MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	FORUS HEALTH PRIVATE LIMITED
Registered Office :	No. 2234, 23rd Cross, Banashankari II Stage, Bangalore – 560070, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.01.2010
Com. Reg. No.:	08-052229
Capital Investment / Paid-up Capital :	Rs. 0.391 Million
CIN No.: [Company Identification No.]	U85100KA2010PTC052229
TAN No.: [Tax Deduction & Collection Account No.]	BLRF01909F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Pre-screening Ophthalmology Devices.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 257000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss recorded by the company during 2013. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	No. 2234, 23rd Cross, Banashankari II Stage, Bangalore – 560070, Karnataka, India
Tel. No.:	91-80-41624041/ 42
Fax No.:	91-80-42065393
E-Mail :	kc@forushealth.com
Website :	http://www.forushealth.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Shyam Vasudeva Rao

Designation :

Managing director

Address :

29/1, 80 Feet Road, Padmanabha Nagar, BSK 2^nd Stage, Bangalore – 560070, Karnataka, India

Date of Birth/Age :

27.11.1960

Date of Appointment :

01.03.2011

DIN No.:

03094681

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	U85100KA2010PTC052229	FORUS HEALTH PRIVATE LIMITED	Managing director	01/03/2011	08/06/2010	Active	NO
2	U72200KA2009PTC049189	MYMO WIRELESS TECHNOLOGY PRIVATE LIMITED	Additional director	07/01/2011	07/01/2011	Active	NO

Name :

Mr. Chandrasekhar Kuppuswami

Designation :

Director

Address :

#20, TMCS Layout, 7^th Cross, 34^th Main, 1^st Phase, J.P. Nagar, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

06.02.1967

Date of Appointment :

20.01.2010

DIN No.:

02859662

Name :

Mr. Ranjith Menon

Designation :

Nominee director

Address :

603, Spring Block, Windsor 4 Seasons Hulimavu, BG Road, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

19.03.1977

Date of Appointment :

24.09.2012

DIN No.:

03427564

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	U64202TN2000PTC044413	ESHAKTI.COM PRIVATE LIMITED	Alternate director	19/05/2011	19/05/2011	29/07/2011	Active	NO
2	U85100KA2010PTC052229	FORUS HEALTH PRIVATE LIMITED	Nominee director	24/09/2012	29/08/2012	-	Active	NO
3	U73100KA2013PTC070233	THERAMYT NOVOBIOLOGICS PRIVATE LIMITED	Nominee director	23/09/2013	23/09/2013	-	Active	NO

Name :

Mr. Anand Daniel

Designation :

Nominee director

Address :

C 801, Mantri Elegance, Bennerghatta Road, J.P. Nagar, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

28.05.1975

Date of Appointment :

24.09.2012

DIN No.:

03441515

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	U85110KA1995PTC016906	SYSTEMANTICS INDIA PRIVATE LIMITED	Nominee director	11/03/2011	11/03/2011	-	Active	NO
2	U80903DL2007PTC170989	MIND EDUTAINMENT PRIVATE LIMITED	Director	29/09/2012	20/02/2012	-	Active	NO
3	U72200KA2009PTC048816	LIMBERLINK TECHNOLOGIES PRIVATE LIMITED	Nominee director	23/02/2012	23/02/2012	-	Active	NO
4	U74900KA2011PTC057111	SERENDIPITY INFOLABS PRIVATE LIMITED	Nominee director	20/05/2012	20/05/2012	-	Active	NO
5	U85100KA2010PTC052229	FORUS HEALTH PRIVATE LIMITED	Nominee director	24/09/2012	29/08/2012	-	Active	NO
6	U80301MH2008PTC186038	NEEV KNOWLEDGE MANAGEMENT PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO
7	U70102HR2006PTC038360	PROPTIGER REALTY PRIVATE LIMITED	Nominee director	23/08/2013	23/08/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Equity Shareholders	No. of Shares
Chandrasekhar Kuppuswami	7210
Shyam Vasudeva Rao	7210
R. N. Jyothi	2213
Nithya Chandrasekhar	2213
Anita Raghunath	1077
Accel India III (Mauritius) Limited, Mauritius	3500
IDG Ventures India LLC, Mauritius	3500
CIIE Initiatives India	95
Total	27018

Names of Preference Shareholders	No. of Shares
Accel India III (Mauritius) Limited, Mauritius	9312
IDG Ventures India LLC, Mauritius	9312
Total	18624

AS ON 28.09.2013

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]	25.91
Bodies corporate	0.35
Directors or relatives of directors	73.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Pre-screening Ophthalmology Devices.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SME City Credit Centre, 20, Badaganadu Sangha Building, Girls High School Street, Seshadripuram Kumara Park, Bangalore - 560020, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Bank	0.000	9.437
Total	0.000	9.437
SHORT TERM BORROWINGS 1) Cash credit facility availed by the Company is primarily secured by hypothecation of inventory and receivables and collaterally secured by hypothecation of un-encumbered fixed assets of Rs. 3.750 Millions as at 31.03.2011. The average rate of interest was 6% above base rate (presently at 9.25%) amounting to a total of 15.25% p.a. with monthly rests. 2) Unsecured loans from directors and others are interest free and repayable on demand. 3) In previous years, the company had availed a convertible loan from CUE initiatives Private Limited. As per terms of the agreement, the loan carried an interest rate of 6% p.a. which was subsequently forgone as per the revised agreement dated, 04.04.2012. On 01.02.2013, the above loan has been converted into fully paid equity shares of Rs. 10 each.

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	"WINGS" First Floor, 16/1, Cambridge Road, Ulsoor, Bangalore – 560008, Karnataka, India
Tel. No.:	91-80-42430700
Fax No.:	91-80-41251228
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs. 10/- each	Rs. 8.000 Millions
200,000	Preference Shares	Rs. 10/- each	Rs. 2.000 Millions
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27,018	Equity Shares	Rs. 10/- each	Rs. 0.270 Million
18,624	Preference Shares	Rs. 10/- each	Rs. 0.186 Million
	Total		Rs. 0.456 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares [Class A]	Rs. 10/- each	Rs. 7.500 Millions
50,000	Equity Shares [Class B]	Rs. 10/- each	Rs. 0.500 Million
200,000	Preference Shares	Rs. 10/- each	Rs. 2.000 Millions
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,018	Equity Shares	Rs. 10/- each	Rs. 0.200 Million
6,998	Equity Shares [Class A]	Rs. 10/- each	Rs. 0.070 Million
2	Equity Shares [Class B]	Rs. 10/- each	Rs. 0.000 Million
12,140	Preference Shares	Rs. 10/- each	Rs. 0.121 Million
	Total		Rs. 0.391 Million

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	0.391	0.269	0.269
(b) Reserves & Surplus	63.901	1.537	(0.704)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	3.450
Total Shareholders’ Funds (1) + (2)	64.292	1.806	3.015
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	61.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.291	0.000	0.000
Total Non-current Liabilities (3)	1.291	0.000	61.500
(4) Current Liabilities
(a) Short term borrowings	0.000	19.095	0.000
(b) Trade payables	4.777	5.047	1.554
(c) Other current liabilities	7.565	12.392	1.401
(d) Short-term provisions	0.905	1.282	0.000
Total Current Liabilities (4)	13.247	37.816	2.955
TOTAL	78.830	39.622	67.470
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.642	1.155	58.794
(ii) Intangible Assets	4.316	27.528	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.416	0.315
(d) Long-term Loan and Advances	1.608	0.000	4.658
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.566	29.099	63.767
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.197	8.135	0.142
(c) Trade receivables	20.414	1.584	2.093
(d) Cash and cash equivalents	30.222	0.027	1.468
(e) Short-term loans and advances	2.555	0.777	0.000
(f) Other current assets	9.876	0.000	0.000
Total Current Assets	70.264	10.523	3.703
TOTAL	78.830	39.622	67.470

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	47.923	69.624	4.250
Less	EXPENSES
		TOTAL	122.765	66.935	5.268
	PROFIT/ (LOSS) BEFORE TAX		(74.842)	2.689	(1.018)
Less	TAX		0.416	0.448	(0.314)
	PROFIT/ (LOSS) AFTER TAX		(75.258)	2.241	(0.704)
	Earnings/ (Loss) Per Share (Rs.)		(1921.91)	83.22	(26.15)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(157.04)	3.22	(16.56)
Return on Total Assets (PBT/Total Assets}	(%)	(94.94)	6.86	(1.52)
Return on Investment (ROI) (PBT/Networth)		(1.16)	1.49	(0.34)
Debt Equity Ratio (Total Debt/Networth)		0.00	10.57	20.40
Current Ratio (Current Asset/Current Liability)		5.30	0.28	1.25

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10426325	09/05/2013	24,000,000.00	TECHNOLOGY DEVELOPMENT BOARD	WING-A GROUND FLOOR VISHWAKARMA BHAWAN, SHAHEED JEET SINGH MARG, NEW DELHI - 110016, INDIA	B75346502

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Directors	0.000	6.918
From Body Corporate	0.000	1.000
From Others	0.000	1.740
Total	0.000	9.658

BACKGROUND

Subject was incorporated on 20.01.2010 and is engaged in the manufacturing and sale of Pre-screening Ophthalmology Devices.

OPERATIONS:

As may be seen the enclosed accounts, the Company has achieved an income of INR 47.923 Millions from operations during the year ended 31.03.2013. The steps are being taken by the Company, which will result in significant growth with regards to turnover and profits for the years to come.

FIXED ASSETS:

· Office Equipments

Plant and Machinery

Furniture and Fixture

Computers

Know-how

Computer 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. 62.33
UK Pound	1	Rs. 101.99
Euro	1	Rs. 84.62

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.