MIRA INFORM REPORT

Report No. :	349304
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	AAKASH HEALTHCARE PRIVATE LIMITED (w.e.f. 19.11.2013)
Formerly Known As :	AAKASH INSTITUTE PRIVATE LIMITED
Registered Office :	Office No. - T-5, Third Floor, Manish Corner Plaza, Plot No. 1, MLU, Sector 11, Dwarka, New Delhi-110075
Tel. No.:	91-11-47011456/45601345/46
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.12.1994
Com. Reg. No.:	55-063836
Capital Investment / Paid-up Capital :	Rs. 27.500 Million
CIN No.: [Company Identification No.]	U85100DL1994PTC063836
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in setting up of multi-specialty hospital
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 111000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	The subject was erstwhile known with the name of “Aakash Institute Private Limited” and later, on 19^th November 2013 the name has been changed to “Aakash Institute Private Limited”. With the changed in name the company with focus on medical/healthcare projects. As per the directors report, the company has pending operations of construction of its first hospital at Delhi. As per the available financials of the year 2014, the company has taken huge external borrowings. In view of change of business line to healthcare, the company can be considered for business dealings with fully 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 – 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

Rating Agency Name	CARE
Rating	Long term bank facilities BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	22.07.2015

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 (91-11-470114562)

LOCATIONS

Registered Office :	Office No. - T-5, Third Floor, Manish Corner Plaza, Plot No. 1, MLU, Sector 11, Dwarka, New Delhi-110075
Tel. No.:	91-11-47011456/45601345/46
Fax No.:	91-11-47011417
E-Mail :	aakashaccounts@yahoo.co.in
Website :	www.aakashheathcare.com

DIRECTORS

As on 10.09.2014

Name :

Mr. Jagdish Chand Chaudhry

Designation :

Director

Address :

B - 8, 1st Floor, Vasant Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

01.08.1949

Date of Appointment :

28.12.1994

Voter ID No.:

NLN0827410

DIN No.:

00106128

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	U85100DL1994PTC063836	AAKASH HEALTHCARE PRIVATE LIMITED	Director	28/12/1994	28/12/1994	-	Active	NO
2	U74999DL2002PTC115326	QUANTASS ASSOCIATES PRIVATE LIMITED	Director	13/05/2002	13/05/2002	-	Active	NO
3	U55101DL2006PTC156777	JAKNAM RESORTS PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Strike off	NO
4	U51909DL2006PTC156911	JAKNAM EXPORTS PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Strike off	NO
5	U80300DL2007PTC169398	AAKASH EDUCATIONAL SERVICES Private Limited	Managing director	01/04/2013	15/10/2007	-	Active	NO
6	U35122DL2006PTC156761	PRIDE TRANSPORT PRIVATE LIMITED	Director	31/12/2010	31/12/2010	-	Strike off	NO
7	U74999DL2011PTC222467	DESTINATION HOME PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO
8	U80900DL2013NPL248151	JALAJA EDUCATIONAL AND SOCIAL FOUNDATIONS	Director	11/02/2013	11/02/2013	-	Active	NO
9	U45400DL2013PLC248255	SURABHI INFRA & MANAGEMENT SERVICES LIMITED	Director	14/02/2013	14/02/2013	-	Active	NO
10	U85100DL2013NPL248497	MAA FOUNDATIONS	Director	19/02/2013	19/02/2013	-	Active	NO
11	U85100DL2013NPL248832	CHAUDHRY FOUNDATIONS	Director	28/02/2013	28/02/2013	-	Active	NO
12	U74140DL2013PTC248968	J C JAGRUTI PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO

Name :

Kamla Chaudhry

Designation :

Director

Address :

B - 8, 1st Floor, Vasant Marg, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

27.12.1949

Date of Appointment :

28.12.1994

Voter ID No.:

KKF0657734

DIN No.:

00106490

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	U85100DL1994PTC063836	AAKASH HEALTHCARE PRIVATE LIMITED	Director	28/12/1994	28/12/1994	-	Active	NO
2	U55101DL2006PTC156777	JAKNAM RESORTS PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Strike off	NO
3	U51909DL2006PTC156911	JAKNAM EXPORTS PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Strike off	NO
4	U80300DL2007PTC169398	AAKASH EDUCATIONAL SERVICES Private Limited	Director	15/10/2007	15/10/2007	-	Active	NO
5	U45400DL2013PLC248255	SURABHI INFRA & MANAGEMENT SERVICES LIMITED	Director	14/02/2013	14/02/2013	-	Active	NO
6	U74140DL2013PTC248968	J C JAGRUTI PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO

Name :

Mr. Aashish Chaudhry

Designation :

Director

Address :

B - 8, 1st Floor, Vasant Marg, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

11.08.1978

Date of Appointment :

24.06.2011

Voter ID No.:

NLN0827428

DIN No.:

03548653

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2014

Names of Shareholders	No. of Shares
Jagdish Chand Chaudhry	14714320
Kamla Chaudhry	3016930
Aashish Chaudhry	4250000
Aakash Chaudhry	637500
Total	22618750

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in setting up of multi-specialty hospital
Products/Services :	Multi-Specialty Hospital
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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name	Axis Bank Limited
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

HDFC Bank Limited

Auditors :
Name :	Sunil Vijay and Associates Chartered Accountants
Address :	R-700, New Rajendra Nagar, New Delhi – 110060, India
Tel. No.:	91-11-28743579
Fax No.:	91-28743577
E-Mail :	sunilvijay22@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFS6442A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs.10/- each	Rs. 500.000 Million

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount
49,500,000	Equity Shares	Rs.10/- each	Rs. 495.000 Million

Paid-up Capital :

No. of Shares	Type	Value	Amount
22,618,750	Equity Shares	Rs.10/- each	Rs. 226.187 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed Paid-up Capital :

No. of Shares	Type	Value	Amount
2,750,000	Equity Shares	Rs.10/- each	Rs. 27.500 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	27.500	27.500	27.500
(b) Reserves & Surplus	11.361	10.952	10.979
(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)	38.861	38.452	38.479
(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	122.500	53.702	51.702
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	14.063	0.026	0.026
Total Current Liabilities (4)	136.563	53.728	51.728
TOTAL	175.424	92.180	90.207
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.916	75.276	75.276
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	46.929	14.666	14.548
(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)	0.200	0.043	0.043
(d) Long-term Loan and Advances	30.350	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	154.395	89.985	89.867
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	20.811	2.195	0.340
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.218	0.000	0.000
Total Current Assets	21.029	2.195	0.340
TOTAL	175.424	92.180	90.207

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Gross Income/Revenue	1.763	0.000	0.000
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	TOTAL EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	0.443	(0.027)	(0.040)
	Earnings / (Loss) Per Share (Rs.)	0.16	(0.00)	(0.01)

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 / Sales)	(%)	25.13	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		3.15	1.40	1.34
Current Ratio (Current Asset/Current Liability)		0.15	0.04	0.01

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	27.500	27.500	27.500
Reserves & Surplus	10.979	10.952	11.361
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	38.479	38.452	38.861
long-term borrowings	0.000	0.000	0.000
Short term borrowings	51.702	53.702	122.500
Total borrowings	51.702	53.702	122.500
Debt/Equity ratio	1.344	1.397	3.152

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	Yes
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	Yes
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 CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10552524	06/02/2015	1,296,000,000.00	Bank of India	New Delhi Large Corporate Branch, 10th Floor, Chanderlok Building, Janpath, Near Tolstoy Marg, New Delhi, Delhi - 110001, INDIA	C45286366

* Date of charge modification

CORPORATE INFORMATION

Aakash Healthcare Private Limited (Formerly known as Aakash Institute Private Limited) was incorporated on December 28,1994.

CHANGE IN THE NAME, OBJECT CLAUSE AND REGISTERED OFFICE OF COMPANY

A. During the year there has been a change in the name of the company from "AAKASH INSTITUTE PRIVATE LIMITED to AAKASH HEALTHCARE PRIVATE LIMITED" pursuant to resolution passed by the members of the company at Extra Ordinary General Meeting held on 28* October 2013. The new name became effective by obtaininga fresh Certificate of Incorporation from Registrar of Companies w.e.f. 19th November 2013.

B. During the year, there has been change in the object clause of the company, pursuant to a special resolution passed in the Extra-Ordinary General Meeting held on 19" October, 2013. The Shareholders altered the provisions of its memorandum of Association with respect to its objects complying the section 18 (1) of companies act 1956 and the said resolution was registered with ROC on 28th October, 2013. Henceforth the company will focus on medical / healthcare projects.

C. During the year the Company has shifted its Registered Office from A1/18, Janak Puri, New Delhi-110058 to T-5, 3^rd floor, Manish Corner Plaza, Plot No.-1, IVILU, Sector-11, Dwarka, New Delhi-110075 w. e. f. 24*0ctober, 2013, pursuant to a resolution passed in the Board Meeting dated 15th October, 2013.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and Advance from Related Parties
Mr. J.C. Chaudhry	62.500	53.702
Dr. Aashish Chaudhry	60.000	0.000
Total
	122.500	53.702

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.66.33
UK Pound	1	Rs.100.03
Euro	1	Rs.71.44

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	JYTK/ RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.