MIRA INFORM REPORT

Report No. :	312545
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	RWL HEALTHWORLD LIMITED (w.e.f. 21.10.2013)
Formerly Known As :	RELIGARE WELLNESS LIMITED (w.e.f. 27.08.2008) FORTIS HEALTHWORLD LIMITED (w.e.f. 01.03.2007) FORTIS HEALTHWORLD PRIVATE LIMITED
Registered Office :	2^nd Floor, D-1/5, Okhla Industrial Area, Phase - II, New Delhi – 110 020
Tel. No.:	91-11-66807209
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.04.2006
Com. Reg. No.:	55-148330
Capital Investment / Paid-up Capital :	Rs.917.850 million
CIN No.: [Company Identification No.]	U85121DL2006PLC148330
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELF03143A
PAN No.: [Permanent Account No.]	AAACF9834C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of retail trade of Pharmaceuticals and Healthcare products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary “RHC Holding Private Limited”. It is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded the networth of the company. However, the company receives good financial and managerial support from its parent company. Trade relations are reported as fair. Payments are reported to be slow. In view of strong parent company support, the company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 DECLINED

Management non-cooperative

(Tel. No.: 91-11-30148211/ 30148200)

LOCATIONS

Registered Office :	2^nd Floor, D-1/5, Okhla Industrial Area, Phase - II, New Delhi – 110 020, India
Tel. No.:	91-11-66807209/ 30148200
Fax No.:	91-11-30148284
E-Mail :	leena.gandhi@rwlhealthworld.com info@rwlhealthworld.com
Website :	http://www.rwlhealthworld.com
Regional Office :	2^nd Floor, B-Wing, D-3, District Center, Pune – 411 001, Maharashtra, India
Branch Office 1 :	Fortis Hospital Kangra Dharam Shola Road, Kangra – 176 215, Himachal Pradesh, India
Branch Office 2 :	RT Nagar, Main Road, P and T Colony, Bangalore – 560 032, Karnataka, India

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Rahul Chadha

Designation :

Whole-Time Director

Address :

B1, Gulmohar Park, New Delhi – 110 049, India

Date of Birth/Age :

07.07.1968

Qualification :

M.A. Economics, MBA

Experience :

22 Years

Date of Appointment :

28.03.2013

PAN No.:

AAAPC0179L

DIN No.:

00042270

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	U51397DL2003PLC119000	SAK CONSUMER RETAIL SERVICES LIMITED	Director	30/09/2009	27/02/2003	-	Amalgamated	NO
2	U51397DL2005PTC190519	LIFETIME HEALTHCARE PRIVATE LIMITED	Director	30/09/2009	04/05/2009	-	Amalgamated	NO
3	U51397DL2002PTC116043	MEDSOURCE HEALTHCARE PRIVATE LIMITED	Director	30/09/2009	28/05/2009	-	Active	NO
4	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Whole-time director	28/03/2013	26/03/2013	-	Active	NO

Name :

Mr. Hemant Dhingra

Designation :

Director

Address :

P-23, Malviya Nagar, New Delhi – 110 017, India

Date of Birth/Age :

12.11.1968

Date of Appointment :

28.03.2013

DIN No.:

00043039

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	U72200DL1992PTC048760	HOSPITALIA INFORMATION SYSTEMS PRIVATE LIMITED	Director	28/06/2000	28/06/2000	-	Amalgamated	NO
2	U45202DL1988PTC033270	HOSPITALIA EASTERN PRIVATE LIMITED	Director	28/06/2000	28/06/2000	01/11/2012	Active	NO
3	U65921DL1984PTC152425	SHIVI HOLDINGS PRIVATE LIMITED	Director	10/12/2003	10/12/2003	01/08/2008	Active	NO
4	U73100DL2001PLC109185	SHIMAL RESEARCH LABORATORIES LIMITED	Director	30/09/2014	10/10/2005	-	Active	NO
5	U74999DL2003PLC123220	RELIGARE COMMODITIES LIMITED	Director	27/09/2007	26/03/2007	06/08/2010	Active	NO
6	U67190DL2007PTC162322	RHC HOLDING PRIVATE LIMITED	Director	19/04/2007	19/04/2007	12/11/2008	Active	NO
7	U74140DL2006PLC144608	SMPL FINANCIAL CONSULTANCY SERVICES LIMITED	Director	27/09/2007	25/05/2007	06/08/2010	Active	NO
8	U72900DL2007PLC159272	RELIGARE TECHNOVA BUSINESS INTELLECT LIMITED	Director	28/09/2007	28/05/2007	-	Amalgamated	NO
9	U51909DL2007PLC159042	RELIGARE CAPITAL MARKETS LIMITED	Director	28/09/2007	28/05/2007	06/08/2010	Active	NO
10	U65923DL2007PLC159330	RELIGARE FINANCE LIMITED	Director	28/09/2007	28/05/2007	06/08/2010	Active	NO
11	U45200DL2007PLC158928	REL INFRAFACILITIES LIMITED	Director	28/09/2007	28/05/2007	06/08/2010	Active	NO
12	U74899DL1994PTC062888	ANR SECURITIES PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
13	U20296DL2007PLC166944	RELIGARE ARTS INITIATIVE LIMITED	Director	13/08/2007	13/08/2007	14/09/2007	Active	NO
14	U85110DL1984PTC192009	FERN HEALTHCARE PRIVATE LIMITED	Additional director	01/05/2008	01/05/2008	27/05/2009	Active	NO
15	U51101DL1991PTC265838	RANCHEM PRIVATE LIMITED	Director	30/09/2013	08/10/2008	-	Active	NO
16	U74999DL2007PTC161429	GREEN BIOFUELS FARMS PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
17	U45200DL2008PTC178822	BINDAS REALTORS PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO
18	U74140DL2009PTC195148	FORTIS GLOBAL HEALTHCARE PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
19	U51398HR2010PLC054584	RELIGARE COMTRADE LIMITED	Director	03/09/2011	25/12/2010	-	Active	NO
20	U85110DL2000PLC148223	ESCORTS HEART CENTRE LIMITED	Director	30/09/2011	04/03/2011	-	Active	NO
21	U85110DL2008PLC176522	FORTIS HOSPITAL MANAGEMENT LIMITED	Director	30/09/2011	07/03/2011	-	Active	NO
22	U85110DL2011PTC226919	RHC HEALTHCARE MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
23	U74899HR1990PLC054770	FORTIS HOSPOTEL LIMITED	Director	27/09/2012	15/11/2011	-	Active	NO
24	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Additional director	15/11/2011	15/11/2011	12/12/2011	Amalgamated	NO
25	U85110DL2008PLC176412	FORTIS HEALTH MANAGEMENT LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Active	NO
26	U85110DL2003PLC120016	ESCORTS HEART AND SUPER SPECIALITY HOSPITAL LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Active	NO
27	U74999HR1994PLC048225	INTERNATIONAL HOSPITAL LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Active	NO
28	U85110HR1997PLC048256	ESCORTS HOSPITAL AND RESEARCH CENTRE LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Amalgamated	NO
29	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	27/09/2012	15/11/2011	01/12/2012	Active	NO
30	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	28/09/2012	09/12/2011	20/06/2013	Active	NO
31	U74999DL2011PTC229039	VISTAS ARTWORKS PRIVATE LIMITED	Director	20/12/2011	20/12/2011	-	Active	NO
32	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	28/03/2013	18/12/2012	-	Active	NO
33	U72900DL2009PTC193216	RHC IT SOLUTIONS PRIVATE LIMITED	Director	27/09/2013	02/09/2013	23/01/2014	Active	NO
34	U74140DL2011PLC225477	FINSERVE SHARED SERVICES LIMITED	Director	23/09/2014	10/12/2013	-	Active	NO
35	L74899DL1994PLC058032	DION GLOBAL SOLUTIONS LIMITED	Director	11/09/2014	06/02/2014	-	Active	NO
36	U22219MH2004PTC021586	AI BOOK COMPANY PRIVATE LIMITED	Director	30/09/2014	10/02/2014	-	Active	NO
37	U45400DL2008PTC173145	GREEN GRASS ESTATES PRIVATE LIMITED	Director	30/09/2014	20/05/2014	-	Active	NO
38	U85100DL2008PTC176496	SHIMAL HEALTHCARE PRIVATE LIMITED	Director	30/09/2014	20/05/2014	-	Active	NO
39	U17291DL2008PTC173147	WHITE FEATHER ESTATES PRIVATE LIMITED	Director	30/09/2014	20/05/2014	-	Active	NO
40	U51397DL2002PTC116043	MEDSOURCE HEALTHCARE PRIVATE LIMITED	Director	10/09/2014	10/07/2014	-	Active	NO
41	L72300DL2009PLC190552	HEALTHFORE TECHNOLOGIES LIMITED	Additional director	24/03/2015	24/03/2015	-	Active	NO

Name :

Mr. Jasbir Singh Grewal

Designation :

Director

Address :

Flat No.902, Tower-4, Vipul Belmonte, Sector-53, Golf Course Road, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

12.07.1950

Date of Appointment :

10.09.2014

DIN No.:

01113910

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	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Additional director	01/10/2014	14/02/2007	-	Active	NO
2	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	17/09/2008	08/10/2007	06/09/2011	Amalgamated	NO
3	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	30/08/2013	03/07/2008	-	Active	NO
4	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	24/09/2013	28/01/2009	-	Active	NO
5	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	20/08/2009	18/06/2009	21/12/2009	Active	NO
6	U93000TN2009PLC072209	MALAR STARS MEDICARE LIMITED	Director	16/08/2013	07/07/2009	01/10/2014	Active	NO
7	U85110DL2011PLC217420	FORTIS CANCER CARE LIMITED	Director	11/04/2011	11/04/2011	01/12/2012	Active	NO
8	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Director	01/12/2012	06/09/2011	-	Amalgamated	NO
9	U45400DL2008PTC173959	BIRDIE AND BIRDIE REALTORS PRIVATE LIMITED	Director	22/09/2014	06/05/2014	-	Active	NO
10	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	10/09/2014	26/05/2014	-	Active	NO
11	U85100DL2014NPL271782	FORTIS CSR FOUNDATION	Director	22/09/2014	22/09/2014	-	Active	NO

Name :

Mr. Dinesh Vikram Bhat

Designation :

Director

Address :

Flat No.1003, 10^th Floor, Sumer Trinity Apartment, Tower-2, New Prabhadevi Road, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

20.09.1967

Date of Appointment :

10.09.2014

DIN No.:

06944787

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	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	10/09/2014	02/09/2014	-	Active	NO
2	U74999MH1987PTC044849	CLASSIC STRIPES PRIVATE LIMITED	Additional director	19/09/2014	19/09/2014	19/12/2014	Active	NO
3	U74140MH2007PTC235059	NAVIS CAPITAL (INDIA) PRIVATE LIMITED	Additional director	30/12/2014	30/12/2014	-	Active	NO

Name :

Rashi Dhir

Designation :

Director

Address :

A-142, 3^rd Floor, Neeti Bagh, Delhi – 110 049, India

Date of Appointment :

02.03.2015

DIN No.:

06724601

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	U72500PN2013FTC149382	ALEF MOBITECH PRIVATE LIMITED	Director	08/11/2013	08/11/2013	-	Active	NO
2	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	02/03/2015	19/02/2015	-	Active	NO

Name :

Mr. Rajesh Kumar

Designation :

Director

Address :

T-17A, Windsor Court, DLF Phase - IV, Gurgaon – 122 002, Haryana, India

Date of Appointment :

02.03.2015

DIN No.:

07083374

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	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	02/03/2015	19/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Leena Gandhi
Designation :	Secretary
Address :	2A/22, Geeta Colony, Delhi – 110 031, India
Date of Birth/Age :	24.04.1990
Date of Appointment :	02.09.2014
PAN No.:	BGAPG2906C
Name :	Mr. Himanshu Gupta
Designation :	Chief Financial Officer
Address :	17, Ground Floor, NRI Complex, G.K. IV, New Delhi – 110 019, India
Date of Appointment :	01.04.2014
PAN No.:	ACWPG5783A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Fortis Healthcare Holdings Private Limited, India	7584400
SAK Industries Private Limited, India	300000
RHC Holding Private Limited, India	69500000
Sunil Godhwani*	100
Sanjeev K. Chuadhry*	100
Shachindra Nath*	100
Atul Gupta*	100
Sunil Kr. Garg*	100
Anil Saxena*	100
Total	77385000

* Nominees of Fortis Healthcare Holdings Private Limited.

Names of Shareholders (9% Non-Cumulative Redeemable Preference Shares)	No. of Shares
Shimal Research Laboratories Limited, India	14400000
Total	14400000

AS ON 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of retail trade of Pharmaceuticals and Healthcare products.
Products :	Pharmaceuticals and Healthcare Products
Brand Names :	Not Available
Agencies Held :	Not Available
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

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

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	The Ratnakar Bank Limited
Branch Address	Shahupuri, Kolhapur, Kolhapur – 416 001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

HDFC Bank Limited, Kasturba Gandhi Marg, New Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks
Loan From Ratnakar Bank	281.250	393.750
Loan From HDFC Bank	1.929	0.944
SHORT TERM BORROWINGS
Working capital loans from banks (Loan from Ratnakar Bank Limited was secured by hypothecation of Inventories, book debts and other current assets. Rate of interest @ 12.25% p.a.)	80.000	80.000
Loans and advances from others
Religare Finvest Limited	0.000	61.000
Total	363.179	535.694

Banking Relations :	--
Auditors :
Name :	RRCA and Associates Chartered Accountants
Address :	505A, 5^th Floor, D-4, Rectangle - 1, District Center, Saket, New Delhi – 110 017, India
PAN No.:	AAKFR6727K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	RHC Holding Private Limited, India (CIN No.: U67190DL2007PTC162322)
Subsidiary Company :	Medsource Healthcare Private Limited (CIN No.: U51397DL2002PTC116043)
Fellow Subsidiary Companies :	Fortis Healthcare Global Pte Limited Ligare Voyages Limited (CIN No.: U62100DL2006PLC149800) Finserve Shared Services Limited (CIN No.: U74140DL2011PLC225477) RHC IT Solutions Private Limited (CIN No.: U72900DL2009PTC193216) Green Biofuels Farms Private Limited (CIN No.: U74999DL2007PTC161429) RHC Financial Services (Mauritius) Limited, Mauritius Todays Holdings Private Limited (CIN No.: U67190DL2007PTC166288) RHC Finance Private Limited (CIN No.: U67120DL2007PTC166294) Fortis Healthcare Holdings Private Limited (CIN No.: U65993DL2001PTC152641) Fortis Global Healthcare Private Limited (CIN No.: U74140DL2009PTC195148) A-1 Book Company Private Limited (CIN No.: U22219MH2004PTC021586)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	HealthFore Technologies Limited (CIN No.: L72300DL2009PLC190552) Religare Health Insurance Company Limited (CIN No.: U66000DL2007PLC161503) Fortis Hospotel Limited (CIN No.: U74899DL1990PLC141133) Fortis Hospitals Limited (CIN No.: U93000DL2009PLC222166) Fortis C-Doc Healthcare Limited (CIN No.: U85110DL2010PLC208379) SRL Limited (CIN No.: U74899DL1995PLC070603) REL Infrafacilities Limited (CIN No.: U45200DL2007PLC158928) Religare Securities Limited (CIN No.: U65910DL1986PTC151115) Religare Enterprises Limited (CIN No.: L74899DL1984PLC146935) Religare Finvest Limited (CIN No.: U74999DL1995PLC064132) Oscar Investments Limited (CIN No.: L65999DL1978PLC099476) Ligare Travels Limited (CIN No.: U74899DL1989PLC036140) Hiranandani Healthcare Private Limited (CIN No.: U85100MH2005PTC154823) Fortis Healthcare Limited (CIN No.: L85110DL1996PLC076704) Escorts Heart and Super Speciality Institute Limited (CIN No.: U85110HR1998PLC048142) Escorts Heart Institute and Research Centre Limited (CIN No.: U85110CH2000PLC023744)

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
87500000	Equity Shares	Rs.10/- each	Rs.875.000 million
15000000	9% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.150.000 million
	Total		Rs.1025.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77385000	Equity Shares	Rs.10/- each	Rs.773.850 million
14400000	9% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.144.000 million
	Total		Rs.917.850 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	917.850	917.850	417.850
(b) Reserves & Surplus	(1587.135)	(1342.071)	(1014.676)
(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)	(669.285)	(424.221)	(596.826)
(3) Non-Current Liabilities
(a) Long-term borrowings	283.870	396.861	3.156
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	12.534	8.971	8.061
Total Non-current Liabilities (3)	296.404	405.832	11.217
(4) Current Liabilities
(a) Short term borrowings	743.285	219.800	904.980
(b) Trade payables	104.147	57.784	14.295
(c) Other current liabilities	217.196	167.171	103.025
(d) Short-term provisions	14.746	13.011	15.615
Total Current Liabilities (4)	1,079.374	457.766	1037.915
TOTAL	706.493	439.377	452.306
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.303	53.947	66.168
(ii) Intangible Assets	10.926	12.784	20.178
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development or work-in-progress	0.236	0.000	0.000
(b) Non-current Investments	48.055	48.055	48.055
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	41.912	36.779	37.999
(e) Other Non-current assets	43.318	14.141	0.905
Total Non-Current Assets	193.750	165.706	173.305
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	184.365	156.896	163.221
(c) Trade receivables	34.344	52.338	20.414
(d) Cash and cash equivalents	18.682	22.591	20.222
(e) Short-term loans and advances	274.974	41.503	75.032
(f) Other current assets	0.378	0.343	0.112
Total Current Assets	512.743	273.671	279.001
TOTAL	706.493	439.377	452.306

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1817.239	1499.010	1359.267
		Other Income	38.357	33.622	35.862
		TOTAL	1855.596	1532.632	1395.129
Less	EXPENSES
		Purchases of stock-in-trade	1543.599	1242.146	1144.976
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(27.469)	6.325	0.559
		Employees benefits expense	200.884	187.636	224.713
		Other expenses	229.678	235.250	273.329
		Prior Period Items	0.148	0.091	0.252
		Extraordinary Items	0.000	0.282	0.000
		TOTAL	1946.840	1671.730	1643.829
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(91.244)	(139.098)	(248.700)
Less	FINANCIAL EXPENSES		134.478	164.282	110.949
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(225.722)	(303.380)	(359.649)
Less/ Add	DEPRECIATION/ AMORTISATION		19.342	24.015	32.976
	PROFIT/ (LOSS) BEFORE TAX		(245.064)	(327.395)	(392.625)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(245.064)	(327.395)	(392.625)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2062.071)	(1734.676)	(1342.051)
	BALANCE CARRIED TO THE B/S		(2307.135)	(2062.071)	(1734.676)
	Earnings / (Loss) Per Share (Rs.)		(3.17)	(11.72)	(14.34)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(13.49)	(21.84)	(28.89)
Operating Profit Margin (PBDIT/ Sales)	(%)	(5.02)	(9.28)	(18.30)
Return on Total Assets (PBT/Total Assets}	(%)	(37.23)	(83.66)	(97.12)
Return on Investment (ROI) (PBT/Networth)		0.37	0.77	0.66
Debt Equity Ratio (Total Debt/Networth)		(1.53)	(1.45)	(1.52)
Current Ratio (Current Asset/Current Liability)		0.48	0.60	0.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	417.850	917.850	917.850
Reserves & Surplus	(1014.676)	(1342.071)	(1587.135)
Net worth	(596.826)	(424.221)	(669.285)
Long Term borrowings	3.156	396.861	283.870
Short Term borrowings	904.980	219.800	743.285
Total borrowings	908.136	616.661	1027.155
Debt/Equity ratio	(1.522)	(1.454)	(1.535)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	1359.267	1499.010	1817.239
		10.281	21.229

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	1,359.267	1,499.010	1,817.239
Profit	(392.625)	(327.395)	(245.064)
	(28.89%)	(21.84%)	(13.49%)

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

NOTE:

The registered office of the company has been shifted from 2^nd Floor, B-Wing, D-3, District Center, Saket, New Delhi – 110 017 to the present address w.e.f. 16.08.2012.

OVERVIEW

The Company was incorporated on April 19, 2006 as Fortis Healthworld Private Limited and was subsequently converted into public limited company on March 1, 2007. Fortis Healthworld Limited changed its name to Religare Wellness Limited on August 27, 2008 and subsequently, its name was changed again to its present name i.e. RWL Healthworld Limited on October 21, 2013. In financial year 2011-12 RHC Holding Private Limited has become holding company through acquisition of shares from Fortis Healthcare Holding Limited (former holding company). The company is engaged in the business of retail trade of Pharmaceuticals and Healthcare products.

The Hon’ble High Court of Delhi had approved the scheme of amalgamation (u/s 391 and 394 of the Companies Act 1956) on 21^st December, 2009. The Company had received the certified copy of Final Order on February 2nd, 2010 and it had been filed with Registrar of Companies on 4^th February 2010. Accordingly SAK Consumer Retail Services Limited, Lifetime Healthcare Private Limited, Pill and Powder Private Limited (100% subsidiaries of RWL Healthworld Limited), engaged in the retail marketing of Health products merged with RWL Healthworld Limited.

PERFORMANCE OF THE COMPANY

During the year, total income of the Company has increased by 21.07% as compared to last year’s income. Although, Company recorded loss after tax and prior period expenses amounting to Rs.245.100 million in Financial Year 2013-14, the company was successful in reducing its losses (after tax and prior period expenses) by 25.15% as compared to last year. In Financial Year 2013-14, there is concurrent decrease in basic earnings (losses) per share to Rs. (3.17) as compared to Rs. (11.72) in Financial Year 2012-13.

FUTURE OUTLOOK

The Company endeavors to leverage technology to provide customers with a better order and purchase experience. It is anticipated that the company will launch its e-commerce channel in the near future in keeping with this intent. The company will also look to explore and acquire business opportunities which would have a significant impact on performance.

NAME CHANGE

The Company has changed its name i.e. RWL HEALTHWORLD LIMITED w.e.f. October 21, 2013 so as to reflect its motto “good health for world” in the name of the Company

CAPITAL STRUCTURE

During the year the share capital of the Company remained unchanged. The Authorized Share Capital of the Company is Rs.1025.000 million divided into 8.75 crores Equity Shares of Rs.10/- each and 1.5 crores Preference Shares of Rs.10/- each. The Issued, Subscribed and Paid up Share Capital of the Company also remained constant at Rs.917.850 million.

Further, w.e.f. March 14, 2014, the entire preference shares of the Company i.e. 14400000 shares are in the name of Shimal Research Laboratories Limited.

DEMATERILISATION OF SHARES

The Equity and Preference Shares of the Company are in Demat for the convenience of its shareholders the ISIN of the Equity shares of the Company is INE735K01012.

The ISIN of the Preference Shares of the Company are INE735K04024 for shares with maturity date March 31, 2019 and INE735K04016 for shares with maturity date January 05, 2020 respectively.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from others	0.691	2.167
SHORT TERM BORROWINGS
Loans repayable on demand from others
RHC Holding Private Limited	342.400	0.000
Oscar Investments Limited	239.885	58.800
Religare Enterprises Limited	81.000	0.000
Other loans and advances, others	0.000	20.000
Total	663.976	80.967

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10560008	27/06/2014	500,000,000.00	INDUSIND BANK LIMITED	DR. GOPAL DAS BHAWAN, 28 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C49441504
2	10373076	24/10/2014 *	637,500,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C32667123

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
(a) Guarantees
Bank guarantees given by the bankers on behalf of the Company in lieu of Security Deposit required for VAT registration	1.305	1.105
(b) Other money for which the company is contingently liable Claim against the company not acknowledged as debts	8.966	8.166
Total	10.271	9.271

FIXED ASSETS:

Tangible Assets

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Office Equipments

· Leasehold Improvements

Intangible Assets

· Goodwill

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.