MIRA INFORM REPORT

Report Date :

15.10.2014

IDENTIFICATION DETAILS

Name :	WOCKHARDT HOSPITALS LIMITED (w.e.f. 19.10.2000)
Formerly Known As :	FIRST WOCKHARDT AND HEART INSTITUTE LIMITED WOCKHARDT HEALTH SCIENCES LIMITED (w.e.f. 28.08.1991)
Registered Office :	Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.08.1991
Com. Reg. No.:	11-063096
Capital Investment / Paid-up Capital :	Rs.793.509 millions
CIN No.: [Company Identification No.]	U85100MH1991PLC063096
TAN No.: [Tax Deduction & Collection Account No.]	MUMW01768E
PAN No.: [Permanent Account No.]	AAACW3342G
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The Company is Primarily engaged in Hospital Business.
No. of Employees :	Information decline by the management

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 17000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate networth base and incremental albeit moderate gearing requirements along with deterioration in its cash balance. Management has reported a loss from fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the company can be considered for business dealings at usual trade terms and conditions with slight 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DENIED

Management Non-cooperative

LOCATIONS

Registered Office :	Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra, India
Tel. No.:	91-22-26534444
Fax No.:	91-22-26534242
E-Mail :	viralj@wockhardt.com ndatar@wockhardt.com
Website :	http://www.wockhardhospitals.net
Branches :	Located at: Bhavnagar South Mumbai Nagpur Heart Hospital Nagpur Super Specialty Nashik Rajkot Surat Vashi

DIRECTORS

As on 27.09.2013

Name :

Habil Fakhruddin Khorakiwala

Designation :

Director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

22.09.1942

Date of Appointment :

28.08.1991

DIN No.:

00045608

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	U73100MH1985NPL134121	KHORAKIWALA FOUNDATION	Director	24/04/1985	24/04/1985	-	Active	NO
2	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	28/08/1991	28/08/1991	-	Active	NO
3	U99999DL1967PLC002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY.	Director	19/09/1998	19/09/1998	-	Active	NO
4	L24230MH1999PLC120720	WOCKHARDT LIMITED	Whole-time director	01/03/2010	08/07/1999	-	Active	NO
5	U67120MH1983PTC031217	PALANPUR HOLDINGS AND INVESTMENTS CO PRIVATE LIMITED	Director	25/11/2002	25/11/2002	-	Active	NO
6	U67120MH1981PTC023803	KHORAKIWALA HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	28/12/2002	28/12/2002	-	Active	NO
7	U51909MH2004PTC143952	DARTMOUR HOLDINGS PRIVATE LIMITED	Director	24/02/2005	24/02/2005	-	Active	NO
8	L72200MH1987PLC045205	DATAMATICS GLOBAL SERVICES LIMITED	Director	08/12/2005	08/12/2005	-	Active	NO

Name :

Zahabiya Habil Khorakiwala

Designation :

Managing director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

16.09.1982

Date of Appointment :

31.03.2010

DIN No.:

00102689

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	U45200MH1993PTC074015	SHRAVAN CONSTRUCTIONS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
2	U70100MH1995PTC091167	YURT ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
3	U70100MH1995PTC089294	DENARIUS ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
4	U70200MH1995PTC091315	AMADOU ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
5	U24239MH1958PLC011204	MERIND LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
6	U85110MH2001PLC133110	WOCKHARDT MAHARASHTRA HOSPITAL LIMITED	Director	21/09/2010	31/03/2010	-	Active	NO
7	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Managing director	01/12/2010	31/03/2010	-	Active	NO
8	U73100MH1985NPL134121	KHORAKIWALA FOUNDATION	Director	29/09/2011	01/12/2010	-	Active	NO

Name :

Murtaza Habil Khorakiwala

Designation :

Director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

07.09.1972

Date of Appointment :

06.04.2009

DIN No.:

00102650

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	U70100MH1995PTC091167	YURT ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
2	U67120MH1981PTC023803	KHORAKIWALA HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
3	U67120MH1983PTC031217	PALANPUR HOLDINGS AND INVESTMENTS CO PRIVATE LTD	Director	10/11/2004	10/11/2004	-	Active	NO
4	U70100MH1995PTC089294	DENARIUS ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
5	U70200MH1995PTC091315	AMADOU ESTATE DEVELOPMENT PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
6	U45200MH1993PTC074015	SHRAVAN CONSTRUCTIONS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
7	U73100MH1985NPL134121	KHORAKIWALA FOUNDATION	Director	10/11/2004	10/11/2004	-	Active	NO
8	U24230MH1991PLC060162	WOCKHARDT INFRASTRUCTURE DEVELOPMENT LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
9	U51909MH2004PTC143952	DARTMOUR HOLDINGS PRIVATE LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO
10	L24230MH1999PLC120720	WOCKHARDT LIMITED	Managing director	29/06/2009	31/03/2009	-	Active	NO
11	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	30/09/2009	06/04/2009	-	Active	NO
12	U24230MH1996PLC097019	WOCKHARDT BIOPHARM LIMITED	Director	17/09/2010	31/03/2010	-	Active	NO
13	U15204DL1995PLC128355	VINTON HEALTHCARE LIMITED	Director	11/09/2012	07/12/2011	-	Active	NO

Name :

Huzaifa Habil Khorakiwala

Designation :

Director

Address :

Casa Khorakiwala, 31E Vakil Lane, Dr. Gopalrao Deshmukh Marg, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

04.11.1970

Date of Appointment :

06.04.2009

DIN No.:

02191870

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	L24230MH1999PLC120720	WOCKHARDT LIMITED	Whole-time director	29/06/2009	31/03/2009	-	Active	NO
2	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	30/09/2009	06/04/2009	-	Active	NO
3	U15400MH2010PTC200511	PRIDE INDIA CONFECTIONERS PRIVATE LIMITED	Director	02/03/2010	02/03/2010	03/01/2011	Active	NO
4	U24239MH1958PLC011204	MERIND LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
5	U85110MH2001PLC133110	WOCKHARDT MAHARASHTRA HOSPITAL LIMITED	Director	21/09/2010	31/03/2010	-	Active	NO
6	U55204MH2011PTC212714	INSPIRATION CAFEE PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Strike off	NO
7	U74999MH2012PTC232351	7 HUMAN VALUES PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nishad Shrikrishna Datar
Designation :	Secretary
Address :	402, Ramgiri Heights, MTNL Road, Dadar (West), Mumbai-400028, Maharashtra, India
Date of Birth/Age :	23.07.1985
Date of Appointment :	18.06.2012
PAN No.:	AMRPD9451H

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. Equity of Shares
Dartmour Holdings Private Limited, India	60777865
Merind Limited, India	1612903
Carol Info Services Limited, India	6750000
H F Khorakiwala	6750000
H F Korakiwala (nominee of DHPL)	54
GB Parulkar (nominee of DHPL)	27
Casubhay Oves (nominee of DHPL)	27
Vijaya Nair (nominee of DHPL)	27
Citigroup Global Markets Mauritius Private Limited, Mauritius	3300000
Total	79190903

Names of Shareholders	No. Preference of Shares
Palanpur Holdings and Investments Private Limited, India	160000
Total	160000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.17
Bodies corporate	87.31
Directors or relatives of Directors	8.52
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is Primarily engaged in Hospital Business.

GENERAL INFORMATION

No. of Employees :

Information decline by the management

Bankers :

• IDBI Bank Limited, Idbi Tower, Wtc Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
• Punjab National Bank, Worli Naka Branch, A.B.Road, Mumbai - 400018, Maharashtra, India
• Indian Overseas Bank, Hari Krupa. Bag 6933, 26-A, S. V. Road, Satacruz (West), Mumbai-400054, Maharshtra, India
• ICICI Bank Limited

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Term Loans from Bank	223.250	0.000
Differed Payment Liabilities	298.405	0.000
Total	521.655	0.000

Banking Relations :	--
Financial Institutions:	GE Capital Services India, 401, 402, 4th Floor, Aggarwal Millennium Tower, E-1,2,3, Netaji Subhash Place, Wazirpur, New Delhi - 110034, Delhi, INDIA IL and FS Trust Company Limited, IL and FS Financial Centreplot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai - 400051, Maharashtra, INDIA Wockhardt Life Sciences Limited, Bandra (East), Mumbai-400051, Maharashtra, India
Auditors :
Name :	M. A. Shah and Company Chartered Accountants
Address :	M A Shah and Company, 202 Jolly Bhavan No 2 New Marine Lines, Mumbai-400020, Maharashtra, India
PAN No.:	AABFM0309D
Holding company:	Dartmour Holdings Private Limited, India CIN No.: U51909MH2004PTC143952
Fellow Subsidiary company:	Merind Limited, India CIN No.: U24239MH1958PLC011204
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Palanpur Holdings And Investments Company Private Limited, India CIN No.: U67120MH1983PTC031217 Wockhardt Limited, India CIN No.: U99999MH1973PTC016260 Carol Info Services Limited, India CIN No.: L74999MH1979PLC021942

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125840000	Equity Shares	Rs.10/- each	Rs.1258.400 Millions
160000	Preference Shares	Rs.10/- each	Rs.1.600 Millions
	Total		Rs.1260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79190903	Equity Shares	Rs.10/- each	Rs.791.909 Millions
160000	Preference Shares	Rs.10/- each	Rs.1.600 Millions
	Total		Rs.793.509 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	793.509	793.509	793.509
(b) Reserves & Surplus	3584.397	3638.014	3611.652
(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)	4377.906	4431.523	4405.161
(3) Non-Current Liabilities
(a) long-term borrowings	554.543	0.000	0.000
(b) Deferred tax liabilities (Net)	1.379	23.729	81.905
(c) Other long term liabilities	10.641	4.572	7.507
(d) long-term provisions	88.059	82.097	75.351
Total Non-current Liabilities (3)	654.622	110.398	164.763
(4) Current Liabilities
(a) Short term borrowings	457.000	0.000	4.500
(b) Trade payables	244.236	320.862	264.304
(c) Other current liabilities	224.790	113.551	191.293
(d) Short-term provisions	93.277	77.906	73.149
Total Current Liabilities (4)	1019.303	512.319	533.246
TOTAL	6051.831	5054.240	5103.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1775.756	1749.214	1780.887
(ii) Intangible Assets	4.224	5.193	7.135
(iii) Capital work-in-progress	2622.023	1292.350	993.107
(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	0.000	0.000
(d) Long-term Loan and Advances	790.175	626.956	563.330
(e) Other Non-current assets	120.187	166.832	291.250
Total Non-Current Assets	5312.365	3840.545	3635.709
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.316	59.999	62.341
(c) Trade receivables	316.235	297.615	203.288
(d) Cash and cash equivalents	317.314	778.037	1153.463
(e) Short-term loans and advances	3.111	7.138	20.637
(f) Other current assets	43.490	70.906	27.732
Total Current Assets	739.466	1213.695	1467.461
TOTAL	6051.831	5054.240	5103.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2323.103	2176.845	1822.868
		Other Income	49.953	109.235	72.157
		TOTAL (A)	2373.056	2286.080	1895.025
Less	EXPENSES
		Office Expenses	663.417	666.711	565.689
		Administrative Expenses	61.618	54.353	39.898
			14.237	47.783	27.953
		Advertising Expenses	397.469	351.279	245.865
			1176.187	1051.079	925.491
		TOTAL (B)	2312.928	2171.205	1804.896
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		60.128	114.875	90.129
Less	FINANCIAL EXPENSES (D)		0.055	0.163	0.005
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60.073	114.712	90.124
Less/ Add	DEPRECIATION/ AMORTISATION (F)		136.031	146.508	122.582
	PROFIT BEFORE TAX (E-F) (G)		(75.958)	(31.796)	(32.458)
Less	TAX (H)		(22.342)	(58.157)	(17.056)
	PROFIT AFTER TAX (G-H) (I)		(53.616)	26.361	(15.402)
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		23.460	21.678	12.373
	Earnings Per Share (Rs.)		(0.68)	0.33	(0.19)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.26)	1.15	(0.81)
Net Profit Margin (PBT/Sales)	(%)	(3.27)	(1.46)	(1.78)
Return on Total Assets (PBT/Total Assets}	(%)	(2.21)	(0.85)	(0.79)
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.01)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.23	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.73	2.37	2.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	793.509	793.509	793.509
Reserves & Surplus	3611.652	3638.014	3584.397
Net worth	4405.161	4431.523	4377.906
long-term borrowings	0.000	0.000	554.543
Short term borrowings	4.500	0.000	457.000
Total borrowings	4.500	0.000	1011.543
Debt/Equity ratio	0.001	0.000	0.231

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1822.868	2176.845	2323.103
		19.419	6.719

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1822.868	2176.845	2323.103
Profit	(15.402)	26.361	(53.616)
	(0.84%)	1.21%	(2.31%)

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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Differed Payment Liabilities	32.887	0.000
Short Term Borrowings
Other loans and Advances	457.000	0.000
Total	489.887	0.000

PRESS RELEASE:

WOCKHARDT HOSPITALS EYES TIER-II TOWNS

Hospital Chain Has Strengthened Presence in Cities Like Nagpur, Rajkot, Surat, Nashik and Bhavnagar

For Wockhardt Hospitals, this is a second inning, after selling its main hospital business to Fortis a couple of years ago. Hence, managing director (MD) Zahabiya Khorakiwala, an avid tennis player, is set to play a slow and steady five-set long match this time.

Instead of an aggressive approach through a series of buyouts, Zahabiya is busy expanding the existing eight hospitals spread over Maharashtra and Gujarat. In an exclusive interaction with Business Standard, she shared the strategy of building hospitals in Tier-II cities with the same facilities as in the metros.

“We entered Nagpur about eight-10 years ago, at a time when big hospital groups had rarely penetrated into cities other than metros. During the last 10 years, we have strengthened our presence in cities like Nagpur, Rajkot, Surat, Nashik and Bhavnagar. Currently, we own about 200 beds across two hospitals in Nagpur,” she said. “Even now, we see patients are rushing to metros for better treatment. We are in the process of filling those gaps and make available in Tier-II cities the best facilities.”

The 30-year-old Zahabiya, founder chairman Habil Khorakiwala’s only daughter and the youngest of her three siblings (eldest brother Huzaifa Khorakiwala is the executive director on the Wockhardt board and chief executive of Wockhardt Foundation and Murtaza Khorakiwala is the MD of Wockhardt Ltd), was appointed executive director of Wockhardt Hospitals in 2010 and promoted as MD later.

A professional deep-sea diver licence-holder from the Maldives, Zahabiya believes her business instinct was influenced by late grandfather, Fakhruddin Khorakiwala, ex-Sheriff of Mumbai and a pioneer of departmental stores in Mumbai with Akbarally’s.

“The major challenge is to bring experienced hands into the hospitals in tier II cities. However, we have seen senior doctors who are second ranking doctors in hospitals in metro are willing to join in tier 2 city hospitals as we are providing the best platform for them. A lot of Indian origin doctors who are in foreign countries are ready to come back in backdrop of facilities in Indian healthcare space now. “

It was in August 2009, Wockhardt Hospitals had agreed to sell 10 of 17 hospitals to Fortis Healthcare Ltd for about Rs 900 crore. The deal involved eight hospitals in Bangalore, Mumbai and Kolkata, which together generated annual revenue of around Rs 300 crore, and two hospitals in Bangalore and Kolkata which were under construction.

Currently, Wockhardt Hospitals have a strength of more than 1000 beds across Rajkot (200), Nagpur Heart Hospital (50), Nagpur Tertiary Care (140), Nashik (200), Surat (110), Bhavnagar (100), Vashi (50) and Goa (160).

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523026	30/09/2014	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	C24239618
2	10395216	28/12/2012	235,000,000.00	GE CAPITAL SERVICES INDIA	401, 402, 4TH FLOOR, AGGARWAL MILLENNIUM TOWER,,  E-1,2,3, NETAJI SUBHASH PLACE, WAZIRPUR,, NEW DELH  I, DELHI - 110034, INDIA	B65246381
3	10472299	26/03/2012	295,920,000.00	PHILIPS ELECTRONICS INDIA LIMITED	7, JUSTICE CHANDRA MADHAB ROAD,, KOLKATA, WEST BEN  GAL - 700020, INDIA	B78631108

* Date of charge modification

FIXED ASSETS:

· Management Right

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Computers

· Vehicles

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. 61.10
UK Pound	1	Rs. 98.15
Euro	1	Rs. 77.68

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.