1. Summary Information

		Country	India
Company Name	MEDSAVE HEALTHCARE (TPA) LIMITED	Principal Name 1	Mr. Arvind Kumar Saraf
Status	Satisfactory	Principal Name 2	Mr. Gautam Khaitan
		Registration #	55-050805
Street Address	F-701-A, Lado Sarai, New Delhi - 110032
Established Date	29.10.1992	SIC Code	--
Telephone#	91-11-29521061	Business Style 1	Service Provider
Fax #	91-11-29521067	Business Style 2	--
Homepage	http://www.medsave.in	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 39,992,980/-	Product Name 3	--
Shareholders	Foreign holdings (25.99%), Bodies corporate (69.56%), Directors or relatives of Directors (2.45%), Others top fifty shareholders (2.00%)	Banking	Syndicate Bank
Public Limited Corp.	No	Business Period	21 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Vasudha Commercial Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	460,540,000	Current Liabilities	274,739,000
Inventories	0,000	Long-term Liabilities	116,592,000
Fixed Assets	65,896,000	Other Liabilities	53,843,000
Deferred Assets	0,000	Total Liabilities	445,174,000
Invest& other Assets	0,000	Retained Earnings	41,269,000
		Net Worth	81,262,000
Total Assets	526,436,000	Total Liab. & Equity	526,436,000
Total Assets (Previous Year)	451,081,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	624,893,000	Net Profit	33,844,000
Sales(Previous yr)	440,000,000	Net Profit(Prev.yr)	11,221,000

MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	MEDSAVE HEALTHCARE (TPA) LIMITED (w.e.f.30.06.2008)
Formerly Known As :	MEDSAVE HEALTHCARE LIMITED
Registered Office :	F-701-A, Lado Sarai, New Delhi - 110032
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.10.1992
Com. Reg. No.:	55-050805
Capital Investment / Paid-up Capital :	Rs. 39.993 Millions
CIN No.: [Company Identification No.]	U74899DL1992PLC050805
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in providing services of healthcare administration and insurance claim processing in the capacity of a third party administrator.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 325000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a Joint Venture between Acrotech and Davidoff Group. It is an established company having a satisfactory track record. The profitability position of the company is good. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 16, 2012

Rating Agency Name	CARE
Rating	Short term Bank facilities : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 16, 2012

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 Office :

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

Tel. No.:

91-11-29521061-66/ 39001234 (30 Lines)

Fax No.:

91-11-29521067/ 71

E-Mail :

info@medsave.in

Website :

http://www.medsave.in

Branch Office :

Located at:

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

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Arvind Kumar Saraf

Designation :

Director

Address :

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

Date of Birth/Age :

24.09.1958

Date of Appointment :

06.12.2006

DIN No.:

00057323

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	U17100MH1970PTC014561	HIMDOOT MERCANTILE PRIVATE LIMITED	Director	25/11/1981	25/11/1981	05/09/2009	Active	NO
2	U45201WB1982PTC035094	JEEVAN VIHAR PROPERTIES PRIVATE LIMITED	Director	17/07/1982	17/07/1982	-	Active	NO
3	U25209MH1989PTC050935	ESTARA VENTURES PRIVATE LIMITED	Director	08/03/1989	08/03/1989	05/09/2009	Active	NO
4	U51909WB1996PTC077424	VASUDHA COMMERCIAL PRIVATE LIMITED	Director	23/07/2001	23/07/2001	-	Active	NO
5	U51909WB1996PTC077423	SIDHANT DISTRIBUTORS PRIVATE LIMITED	Director	23/07/2001	23/07/2001	-	Active	NO
6	U72200DL2001PLC111987	ARCOTECH INFO LIMITED	Director	02/09/2009	13/08/2001	05/06/2010	Active	NO
7	L34300HR1981PLC012151	ARCOTECH LIMITED	Director	04/09/2006	22/03/2006	-	Active	NO
8	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Director	06/12/2006	06/12/2006	-	Active	NO
9	U51909WB2008PTC128407	SARATHI INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2009	15/06/2009	-	Active	NO
10	U24100DL2010PLC210492	ARCOTECH BIOCHEM LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
11	U80903DL2010PLC211847	ARCOTECH UNIEXPAT LIMITED	Director	28/12/2010	28/12/2010	-	Active	NO
12	U24240DL2011PLC216307	ARCOFEMI HEALTHCARE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
13	U27100DL2012PLC230147	ARCOTECH ADVANCED METALIKS LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
14	U18202DL2012PTC240555	OMTARA STUDIO PRIVATE LIMITED	Director	22/08/2012	22/08/2012	28/03/2013	Active	NO

Name :

Mr. Gautam Khaitan

Designation :

Director

Address :

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

Date of Birth/Age :

06.05.1965

Date of Appointment :

13.01.2003

DIN No.:

00021117

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	U22110DL1988PTC031416	NIPSHELL BUILDERS PRIVATE LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
2	U74899DL1993PTC054731	NETWORK AIR PRIVATE LIMITED	Director	16/12/1996	16/12/1996	03/09/2008	Active	NO
3	U25209DL1996PLC082810	ILPEA PARAMOUNT LIMITED	Director	26/09/2000	26/09/2000	16/03/2013	Active	NO
4	L74899DL1968PLC004962	SALORA INTERNATIONAL LIMITED	Director	28/06/2001	28/06/2001	-	Active	NO
5	U72200DL2001PLC111987	ARCOTECH INFO LIMITED	Director	09/08/2001	09/08/2001	25/02/2009	Active	NO
6	L18101WB1983PLC035976	I C TEXTILES LIMITED	Director	04/09/2001	04/09/2001	29/10/2007	Active	YES
7	U51909WB1996PTC077424	VASUDHA COMMERCIAL PRIVATE LIMITED	Director	13/09/2002	13/09/2002	-	Active	NO
8	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Director	13/01/2003	13/01/2003	-	Active	NO
9	L25206WB1996PLC079417	JK SUGAR LIMITED	Director	04/09/2003	04/09/2003	-	Amalgamated	NO
10	U51909DL2004PTC123867	PAISLEY DESIGNS AND EXPORT PRIVATE LIMITED	Director	05/01/2004	05/01/2004	26/03/2013	Active	NO
11	L67120HR1980PLC039125	ARAVALI SECURITIES AND FINANCE LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
12	U74899DL1995PTC071412	LONG VIEW DEVELOPERS PRIVATE LIMITED	Director	30/12/2004	30/12/2004	26/03/2013	Active	NO
13	U45201WB1982PTC035094	JEEVAN VIHAR PROPERTIES PRIVATE LIMITED	Director	10/03/2006	10/03/2006	-	Active	NO
14	L34300HR1981PLC012151	ARCOTECH LIMITED	Director	04/09/2006	22/03/2006	-	Active	NO
15	U45201TN2005PTC087577	MUDAJAYA CONSTRUCTION (INDIA) PRIVATE LIMITED	Additional director	28/10/2006	28/10/2006	16/08/2008	Active	NO
16	U51397DL2002PTC115876	ZAMBON INDIA PRIVATE LIMITED	Alternate director	09/11/2006	09/11/2006	-	Active	NO
17	U45400DL2007PTC161594	INFINITY FURNISHINGS PRIVATE LIMITED	Alternate director	13/10/2007	10/04/2007	28/08/2008	Active	NO
18	L01111DL1993PLC052845	KRBL LIMITED	Director	29/09/2008	30/07/2007	-	Active	NO
19	U45400DL2007PTC167766	SIGAN PROPERTIES PRIVATE LIMITED	Director	05/09/2007	05/09/2007	30/03/2013	Active	NO
20	L27101AP2004PLC043252	FACOR ALLOYS LIMITED	Additional director	27/10/2007	27/10/2007	-	Active	NO
21	U63013DL2007PTC170851	HORIZON AIR SUPPORT MAINTENANCE (INDIA) PRIVATE LIMITED	Director	28/11/2007	28/11/2007	11/07/2008	Active	NO
22	U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	Director	30/09/2008	14/12/2007	-	Active	NO
23	U80904DL2007NPL171985	ARBOR CHARITABLE FOUNDATION	Director	28/12/2007	28/12/2007	04/10/2008	Active	YES
24	U74900DL2008PTC177820	WASSERSTEIN ADVISORS INDIA PRIVATE LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
25	L34300DL1986PLC023540	BHARAT SEATS LIMITED	Director	16/07/2009	04/06/2008	-	Active	NO
26	U65993DL2008PTC178927	ASAS INVESTMENTS PRIVATE LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
27	U65100DL2007PTC169416	ROOT INVEST PRIVATE LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
28	U72211DL2006PTC153844	TEMPLE RESEARCH PRIVATE LIMITED.	Director	18/06/2008	18/06/2008	-	Active	NO
29	U74140DL2008PLC179030	MAPLE RESOURCES LIMITED	Director	18/06/2008	18/06/2008	02/11/2010	Active	NO
30	U29119PN2006PTC133905	FASTER HYDRAULICS PRIVATE LIMITED	Alternate director	26/02/2010	08/09/2008	-	Active	NO
31	U72200DL2008PTC184548	ASAS TEC PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
32	U31908DL2008PTC185311	ELETTROMECCANICA INDIA PRIVATE LIMITED	Alternate director	26/03/2009	27/11/2008	22/03/2012	Active	NO
33	U74999DL2009PTC188604	CLICK CONSULT AND DESIGN INDIA PRIVATE LIMITED	Director	19/03/2009	19/03/2009	-	Strike off	NO
34	U93000DL2009PTC189287	ATARAH HEALTH CENTRE PRIVATE LIMITED	Director	09/04/2009	09/04/2009	-	Strike off	NO
35	U01403DL2009PTC189874	ADM AGRO INDUSTRIES INDIA PRIVATE LIMITED	Director	30/04/2009	30/04/2009	06/10/2009	Active	NO
36	U72900DL2009PTC191658	AEROMATRIX INFO SOLUTIONS PRIVATE LIMITED	Director	26/06/2009	26/06/2009	29/10/2012	Active	NO
37	U15143DL1991PTC083071	ADM AGRO INDUSTRIES LATUR AND VIZAG PRIVATE LIMITED	Alternate director	29/09/2010	12/08/2009	08/08/2011	Active	NO
38	U74999DL2004PTC124262	ADM AGRO INDUSTRIES DHARWAD PRIVATE LIMITED	Alternate director	18/11/2010	12/08/2009	08/08/2011	Active	NO
39	U70109DL2006PTC151242	SAMHI HOTELS (GURGAON) PRIVATE LIMITED	Director	15/09/2009	12/08/2009	21/10/2011	Active	NO
40	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	25/11/2009	03/09/2009	30/01/2012	Active	NO
41	U74140DL2010PTC199962	DOM ADVISORY SERVICES PRIVATE LIMITED	Director	11/03/2010	11/03/2010	-	Active	NO
42	U74899DL1994PTC061172	BOUTIQUE HOTELS INDIA PRIVATE LIMITED	Director	27/09/2012	31/03/2010	-	Active	NO
43	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE AND HOLDINGS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
44	U80903DL2010PLC211847	ARCOTECH UNIEXPAT LIMITED	Director	28/12/2010	28/12/2010	-	Active	NO
45	U24240DL2011PLC216307	ARCOFEMI HEALTHCARE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
46	U93000DL2011NPL229128	SIGHTLIFE INDIA	Director	22/12/2011	22/12/2011	-	Active	NO
47	U74999DL2011PTC225753	AA NEWS LINE PRIVATE LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
48	U72900DL2010PTC203384	ADVANTECH IT SOLUTIONS PRIVATE LIMITED	Additional director	23/03/2012	23/03/2012	-	Active	NO
49	U62200DL2012PTC234245	ASAS AVIATION PRIVATE LIMITED	Director	12/04/2012	12/04/2012	25/01/2013	Active	NO
50	U31909HR1980PLC010226	QH TALBROS LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
51	U70200DL2012PTC244204	ASAS PROJECTS PRIVATE LIMITED	Director	30/10/2012	30/10/2012	-	Active	NO
52	AAA-4010	O.P. KHAITAN AND COMPANY LEGAL PARTNERS LLP	Designated Partner	07/03/2011	07/03/2011	-	Active	NO

Name :

Mr. Rony Davidoff

Designation :

Nominee director

Address :

38, Medinat, Hayemurim, Merzelia-46176, Israel

Date of Appointment :

24.12.2002

DIN No.:

00254015

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	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Nominee director	24/12/2002	24/12/2002	-	Active	NO
2	U72200DL2001PLC111987	ARCOTECH INFO LIMITED	Nominee director	24/12/2002	24/12/2002	17/12/2008	Active	NO
3	U93000DL2009PTC189287	ATARAH HEALTH CENTRE PRIVATE LIMITED	Director	17/04/2009	17/04/2009	23/03/2010	Strike off	NO

Name :

Mr. Adish Labru

Designation :

Whole-time director

Address :

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

Date of Birth/Age :

20.09.1971

Date of Appointment :

01.10.2011

DIN No.:

03565482

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	U74899DL1992PLC050805	MEDSAVE HEALTHCARE (TPA) LIMITED	Whole-time director	01/10/2011	08/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
A K Saraf	56570
Renu Saraf	41350
Atashi Singhania	79980
Vasudha Commercial Private Limited, India	1970000
Femi Medical Services	1039298
Rishab Saraf	100
Sidhant Distributors Private Limited, India	812000
Total	3999298

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	25.99
Bodies corporate	69.56
Directors or relatives of directors	2.45
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing services of healthcare administration and insurance claim processing in the capacity of a third party administrator.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Syndicate Bank, 2, Kaushalya Park, Hauz Khas Branch, New Delhi - 110016, India

Ø Lord Krishna Bank Limited, K-2 Chaudhary Building, Connaught Place, New Delhi - 110001, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan (Secured by way of hypothecation of office equipments, Computers, Software and furniture and fixture of the company. The loan has been collaterally secured by farm house of the promoter and personally guaranteed by the promoters)	19.351	45.007
Cash Credit Facilities (Secured by way of hypothecation of present and future book debts of the company. The loan has been collaterally secured by farm house of the promoter and presently supported by the promoters)	97.241	79.280
Total	116.592	124.287

Banking Relations :	--
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	Golf View Corporate Tower B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Holding Company :	Vasudha Commercial Private Limited [U51909WB1996PTC077424]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3999298	Equity Shares	Rs. 10/- each	Rs. 39.993 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.993	39.993	39.993
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.269	12.073	5.516
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.262	52.066	45.509
LOAN FUNDS
1] Secured Loans		116.592	124.287	85.799
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		116.592	124.287	85.799
DEFERRED TAX LIABILITIES		4.220	5.467	0.993
TOTAL		202.074	181.820	132.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.896	80.831	41.401
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	288.206	228.316	97.471
	Cash & Bank Balances	9.568	24.335	13.946
	Other Current Assets	16.211	0.633	0.910
	Loans & Advances	146.555	116.966	98.298
Total Current Assets		460.540	370.250	210.625
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.229	71.398	12.160
	Other Current Liabilities	257.510	167.710	98.514
	Provisions	49.623	30.153	9.051
Total Current Liabilities		324.362	269.261	119.725
Net Current Assets		136.178	100.989	90.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		202.074	181.820	132.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Service Income (Net)	624.893	440.000	186.789
		Other Income	3.104	2.741	1.602
		TOTAL (A)	627.997	442.741	188.391
Less	EXPENSES
		Personnel Expenses	121.127	89.892	45.894
		Operating and Other expenses	390.164	280.672	103.696
		TOTAL (B)	511.291	370.564	149.590
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		116.706	72.177	38.801
Less	FINANCIAL EXPENSES (D)		25.190	21.233	13.521
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.516	50.944	25.280
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.416	23.132	15.122
	PROFIT BEFORE TAX (E-F) (G)		59.100	27.812	10.158
Less	TAX (H)		25.256	16.591	4.108
	PROFIT AFTER TAX (G-H) (I)		33.844	11.221	6.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.074	5.516	4.129
Less	APPROPRIATIONS
		Proposed Dividend	3.999	3.999	3.999
		Tax on Proposed Dividend	0.649	0.664	0.664
	BALANCE CARRIED TO THE B/S		41.270	12.074	5.516
	Earnings Per Share (Rs.)		8.46	2.81	1.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.39	2.53	3.21
Net Profit Margin (PBT/Sales)	(%)	9.46	6.32	5.44
Return on Total Assets (PBT/Total Assets}	(%)	11.23	6.17	4.03
Return on Investment (ROI) (PBT/Networth)		0.73	0.53	0.22
Debt Equity Ratio (Total Debt/Networth)		1.43	2.39	1.89
Current Ratio (Current Asset/Current Liability)		1.42	1.38	1.76

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	Yes

CORPORATE INFORMATION:

Subject is a public Company domiciled in India and incorporated under the provision of the Companies Act 1956. The Company is engaged in providing services of healthcare administration and insurance claim processing in the capacity of a third party administrator.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1992PLC050805
Name of the company	MEDSAVE HEALTHCARE (TPA) LIMITED
Address of the registered office or of the principal place of business in India of the company	F-701-A, Lado Sarai, New Delhi – 110032, India Email: info@medsave.in
This form is for	Modification of charge
Charge identification number of the modified	10045002
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Syndicate Bank, 2, Kaushalya Park, Hauz Khas Branch, New Delhi - 110016, India Email: ca_rcg@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement dated 04.01.2013 and Omnibus Counter Indemnity dated 04.01.2013
Date of instrument Creating the charge	04.01.2013
Amount secured by the charge	Rs. 310.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge 100% Others To secure all amounts payable under revised credit facilities aggregating to Rs. 310.000 Millions granted to/enjoyed by the Company and together with all interests, costs, charges, expenses, commission etc.
Short particulars of the property charged	Hypothecation of the following: a) Stock of Smart Cards now lying or hereafter stored at Company's premises at F-701A, Lado Sarai, Be-hind Golf Course, New Delhi and at various sites. b) All present and future receivables/book-debts of the Company. c) Office equipments, computers, softwares, furnitures and fixtures stored/installed at the above premises. d) Project Assets ie Laptop, Smart Card Printers, Genset etc. purchased or to be purchased out of Term Loan now being granted by the Bank.
Particulars of the present modification	The charge on all assets as detailed in Col. 15 above stands enhanced from Rs. 211.003 Millions to Rs. 310.000 Millions to secure all amounts payable under revised credit facilities aggregating to Rs. 310.000 Millions granted to/enjoyed by the Company and as together with all interests, costs, charges, expenses, commission etc. Interest, commission, margin and terms of repayment Other terms and conditions remained the same.

FIXED ASSETS:

Tangible assets

Ø Leasehold Improvements]

Ø Computers

Ø Office Equipments

Ø Furniture and Fixtures

Ø Vehicles

Intangible Assets

Ø Software

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. 55.99
UK Pound	1	Rs. 84.19
Euro	1	Rs. 71.86

INFORMATION DETAILS

Report Prepared by :

BVA

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.