MIRA INFORM REPORT

Report No. :	336947
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	SUN HOSPITAL PRIVATE LIMITED
Registered Office :	At Srivihar Colonytulsipur, Cuttack – 753008, Orissa
Tel. No.:	91-671-2301402
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.09.1996
Com. Reg. No.:	15-004599
Capital Investment / Paid-up Capital :	Rs.15.000 Million
CIN No.: [Company Identification No.]	U85110OR1996PTC004599
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BBNS00860G
PAN No.: [Permanent Account No.]	AAFCS4253F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in hospital and diagnostic activities.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1996 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by satisfactory networth position with good profitability and favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of long track record and acceptable financial base, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED

Management Non Co-operative (91-671-2301402)

LOCATIONS

Registered Office :	At Srivihar Colonytulsipur, Cuttack – 753008, Orissa, India
Tel. No.:	91-671-2301402 / 2509675 / 2509702
Fax No.:	Not Available
E-Mail :	info@sunhospitals.com

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Dipak Mitra
Designation :	Managing Director
Address :	Sri Bihar Colony, Tulsipur, Cuttack - 753008, Orissa, India
Date of Birth/Age :	20.12.1962
Date of Appointment :	06.09.1996
DIN No.:	00657634
Name :	Mrs. Vinita Sawhney
Designation :	Director
Address :	I M A Building, Ranihat, Cuttack - 753001, Orissa, India
Date of Birth/Age :	06.12.1962
Date of Appointment :	20.11.1998
DIN No.:	00644028

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Bijoli Mitra	30
Dipak Mitra	535982
Suryamoni Devi	35760
Indira Nanda	20
Inder sain Sawhney	93000
Vinita Sawhney	566400
Santosh Sawhney	206550
Bhagirathi Saria	100
Prakash Saria	100
Ram Kumar Saria	100
Sakori Devi kandoi	100
Shree Gopal Bansal	100
Urmila Saria	100
Dr Sukumar Mitra	61658
Total	1500000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in hospital and diagnostic activities.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Banker Name :	Indian Overseas Bank
Branch :	Barabati Stadium Branch, Cuttack - 753001, Orissa, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Ø State Bank of India, Cuttack Branch, Cuttack - 753002, Orissa, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans from banks
Loan from HDFC bank	0.000	0.081
Term loan from IOB-II	0.883	3.251
Term loan from IOB-III	0.908	3.053
Term loan from IOB-IV	27.986	30.610
Term loan from IOB-V	9.577	9.308
Loan from others
HDFC bank	0.000	0.250
Tata capital vehicle loan	0.219	0.564
Short Term Borrowings
From banks	26.447	23.136
Total	66.020	70.253

NOTES:

LONG TERM BORROWINGS

· The loan is secured by hypothecation of surgical equipments and other consumables used in hospitals and receivables not exceeding 90 days including hypothecation of 128 slice CT scanning machine.

· Equitable mortgage of existing Hospital Land and Building and hypothecation of Machinery and Equipments.

· Equitable mortgage of residential flat.

· Other collateral security of lien on fixed deposit, assignment of LIC policy, hypothecation of Plant and Machinery, Equipments.

· The loan from Tata Capital is secured against hypothecation of vehicle.

Terms of repayment

· Term loan II to be repaid in 66 monthly instalment commencing from June' 2009.

· Term loan III to be repaid in 60 monthly instalments commencing from January' 2010.

· Term loan IV to be repaid in 61 monthly instalments.

· Term loan V to be repaid in 84 monthly instalments commencing from February' 2012.

SHORT TERM BORROWINGS

Secured against the book debts and surgical and other consumables.

Terms of repayment

The said loan is repayable on demand.

Auditors :
Name :	M K P S and Associates Chartered Accountants
Address :	Flat No.102, Metro Apartments, Kaligali, Cuttack – 753002, Orissa, India
PAN No.:	AASFM8070A
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	29.166	21.295	19.190
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.735	0.735	0.735
Total Shareholders’ Funds (1) + (2)	44.901	37.030	34.925
(3) Non-Current Liabilities
(a) long-term borrowings	39.573	47.117	50.779
(b) Deferred tax liabilities (Net)	5.680	6.389	3.236
(c) Other long term liabilities	2.003	5.142	4.399
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	47.256	58.648	58.414
(4) Current Liabilities
(a) Short term borrowings	26.447	23.136	22.483
(b) Trade payables	2.502	2.010	2.362
(c) Other current liabilities	11.268	11.975	10.286
(d) Short-term provisions	1.500	1.150	0.500
Total Current Liabilities (4)	41.717	38.271	35.631
TOTAL	133.874	133.949	128.970
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.780	72.629	80.091
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.120	2.115	2.209
Total Non-Current Assets	67.900	74.744	82.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.363	18.363	15.478
(c) Trade receivables	23.074	19.040	13.514
(d) Cash and cash equivalents	11.088	8.171	5.226
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	14.449	13.631	12.452
Total Current Assets	65.974	59.205	46.670
TOTAL	133.874	133.949	128.970

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	135.621	116.925	112.306
		Other Income	0.877	0.811	0.716
		TOTAL (A)	136.498	117.736	113.022
Less	EXPENSES
		Cost of Materials Consumed	33.734	25.222	24.599
		Employee Benefits Expenses	26.294	23.837	24.062
		Other Expenses	46.511	38.783	37.686
		TOTAL (B)	106.539	87.842	86.347
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.959	29.894	26.675
Less	FINANCIAL EXPENSES (D)		11.560	11.677	7.852
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.399	18.217	18.823
Less	DEPRECIATION/ AMORTISATION (F)		9.737	11.232	11.963
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		8.662	6.985	6.860
Less	TAX (H)		0.792	4.881	2.509
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		7.870	2.104	4.351
	Earnings Per Share (Rs.)		5.00	1.00	3.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	7.181	6.667	6.602
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	5.80	1.80	3.87
Operating Profit Margin (PBDIT/Sales)	(%)	22.09	25.57	23.75
Return on Total Assets (PBT/Total Assets)	(%)	6.47	5.21	5.32
Return on Investment (ROI) (PBT/Networth)		0.19	0.19	0.20
Debt Equity Ratio (Total Debt /Networth)		1.63	2.08	2.29
Current Ratio (Current Asset/Current Liability)		1.58	1.55	1.31

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	15.000	15.000	15.000
Reserves & Surplus	19.190	21.295	29.166
Share Application money pending allotment	0.735	0.735	0.735
Net worth	34.925	37.030	44.901
long-term borrowings	50.779	47.117	39.573
Short term borrowings	22.483	23.136	26.447
Current Maturities of Long term debt	6.602	6.667	7.181
Total borrowings	79.864	76.920	73.201
Debt/Equity ratio	2.287	2.077	1.630

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	112.306	116.925	135.621
		4.113	15.990

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	112.306	116.925	135.621
Profit	4.351	2.104	7.870
	3.87%	1.80%	5.80%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10538550	23/12/2014	66,150,000.00	Ge Capital Services India	401, 402, 4th Floor, Aggarwal Millennium Tower, E-1,2,3, Netaji Subhash Place, Wazirpur,, New Delhi- 110034, India	C38003174
2	10338738	31/01/2012	3,000,000.00	Indian Overseas Bank	Barabati Stadium Branch, Cuttack, Cuttack, Orissa - 753001, India	B33505538
3	10180956	24/12/2013 *	72,576,000.00	Indian Overseas Bank	Barabati Stadium Branch, Cuttack, Orissa - 753005, India	B96756085
4	90081381	11/04/2005 *	2,450,000.00	State Bank of India	SCB Medical Campus Branch, Cuttack, Orissa, India	-

*Date of modification Charges

FIXED ASSETS:

· Buildings

· Instruments and Appliances

· Electrical Installations

· Office Equipments

· Furniture and Fixtures

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	NKT

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.