MIRA INFORM REPORT

Report Date :

28.04.2014

IDENTIFICATION DETAILS

Name :	FORTIS HOSPITALS LIMITED

Registered Office :	Escorts Heart Institute and Research Centre, Okhla Road, New Delhi – 110 025

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	18.06.2009

Com. Reg. No.:	55-222166 (New) 05-039212 (Old)

Capital Investment / Paid-up Capital :	Rs.402.506 millions

CIN No.: [Company Identification No.]	U93000DL2009PLC222166 (New) U93000HR2009PLC039212 (Old)

TAN No.: [Tax Deduction & Collection Account No.]	RTKF00530F

PAN No.: [Permanent Account No.]	AABCF3718N

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Healthcare Services.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 28239000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a 100 percent subsidiary of “Fortis Healthcare Limited”. It is a well -established company having fine track. The company possesses a decent financial profile marked by sound networth base, low gearing and healthy debt protection metrics. Management has reported a significant improvement in its sales volume as well as net profitability which has further improved the cash inflows during FY 13. Moreover, the diversified presence in Mumbai, Bangalore and Kolkata will help in creating significant value synergies by centralizing corporate expenses. Further, the disinvestment in many of the international entities have helped the subject to bring in funds which may help the management to improve the business profile while concentrating on the domestic business. The ratings also take into consideration the unconditional and irrecoverable guarantee extended from the parent “Fortis Healthcare Limited” for the subject’s financial obligations. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of strong operational and financial support from its holding company, the subject can be considered 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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: A+ (Structured Obligation)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	March, 2014

Rating Agency Name	ICRA
Rating	Non-Fund Based Limits: A1+ (Structured Obligation)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March, 2014

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 :	Escorts Heart Institute and Research Centre, Okhla Road, New Delhi – 110 025, India
Tel. No.:	91-11-26825000
Fax No.:	91-11-41628435
E-Mail :	secretarial@fortishealthcare.com sunil.singla@fortishealthcare.com prashanth.mallya@fortishospitals.in contactus@fortishealthcare.com
Website :	www.fortishealthcare.com

Corporate Office :	Sector 44, Opposite HUDA City Centre, Metro Station, Gurgaon – 122 002, Haryana, India
Tel. No.:	91 124 4962200
Fax No.:	91 124 7162200

Hospitals :	Located at: · Bangalore · Mumbai · Kolkata

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Daljit Daulat Singh

Designation :

Director

Address :

B-6/9, DLF Phase-I, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

29.01.1953

Qualification :

B. Tech (Chem.)

Date of Appointment :

26.09.2013

DIN No.:

00135414

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	U74899DL1983PTC014923	SUNRISE MEDICARE PRIVATE LIMITED	Nominee director	03-01-2006	03-01-2006	01-12-2006	Active	NO
2	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	06-04-2006	06-04-2006	01-12-2012	Active	NO
3	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	29-09-2007	06-05-2006	18-04-2008	Active	NO
4	U74899DL1990PLC141133	FORTIS HOSPOTEL LIMITED	Director	14-08-2006	01-06-2006	-	Active	NO
5	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	23-07-2007	31-05-2007	01-11-2012	Amalgamated	NO
6	U85110DL2003PLC120016	ESCORTS HEART AND SUPER SPECIALITY HOSPITAL LIMITED	Director	23-07-2007	07-06-2007	01-11-2012	Active	NO
7	U85110HR1997PLC048256	ESCORTS HOSPITAL AND RESEARCH CENTRE LIMITED	Director	23-07-2007	07-06-2007	01-11-2012	Amalgamated	NO
8	U85110DL2000PLC148223	ESCORTS HEART CENTRE LIMITED	Director	23-07-2007	07-06-2007	29-03-2011	Active	NO
9	U74999HR1994PLC048225	INTERNATIONAL HOSPITAL LIMITED	Director	17-09-2008	07-09-2007	01-05-2010	Active	NO
10	U51397DL2002PTC116043	MEDSOURCE HEALTHCARE PRIVATE LIMITED	Additional director	03-03-2008	03-03-2008	18-04-2008	Active	NO
11	U85100DL2008PTC175302	RELIANT HEALTHCARE CONSULTANCY PRIVATE LIMITED	Director	30-09-2013	13-03-2008	-	Active	NO
12	U85110DL2008PLC176412	FORTIS HEALTH MANAGEMENT LIMITED	Director	28-07-2008	07-04-2008	01-11-2012	Active	NO
13	U85110DL2008PLC176522	FORTIS HOSPITAL MANAGEMENT LIMITED	Director	26-12-2008	09-04-2008	28-03-2011	Active	NO
14	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	11-06-2009	30-04-2009	-	Active	NO
15	U85100HR1988PLC048080	KANISHKA HEALTHCARE LIMITED	Additional director	17-12-2009	17-12-2009	25-05-2010	Amalgamated	NO
16	U22121DL2006PTC153240	HEALTH IS WEALTH MEDIA PRIVATE LIMITED	Director	28-06-2010	28-06-2010	-	Active	NO
17	U80904UP2011PTC043612	TRIPLE LOOP COACHING PRIVATE LIMITED	Director	17-02-2011	17-02-2011	-	Active	NO
18	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	26-09-2013	07-03-2011	-	Active	NO
19	U85110DL2011PLC217420	FORTIS HEALTH MANAGEMENT (SOUTH) LIMITED	Director	11-04-2011	11-04-2011	-	Active	NO
20	U85100DL2011PLC217500	FORTIS HEALTH MANAGEMENT (WEST) LIMITED	Director	13-04-2011	13-04-2011	-	Active	NO
21	U93000DL2011PTC222711	NAVKAR CENTRE FOR SKILLS PRIVATE LIMITED	Director	16-11-2012	08-08-2011	-	Active	NO
22	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Additional director	01-02-2014	01-02-2014	-	Active	NO

Name :

Mr. Ashish Bhatia

Designation :

Whole-time Director

Address :

H.No.73, Sector-9A, Chandigarh – 160 009, India

Date of Birth/Age

14.04.1962

Date of Appointment :

01.12.2012

DIN No.:

01845421

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	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	17-09-2008	08-10-2007	01-11-2012	Amalgamated	NO
2	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	20-06-2013	03-07-2008	-	Active	NO
3	U74899DL1983PTC014923	SUNRISE MEDICARE PRIVATE LIMITED	Nominee director	04-08-2009	04-08-2009	-	Active	NO
4	U85110DL2010PLC208379	FORTIS C-DOC HEALTHCARE LIMITED	Director	19-09-2011	09-03-2011	-	Active	NO
5	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT (NORTH) LIMITED	Whole-time director	01-12-2012	06-04-2011	-	Amalgamated	NO
6	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	27-09-2012	06-09-2011	-	Active	NO
7	U85100HR1988PLC048080	KANISHKA HEALTHCARE LIMITED	Director	28-09-2012	18-01-2012	01-11-2012	Amalgamated	NO
8	U85100DL2011PLC217500	FORTIS HEALTH MANAGEMENT (WEST) LIMITED	Director	28-09-2012	18-01-2012	-	Active	NO
9	U85110DL2011PLC217420	FORTIS HEALTH MANAGEMENT (SOUTH) LIMITED	Director	27-09-2012	18-01-2012	-	Active	NO
10	U85190DL2011PLC217462	FORTIS HEALTH MANAGEMENT (EAST) LIMITED	Director	27-09-2012	18-01-2012	-	Active	NO
11	L85110TN1989PLC017232	FORTIS MALAR HOSPITALS LIMITED	Director	05-09-2012	24-01-2012	-	Active	NO
12	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	18-09-2012	03-02-2012	-	Active	NO
13	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	26-09-2012	03-02-2012	-	Active	NO
14	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	26-09-2013	01-12-2012	-	Active	NO
15	U93000TN2009PLC072209	MALAR STARS MEDICARE LIMITED	Director	16-08-2013	01-12-2012	-	Active	NO
16	U85100DL2008PTC175302	RELIANT HEALTHCARE CONSULTANCY PRIVATE LIMITED	Director	30-09-2013	01-12-2012	-	Active	NO
17	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Whole-time director	29-08-2013	01-12-2012	-	Active	NO

Name :

Mr. Aditya Vij

Designation :

Managing Director

Address :

3/27, Second Floor, Shanti Niketan, New Delhi – 110 021, India

Date of Birth/Age :

24.10.1958

Date of Appointment :

01.12.2012

DIN No.:

03200194

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	U74899DL1979PTC010054	JAM HOLDINGS PRIVATE LIMITED	Director	31-08-2009	31-08-2009	-	Active	NO
2	U74900DL1982PLC014233	INDTECH GLOBAL SYSTEMS LIMITED	Additional director	31-08-2010	31-08-2010	02-05-2011	Active	NO
3	U74900DL2009PLC191789	PUNJ LLOYD SYSTEMS LIMITED.	Additional director	31-08-2010	31-08-2010	02-05-2011	Active	NO
4	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Additional director	24-02-2011	24-02-2011	02-05-2011	Active	NO
5	L85110TN1989PLC017232	FORTIS MALAR HOSPITALS LIMITED	Director	05-09-2012	03-08-2011	-	Active	NO
6	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	28-09-2012	09-12-2011	20-06-2013	Active	NO
7	U85100DL2011PLC217500	FORTIS HEALTH MANAGEMENT (WEST) LIMITED	Director	28-09-2012	14-12-2011	01-12-2012	Active	NO
8	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Director	28-09-2012	14-12-2011	-	Amalgamated	NO
9	U74899DL1995PLC070603	SRL LIMITED	Director	05-09-2012	23-05-2012	30-10-2013	Active	NO
10	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	29-08-2013	01-12-2012	-	Active	NO
11	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Managing director	29-08-2013	01-12-2012	-	Active	NO

Name :

Mr. Sandeep Puri

Designation :

Director

Address :

S-309, Panchshila Park, New Delhi – 110 017, India

Date of Birth/Age :

21.02.1962

Date of Appointment :

26.09.2013

DIN No.:

05345943

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	L85110TN1989PLC017232	FORTIS MALAR HOSPITALS LIMITED	Director	19-08-2013	14-09-2012	-	Active	NO
2	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Additional director	01-12-2012	01-12-2012	-	Amalgamated	NO
3	U85100DL2011PLC217500	FORTIS HEALTH MANAGEMENT (WEST) LIMITED	Director	24-09-2013	01-12-2012	-	Active	NO
4	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	17-09-2013	01-12-2012	-	Active	NO
5	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	29-08-2013	01-12-2012	-	Active	NO
6	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	26-09-2013	01-12-2012	-	Active	NO
7	U93000TN2009PLC072209	MALAR STARS MEDICARE LIMITED	Director	16-08-2013	01-12-2012	-	Active	NO
8	U85110DL2011PLC217420	FORTIS HEALTH MANAGEMENT (SOUTH) LIMITED	Director	25-09-2013	01-12-2012	-	Active	NO
9	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	26-09-2013	01-12-2012	-	Active	NO
10	U85100DL2008PTC175302	RELIANT HEALTHCARE CONSULTANCY PRIVATE LIMITED	Director	30-09-2013	01-12-2012	-	Active	NO
11	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	24-09-2013	14-12-2012	-	Active	NO
12	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	30-08-2013	20-06-2013	-	Active	NO

Name :

Preetinder Singh Joshi

Designation :

Director

Address :

Maharaj Sawan Singh Charitable Hospital, Beas – 143 201, Punjab, India

Date of Birth/Age :

17.11.1947

Qualification :

MBBS, MD (Cardiology and General Medicine)

Date of Appointment :

26.09.2013

DIN No.:

00109974

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	L24231PB1961PLC003747	RANBAXY LABORATORIES LIMITED	Director	09-05-1995	09-05-1995	19-12-2008	Active	NO
2	L85110DL1996PLC076704	FORTIS HEALTHCARE LIMITED	Director	28-07-1998	28-07-1998	-	Active	NO
3	U85110HR1997PLC048256	ESCORTS HOSPITAL AND RESEARCH CENTRE LIMITED	Director	29-09-2005	29-09-2005	11-08-2011	Amalgamated	NO
4	U85110DL2003PLC120016	ESCORTS HEART AND SUPER SPECIALITY HOSPITAL LIMITED	Director	29-09-2005	29-09-2005	11-08-2011	Active	NO
5	U85110DL2000PLC148223	ESCORTS HEART CENTRE LIMITED	Director	29-09-2005	29-09-2005	-	Active	NO
6	L74899DL1994PLC058032	DION GLOBAL SOLUTIONS LIMITED	Director	20-09-2007	16-09-2006	06-08-2013	Active	NO
7	U74899DL1990PLC141133	FORTIS HOSPOTEL LIMITED	Director	23-07-2007	07-06-2007	01-11-2012	Active	NO
8	U74999HR1994PLC048225	INTERNATIONAL HOSPITAL LIMITED	Director	23-07-2007	07-06-2007	11-08-2011	Active	NO
9	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	18-07-2007	07-06-2007	15-10-2010	Active	NO
10	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	17-09-2008	08-10-2007	06-09-2011	Amalgamated	NO
11	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	23-09-2009	07-07-2008	20-06-2013	Active	NO
12	L85110DL1994PLC166888	RELIGARE TECHNOVA GLOBAL SOLUTIONS LIMITED	Director	22-12-2008	30-07-2008	-	Amalgamated	NO
13	L72300DL2009PLC190552	HEALTHFORE TECHNOLOGIES LIMITED	Director	22-05-2009	22-05-2009	-	Active	NO
14	U22219MH2004PTC021586	AI BOOK COMPANY PRIVATE LIMITED	Director	24-09-2009	24-09-2009	-	Active	NO
15	U73100DL2001PLC109185	SHIMAL RESEARCH LABORATORIES LIMITED	Director	05-10-2009	05-10-2009	07-03-2011	Active	NO
16	L65999DL1978PLC099476	OSCAR INVESTMENTS LIMITED	Director	05-10-2009	05-10-2009	-	Active	NO
17	U74899DL1994PTC062888	ANR SECURITIES PRIVATE LIMITED	Director	21-10-2009	21-10-2009	-	Active	NO
18	U85195DL1999PTC217659	SRL DIAGNOSTICS PRIVATE LIMITED	Nominee director	20-08-2010	20-08-2010	-	Active	NO
19	U72200DL1992PTC048760	HOSPITALIA INFORMATION SYSTEMS PRIVATE LIMITED	Director	01-11-2010	01-11-2010	-	Amalgamated	NO
20	U74899DL1995PLC070603	SRL LIMITED	Director	05-09-2011	04-02-2011	-	Active	NO
21	U85110DL2008PLC176522	FORTIS HOSPITAL MANAGEMENT LIMITED	Director	30-09-2011	07-03-2011	-	Active	NO
22	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	26-09-2013	12-08-2011	-	Active	NO
23	L85110TN1989PLC017232	FORTIS MALAR HOSPITALS LIMITED	Additional director	14-09-2012	14-09-2012	30-01-2013	Active	NO

KEY EXECUTIVES

Name :	Meetu Gulati
Designation :	Secretary
Address :	34-L, New Colony, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	06.12.1986
Date of Appointment :	29.08.2013
PAN No.:	AOCPD8530J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders		No. of Shares
Fortis Healthcare Limited, India		40300571
Jasbir Singh Grewal*		1
Daljit Singh*		1
Anurag Yadav*		1
Pankaj Gulati*		1
Hemant Dhigra*		1
Ashish Bhatia*		1
Total		40300577

*Held as nominee of Fortis Healthcare Limited.

AS ON 26.09.2013

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00

BUSINESS DETAILS

Line of Business :

Providing Healthcare Services.

Products/ Services :

Item Code No. (ITC Code)	99931110
Product/ Service Description	Human Healthcare Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 110 001, India
Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi - 110 002, India
IndusInd Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411 001, Maharashtra, India
Central Bank of India, Jeevan Tara Building, 5, Parliament Street, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	400.000	2392.857
Long-term maturities of finance lease obligations (Cathlab equipment financed)	11.921	15.254
Loans taken for vehicles (Hypothecation of the vehicles financed)	1.256	3.999
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Secured by hypothecation of Stocks and Book Debts and carries interest @ 12.50%)	0.000	42.411
Total	413.177	2454.521


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore, Karnataka, India
PAN No.:	AACFD3771D

Holding Company:	Fortis Healthcare Limited, India (CIN No..: L85110DL1996PLC076704)

Ultimate Holding Company:	RHC Holding Private Limited, India (CIN No.: U67190DL2007PTC162322) Fortis Healthcare Holdings Private Limited, India (CIN No.: U65993DL2001PTC152641)

Subsidiary Companies:	Fortis Health Management (South) Limited, India (CIN No.: U85110DL2011PLC217420) Fortis Malar Hospitals Limited, India (CIN No.: L85110TN1989PLC017232) Kanishka Healthcare Limited, India (CIN No.: U85100HR1988PLC048080) Fortis Health Management (East) Limited, India (CIN No.: U85190DL2011PLC217462)

Associates :	S L Raheja Hospital, India

Fellow Subsidiary Companies:	Fortis Health Management (North) Limited Hiranandani Healthcare Private Limited, India (CIN No.: U85100MH2005PTC154823) Fortis Healthcare International Pte Limited, Singapore Fortis Health Management (West) Limited, India (CIN No.: U85100DL2011PLC217500) Super Religare Laboratories Limited Religare Technologies Limited Lalitha Healthcare Private Limited, India (CIN No.: U85110KA2005PTC035863) Fortis Health Management Limited, India (CIN No.: U85110DL2008PLC176412) Fortis C-Doc Healthcare Limited, India (CIN No.: U85110DL2010PLC208379)

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Fortis Emergency Services Limited, India (CIN No.: U93000DL2009PLC189866) International Hospital Limited, India (CIN No.: U74999HR1994PLC048225) HealthFore Technologies Limited, India (CIN No.: L72300DL2009PLC190552) SRL Limited, India (CIN No.: U74899DL1995PLC070603) Chethana Foundation, India Escorts Heart and Super Speciality Institute Limited, India (CIN No.: U85110HR1998PLC048142) Fortis Global Healthcare Infrastructure Pte Limited, Singapore Sri. Raghavendra Educational Institute and Society, India Fortis Educational Society, India Escorts Heart Institute and Research Centre Limited, India (CIN No.: U85110CH2000PLC023744) Fortis Asia Healthcare Pte Limited, Singapore Kanishka Healthcare Limited Religare Technova IT Services Limited

Other Related Parties:	Fortis Cauvery Heart Hospital, India Fortis Hoan My Medical Corporation Vietnam

CAPITAL STRUCTURE

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40300577	Equity Shares	Rs.10/- each	Rs.403.006 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	402.506	402.506	402.506
(b) Reserves & Surplus	6657.190	3025.406	3010.629
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7059.696	3427.912	3413.135

(3) Non-Current Liabilities
(a) Long-term borrowings	413.177	2412.110	3902.309
(b) Deferred tax liabilities (Net)	877.962	0.000	0.000
(c) Other long term liabilities	2.253	2.491	10.018
(d) Long-term provisions	56.834	54.338	42.053
Total Non-current Liabilities (3)	1350.226	2468.939	3954.380

(4) Current Liabilities
(a) Short term borrowings	14.715	1642.385	1745.868
(b) Trade payables	935.539	728.310	549.614
(c) Other current liabilities	535.127	4595.606	1327.334
(d) Short-term provisions	286.297	24.366	22.988
Total Current Liabilities (4)	1771.678	6990.667	3645.804

TOTAL	10181.600	12887.518	11013.319

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1581.441	4178.281	3909.412
(ii) Intangible Assets	4381.051	4891.465	4991.799
(iii) Capital work-in-progress	26.584	35.177	334.615
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.746	643.651	592.829
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	940.554	376.524	87.851
(e) Other Non-current assets	10.998	9.173	141.174
Total Non-Current Assets	6941.374	10134.271	10057.680

(2) Current assets
(a) Current investments	850.750	0.000	0.000
(b) Inventories	92.869	99.080	100.593
(c) Trade receivables	512.175	441.926	310.597
(d) Cash and cash equivalents	196.847	22.462	36.848
(e) Short-term loans and advances	1484.475	2106.896	439.608
(f) Other current assets	103.110	82.883	67.993
Total Current Assets	3240.226	2753.247	955.639

TOTAL	10181.600	12887.518	11013.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	6168.102	5023.047	4069.583
		Other Income	270.224	53.209	124.242
		TOTAL (A)	6438.326	5076.256	4193.825

Less	EXPENSES
		Purchases of stock-in-trade	1425.422	1244.280	1026.899
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	7.500	1.422	(10.405)
		Employee benefit expense	764.176	707.174	589.541
		Other expenses	3076.418	2228.358	1961.232
		Exceptional items	(4426.196)	(91.016)	0.000
		TOTAL (B)	847.320	4090.218	3567.267

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5591.006	986.038	626.558

Less	FINANCIAL EXPENSES (D)		388.450	515.409	684.382

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5202.556	470.629	(57.824)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		388.317	455.852	405.282

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4814.239	14.777	(463.106)

Less	TAX (H)		1182.455	0.000	0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3631.784	14.777	(463.106)

	EARNINGS IN FOREIGN CURRENCY		308.420	292.161	247.796

	Earnings / (Loss) Per Share (Rs.)		90.23	0.37	(18.23)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	56.41	0.29	(11.04)

Net Profit Margin (PBT/Sales)	(%)	78.05	0.29	(11.38)

Return on Total Assets (PBT/Total Assets}	(%)	47.41	0.12	(4.59)

Return on Investment (ROI) (PBT/Networth)		0.68	0.00	(0.14)

Debt Equity Ratio (Total Debt/Networth)		0.06	1.18	1.65

Current Ratio (Current Asset/Current Liability)		1.83	0.39	0.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	402.506	402.506	402.506
Reserves & Surplus	3010.629	3025.406	6657.190
Net worth	3413.135	3427.912	7059.696

Long-term borrowings	3902.309	2412.110	413.177
Short term borrowings	1745.868	1642.385	14.715
Total borrowings	5,648.177	4,054.495	427.892
Debt/Equity ratio	1.655	1.183	0.061

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	4069.583	5023.047	6168.102
		23.429	22.796

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	4069.583	5023.047	6168.102
Profit	(463.106)	14.777	3631.784
	(11.38%)	0.29%	58.88%

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10441436	11/07/2013	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B81414286
2	10430535	31/05/2013 *	1,200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B78303120
3	10413497	18/12/2013 *	1,500,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B92104926
4	10381623	08/10/2012 *	650,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B63100648
5	10351296	10/03/2012	200,000,000.00	AXIS BANK LIMITED	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B38051066
6	10346378	29/02/2012	179,000,000.00	PHILIPS ELECTRONICS INDIA LIMITED	7, JUSTICE CHANDRA MADHAB ROAD, KOLKATA, WEST BENGAL - 700020, INDIA	B36603322

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans and advances from others (Interest free loan from the holding company)	14.715	1449.974
Other Loans and advances	0.000	150.000
Total	14.715	1599.974

Note:

The registered office of the company has been shifted from Fortis International Institute of Medical Sciences, Sector-44, Gurgaon – 122 003, Haryana to the present address w.e.f. 13.06.2011.

BACKGROUND

The Company was incorporated on June 18, 2009 as a wholly owned subsidiary of Fortis Healthcare (India) Limited (‘FHL’). The Company entered into a business transfer agreement with Wockhardt Hospitals Limited on August 24, 2009 to acquire the business division consisting of hospitals situated at Bangalore, Mumbai and Kolkata, on a going concern slump sale basis.

The business of these hospitals were transferred to the Company on December 17, 2009.

FINANCIAL OPERATIONS

During this year, the Company recorded a total income of Rs.6440.000 millions as compared to Rs.5080.000 millions in the previous year. The Company recorded a net profit of Rs.3630.000 millions as compared to profit of Rs.10.000 millions in the previous year. This was mainly due to the expansion of hospital operations bringing an increase in sale of services and pharmacy.

MERGER OF FORTIS HEALTH MANAGEMENT (NORTH) LIMITED WITH THE COMPANY

During the period, the Board of Directors had approved the Scheme of Amalgamation of Fortis Health Management (North) Limited (FHMNL), our sister subsidiary with the Company. The same has also been approved by the Hon’ble High Court of Delhi, vide its order dated July 22, 2013. Subsequently, the relevant forms were filed with the Registrar of Companies and the merger became effective from September 1, 2013.

SUBSIDIARIES

During the year, post approval of the Scheme of Amalgamation of Fortis Health Management (North) Limited (FHMNL) by the High Court of Delhi, with the Company, the subsidiaries of FHMNL-Fortis C-Doc Healthcare Limited and Fortis Health Management (East) Limited have become the subsidiaries of the Company. Besides this, Fortis Health Management (South) Limited and Fortis Malar Hospitals Limited are also the subsidiaries of the Company.

The Main objects of all the Companies are healthcare services, Medicare and allied services.

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Claims against the company not recognised as debt (in respect of Compensation demanded by the patients/their relatives for negligence)	8.500	8.500
Corporate guarantees given to banks for loan to others*	19440.014	164.111
Bank guarantees given to others	22.286	22.286
Other money for which company is contingently liable	8.300	8.300

* includes the combined corporate guarantee given by the company with Fortis Healthcare Limited, Escorts Heart Institute and Research Centre Limited, Fortis Health Management (North) Limited and Fortis Healthcare International Pte Limited for the amount of Rs.19294.250 millions to Fortis Asia Healthcare Pte Limited.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

Intangible Assets

· Goodwill

· Computer Software

· Licenses and Franchise

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.12
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.

MIRA INFORM REPORT

56.41

78.05

47.41

0.68

0.06

1.83

Unit