MIRA INFORM REPORT

Report No. :	312405
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	FORTIS HOSPITALS LIMITED

Registered Office :	Escorts Heart Institute and Research Centre, Okhla Road, New Delhi - 110025
Tel. No.:	91-11-26825000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	18.06.2009

Com. Reg. No.:	55-222166

Capital Investment / Paid-up Capital :	Rs. 403.006 Million

CIN No.: [Company Identification No.]	U93000DL2009PLC222166

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Human Healthcare Services.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “Fortis Healthcare Holding Private Limited”. It is an established company having good track record. The company has incurred a loss from its operational activities during FY 2014 however, net worth of the company is sound. The company also receives strong managerial and financial support from its holding company. Further the rating also takes into consideration company strong parentage and established position in quality healthcare. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: A+
Rating Explanation	Adequate degree of safety low credit risk.
Date	27.02.2014

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 (91-11-26825000)

LOCATIONS

Registered Office :	Escorts Heart Institute and Research Centre, Okhla Road, New Delhi – 110025, India
Tel. No.:	91-11-26825000
Fax No.:	Not Available
E-Mail :	secretarial@fortishealthcare.com

DIRECTORS

As on 23.09.2014

Name :

Mr. Ashish Bhatia

Designation :

Whole-time director

Address :

H No. 73, Sector -9A, Chandigarh – 160009, India

Date of Birth/Age :

14.04.1962

Qualification:

B.A. (Economics Hons)

Date of Appointment :

29.09.2014

DIN No.:

01845421

PAN No.:

ABGPB9476J

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	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	17-09-08	08-10-07	01-11-12	Amalgamated	NO
2	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	20-06-13	03-07-08	01-10-14	Active	NO
3	U74899DL1983PTC014923	SUNRISE MEDICARE PRIVATE LIMITED	Nominee director	04-08-09	04-08-09	-	Active	NO
4	U85110DL2010PLC208379	FORTIS C-DOC HEALTHCARE LIMITED	Director	19-09-11	09-03-11	-	Active	NO
5	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Whole-time director	01-12-12	06-04-11	-	Amalgamated	NO
6	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	27-09-12	06-09-11	01-10-14	Active	NO
7	U85110DL2011PLC217420	Fortis Cancer Care Limited	Director	27-09-12	18-01-12	01-10-14	Active	NO
8	U85100DL2011PLC217500	FORTIS LA FEMME LIMITED	Director	28-09-12	18-01-12	01-10-14	Active	NO
9	U85100HR1988PLC048080	KANISHKA HEALTHCARE LIMITED	Director	28-09-12	18-01-12	01-11-12	Amalgamated	NO
10	U85190DL2011PLC217462	FORTIS HEALTH MANAGEMENT (EAST) LIMITED	Director	27-09-12	18-01-12	01-10-14	Active	NO
11	L85110DL1989PLC276986	FORTIS MALAR HOSPITALS LIMITED	Director	05-09-12	24-01-12	24-12-14	Active	NO
12	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	18-09-12	03-02-12	01-10-14	Active	NO
13	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	26-09-12	03-02-12	01-10-14	Active	NO
14	U85100DL2008PTC175302	RELIANT HEALTHCARE CONSULTANCY PRIVATE LIMITED	Director	30-09-13	01-12-12	-	Active	NO
15	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	26-09-13	01-12-12	-	Active	NO
16	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Whole-time director	29-09-14	01-12-12	-	Active	NO
17	U93000TN2009PLC072209	MALAR STARS MEDICARE LIMITED	Director	16-08-13	01-12-12	01-10-14	Active	NO
18	U45400DL2008PTC173959	BIRDIE & BIRDIE REALTORS PRIVATE LIMITED	Director	22-09-14	06-05-14	01-10-14	Active	NO

Name :

Mr. Daljit Singh

Designation :

Director

Address :

B-6/9, DLF Phase – I, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

29.01.1953

Qualification:

B.Tech (Chem.)

Date of Appointment :

26.09.2013

DIN No.:

00135414

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	U74899DL1983PTC014923	SUNRISE MEDICARE PRIVATE LIMITED	Nominee director	03-01-06	03-01-06	01-12-06	Active	NO
2	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	06-04-06	06-04-06	01-12-12	Active	NO
3	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	29-09-07	06-05-06	18-04-08	Active	NO
4	U74899HR1990PLC054770	FORTIS HOSPOTEL LIMITED	Director	14-08-06	01-06-06	-	Active	NO
5	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	23-07-07	31-05-07	01-11-12	Amalgamated	NO
6	U85110DL2000PLC148223	ESCORTS HEART CENTRE LIMITED	Director	23-07-07	07-06-07	29-03-11	Active	NO
7	U85110HR1997PLC048256	ESCORTS HOSPITAL AND RESEARCH CENTRE LIMITED	Director	23-07-07	07-06-07	01-11-12	Amalgamated	NO
8	U85110DL2003PLC120016	ESCORTS HEART AND SUPER SPECIALITY HOSPITAL LIMITED	Director	23-07-07	07-06-07	01-11-12	Active	NO
9	U74999HR1994PLC048225	INTERNATIONAL HOSPITAL LIMITED	Director	17-09-08	07-09-07	01-05-10	Active	NO
10	U51397DL2002PTC116043	MEDSOURCE HEALTHCARE PRIVATE LIMITED	Additional director	03-03-08	03-03-08	18-04-08	Active	NO
11	U85100DL2008PTC175302	Reliant Healthcare Consultancy Private Limited	Director	30-09-13	13-03-08	-	Active	NO
12	U85110DL2008PLC176412	FORTIS HEALTH MANAGEMENT LIMITED	Director	28-07-08	07-04-08	01-11-12	Active	NO
13	U85110DL2008PLC176522	FORTIS HOSPITAL MANAGEMENT LIMITED	Director	26-12-08	09-04-08	28-03-11	Active	NO
14	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	11-06-09	30-04-09	-	Active	NO
15	U85100HR1988PLC048080	KANISHKA HEALTHCARE LIMITED	Additional director	17-12-09	17-12-09	25-05-10	Amalgamated	NO
16	U22121DL2006PTC153240	HEALTH IS WEALTH MEDIA PRIVATE LIMITED	Director	28-06-10	28-06-10	-	Active	NO
17	U80904UP2011PTC043612	TRIPLE LOOP COACHING PRIVATE LIMITED	Director	17-02-11	17-02-11	-	Active	NO
18	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	26-09-13	07-03-11	-	Active	NO
19	U85110DL2011PLC217420	FORTIS CANCER CARE LIMITED	Director	11-04-11	11-04-11	01-10-14	Active	NO
20	U85100DL2011PLC217500	FORTIS LA FEMME LIMITED	Director	13-04-11	13-04-11	-	Active	NO
21	U93000DL2011PTC222711	NAVKAR CENTRE FOR SKILLS PRIVATE LIMITED	Director	16-11-12	08-08-11	-	Active	NO
22	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	23-09-14	01-02-14	01-10-14	Active	NO
23	U45400DL2008PTC173959	BIRDIE & BIRDIE REALTORS PRIVATE LIMITED	Director	22-09-14	06-05-14	-	Active	NO
24	U85100DL2014NPL271782	FORTIS CSR FOUNDATION	Director	22-09-14	22-09-14	-	Active	NO
25	L85110DL1989PLC276986	FORTIS MALAR HOSPITALS LIMITED	Additional director	24-12-14	24-12-14	-	Active	NO

Name :

Mr. Preetinder Singh Joshi

Designation :

Director

Address :

Maharaj Sawan Singh, Charitable Hospital Beas – 143201, Punjab, India

Date of Birth/Age :

17.11.1947

Qualification:

MBBS,MD(Cardiology and General Medicine)

Date of Appointment :

26.09.2013

DIN No.:

00109974

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	L24231PB1961PLC003747	RANBAXY LABORATORIES LTD	Director	09-05-95	09-05-95	19-12-08	Amalgamated	NO
2	L85110DL1996PLC076704	Fortis Healthcare Limited	Director	28-07-98	28-07-98	-	Active	NO
3	U85110DL2000PLC148223	ESCORTS HEART CENTRE LIMITED	Director	29-09-05	29-09-05	-	Active	NO
4	U85110DL2003PLC120016	ESCORTS HEART AND SUPER SPECIALITY HOSPITAL LIMITED	Director	29-09-05	29-09-05	11-08-11	Active	NO
5	U85110HR1997PLC048256	ESCORTS HOSPITAL AND RESEARCH CENTRE LIMITED	Director	29-09-05	29-09-05	11-08-11	Amalgamated	NO
6	L74899DL1994PLC058032	DION GLOBAL SOLUTIONS LIMITED	Director	20-09-07	16-09-06	06-08-13	Active	NO
7	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	18-07-07	07-06-07	15-10-10	Active	NO
8	U74999HR1994PLC048225	INTERNATIONAL HOSPITAL LIMITED	Director	23-07-07	07-06-07	11-08-11	Active	NO
9	U74899HR1990PLC054770	FORTIS HOSPOTEL LIMITED	Director	23-07-07	07-06-07	01-11-12	Active	NO
10	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	17-09-08	08-10-07	06-09-11	Amalgamated	NO
11	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	23-09-09	07-07-08	20-06-13	Active	NO
12	L85110DL1994PLC166888	RELIGARE TECHNOVA GLOBAL SOLUTIONS LIMITED	Director	22-12-08	30-07-08	-	Amalgamated	NO
13	L72300DL2009PLC190552	HEALTHFORE TECHNOLOGIES LIMITED	Director	22-05-09	22-05-09	04-07-14	Active	NO
14	U22219MH2004PTC021586	AI BOOK COMPANY PRIVATE LIMITED	Director	24-09-09	24-09-09	-	Active	NO
15	L65999DL1978PLC099476	OSCAR INVESTMENTS LIMITED	Director	05-10-09	05-10-09	-	Active	NO
16	U73100DL2001PLC109185	SHIMAL RESEARCH LABORATORIES LIMITED	Director	05-10-09	05-10-09	07-03-11	Active	NO
17	U74899DL1994PTC062888	ANR SECURITIES Private Limited	Director	21-10-09	21-10-09	-	Active	NO
18	U85195DL1999PTC217659	SRL Diagnostics Private Limited	Director	10-02-15	20-08-10	-	Active	NO
19	U72200DL1992PTC048760	HOSPITALIA INFORMATION SYSTEMS PRIVATE LIMITED	Director	01-11-10	01-11-10	-	Amalgamated	NO
20	U74899DL1995PLC070603	SRL LIMITED	Director	05-09-11	04-02-11	-	Active	NO
21	U85110DL2008PLC176522	FORTIS HOSPITAL MANAGEMENT LIMITED	Director	30-09-11	07-03-11	-	Active	NO
22	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	26-09-13	12-08-11	-	Active	NO
23	L85110DL1989PLC276986	FORTIS MALAR HOSPITALS LIMITED	Additional director	14-09-12	14-09-12	30-01-13	Active	NO

KEY EXECUTIVES

Name :	Mr. Meetu Gulati
Designation :	Secretary
Address :	34-L, New Colony, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	06.12.1986
Date of Appointment :	29.08.2013
PAN No.:	AOCPD8530J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2014

Names of Shareholders		No. of Shares
Fortis Healthcare Limited, India		40250577
Fortis Healthcare Limited, India		49994
Jasbir Singh Grewal		1
Daljit Singh		1
Anurag Yadav		1
Pankaj Gulati		1
Hemant Dhingra		1
Ashish Bhatia		1
Total		40300577

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Human Healthcare Services.

Products :

Item Code No.	Product Description
99931110	Surgical Services In patient

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	1380.000	400.000
Deferred payment liabilities	87.666	0.000
Long-term maturities of finance lease obligations	8.929	10.499
Short-term borrowings
Other loans and advances, others	67.761	0.000
Total	1544.356	410.499

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Golf view, corporate tower B, Sector 42, Sector Road, Gurgaon- 122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AALFS0506L

Memberships :	--

Collaborators :	--

Ultimate Holding Company:	RHC Holding Private Limited (holding of Fortis Healthcare Holdings Private Limited), India [U67190DL2007PTC162322]

Holding Companies:	Fortis Healthcare Holdings Private Limited (holding of Fortis Healthcare Limited), India [U65993DL2001PTC152641] Fortis Healthcare Limited (FHL), India [L85110DL1996PLC076704]

Subsidiaries	Fortis Health Management (South) Limited, India [U85110DL2011PLC217420] Fortis Malar Hospitals Limited, India [L85110TN1989PLC017232] Malar Stars Medicare Limited, India [U93000TN2009PLC072209] Fortis C-Doc Healthcare Limited, India [U85110DL2010PLC208379] Lalitha Healthcare Private Limited, India [U85110KA2005PTC035863] Fortis Health Management (East) Limited (from October 8, 2012), India [U85190DL2011PLC217462]

Fellow Subsidiaries:	Hiranandani Healthcare Private Limited Fortis Healthcare International Pte Limited Fortis Asia Healthcare Pte Limited Fortis Hospotel Limited, India [U74899DL1990PLC141133] SRL Limited, India [U74899DL1995PLC070603] Fortis Health Management (North) Limited*, India [U85110DL2011PLC217187] Fortis Hoan My Medical Corporation Escorts Heart Institute and Research Centre Limited, India [U85110CH2000PLC023744] Religare Wellness Limited Medsource Healthcare Private Limited, India [U51397DL2002PTC116043] R W L Healthworld Limited, India [U85121DL2006PLC148330]

Joint Venture:	Fortis Cauvery

Associate:	Fortis Emergency Services Limited, India [U93000DL2009PLC189866]

Individuals (directly or indirectly) having control or significant influence over reporting enterprise:	Religare Technologies Limited Chethana Foundation Sunrise Medicare Private Limited, India [U74899DL1983PTC014923] International Hospital Limited (w.e.f. October 19, 2012), India [U74999HR1994PLC048225] Kanishka Healthcare Limited (w.e.f. October 19, 2012), India [U85100HR1988PLC048080] Fortis Health Management Limited (w.e.f. October 19, 2012), India [U85110DL2008PLC176412] Fortis Hospital Management Limited, India [U85110DL2008PLC176522]

Enterprises over which any person mentioned at (g) and (h) have significant influence:	Fortis Educational Society Escorts Heart and Super Speciality Institute Limited (w.e.f. October 19, 2012) [U85110HR1998PLC048142 Escorts Heart Centre Limited Escorts Hospital and Research Centre Limited (w.e.f. October 19,2012), India [U85110HR1997PLC048256] Escorts Heart and Super Speciality Hospital Limited (w.e.f. October 19, 2012), India] [U85110DL2003PLC120016] Fortis Global Healthcare Infrastructure Pte Limited (w.e.f. October 19, 2012) Religare Technova IT Services Limited, India [L85110DL1994PLC166888] HealthFore Technologies Limited, India [L72300DL2009PLC190552]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

40300577	Equity Shares	Rs.10/- each	Rs. 403.006 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	403.006	402.506	402.506
(b) Reserves & Surplus	5363.074	6657.190	3025.406
(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)	5766.080	7059.696	3427.912

(3) Non-Current Liabilities
(a) long-term borrowings	1607.390	411.755	2412.110
(b) Deferred tax liabilities (Net)	562.447	877.962	0.000
(c) Other long term liabilities	106.191	2.253	2.491
(d) long-term provisions	81.400	53.346	54.338
Total Non-current Liabilities (3)	2357.428	1345.316	2468.939

(4) Current Liabilities
(a) Short term borrowings	7136.378	14.715	1642.385
(b) Trade payables	2680.770	909.499	728.310
(c) Other current liabilities	2748.419	562.588	4595.606
(d) Short-term provisions	75.647	289.785	24.366
Total Current Liabilities (4)	12641.214	1776.587	6990.667

TOTAL	20764.722	10181.599	12887.518

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6472.716	1581.441	4178.281
(ii) Intangible Assets	4887.883	4381.051	4891.465
(iii) Capital work-in-progress	161.530	26.584	35.177
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	63.471	0.746	643.651
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4267.104	940.554	376.524
(e) Other Non-current assets	91.190	10.997	9.173
Total Non-Current Assets	15943.894	6941.373	10134.271

(2) Current assets
(a) Current investments	0.000	850.750	0.000
(b) Inventories	221.987	92.869	99.080
(c) Trade receivables	2040.998	512.175	441.926
(d) Cash and cash equivalents	806.220	196.847	22.462
(e) Short-term loans and advances	1376.730	1345.185	2106.896
(f) Other current assets	374.893	242.400	82.883
Total Current Assets	4820.828	3240.226	2753.247

TOTAL	20764.722	10181.599	12887.518

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	18010.824	6225.205	5023.047
	Other Income	810.742	213.056	53.209
	TOTAL (A)	18821.566	6438.261	5076.256

Less	EXPENSES
	Purchases of Stock-in-Trade	3705.993	1425.422	1244.280
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	24.939	7.500	1.422
	Employees benefits expense	2314.500	770.197	707.174
	Other expenses	11754.019	3070.332	2228.358
	Exceptional Items	0.000	(4426.196)	(91.016)
	TOTAL (B)	17799.451	847.255	4090.218

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1022.115	5591.006	986.038

Less	FINANCIAL EXPENSES (D)	1444.685	388.450	515.409

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(422.570)	5202.556	470.629

Less/ Add	DEPRECIATION/ AMORTISATION (F)	736.030	388.317	455.852

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1158.600)	4814.239	14.777

Less	TAX (H)	(587.911)	1182.455	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(570.689)	3631.784	14.777

	Earnings / (Loss) Per Share (Rs.)	(14.16)	90.23	0.37

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(3.17)	58.34	0.29

Operating Profit Margin (PBIDT/Sales)	(%)	5.68	89.81	19.63

Return on Total Assets (PBT/Total Assets}	(%)	(5.64)	47.41	0.12

Return on Investment (ROI) (PBT/Networth)		(0.20)	0.68	0.00

Debt Equity Ratio (Total Debt /Networth)		1.52	0.06	1.18

Current Ratio (Current Asset/Current Liability)		0.38	1.82	0.39

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	402.506	402.506	403.006
Reserves & Surplus	3025.406	6657.190	5363.074
Net worth	3427.912	7059.696	5766.080

long-term borrowings	2412.110	411.755	1607.390
Short term borrowings	1642.385	14.715	7136.378
Total borrowings	4054.495	426.470	8743.768
Debt/Equity ratio	1.183	0.060	1.516

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	5023.047	6225.205	18010.824
		23.933	189.321

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	5023.047	6225.205	18010.824
Profit	14.777	3631.784	(570.689)
	0.29%	58.34%	(3.17%)

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	Yes

FINANCIAL OPERATIONS

During this year, the Company recorded a total income of Rs. 18010.800 Million as compared to Rs. 6225.200 Million in the previous year. The Company recorded a net Loss of Rs. 570.600 Million as compared to profit of Rs. 3631.800 Million in the previous year mainly due to one-time gain of Rs. 4426.100 Million during the previous year.

NATURE OF OPERATIONS

Subject was incorporated on June 18, 2009 as a wholly owned subsidiary of Fortis Healthcare Limited (FHL). The Company entered into a business transfer agreement with Wockhardt Hospitals Limited on August 24, 2009 to acquire the business division consisting of hospitals situated at Bangalore, Mumbai and Kolkata, on a going concern slump sale basis. The business of these hospitals were transferred to the Company on December 17, 2009. During the year, Fortis Health Management (North) Limited (another subsidiary of FHL) has been amalgamated with the Company, for further details refer note 24.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred payment liabilities	34.654	0.000
Other loans and advances, others	96.141	1.256
Short-term borrowings
Loans and advances from others	7068.617	14.715
Total	7199.412	15.971

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10441436	11/07/2013	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B81414286
2	10430535	07/01/2015 *	2,000,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C39950282
3	10413497	18/12/2013 *	1,500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B92104926
4	10381623	08/10/2012 *	650,000,000.00	AXIS BANK LTD.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B63100648
5	10351296	10/03/2012	200,000,000.00	AXIS BANK LIMITED	4/10, OPG HOUSE,, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B38051066
6	10346378	29/02/2012	179,000,000.00	PHILIPS ELECTRONICS INDIA LIMITED	7, JUSTICE CHANDRA MADHAB ROAD,, KOLKATA, WEST BENGAL - 700020, INDIA	B36603322

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013

Claims against the Company not acknowledged as debts (in respect of compensation demanded by the patients / their relatives for negligence). The cases are pending with various Consumer Disputes Redressal Commissions. Based on expert opinion obtained, the management believes that the Company has good chance of success in these cases	247.717	8.500
Corporate guarantee given to bank in respect of financial assistance availed by fellow subsidiary of the Company. None of the corporate guarantee have been evoked by the Banks during the year as the fellow subsidiary of the Company have complied with the loan covenants*	220.000	21934.000
Interest on Customs duty/ Penalty for misdeclaration of imported goods, case for which is pending with Hon?ble Supreme Court of India. In view of the management, the eventual outcome of the above matter cannot presently be estimated. Based on expert opinion obtained, the management believes that the Company has good chance of success in this case.	51.550	0.000
Bank guarantees given to others	0.000	22.286
Others	0.000	8.300
Note * Balance as at March 31, 2013, includes combined corporate guarantee given by the company with Fortis Healthcare Limited, Escorts Heart Institute and Research Centre Limited, Fortis Health Management (North) Limited and Fortis Healthcare International Pte Limited for the amount of Rs.21714.000 Million to Fortis Asia Healthcare Pte Limited.

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Other 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.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	DIV

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		52

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit