MIRA INFORM REPORT

Report Date :

24.01.2013

IDENTIFICATION DETAILS

Name :	SPAN HEALTHCARE PRIVATE LIMITED
Registered Office :	Columbus Business Chambers, No.17, 7^th Temple Street, 15^th Cross Malleswaram, Bangalore-560003, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.01.2004
Com. Reg. No.:	08-033217
Capital Investment / Paid-up Capital :	Rs.0.103 Million
CIN No.: [Company Identification No.]	U02423KA2004PTC033217
TAN No.: [Tax Deduction & Collection Account No.]	BLRS15356F
PAN No.: [Permanent Account No.]	AAHCS8505N
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Medical Kits and Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 487000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears drastic fall in the sales turnover and profitability during the current. Year. However, general financial position of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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

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 / Head / Corporate Office :	Columbus Business Chambers, No.17, 7^th Temple Street, 15^th Cross Malleswaram, Bangalore-560003, Karnataka, India
Tel. No.:	91-80-23442851 / 52 / 23442950
Fax No.:	91-80-23442950 / 23460595
E-Mail :	customercare@spanhealth.com
Website :	http://www.spanhealth.com
Branch Office :	Located At : New Delhi Kolkata Mumbai Chennai Pune Hyderabad Kochi

DIRECTORS

AS ON 24.09.2012

Name :

Mr. Sanjay Ganapathy

Designation :

Managing Director

Address :

No.41/42, 8th Main, RMV Extension, Bangalore-560080, Karnataka, India

Date of Birth/Age :

07.12.1964

Date of Appointment :

20.01.2004

DIN No.:

00041868

Name :

Mr. Anil Kumar Birla

Designation :

Director

Address :

No.308, 6^th Cross, I Block, R.T. Nagar, Bangalore-560032, Karnataka, India

Date of Birth/Age :

12.10.1965

Date of Appointment :

25.06.2005

DIN No.:

00015948

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72200KA2000FTC027156	BIZPIVOT.COM PRIVATE LIMITED	Alternate director	22-07-11	02-11-00	Active	NO
2	U63040KA2002PTC029980	LATITUDES TOURISM PRIVATE LIMITED	Director	09-03-05	09-03-05	Active	NO
3	U02423KA2004PTC033217	SPAN HEALTHCARE PRIVATE LIMITED	Director	25-06-05	25-06-05	Active	NO
4	L70101WB1989PLC047465	SUMEDHA FISCAL SERVICES LIMITED	Director	30-11-05	30-11-05	Active	NO
5	U80301KA2011FTC059442	SCHOOLCITY LEARNING INDIA PRIVATE LIMITED	Alternate director	11-07-11	11-07-11	Active	NO

Name :

Mrs. Anupama Ganapathy

Designation :

Director

Address :

No.41/42, 8^th Main, RMV Extension, Bangalore-560080, Karnataka, India

Date of Birth/Age :

25.06.1966

Date of Appointment :

15.06.2005

DIN No.:

00041908

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Sanjay Ganpathy	5000
Anupama Ganpathy	5000
Venkatesh D.	100
Hegde A.R.	100
Vishwa Kutumb	100
TOTAL	10300

AS ON 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.97
Directors or relatives of directors	97.08
Other	1.95
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trading in Medical Kits and Equipments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Citibank NA, #24, 3^rd Floor, Canberra Block, UB City, Vittal Mallya Road, Bangalore-560001, Karnataka, India
• State Bank of Patiala, Bangalore Main Branch, Badami House, N.R. Square, Bangalore-560002, Karnataka, India
• HDFC Bank Limited

Facilities :

Secured Loan

As on 31.03.2012

[Rs. in Millions]

As on 31.03.2011

[Rs. in Millions]

From Banks

Citi Bank

0.164

2.945

HDFC Bank Limited

0.043

0.204

From Other Parties

Tata Capital Limited

0.163

0.388

BMW India Financial Services Private Limited

0.143

0.260

Loans Repayable on Demand From Banks

Citi Bank

[Hypothecation of stock, book debts and guaranteed personally by two directors. There is no default in repayment of any of the loans.]

45.418

33.879

TOTAL

45.931

37.676

Details of Terms of repayable and security provided in respect of secured borrowings:

Particular	Nature of Security and Terms of Repayment	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Citi Bank	Hypothecation of stock, book debts and guaranteed personally by two directors	0.164	2.945
Tata Capital Limited	Hypothecation of Motor Car	0.163	0.388
HDFC Bank Limited	Hypothecation of Motor Car	0.043	0.203
BMW India Financial Services Private Limited	Hypothecation of Motor Car	0.143	0.260
All the loans are repayable in monthly installments over a period of 3 years. There is no default in repayment of any of the loans.
TOTAL		0.513	3.796

Banking Relations :	--
Auditors :
Name :	Rao Associates Chartered Accountants
Address :	# 17/1, Seshadri Road, Gandhinagar, Bangalore-560009, Karnataka, India
Tel. No.:	91-80-22260790
Fax No.:	91-80-22201160
E-Mail :	info@raoassociates.com
PAN No:	AAMPA4268L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.103	0.103	0.103
2] Share Application Money		0.000	0.000	1.525
3] Reserves & Surplus		121.731	108.737	56.550
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		121.834	108.840	58.178
LOAN FUNDS
1] Secured Loans		45.931	37.676	39.105
2] Unsecured Loans		4.000	4.000	6.184
TOTAL BORROWING		49.931	41.676	45.289
DEFERRED TAX LIABILITIES		0.385	0.785	0.265
TOTAL		172.150	151.301	103.732
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.333	30.036	25.871
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.120	0.060	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	120.919	98.035	65.649
	Sundry Debtors	56.626	42.659	48.383
	Cash & Bank Balances	20.543	17.937	5.116
	Other Current Assets	1.625	2.669	0.000
	Loans & Advances	19.999	21.488	27.778
Total Current Assets		219.712	182.788	146.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.063	38.588	48.370
	Other Current Liabilities	17.932	21.382	11.705
	Provisions	2.020	1.613	8.990
Total Current Liabilities		82.015	61.583	69.065
Net Current Assets		137.697	121.205	77.861
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		172.150	151.301	103.732

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	329.572	397.219	280.530
Less	EXPENSES
		TOTAL	310.337 [Including Financial Expenses and Depreciation]	312.193 [Including Financial Expenses]	223.275 [Including Financial Expenses]
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			85.026	57.255
Less/ Add	DEPRECIATION/ AMORTISATION			5.448	4.794
	PROFIT / (LOSS) BEFORE TAX		19.235	79.578	52.461
Less	TAX		6.241	27.391	18.986
	PROFIT / (LOSS) AFTER TAX		12.994	52.187	33.475
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		108.737	56.550	23.075
	BALANCE CARRIED TO THE B/S		121.731	108.737	56.550
	Earnings / (Loss) Per Share (Rs.)		1261.55	5066.70	3249.97

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.94	13.14	11.93
Return on Total Assets (PBT/Total Assets}	(%)	7.57	37.39	30.36
Return on Investment (ROI) (PBT/Networth)		0.15	0.73	0.90
Debt Equity Ratio (Total Liability/Networth)		1.08	0.95	1.97
Current Ratio (Current Asset/Current Liability)		2.67	2.97	2.13

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	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	No

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Shareholders	4.000	4.000
TOTAL	4.000	4.000

FIXED ASSETS:

· Plant and Machinery

· Office Equipment

· Computers

· Furniture and Fixtures

· Improvement to Leasehold Premises

· Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.53.77
UK Pound	1	Rs.85.14
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

TPT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.