MIRA INFORM REPORT

Report No. :	313323
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	HIRANANDANI HEALTHCARE PRIVATE LIMITED
Registered Office :	Mini Seashore Road, Sector-10 A,Plot No.28,Vashi, Navi Mumbai – 400703, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.07.2005
Com. Reg. No.:	11-154823
Capital Investment / Paid-up Capital :	Rs. 40.000 Million
CIN No.: [Company Identification No.]	U85100MH2005PTC154823
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH5894D
Legal Form :	Private Limited Liability Company
Line of Business :	Company is engaged in the business of healthcare services
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Fortis Healthcare Limited. It is an established company having moderate track. Even though company has generated decent profits during FY2014, but it is yet to wipe off its accumulated losses incurred during previous financial years which has eroded then the net worth of the company. However, business is active as per status shown in the registrar of companies. Payment term are slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

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 31-03-2014.

LOCATIONS

Registered Office :	Mini Seashore Road, Sector-10 A,Plot No.28,Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-39199222
Mobile No.:	Not Available
Fax No.:	91-22-3919220/221
E-Mail :	secretarial@fortishealthcare.com

DIRECTORS

As on 23.09.2014

Name :

Mr. Manu Kapila

Designation :

Director

Address :

House No. 147, Sector 21-A, Chandigarh – 160022, Punjab, India

Date of Birth/Age :

12.12.1971

Date of Appointment :

12.09.2011

DIN No.:

03403696

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	U45400DL2008PTC177209	MEADOWS BUILDTECH PRIVATE LIMITED	Director	29/09/2011	03/01/2011	-	Active	NO
2	U45202DL1988PTC033270	HOSPITALIA EASTERN PRIVATE LIMITED	Additional director	17/03/2011	17/03/2011	01/11/2012	Active	NO
3	U85100HR1988PLC048080	KANISHKA HEALTHCARE LIMITED	Director	19/09/2011	18/03/2011	01/11/2012	Amalgamated	NO
4	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	05/09/2011	01/07/2011	01/12/2012	Active	NO
5	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	12/09/2011	18/08/2011	-	Active	NO

Name :

Mr. Sanddep Puri

Designation :

Director

Address :

S-309, Panchshila Park, New Delhi – 110017, India

Date of Birth/Age :

21.02.1962

Date of Appointment :

17.09.2013

DIN No.:

05345943

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	L85110DL1989PLC276986	FORTIS MALAR HOSPITALS LIMITED	Director	19/08/2013	14/09/2012	03/11/2014	Active	NO
2	U85110DL2011PLC217187	Fortis Health Management(North) Limited	Additional director	01/12/2012	01/12/2012	-	Amalgamated	NO
3	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Director	17/09/2013	01/12/2012	01/10/2014	Active	NO
4	U93000DL2009PLC189866	FORTIS EMERGENCY SERVICES LIMITED	Director	26/09/2013	01/12/2012	01/10/2014	Active	NO
5	U85194DL1984PLC205390	FORTIS HEALTHSTAFF LIMITED	Director	29/08/2013	01/12/2012	01/10/2014	Active	NO
6	U93000TN2009PLC072209	Malar Stars Medicare Limited	Director	16/08/2013	01/12/2012	01/10/2014	Active	NO
7	U85110DL2011PLC217420	Fortis Cancer Care Limited	Director	25/09/2013	01/12/2012	01/10/2014	Active	NO
8	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	26/09/2013	01/12/2012	01/10/2014	Active	NO
9	U85100DL2008PTC175302	Reliant Healthcare Consultancy Private Limited	Director	30/09/2013	01/12/2012	01/10/2014	Active	NO
10	U85100DL2011PLC217500	FORTIS LA FEMME LIMITED	Director	24/09/2013	01/12/2012	01/10/2014	Active	NO
11	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	24/09/2013	14/12/2012	01/10/2014	Active	NO
12	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	30/08/2013	20/06/2013	01/10/2014	Active	NO

MAJOR SHAREHOLDERS

As on 23.09.2014

Names of Shareholders	No. of Shares
Fortis Healthcare Holdings Private Limited, India	599998
Fortis Healthcare Limited, India	3399997
Hemant Dhingra	01
Shivinder Mohan Singh Jointly with Fortis Healthcare Limited, India	01
Malvinder Mohan Singh Jointly with Fortis Healthcare Limited, India	01
Pankaj Gulati	01
Daljit Singh jointly with Fortis Healthcare Limited, India	01
Total	4000000

As on 23.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Company is engaged in the business of healthcare services
Products :	Not Available
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
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 :

Not Divulged

Bankers :

• IDBI Bank Limited, 161, 16^th Floor, C Wing, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from banks	313.333	101.300
Total	313.333	101.300

Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	4th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	ACHFS9181P
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Fortis Healthcare Limited CIN No.: L85110DL1996PLC076704
Ultimate Holding company :	RHC HOLDING PRIVATE LIMITED CIN No. : U67190DL2007PTC162322
Fellow Subsidiary company	SRL Limited CIN No.: U74899DL1995PLC070603 SRL Diagnostics Private Limited CIN No.: U85195DL1999PTC217659 Fortis Hospitals Limited CIN No.: U93000DL2009PLC222166 RWL Healthworld Limited CIN No.: U85121DL2006PLC148330 ESCORTS HEART CENTRE LIMITED CIN No.: U85110DL2000PLC148223

CAPITAL STRUCTURE

As on 23.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,800,000	Equity Shares	Rs.10/- each	Rs. 48.000 Million
200,000	Preference Shares	Rs.10/- each	Rs. 2.000 Million
	Total		Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	40.000	40.000	40.000
(b) Reserves & Surplus	(197.635)	(283.588)	(308.954)
(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)	(157.635)	(243.588)	(268.954)
(3) Non-Current Liabilities
(a) long-term borrowings	732.672	862.634	519.579
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.454	8.519	6.144
(d) long-term provisions	2.631	2.628	1.948
Total Non-current Liabilities (3)	744.757	873.781	527.671
(4) Current Liabilities
(a) Short term borrowings	2.618	0.000	341.900
(b) Trade payables	108.812	95.427	102.176
(c) Other current liabilities	151.989	125.017	113.369
(d) Short-term provisions	2.864	3.057	3.064
Total Current Liabilities (4)	266.283	223.501	560.509
TOTAL	853.405	853.694	819.226
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	603.592	626.952	648.115
(ii) Intangible Assets	2.886	2.516	1.545
(iii) Capital work-in-progress	5.315	0.000	0.255
(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	63.643	52.623	31.857
(e) Other Non-current assets	1.773	1.645	1.393
Total Non-Current Assets	677.209	683.736	683.165
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.970	14.384	16.257
(c) Trade receivables	102.068	105.579	88.499
(d) Cash and cash equivalents	39.856	20.072	7.279
(e) Short-term loans and advances	9.620	16.549	9.369
(f) Other current assets	15.682	13.374	14.657
Total Current Assets	176.196	169.958	136.061
TOTAL	853.405	853.694	819.226

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL INCOME (A)	1083.025	901.063	703.602
Less	EXPENSES
	TOTAL (B)	888.876	764.347	644.827
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	194.149	136.716	58.775
Less	FINANCIAL EXPENSES (D)	72.534	75.968	77.393
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	121.615	60.748	-18.618
Less/ Add	DEPRECIATION/ AMORTISATION (F)	35.662	35.382	34.193
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	85.953	25.366	-52.811
Less	TAX (I)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	85.953	25.366	-52.811
	EARNINGS IN FOREIGN CURRENCY	11.464	13.171	0.000
	Earnings / (Loss) Per Share (Rs.)	21.49	6.34	(13.20)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	7.94	2.82	(7.51)
Operating Profit Margin (PBDIT / Total Income)	(%)	17.93	15.17	8.35
Return on Total Assets (PBT/Total Assets}	(%)	10.13	2.97	(6.45)
Return on Investment (ROI) (PBT/Networth)		(0.55)	(0.10)	0.20
Debt Equity Ratio (Total Debt /Networth)		(4.66)	(3.54)	(3.20)
Current Ratio (Current Asset/Current Liability)		0.66	0.76	0.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.000	40.000	40.000
Reserves & Surplus	(308.954)	(283.588)	(197.635)
Net worth	(268.954)	(243.588)	(157.635)
long-term borrowings	519.579	862.634	732.672
Short term borrowings	341.900	0.000	2.618
Total borrowings	861.479	862.634	735.290
Debt/Equity ratio	(3.203)	(3.541)	(4.665)

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)
Total Income	703.602	901.063	1083.025
		28.064	20.194

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	703.602	901.063	1083.025
Profit	(52.811)	25.366	85.953
	(7.51%)	2.82%	7.94%

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	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Fully convertible debentures	0.000	341.000
Loans and advances from related parties	419.339	420.334
SHORT TERM BORROWING
Deferred payment Indian sources	2.618	0.000
Total	421.957	761.334

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481589	10/02/2014	405,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B98069446

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and equipment
• Furniture and fixtures
• 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.69
UK Pound	1	Rs.92.99
Euro	1	Rs.66.37

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		16

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.