MIRA INFORM REPORT

Report No. :	352842
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	CIGNA HEALTH SOLUTIONS INDIA PRIVATE LIMITED
Registered Office :	401/402, 4th Floor, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra
Tel. No.:	91-22-67128496 / 61703612/61703600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.02.2011
Com. Reg. No.:	11-213985
Capital Investment / Paid-up Capital :	Rs. 200.000 Million
CIN No.: [Company Identification No.]	U93090MH2011FTC213985
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMC18863F
PAN No.: [Permanent Account No.]	AAECC3118J
Legal Form :	Private Limited Liability Company
Line of Business :	Providing market research related services in the health insurance sector and developing healthcare services delivery system. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Cigna Holding Overseas Inc.” USA. It is established company having satisfactory track record. The rating on company reflects improved financial and operational risk profile, decent profit from its operations, and healthy net worth base along with zero debt balance sheet profile of the company. The rating further takes into account on strong financial and managerial support received from its holding company. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DECLINED

Management non-cooperative (91-22-61703612)

LOCATIONS

Registered Office :	401/402, 4th Floor, Raheja Titanium, Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-67128496 / 61703612/61703600
Fax No.:	91-22-67128999 / 61703689
E-Mail :	sandeep.patel@cigna.com jigar.shah2@cigna.com

DIRECTORS

As on 31.03.2015

Name :	Mr. Sandeep Arunbhai Patel
Designation :	Director
Address :	Flat No. 1201, 12th Floor, Nair House,14A Road, Ahinsa Marg and 14B Road, Khar (West), Mumbai - 400052, Maharashtra, India
Date of Birth/Age :	25.06.1966
Date of Appointment :	24.02.2011
DIN No.:	03210271
Name :	Mr. Kamlesh Leelaram Manuja
Designation :	Director
Address :	402, Chouhan Indra Classique, 5th Road, Golibar, Santacruz (East), Near Muncipal School, Mumbai-400055, Maharashtra, India
Date of Appointment :	11.03.2015
DIN No.:	07119214
Name :	Ms. Reena Tyagi
Designation :	Director
Address :	A-1902, Meera CHS Limited, Plot 15, Off Link Road,, Oshiwara, Opposite Mega Mall, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Appointment :	11.03.2015
DIN No.:	07115263

KEY EXECUTIVES

Name :	Mr. Jigar Ashwin Shah
Designation :	Secretary
Address :	Jayesh B/1, 6o Feet Road, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Date of Birth/Age :	22.01.1985
Date of Appointment :	14.03.2014
PAN No.:	BMRPS0580D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Cigna Holdings Overseas Inc., United States of America	19980000	99.90
Cigna Global Holdings Inc., United States of America	20000	0.10
Total	20000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing market research related services in the health insurance sector and developing healthcare services delivery system. (Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
99812299	Service of research related to Insurance

Brand Names :

Not Available

Agencies Held :

Not Available

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 :

Not Divulged

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, next to Mayors Banglow, Shivaji Park, Mumbai -400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Cigna Corporation, United States of America *
Holding Company :	Cigna Holdings Overseas Inc., United States of America
Fellow Subsidiaries :	Cigna International Corporation, United States of America Cigna European Services (UK) Limited, United Kingdom Cigna Global Holdings Inc., United States of America Cigna International Services, Inc. United States of America
Enterprise over which Key Management Personnel are able to exercise significant influence :	Cigna TTK Health insurance Company Limited, India CIN No.: U66000MH2012PLC227948

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 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	200.000	200.000	73.000
(b) Reserves & Surplus	26.948	17.114	(6.516)
(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)	226.948	217.114	66.484
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	23.580	11.984	0.000
(c) Other current liabilities	170.308	27.455	2.988
(d) Short-term provisions	0.000	0.000	6.475
Total Current Liabilities (4)	193.888	39.439	9.463
TOTAL	420.836	256.553	75.947
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	27.967	5.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.000	27.967	5.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	33.785	2.706	0.000
(d) Cash and cash equivalents	103.148	74.749	50.846
(e) Short-term loans and advances	149.383	150.879	20.101
(f) Other current assets	134.520	0.252	0.000
Total Current Assets	420.836	228.586	70.947
TOTAL	420.836	256.553	75.947

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	49.676	4.304	0.000
Less	EXPENSES
		Prior Period Adjustment	(1.827)	0.000	0.000
		Operating Expenditure	35.920	7.674	6.516
		TOTAL	34.093	7.674	6.516
	PROFIT/ (LOSS) BEFORE TAX		15.583	(3.370)	(6.516)
Less	TAX		5.750	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		9.833	(3.370)	(6.516)
	EARNINGS IN FOREIGN CURRENCY		44.315	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		0.49	(0.17)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	19.79	(78.30)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.70	(1.31)	(8.58)
Return on Investment (ROI) (PBT/Networth)		0.07	(0.02)	(0.10)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.17	5.80	7.50

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	73.000	200.000	200.000
Reserves & Surplus	(6.516)	17.114	26.948
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	66.484	217.114	226.948
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	0.000	4.304	49.676
			1,054.182

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	0.000	4.304	49.676
Profit	(6.516)	(3.370)	9.833
		(78.30%)	19.79%

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	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	No
21]	Banking facility details	No
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

NOTE: The registered office of the company has been shifted from 10th Floor, Commerz International Business Park, Oberoi Garden City, Goregaon (East), Mumbai - 400063, Maharashtra, India to the present address. (Confirmed by management)

CORPORATE INFORMATION

The company was incorporated on 24th February 2011 with its main objectives to provide market research related services in the health insurance sector and developing healthcare services delivery system.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.66.61
UK Pound	1	Rs.100.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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		47

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.