MIRA INFORM REPORT

Report Date :

07.05.2014

IDENTIFICATION DETAILS

Name :	BAFNA HEALTH CARE PRIVATE LIMITED
Registered Office :	Unit No.712, 7^th Floor, World Trade Centre No.1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.08.2007
Com. Reg. No.:	11-173326
Capital Investment / Paid-up Capital :	Rs.9.410 Millions
CIN No.: [Company Identification No.]	U85190MH2007PTC173326
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18375A
PAN No.: [Permanent Account No.]	AADCB2121P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Medical Equipments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company 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	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

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.

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.

INFORMATION DECLINED BY

Name :	Mr. Manu Jain
Designation :	Director
Contact No.:	91-9810014179
Date :	05.05.2014

Name :	Mr. Manoj Tavar
Designation :	Finance Manager
Contact No.:	91-9899133061
Date :	05.05.2014

LOCATIONS

Registered Office :	Unit No.712, 7^th Floor, World Trade Centre No.1, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Tel. No.:	91-22-27632261/ 62/ 63
Mobile No.:	91-9810014179 (Mr. Manu Jain)
Fax No.:	91-22-27636990/ 27636050
E-Mail :	rahul@bafnamotors.in agarwalkala@gmail.com info@bafnahealthcareindustries.com bafnaho@yahoo.com mjain@bafnahealthcare.com finance@bafnahealthcare.com
Website :	http://www.ambulance.ind.in
Plant :	Plot No.5, Sector-6, Main Mathura Road, Faridabad – 121006, Haryana, India
Tel. No.:	91-129-4180700/ 2/ 3
Fax No.:	91-129-4180701
Delhi Office :	N-114, Panchasheel Park, New Delhi – 110017, India
Tel. No.:	91-11-41752645/ 41436747
Fax No.:	91-11-41752644
E-Mail :	anil_nagpal@bafnahealcare.in

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Sumati Prasad Mishrilal Bafna

Designation :

Director

Address :

22, Gobind Mahal, 86-B, Marine Drive, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

26.10.1961

Date of Appointment :

21.08.2007

DIN No.:

00162546

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	U50100MH1973PTC016956	BAFNA MOTORS PRIVATE LIMITED	Director	12/08/1984	12/08/1984	-	Active	NO
2	U74999MH1994PLC079512	ISUTA ELECTRONICS (INDIA) LIMITED	Director	08/07/1994	08/07/1994	-	Active	NO
3	U34100MH1996PTC097465	BAFNA MOTORS (RATNAGIRI) PRIVATE LIMITED	Director	19/02/1996	19/02/1996	-	Active	NO
4	U65920MH1986PLC040617	SEWA FINANCE LIMITED	Director	12/08/1996	12/08/1996	19/10/2012	Active	NO
5	U63090MH1998PTC116336	ABCN LOGISTICS PRIVATE LIMITED	Director	24/08/1998	24/08/1998	30/05/2012	Active	NO
6	U63090MH1998PTC116335	KISHOR TRANSPORT SERVICES PRIVATE LIMITED	Director	24/08/1998	24/08/1998	-	Active	NO
7	U34300MH2001PTC133866	BAFNA MOTORS (MUMBAI) PRIVATE LIMITED	Director	05/11/2001	05/11/2001	-	Active	NO
8	U34300MH2002PTC136662	RUSHABH MOTORS PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
9	L65191TN1979PLC007874	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
10	U70100MH2006PTC159983	URJAYANT ESTATE PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
11	U24200MH1997PTC110465	BNB CONTAINERS PRIVATE LIMITED	Director	20/07/2006	20/07/2006	-	Active	NO
12	U34201PN2006PTC021794	TRANSPORT SOLUTIONS INDIA PRIVATE LIMITED	Director	18/07/2007	18/07/2007	14/05/2013	Active	NO
13	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
14	U67190MH2005PTC152977	ABCIN SERVICES PRIVATE LIMITED	Director	01/07/2008	01/07/2008	-	Active	NO
15	U62200MH2008PTC184637	BAFNA AVIATION PRIVATE LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
16	U60231KA2010PTC052698	TOYOTA LOGISTICS KISHOR INDIA PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
17	U50400MH2010PTC201547	BAFNA MOTORCYCLES PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
18	U34100MH2005PTC151827	PANCHAVATI AUTOMOBILE PRIVATE LIMITED	Director	16/08/2010	16/08/2010	-	Active	NO

Name :

Mr. Kamal Kishore Gandhi

Designation :

Director

Address :

701, Pluto, B Wing, Gaurav Galaxy, Phase II, Near Surya Shopping Centre, Mir Road (East), Thane – 401107, Maharashtra, India

Date of Birth/Age :

23.08.1969

Date of Appointment :

21.08.2007

DIN No.:

00960732

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	U34300MH2001PTC133866	BAFNA MOTORS (MUMBAI) PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
2	U63090MH1998PTC116335	KISHOR TRANSPORT SERVICES PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U34100MH2005PTC151827	PANCHAVATI AUTOMOBILE PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U67190MH2005PTC152977	ABCIN SERVICES PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Active	NO
5	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	21/08/2007	21/08/2007	-	Active	NO
6	U60231KA2010PTC052698	TOYOTA LOGISTICS KISHOR INDIA PRIVATE LIMITED	Alternate director	14/07/2010	14/07/2010	27/12/2010	Active	NO
7	U63090MH1998PTC116336	ABCN LOGISTICS PRIVATE LIMITED	Director	28/09/2013	02/07/2013	-	Active	NO

Name :

Mr. Manu Jain

Designation :

Director

Address :

4498, Gali Raja Patnamal, Pahari Dhiraj, Sadar Bazar, Delhi – 110006, India

Date of Birth/Age :

10.06.1970

Date of Appointment :

01.04.2008

DIN No.:

01637223

Name :

Mr. Sunil Sumatilal Mutha

Designation :

Director

Address :

1087, Shukrwar Peth, Kuldeep Bunglow, Pune – 411002, Maharashtra, India

Date of Birth/Age :

29.05.1959

Date of Appointment :

01.04.2008

DIN No.:

01643589

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	U51311PN2001PTC016441	TULIPS AMBBIENCE PRIVATE LIMITED	Director	29/09/2008	14/01/2008	25/07/2012	Active	NO
2	U85190MH2007PTC173326	BAFNA HEALTH CARE PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Sumati Prasad Mishrilal Bafna	4950
Kamal Kishore Gandhi	100
Sunil Sumatilal Mutha	404950
Bafna Motors (Mumbai) Private Limited, India	400000
Manu Jain	130000
Jagat P. Shah	1000
Total	941000

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	42.51
Directors or relatives of directors	57.38
Others	0.11
Total	100.00

KEY EXECUTIVES

Name :	Mr. Manoj Tavar
Designation :	Finance Manager

BUSINESS DETAILS

Line of Business :

Trader of Medical Equipments.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· State Bank of India Commercial Branch, Shyamkamal Trade Centre, Agarwal Market, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Lalit and Surendra Chartered Accountants
Address :	104, Bharat House, Bombay Samachar Marg, Mumbai – 400002, Maharashtra, India
PAN No.:	AAAFL0612P

CAPITAL STRUCTURE

(AS ON 31.03.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
	Total

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
941,000	Equity Shares	Rs.10/- each	Rs.9.410 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	9.410	9.400	9.400
(b) Reserves & Surplus	17.916	7.039	1.039
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.300	1.300	1.300
Total Shareholders’ Funds (1) + (2)	28.626	17.739	11.739
(3) Non-Current Liabilities
(a) long-term borrowings	17.787	7.964	3.206
(b) Deferred tax liabilities (Net)	0.000	0.700	0.700
(c) Other long term liabilities	1.851	1.052	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	19.638	9.716	3.906
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	97.938	63.621	67.159
(c) Other current liabilities	51.833	23.465	34.190
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	149.771	87.086	101.349
TOTAL	198.034	114.541	116.994
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.378	5.384	6.221
(ii) Intangible Assets	0.000	0.000	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)	0.338	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	2.100
Total Non-Current Assets	5.716	5.384	8.321
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.140	25.092	11.645
(c) Trade receivables	136.739	70.849	68.222
(d) Cash and cash equivalents	19.492	7.240	13.592
(e) Short-term loans and advances	7.255	5.733	14.993
(f) Other current assets	0.691	0.243	0.221
Total Current Assets	192.317	109.157	108.673
TOTAL	198.034	114.541	116.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	202.744	111.676	58.161
Less	EXPENSES
		TOTAL	188.922	102.415	69.895
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.822	9.261	(11.734)
Less/ Add	DEPRECIATION/ AMORTISATION		0.983	1.161	1.342
	PROFIT/ (LOSS) BEFORE TAX		12.839	8.100	(13.076)
Less	TAX		1.962	2.100	0.085
	PROFIT/ (LOSS) AFTER TAX		10.877	6.000	(13.161)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.039	1.039	14.200
	BALANCE CARRIED TO THE B/S		17.916	7.039	1.039
	Earnings/ (Loss) Per Share (Rs.)		11.56	6.38	(14.00)

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	Yes
10]	Designation of contact person	Yes
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	No
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

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors & Shareholders	17.787	7.787
From Others	0.000	0.177
Total	17.787	7.964

Note:

The registered office of the company has been shifted from D-105, TTC Industrial Area, MIDC, Near London Pilsner, Nerul, Navi Mumbai – 400706, Maharashtra, India to the present address w.e.f. 09.11.2010

REVIEW OF OPERATION

During the year, the Company has earned profit of Rs.10.877 Millions. The net profit for the year has been Rs.10.877 Millions as against Rs.6.000 Millions during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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.60.05
UK Pound	1	Rs.101.32
Euro	1	Rs.83.43

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	NIT

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.