MIRA
INFORM REPORT
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Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
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Name : |
LIFECARE DEVICES PRIVATE LIMITED |
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Registered Office : |
117 Creative Industrial Building, Sunder Nagar, Kalina, Santacruz
(East), Mumbai – 400098 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.09.1996 |
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Com. Reg. No.: |
102333 |
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CIN No.: [Company
Identification No.] |
U33114MH1996PTC102333 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in imports and marketing of Surgical & Dental Devices. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 95868 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
117 Creative Industrial Building, Sunder Nagar, Kalina, Santacruz
(East), Mumbai – 400098 |
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Tel. No.: |
91-22-6185560 |
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Fax No.: |
91-22-6175979 |
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E-Mail : |
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Area : |
500sq.fts |
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Location : |
Leased |
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Chennai Office : |
38, Ground Floor, |
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Tel. No.: |
91-44-30904038/ 91-9382661212 |
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Premier business Center, |
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Tel. No.: |
91-80-41246077/41246079/ 91-9342863428 |
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21/134, Basement, Vikram Vihar, Lajpat Nagar – 4, |
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Tel. No.: |
91-11-30929574 |
DIRECTORS
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Name : |
Shri Zubin Daruwalla |
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Designation : |
Director |
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Address : |
38, Jame Jamshed Buiding, |
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Date of Birth/Age : |
31 years |
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Qualification : |
M.B.A. |
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Experience : |
11 years |
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Date of Appointment : |
03.09.1996 |
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Name : |
Shri Ruumi Daruwalla |
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Designation : |
Director |
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Address : |
38, Jame Jamshed Buiding, |
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Date of Birth/Age : |
35 years |
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Qualification : |
B.E. Mech. |
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Experience : |
15 years |
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Date of Appointment : |
0.09.1996 |
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Name : |
Shri Jal Daruwalla |
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Designation : |
Director |
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Address : |
38, Jame Jamshed Buiding, |
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Date of Appointment : |
03.06.1996 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Zunib Jal Daruwalla |
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100 |
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Mr. Jal Daruwalla |
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100 |
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Mr. Ruumi Daruwalla |
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100 |
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Category |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in imports and marketing of Surgical & Dental Devices. |
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Products : |
LogiCal® Pressure Monitoring System TranStar® Pressure
Monitoring System |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
L/C and Open Account terms |
GENERAL INFORMATION
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Customers : |
¨
¨
¨ Siemens Limited ¨
¨ Dr. Ashish Kakar ¨
¨
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No. of Employees : |
15 |
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Bankers : |
Allahabad Bank, Wadala, Mumbai – 400 031, |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manhar Mandalia and Company Chartered Accountants |
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Address : |
101, Panchvati Co-Op HSG. Society, 1st Floor, Corner of |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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23.867 |
15.423 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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23.967 |
15.523 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.911 |
1.316 |
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TOTAL BORROWING |
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0.911 |
1.316 |
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DEFERRED TAX LIABILITIES |
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29.016 |
18.614 |
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TOTAL |
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53.894 |
35.453 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.829 |
0.903 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.817 |
0.809 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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1.230 |
2.775 |
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Other Current Assets |
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33.236 |
10.166 |
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Loans & Advances |
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13.782 |
20.800 |
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Total
Current Assets |
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48.248 |
33.741 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.000 |
0.000 |
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Net Current Assets |
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48.248 |
33.741 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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53.894 |
35.453 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
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79.707 |
39.453 |
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Total Income |
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79.707 |
39.453 |
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Profit/(Loss) After Tax |
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22.243 |
15.098 |
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Expenditures : |
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Depreciation & Amortization |
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0.404 |
0.249 |
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Other Expenditure |
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57.464 |
24.354 |
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Total Expenditure |
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57.868 |
24.603 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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27.90 |
38.26 |
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LOCAL AGENCY FURTHER INFORMATION
LIFECARE DEVICES
PRIVATE LIMITED: 1986 – LIFECARE CE: 1989 -
Subject journey saving and enchanting lives
began in 1986 in Cardiac Anesthesia, Cardio – Vascular, Cancer, and orthopedic surgical
devices. The demand for implants for cancer patients and for other medical
specialities became a proving ground resulting in Lifecare’s specialization in
dental implants and related devices utilized by the dental profession.
It quickly became apparent that dental implant
revolutionized the practice of density and that untold millions of patients
world- wide would take advantage of their benefits to enchaned quality of life
and often. Life – span itself.
In 1989 – 90 Lifecare introduced the IMZ implant
sustem in
In 1992, LifeCare introduced the first at home
tooth whitening system with Opalescene and a range of esthetic dentistry
products. LifeCare is proud that thousands
of dentists were trained.
In 1995 subject gave up all its other products
to focus on Dental implants and Bone Regeneration.
It has been an exciting 16 years of bringing
dental implantology within the reach of the average patient. It was subject
introduced the first under Rs. 3,000 implant
In
1996, EZ Hi – Tec implant: a
In 1997, EZ HI – TEC was the first company in
the world to introduce the Transitional Implant. The concept transitional
implant has since evolved to clinical situations for long tem use.
In 2000, EZ Hi- Tec started developing a One
Piece Implant concept, originally thought of by its founder Director Mr. Ruumi
Daruwalla. Named the TRX –OP, this one piece system with a built on abutment
was introduced following extensive clinical trials.
In 1997, LifeCare introduced ATR
Physiodispenser in
The guiding principles of subject have also
introduced products that are user friendly, predictable and not technique
sensitive. The concept of subject is to provide a one stop solution for your
needs in Implant Dentistry.
These guiding principles led us to two great
product lines to help solve certain current difficulties. First subject
selected the Endopore implant system, introducing it in
Next subject reintroduced Geistlich’s Bio –
Stoma instruments
Ultrasonic Bone Surgery (UBS) is the ultimate
dram machine for dental implantologists to cut bone, to spread narrow bone I
thin ridges, for sinus lifts, bone harvesting and other procedures. UBS is the
newest and a revolutionary additions t subject armamentarium for the dental
implantologist.
Subject is now going global. The first
overseas office will commence service in
Subject is totally committed to Dental
implantology and its advancement for the benefit of the clinician and the
patient.
Subject CE is totally committed to provide
state of the art educational opportunities to synergize the unbeatable
combination of well trained practitioners utilizing valid, predictable,
certified implant system and associated armamentaria.
The company is in trade terms with :
¨ Life Care Inc.
¨ Pioneer Dental
¨ Pioneer Surgical
¨
Cook
¨ Medex Medical
¨ Space Labs Medical Inc.
¨ AVL Bio-Medical
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.55 |
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1 |
Rs.80.08 |
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Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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