MIRA INFORM REPORT

Report No. :	312508
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	MAX HEALTHCARE INSTITUTE LIMITED
Registered Office :	Max House, 1, Dr. Jha Marg Gokhla, New Delhi - 110020
Tel No.:	91-11-41612123
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.06.2001
Com. Reg. No.:	55-111313
Capital Investment / Paid-up Capital :	Rs.4927.500 Million
CIN No.: [Company Identification No.]	U72200DL2001PLC111313
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELM06884D
PAN No.: [Permanent Account No.]	AADCM0815B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Healthcare Services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The Company has incurred consecutive losses from its operation from past years, which may slightly affect its business profile during FY 2014. However, the rating also take into consideration the resourcefulness and financial support of the promoters, which mitigate the negativities and back the overall profile of the company. However, trade relation are fair. Business is active. Payment terms are slow but correct. In view of experienced promoters and qualified management the company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 Co-Operative (Tel No.: 91-11-41612123)

LOCATIONS

Registered Office :	Max House, 1, Dr. Jha Marg Gokhla, New Delhi – 110020, India
Tel. No.:	91-11-41612123
Fax No.:	91-11-41612155
E-Mail :	secretarial@maxhealthcare.com

DIRECTORS

As on 26.09.2014

Name :

Mr. Rajit Mehta

Designation :

Managing Director

Address :

B-2/18, DLF Phase-1, Gurgaon - 122001, Haryana, India

Date of Appointment :

26.09.2014

DIN No.:

01604819

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	U74140DL1996PTC076248	WINDOWS CONSULTANTS PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
2	U74899DL2000PLC106723	Max Life Insurance Company Limited	Director	31/03/2014	01/11/2008	-	Active	NO
3	U74140DL2012PTC242738	INTERSTOFF SYNDICATE PRIVATE LIMITED	Director	25/09/2012	25/09/2012	-	Active	NO
4	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Managing director	26/09/2014	31/03/2014	-	Active	NO
5	U74999DL2015PTC275608	Quantum Institute For Wellbeing Private Limited	Director	16/01/2015	16/01/2015	-	Active	NO

Name :

Mr. Omkar Goswami

Designation :

Director

Address :

E-121, Masjid Moth, 1^st Floor, Greater Kailash – III, New Delhi – 110048, India

Date of Birth/Age :

29.08.1956

Qualification :

D.Phil (Ph.D)

Date of Appointment :

26.09.2014

DIN No.:

00004258

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	L85195TG1984PLC004507	DR.REDDY'S LABORATORIES LIMITED	Director	31/07/2014	30/10/2000	-	Active	NO
2	L85110KA1981PLC013115	INFOSYS LIMITED	Director	13/11/2000	13/11/2000	31/12/2014	Active	NO
3	U74140MH1996PTC099483	DSP BlackRock Investment Managers Private Limited	Director	22/01/2001	22/01/2001	-	Active	NO
4	L65191TN1997PLC037415	IDFC Limited	Director	30/03/2015	24/01/2003	-	Active	NO
5	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	27/01/2004	27/01/2004	-	Active	NO
6	U74140DL2004PTC124941	CERG ADVISORY PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
7	L18101DL1970PLC005197	SRF LIMITED	Director	21/05/2004	21/05/2004	20/07/2007	Active	NO
8	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Director	15/12/2004	15/12/2004	30/04/2008	Active	NO
9	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	11/09/2014	20/07/2006	-	Active	NO
10	L11101MH2006PLC163934	Cairn India Limited	Director	23/07/2014	21/09/2006	-	Active	NO
11	L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	Director	26/09/2014	18/06/2008	-	Active	NO
12	U74899DL2000PLC106723	Max Life Insurance Company Limited	Director	28/05/2009	03/12/2008	31/07/2012	Active	NO
13	U40101DL2005PLC138906	AVANTHA POWER & INFRASTRUCTURE LIMITED	Director	15/06/2010	27/10/2009	28/04/2013	Active	NO
14	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	15/09/2010	22/12/2009	06/09/2012	Active	NO
15	L65910MH1987PLC042961	BAJAJ FINANCE LIMITED	Director	01/04/2014	16/05/2012	-	Active	NO
16	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	26/09/2014	19/07/2012	-	Active	NO
17	U72200KA2002PLC030310	INFOSYS BPO LIMITED	Director	07/06/2013	13/08/2012	-	Active	NO

Name :

Mr. Kummamuri Murthy Narasimha

Designation :

Director

Address :

1-2-593/29, Gaganmahal Colony, Domalguda, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

13.08.1957

Qualification :

B.Sc., F.C.A., F.I.C.W.A

Date of Appointment :

26.09.2014

DIN No.:

00023046

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	U74140TG1988PTC008747	SRIKARI MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	10/06/1988	10/06/1988	-	Active	NO
2	L65190MH2004GOI148838	IDBI Bank Limited	Director	27/09/2004	27/09/2004	17/08/2011	Active	NO
3	L65922MH1989PLC052257	LIC HOUSING FINANCE LIMITED	Director	26/06/2005	26/06/2005	-	Active	NO
4	U74999MH2008PTC178871	AEGON Management Consultants India Private Limited	Director	26/09/2008	26/09/2008	30/05/2011	Amalgamated	NO
5	L74899DL1993GOI053677	IFCI LIMITED	Director	18/09/2009	14/10/2008	19/09/2009	Active	NO
6	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	26/09/2014	26/08/2009	-	Active	NO
7	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	15/09/2010	22/12/2009	06/09/2012	Active	NO
8	U66000DL2008PLC182918	Max Bupa Health Insurance Company Limited	Director	29/04/2014	27/04/2010	-	Active	NO
9	L13100KA1976GOI002974	KIOCL LIMITED	Director	21/06/2012	02/08/2011	31/05/2013	Active	NO
10	U51900MH1994PLC078303	STCI Finance Limited	Director	11/09/2014	08/03/2013	-	Active	NO
11	L74899DL1993GOI054155	OIL AND NATURAL GAS CORPORATION LIMITED	Director	25/09/2013	21/03/2013	-	Active	NO
12	U31900MH2005PLC158120	Infiniti Retail Limited	Director	18/03/2015	07/06/2013	-	Active	NO
13	U74899DL2000PLC106723	Max Life Insurance Company Limited	Director	14/05/2014	23/08/2013	-	Active	NO
14	U24100PB2012PLC036981	Max Speciality Films Limited	Director	30/09/2014	30/06/2014	-	Active	NO

Name :

Mr. Pradeep Kumar Chowbey

Designation :

Whole-time director

Address :

C-4/41, Safdarjung Development Area, New Delhi – 110016, India

Date of Birth/Age :

14.02.1951

Qualification :

MS, MNANS, FIMSA, FIAS, FICS

Date of Appointment :

28.02.2014

PAN No.:

AADPC5388G

DIN No.:

01141637

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	U73100DL1996PTC081090	AYUSHMAN ENDOSURGERY PRIVATE LIMITED	Director	09/08/1996	09/08/1996	-	Active	NO
2	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Whole-time director	28/02/2014	18/11/2009	-	Active	NO
3	AAA-0371	AYUSHMAN SURGICAL CONSORTIUM LLP	Designated Partner	13/11/2009	13/11/2009	-	Active	NO

Name :

Mr. Mohit Talwar

Designation :

Director

Address :

Flat No. - 1518-B, Building No. - 4, Tower - 15, The Magnolias, Dlf Golf Links, Golf Course Road, Gurgaon - 122009, Haryana, India

Date of Appointment :

26.09.2014

DIN No.:

02394694

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	U74140DL2008PTC175230	ABK CONSULTANTS PRIVATE LIMITED	Director	30/09/2010	14/03/2008	13/05/2013	Active	NO
2	U85194DL2008PTC182703	Capricorn Health Services Private Limited	Director	30/09/2010	11/11/2008	13/05/2013	Active	NO
3	U85100DL2008PTC182708	Nurture Health Services Private Limited	Director	30/09/2010	11/11/2008	13/05/2013	Active	NO
4	U85110DL2008PTC182707	Leo Retailing and Health Services Private Limited	Director	30/09/2010	11/11/2008	13/05/2013	Active	NO
5	U74899DL1994PLC061314	MAX MEDICAL SERVICES LIMITED	Director	28/09/2009	14/01/2009	-	Active	NO
6	U25200PB2008PLC031807	Max Speciality Products Limited	Director	29/09/2009	14/01/2009	13/05/2013	Active	NO
7	U70100DL2008PTC182834	Piveta Estates Private Limited	Director	30/09/2010	14/09/2009	13/05/2013	Active	NO
8	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Alternate director	29/11/2011	08/12/2009	23/05/2012	Active	NO
9	U85199DL2003PLC119249	MAX HEALTHSTAFF INTERNATIONAL LIMITED	Director	28/09/2010	17/12/2009	-	Active	NO
10	U24232PB1989PLC009741	PHARMAX CORPORATION LIMITED	Director	24/09/2010	17/12/2009	-	Active	NO
11	U55101DL2009PTC196524	Solace Hotels and Hospitality Services Private Limited	Director	29/09/2010	30/03/2010	05/10/2012	Active	NO
12	L24223PB1988PLC008031	MAX INDIA LIMITED	Whole-time director	01/11/2013	14/02/2012	-	Active	NO
13	U74140DL2011PLC218781	ANTARA SENIOR LIVING LIMITED	Director	02/11/2012	29/06/2012	-	Active	NO
14	U66000DL2008PLC182918	Max Bupa Health Insurance Company Limited	Director	26/04/2013	01/08/2012	-	Active	NO
15	U74140DL2012PLC244411	Antara Gurgaon Senior Living Limited	Director	05/11/2012	05/11/2012	19/11/2013	Active	NO
16	U24100PB2012PLC036981	Max Speciality Films Limited	Director	28/12/2012	28/12/2012	-	Active	NO
17	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	26/09/2014	27/05/2014	-	Active	NO

Designation :

Director

Address :

221, Kipling Street, Palo Alto, 94301, United States of America

Date of Birth/Age :

30.10.1963

Qualification :

Ph.D

Date of Appointment :

28.01.2009

DIN No.:

02525853

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	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	24/08/2009	28/01/2009	-	Active	NO
2	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	24/09/2013	01/02/2013	-	Active	NO
3	U85100HR2012PTC046376	Core Diagnostics Private Limited	Director	30/09/2013	31/07/2013	-	Active	NO
4	U74999DL1999PLC102149	MAX NEEMAN MEDICAL INTERNATIONAL LIMITED	Director	26/09/2014	04/07/2014	-	Active	NO

Name :

Mr. Rahul Khosla

Designation :

Director

Address :

58, Coronation Drive, Singapore – 269604, india

Date of Birth/Age :

29.08.1959

Qualification :

Chartered Accountant

Date of Appointment :

27.05.2014

DIN No.:

03597562

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	L24223PB1988PLC008031	MAX INDIA LIMITED	Managing director	01/04/2013	18/08/2011	-	Active	NO
2	U66000DL2008PLC182918	Max Bupa Health Insurance Company Limited	Director	01/05/2012	14/10/2011	-	Active	NO
3	U74899DL2000PLC106723	Max Life Insurance Company Limited	Director	16/05/2012	01/02/2012	-	Active	NO
4	U74140DL2011PLC218781	ANTARA SENIOR LIVING LIMITED	Director	02/11/2012	29/06/2012	-	Active	NO
5	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	27/05/2014	19/07/2012	-	Active	NO
6	U74140DL2012PLC244411	Antara Gurgaon Senior Living Limited	Director	05/11/2012	05/11/2012	19/11/2013	Active	NO
7	U24100PB2012PLC036981	Max Speciality Films Limited	Director	28/12/2012	28/12/2012	27/06/2014	Active	NO

Name :

Mr. Peter George Harper

Designation :

Director

Address :

19, Montpelier Square, SW7 1 JR, London, NA, United Kingdom

Date of Birth/Age :

30.08.1945

Qualification :

MBBS MD

Date of Appointment :

27.09.2012

DIN No.:

03600372

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	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	27/09/2012	31/10/2011	-	Active	NO

Name :

Mr. Jonathan Richard Lowick

Designation :

Director

Address :

38, Victoria Street, Oaklands, 2192, South Africa

Date of Birth/Age :

22.02.1970

Qualification :

BCom, HDip (Acc), CA(SA)

Date of Appointment :

19.07.2012

DIN No.:

05227008

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	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	27/09/2012	19/07/2012	-	Active	NO

Name :

Andre Meyer

Designation :

Director

Address :

577 Heron Place, Cedar Lakes, Fourways, 2196, South Africa

Date of Appointment :

26.09.2014

DIN No.:

06877862

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	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	26/09/2014	27/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Ruchi Mahajan
Designation :	Secretary
Address :	C-91, Airport Appartments, Vikas Puri, New Delhi – 110018, India
Date of Birth/Age :	03.11.1979
Date of Appointment :	21.05.2013
PAN No.:	AKBPM3071E

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Max India Limited, India	281392760
Mohit Talwar	1
B Das	1
Sujatha Ratnam	1
V Krishnan	1
Yogesh kumar Sareen	1
Yogesh Kumar Gupta	1
International Finance Corporation	32046177
Sanjeev Kumar Singh Marya	750000
Pradeep K Chowbey	2000000
Life healthcare International (Proprietary) Limited, South Africa	111093412
Total	427282355

Names of Shareholders (Preference Shares)	No. of Shares
Life healthcare International (Proprietary) Limited, South Africa	65468747
Total	65468747

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

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	33.50
Bodies corporate	65.86
Directors or relatives of Directors	0.47
Others	0.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Healthcare Services.

Products :

Products or Services	ITC Code
Healthcare Services	99931190

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Canara Bank, ETT Section 51,Stock Exchange Tower, 1-Cross,J.C.Road, Bangalore - 560027, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	500.600	310.900
Rupee term loans from others	1735.700	1595.200
Long-term maturities of finance lease obligations	23.100	34.500
Loans taken for fixed assets	11.200	15.600
SHORT TERM BORROWINGS
Working capital loans from banks	391.600	315.300
Total	2662.200	2271.500

Auditors :
Name :	S.R. Batliboi and Company Llp Chartered Accountants
Address :	Golf View Tower, B Sector-42, Gurgoan – 122002, Haryana, India
PAN No.:	ACHFS9180N
Memberships :	--
Collaborators :	--
Holding company:	Max India Limited CIN No.: L24223PB1988PLC008031
Subsidiary company:	Hometrail Estate Private Limited CIN No.: U45400DL2008PTC176963 Hometrail Buildtech Private Limited CIN No.: U45400DL2008PTC176962 Alps Hospital Limited CIN No.: U74899DL1989PLC036413=
Fellow Subsidiary Company :	Pharmax Corporation Limited CIN No.: U24232PB1989PLC009741 New Delhi House Services Limited CIN No.: U70101PB1998PLC021363 Max Neeman Medical International Limited Max Medical Services Limited CIN No.: U74899DL1994PLC061314 Max Life Insurance Company Limited CIN No.: U74899DL2000PLC106723 Max Bupa Health Insurance Company Limited CIN No.: U66000DL2008PLC182918
Others :	Max India Foundation Malsi Estates Limited

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
925000000	Equity Shares	Rs.10/- each	Rs.9250.000 Million
125000000	Preference share	Rs.10/- each	Rs.1250.000 Million
	Total		Rs.10500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
427282355	Equity Shares	Rs.10/- each	Rs.4272.800 Million
85468747	Preference share	Rs.10/- each	Rs. 654.700 Million
	Total		Rs.4927.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4,927.500	5,203.800	5,203.800
(b) Reserves & Surplus	2,367.300	1,670.400	2,455.400
(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)	7,294.800	6,874.200	7,659.200
(3) Non-Current Liabilities
(a) long-term borrowings	2,270.600	1,964.800	2,130.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	165.700	8.200	11.700
(d) long-term provisions	630.800	933.500	725.200
Total Non-current Liabilities (3)	3,067.100	2,906.500	2,867.300
(4) Current Liabilities
(a) Short term borrowings	961.600	1,315.300	697.800
(b) Trade payables	1,001.600	1,015.400	877.900
(c) Other current liabilities	331.800	705.100	761.700
(d) Short-term provisions	75.000	85.600	60.700
Total Current Liabilities (4)	2,370.000	3,121.400	2,398.100
TOTAL	12,731.900	12,902.100	12,924.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4,406.400	4,500.500	3,621.300
(ii) Intangible Assets	149.000	181.200	212.700
(iii) Capital work-in-progress	30.300	11.900	662.500
(iv) Intangible assets under development	86.600	85.400	16.000
(b) Non-current Investments	2,779.600	2,379.600	2,447.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3,083.900	3,274.500	2,690.400
(e) Other Non-current assets	0.800	0.000	0.000
Total Non-Current Assets	10,536.600	10,433.100	9,650.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	106.400	118.800	107.200
(c) Trade receivables	1,738.700	1,577.900	1,576.500
(d) Cash and cash equivalents	56.300	218.000	729.200
(e) Short-term loans and advances	191.700	299.000	297.700
(f) Other current assets	102.200	255.300	563.500
Total Current Assets	2,195.300	2,469.000	3,274.100
TOTAL	12,731.900	12,902.100	12,924.600

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		7,041.800	5,911.400	4,622.500
		Other Income		364.400	395.700	497.900
		TOTAL (A)		7,406.200	6,307.100	5,120.400
Less	EXPENSES
		Purchase of Stock-in-trade		2,518.700	2,357.900	1,864.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		11.600	(11.600)	(43.100)
		Employee Benefits Expenses		1,514.200	1,398.700	1,235.600
		Other Expenses		2,884.200	2,405.600	1,816.200
		TOTAL (B)		6,928.700	6,150.600	4,872.700
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			477.500	156.500	247.700
Less	FINANCIAL EXPENSES (D)			449.800	421.100	387.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			27.700	(264.600)	(139.300)
Less	DEPRECIATION/ AMORTISATION (F)			351.200	313.600	189.600
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(323.500)	(578.200)	(328.900)
Less	TAX (H)			0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(323.500)	(578.200)	(328.900)
	IMPORTS
			Capital Goods	NA	NA	0.993
			Trading Goods	NA	NA	0.007
	TOTAL IMPORTS			NA	NA	1.000
	Earnings / (Loss) Per Share (Rs.)			(0.79)	(1.46)	(1.06)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(4.59)	(9.78)	(7.12)
Operating Profit Margin (PBDIT/Sales)	(%)	6.78	2.65	5.36
Return on Total Assets (PBT/Total Assets}	(%)	(3.29)	(5.55)	(3.36)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.08)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.44	0.48	0.37
Current Ratio (Current Asset/Current Liability)		0.93	0.79	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	5203.800	5203.800	4927.500
Reserves & Surplus	2455.400	1670.400	2367.300
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7659.200	6874.200	7294.800
Long Term borrowings	2130.400	1964.800	2270.600
Short Term borrowings	697.800	1315.300	961.600
Total borrowings	2828.200	3280.100	3232.200
Debt/Equity ratio	0.369	0.477	0.443

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	4,622.500	5,911.400	7,041.800
		27.883	19.122

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	4,622.500	5,911.400	7,041.800
Profit	-328.900	-578.200	-323.500
	-7.12%	-9.78%	-4.59%

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Deferred payment for acquisition of fixed Assets	0.000	8.600
SHORT TERM BORROWINGS
Term loans from banks	570.000	1000.000
Total	570.000	1008.600

OPERATING PERFORMANCE

The year witnessed consistent progress by the existing hospitals and some of the hospitals started to experience bed capacity constraints. The new hospitals, however, continue to ramp up aggressively and experienced improved footfalls and admissions month after month. The sound and steady performance of the Company is manifested by the Revenues for the year. The income from operations increased to Rs.7041.800 Million as compared to Rs.5911.400 Million, an increase of 19.1% and the overall revenue increased to Rs.7406.200 Million from Rs.6307.100 Million in previous year. The expenses have increased to Rs.7729.700 Million from Rs.6885.300 Million, an increase of 12.3%. As a result, the loss from operations has reduced from Rs.578.200 Million in 2012-13 to Rs.323.500 Million in the year. This is result of successful implementations of growth plans for the new Greenfield hospitals in newer territories of Shalimar Bagh and Dehradun. The year witnessed the transition of these hospitals from growing hospitals to attain a leadership position in the respective regions. The productivity and cost performance of these hospitals is also satisfactory in view of growth phase of newer hospitals where the cost elements lead the growth in the initial years. They expect the profitability to improve significantly in the coming years with higher utilization in new hospitals and maturing of programmes in the existing hospitals leading to higher per bed realization.

OPERATIONS UPDATE

The Company continued with the patient care journey and had ~ 1.4 million footfalls during the year. All the older hospitals continued operating at high occupancies and thus, focused on improving the service mix coupled with upgrading the medical programs to enhance the level of care and the average patient realization. The continued focus resulted in higher share of tertiary care services with share in total revenue touching 48.3% during the year from 43% in last year. The highlight of this year?s operation is successful revamp of Renal Sciences program in the network led by joining of senior clinicians at Max Saket, Max Mohali, and Max Pitampura, launch of Max Elite Institute of Orthopedics at Mohali and elevation of Oncology and Neuro Sciences program at Saket and other network hospitals in NCR.

The new hospitals have recorded revenue growth rates over 100% during the year with Bed Occupancy ratio touching 70% of the beds made operational so far. The bed occupancy ratio last year was 48% and this increase confirms the new status as a leading hospital in the respective territories.

NEW HOSPITALS UPDATE

During 2013-14, all the four new hospitals at Bathinda, Mohali, Dehradun & Shalimar bagh registered impressive growth. Equipped with the best of the medical care facilities, these hospitals are embarking on a journey of success. The hospitals house state-of-the-art Cath Lab, OTs with HEPA, EHR, Nuclear Medicine and Gama Camera. Mohali and Bathinda hospitals are also equipped with the most advanced equipments like LINAC for Radiotherapy, MRI and CT scan machines for providing a holistic care to Cancer patients. Confidence of the physicians & the communities around has been built up & MAX brand for ultimate patient care is steadily and strongly getting established in these locations. Mohali Hospital: The hospital with installed capacity of ~200 beds provides high end medical care to the residents of tri-city of Chandigarh, Mohali and Panchkula. The hospital has been set up as Public Private Partnership with Govt. of Punjab and opened its door to general public in September 2011. In 2013-14, the revenues grew from Rs.564.000 Million in 2012-13 to Rs. 1263.000 Million. Towards the end of the year, 168 beds were operational (71 critical & 97 non-critical) and hospital was running at 79.1% bed occupancy. Cardiac Sciences & Orthopedics has been the key driver of the revenue ramp up. A highly skilled team of 672 people is involved in providing world class services to their patients day and night at Mohali hospital, which includes 131 physicians and 294 nurses, 110 Paramedics and 137 Support Staff.

Bathinda Hospital: The hospital with installed capacity of ~200 beds is in industrial town of Bathinda, Punjab. The hospital has been set up as Public Private Partnership with Government of Punjab, and was commissioned in later half of 2011. In 2013-14, the revenue grew to Rs. 278.000 Million in 2013-14. In March 2014, 59 beds were operational (29 Critical & 30 non-critical) and hospital was running at 77.4% bed occupancy. Cardiac & Neuro Sciences has been the key driver of business. The OPD patients increased from monthly average of 2320 OP Consults in FY 12-13 to 3668 in FY 13-14. Manpower strength is 286 comprising of 51 physicians, 105 nurses, 66 paramedics and 64 Support staff. The ramp up has been slow mainly due to challenges faced in attracting experienced doctors to the city.

Shalimar Bagh Hospital: The hospital with installed capacity of 272 beds is situated in North Delhi, and is the second Max hospital in that region. It was commissioned in later half of 2011-12 and offers high end tertiary care services in the medical specialties of Cardiology, Orthopaedics, Neurosciences, Mother and Child Care, Urology, ENT, Dialysis, Plastic / Reconstructive Surgery, Dentistry, and Ophthalmology. In FY 13-14, the revenue doubled up from Rs. 509.000 Million in 2012-13 to Rs. 1039.000 Million. At the end of 2013-14, 158 beds were operational (60 Critical & 98 non-critical) and the hospital experienced ~80% occupancies. Cardiac & Neuro Sciences; Internal Medicine has been the key driver of revenue ram up. The Hospital directly employed 559 people comprising of 129 physicians; 226 nursing; 74 paramedics; 130 Support.

Dehradun Hospital: The hospital has an installed capacity of ~ 175 beds and is the Company’s first hospital in the Uttrakhand region and is aspired to be the leader in providing tertiary care to people of Uttarakhand and sorrounding regions. It was commissioned in mid 2012. In 2013-14, it recorded revenue of Rs. 542.000 Million. By the end of 2013-14, 109 beds were made operational (37 Critical & 72 non-critical) and hospital was experiencing ~62% bed occupancies. Cardiac & Neuro Sciences has been the key driver of business. It directly employed 426 comprising: 87 physicians; 163 nursing; 70 paramedics; 106 Support. Max Super Specialty Hospital at Shalimar Bagh, Mohali and Bhatinda has been certified with 'Gold' rating by Indian Green Building Council under LEED rating system for Green Buildings. A Green building is a resource-efficient and environment-friendly building equipped with eco-friendly, energy and water efficient equipments and non-toxic and recycled materials. Max Healthcare has been consciously focusing on energy conservation, and most of their hospitals buildings are certified Green Building a first of its kind for Hospitals in India.

EQUALIZATION OF STAKE BY LIFE HEALTHCARE INTERNATIONAL PTY LIMITED (LHC)

In line with the existing Shareholders? Agreement between Max India Limited (?Max India?) and LHC, the Board of Directors of the Company had, at its Meeting held on July 22, 2014, approved the proposal relating to equalization of stake between Max India and LHC. Under the proposal, LHC will invest upto Rs. 3970.000 Million directly in MHC by subscribing to fresh equity shares at Rs. 67.50 per share, subject to necessary regulatory approvals. It will also acquire upto 13.3% of existing stake in the Company from Max India at Rs. 67.50 per share, to achieve an equal shareholding at that of Max India.

Further, International Finance Corporation, United States of America (?IFC?), currently holds 7.5% stake in the Company and has the option of either maintaining its 7.5% stake, by converting a portion of its preference shares to equity or exercising a proportionate a tag along with Max India so as to dilute its shareholding to 5.4%. The actual amount to be invested by LHC will vary depending upon IFC?s decision.

The transaction would provide LHC a stronger platform to participate in the high growth Indian Private Healthcare space. As the Company prepares itself for its third wave of growth, it will stand to benefit immensely from LHC?s considerable experience in managing a large and widespread network of hospitals. The proceeds from the fresh equity issuance is planned to be utilized for the Company’s expansion plans and retiring some debts which will further improve its financial performance.

Post completion of transaction, Max India and LHC will each hold equal shareholding in the Company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10458916	26/09/2013	1,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B89014096
2	10412453	02/12/2013 *	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B93874600
3	10411805	18/03/2013	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B70770847
4	10321201	15/11/2011	34,920,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE  NGAL - 700046, INDIA	B26899765
5	10321193	15/11/2011	39,330,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE  NGAL - 700046, INDIA	B26896951
6	10321198	15/11/2011	89,883,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE  NGAL - 700046, INDIA	B26898858
7	10176947	21/12/2010 *	200,000,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARA  SHTRA - 411001, INDIA	B02498764
8	80064354	08/02/2006	750,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
9	90059242	17/10/2014 *	350,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR.  A.B. ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	C30986319
10	80000282	01/03/2006 *	2,100,000,000.00	CANARA BANK	ETT SECTION, 51, STOCK EXCHANGE TOWERS, 1ST CROSS , J C ROAD, BANGALORE, KARNATAKA - 560027, INDIA	-
11	80000716	23/12/2014 *	2,250,000,000.00	CANARA BANK ET & T	51, 1ST CROSS J C ROAD, BANGALORE, KARNATAKA - 560027, INDIA	C38291381

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		44

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.