obesity, a dominant lifestyle disease prevailing today. VLCC has provided Weight Management solutions to its customers over two decades now, through Assessment, Analysis and Action, advising and executing the treatment for a sustained Wellness oriented lifestyle.

About VLCC:

VLCC is widely recognized in India and abroad for its holistic, scientific and completely natural weight-management practices and therapeutic beauty solutions addressing the mind and body. Today with operations spanning across 16 countries, over 300 locations and 121 cities and employee strength of nearly 6000 (a majority of whom are doctors, nutritionists, psychologists, cosmetologists, beauticians, physiotherapists and the like) and over 10 million satisfied customers, VLCC:

· Manages the largest chain of Slimming, Beauty and Fitness centers in South Asia and Middle East

· Runs Asia’s largest chain of vocational education academies in Beauty and Nutrition

· Manufactures and retails India’s most comprehensive range of skin care, hair care and body care products across over 75,000 retail outlets.

VLCC LAUNCHES GEMSTONE FACIAL THERAPY

THE HEALING ENERGY OF THE GEMSTONE HELPS RESTORE THE RADIANCE AND YOUTH OF THE SKIN

December 2011 - VLCC, category leader in the wellness domain with a leadership position in slimming, beauty and fitness services and products, announced the launch of Gemstone Facial Therapy. The service has been designed keeping in mind current and coming seasonal variations, backed up with more than 2 years of advanced Research and Development.

Based on the profound healing energy of gemstones and purity of natural ingredients, VLCC Gemstone Facial Therapy not just gives you a flawless but a younger, revitalized looking skin.

Speaking about the new Therapy Mrs. Vandana Luthra, Founder and Mentor VLCC said “Gemstone therapy is the art and science of using therapeutic-quality gemstone to harmonize, vitalize, and balance your energies to help you feel better and enjoy your life more. Gemstones...contain life force. This life force is the divine energy that sustains, nourishes, and enlivens all living things. When it flows freely, we experience joy, vitality, and vibrant health.”

Gemstones radiate their life force with great power. When used properly they can bring light into areas of darkness and neutralize blockages within your being. As these blockages dissolve, the light of the life force can once again shine through to enliven, nourish, and heal you. Each type of gemstone expresses a different frequency; therefore, it can address a different kind of blockage.

Gem Stone facials are based on the properties of different types of Gems. Traditionally these precious stones have been used for hormonal balances, neurological disorders, and so on. These stones have the ability to heal and also work as a detoxification and exfoliating aid and slow down the aging process. The key product used contains ash from gems such as Ruby, Emerald, and Sapphire which help restore the ideal skin balance, keep the skin free from blemishes, aid in cell renewal, and help retain the moisture in the skin.

The Gem Stones are ground to a micro-fine powder and applied directly topically in elixir of vitamin rich oils and aromatherapy essences, that relaxes the body and improves skin texture/tone/pain and overall well being of the body with beautiful sensory experiences.

Some of the other key benefits of gemstone facials include:

· Balances out an uneven skin tone

· Supports the skin’s cell renewal process

· Speeds up collagen production

· Reduces appearance of fine lines and wrinkles

· Gives your skin a radiant glow

· Promotes healthy circulation

· Exfoliates and cleanses the skin

· Amber: Also known as „Happy stone‟, Amber detoxifies and protects your skin from radiation, drawing positive power and energy. It’s a gemstone that aids relaxation and heals from within. Amber harmonizes Solar Plexus Chakra (Mid-section, below the ribs but above the navel) and Sacral Chakra (Lower abdomen to naval).

· Onyx: Onyx is a black color gemstone that is particularly helpful with skin ailments, healing infected wounds as well as fungal infections, inflammation and even sunburn. It purifies the skin completely, promoting health and vitality. It also stimulates cellular regeneration. Onyx harmonizes root chakra (base of the spine).

· Ruby and Aquamarine: Red rays of Ruby support, strengthen and nourish muscular system, tendons and fascia (face), treat skin infections like acne, improve blood circulation, detoxify and eliminate chemicals from the body. Being gem of Sun it gives luster to the skin. It reduces the time needed by chemicals and toxins to exit the body. Ruby harmonizes Brow Chakra (Center of Forehead) and Heart Chakra (Center of the chest). Aquamarine is a symbol of beauty, loyalty and honesty. It brings vitalizing energy directly to the body cells. There, it starts to reverse the negative effects of aging by helping the cells remember their blueprints and restoring body's sub cellular flexibility. Aquamarine harmonizes Throat Chakra (Bottom Center of Neck).

· Pink Tourmaline: Ruled by Sun and produces red color waves that are hot and thus cures cold related diseases like cold, flue, pneumonia. It calms and soothes the skin by modulating the moisture level of the skin, calms the mind and promotes harmonization. It harmonizes heart chakra (Center of the chest).

· Emerald and Yellow Sapphire: Emerald is a powerful high energy stone; Physical healing is its primary focus. It deeply purifies and promotes release of toxins and negative energies from organs and support immune system. Strengthens, uplifts and vitalizes body and neutralizes and disharmonies that causes diseases. It is an excellent general healer. It transmits balance, healing and patience, increases psychic and clairvoyant abilities, meditation and keener insight. Emerald harmonizes heart chakra (Center of the chest). Yellow Sapphire is a "Potential Fulfilling" Gemstone, unwinds tension and increases flexibility in the cells, organs and body as a whole, thereby encouraging body to relax and move into a greater alignment.

About VLCC

The VLCC Group is in three related businesses in the „wellness‟ domain:

- Slimming, beauty and fitness services;

- Education and training institutes;

- Manufacturing and retailing of personal care products.

VLCC is widely recognized in India and abroad for its scientific weight loss solutions and its therapeutic approach to beauty treatments. The group has a pan-India footprint and is present in 260 locations across over 109cities. VLCC also has 20 centers in the international market with 11 centers in the UAE, 2 each in Oman and Bahrain and Srilanka and 1 each in Nepal, Bangladesh and Qatar.

With a staff strength of nearly 8000, over two-third of whom are experienced specialists including doctors, nutritionists, psychologists, cosmetologists and physiotherapists and having served over 10 million customers since its inception, VLCC today has achieved an iconic status in the wellness domain.

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.54.83
UK Pound	1	Rs.89.23
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		54

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.