MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	DENTCARE DENTAL LAB PRIVATE LIMITED

Registered Office :	Door No. XVI/ 242 C, NAS Road, 130 Junction, Muvattupuzha, Ernakulam – 686661, Kerala

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.04.2007

Com. Reg. No.:	09-020687

Capital Investment / Paid-up Capital :	Rs.10.000 Millions

CIN No.: [Company Identification No.]	U33116KL2007PTC020687

TAN No.: [Tax Deduction & Collection Account No.]	CHND01554A

PAN No.: [Permanent Account No.]	AACCD6089P

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged into the business of moulding, processing, dealing and exporting of artificial teeth and allied dental products.

No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 190000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. External borrowings of the company are huge which act as a threat to liquidity of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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 31-03-2014.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Ms. Feby
Designation :	Office Clerk
Contact No.:	91-485-2835112
Date :	13.12.2014

LOCATIONS

Registered Office :	Door No. XVI/ 242 C, NAS Road, 130 Junction, Muvattupuzha, Ernakulam – 686661, Kerala, India
Tel. No.:	91-485-2835112/ 2835113/ 2836113/ 2836112
Fax No.:	91-485-2830159
E-Mail :	info@dentcaredental.com
Website :	http://www.dentcaredental.com

DIRECTORS

AS ON 30.09.2014

Name :	John Kuriakose
Designation :	Managing director
Address :	Puthenpurayil House, Naz Road, Muvattupuzha, Ernakulam – 686661, Kerala, India
Date of Birth/Age :	18.05.1968
Date of Appointment :	24.04.2007
DIN No.:	01773935

Name :	Kuriakose Baby Villampuzhaputhenpurayil
Designation :	Director
Address :	Villampuzhaputhenpurayil Karimpana P.O., Koothattukulam, Ernakulam – 686662, Kerala, India
Date of Birth/Age :	05.07.1963
Date of Appointment :	27.12.2007
DIN No.:	01931765

Name :	Jessy John
Designation :	Whole-time director
Address :	Puthenpurayil House, Naz Road, Muvattupuzha, Ernakulam – 686661, Kerala, India
Date of Birth/Age :	03.12.1967
Date of Appointment :	24.04.2007
DIN No.:	01773883

Name :	Saju Kuriakose
Designation :	Director
Address :	Villampuzhaputhenpurayil Karimpana P.O., Koothattukulam, Ernakulam – 686662, Kerala, India
Date of Birth/Age :	14.05.1970
Date of Appointment :	27.12.2007
DIN No.:	01931803

KEY EXECUTIVES

Name :	Ms. Feby
Designation :	Office Clerk

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
John Kuriakose	1000	50.00
Jessy John	840	42.00
Kuriakose Baby Villampuzhaputhenpurayil	80	4.00
Saju Kuriakose	80	4.00
Total	2000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into the business of moulding, processing, dealing and exporting of artificial teeth and allied dental products.

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged
Remark	Not Divulged

Customers :

Retailers and Manufacturer

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged
Remark	Not Divulged

No. of Employees :

2500 (Approximately)

Bankers :

Bank Name:	The Federal Bank Limited
Branch:	Koothattukulam Branch, Ernakulam, Kerala, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Federal Bank IPS 11809	3.427	5.582
Federal Bank IPS 12070	0.729	0.891
Federal Bank IPS 12054	34.004	42.722
Federal Bank IPS 12104	6.923	8.262
Federal Bank IPS 12179	38.546	45.773
Buyers Credit	24.410	39.604
SBT	0.075	0.205
Federal Bank IPS 10948	60.725	22.485
ICICI Bank 8970	46.593	49.360
Federal Bank 10922	17.130	18.652
HDFC 6162	0.561	0.671
HDFC 1935	0.456	0.546
HDFC 5362	1.143	1.371
Federal Bank IPS 12062	0.763	0.924
Federal Bank 955	3.354	0.000
Federal Bank 963	4.632	0.000
Federal Bank 997	60.705	0.000
HDFC Bank (Mahindra)	1.007	0.000
HDFC Bank (Eicher)	1.038	0.000
HDFC Bank (Mahindra)	0.614	0.000
HDFC Bank (Maximo)	0.329	0.000
HDFC Bank (Traveller)	0.629	0.000
HDFC Bank (Traveller)	0.629	0.000
Kotak Mahindra 675 Vehicle	0.145	0.291
Kotak Mahindra 575 Vehicle	0.179	0.372
Kotak Mahindra 394 Vehicle	0.213	0.335
SHORT TERM BORROWINGS
Loans repayable on demand From bank
HDFC Bank 161	0.000	0.520
Federal Bank 157	5.005	0.000
Federal Bank CC 8504	49.828	51.628
Federal Bank 369	0.667	0.000
Total	364.459	290.194


Banking Relations :	--

Auditors :
Name :	P. P. Rajan and Company Chartered Accountants
Address :	Pynadath, M. O. Road, Aluva, Kochi – 683101, Kerala, India
Tel. No.:	91-485-2625961/2621901
Income-tax PAN of auditor or auditor's firm :	ABKPR5802J

Subsidiaries:	NIL

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2000	Equity Shares	Rs. 5000/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000	Equity Shares	Rs. 5000/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	58.066	37.856	19.916
(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)	68.066	47.856	29.916

(3) Non-Current Liabilities
(a) long-term borrowings	308.959	238.046	155.133
(b) Deferred tax liabilities (Net)	3.069	2.203	1.442
(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)	312.028	240.249	156.575

(4) Current Liabilities
(a) Short term borrowings	57.159	54.230	22.112
(b) Trade payables	51.070	9.606	3.827
(c) Other current liabilities	0.783	0.320	0.120
(d) Short-term provisions	12.519	10.972	6.603
Total Current Liabilities (4)	121.531	75.128	32.662

TOTAL	501.625	363.233	219.153

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	189.393	141.175	106.499
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	200.738	136.592	76.240
(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	1.812	1.470	0.489
Total Non-Current Assets	391.943	279.237	183.228

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	33.817	11.293	6.086
(c) Trade receivables	50.229	44.386	23.878
(d) Cash and cash equivalents	3.945	2.561	3.300
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	21.691	25.756	2.661
Total Current Assets	109.682	83.996	35.925

TOTAL	501.625	363.233	219.153

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	57.614	45.870	26.567

Less/ Add	DEPRECIATION/ AMORTISATION	27.135	18.807	8.288

	PROFIT/ (LOSS) BEFORE TAX	30.479	27.063	18.279

Less	TAX	10.269	9.123	6.162

	PROFIT/ (LOSS) AFTER TAX	20.210	17.940	12.117

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	37.856	19.916	7.799

	Earnings / (Loss) Per Share (Rs.)	10105	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.13	11.94	12.79

Return on Investment (ROI) (PBT/Networth)		0.45	0.57	0.61

Debt Equity Ratio (Total Debt/Networth)		5.38	6.11	5.92

Current Ratio (Current Asset/Current Liability)		0.90	1.12	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	19.916	37.856	58.066
Net worth	29.916	47.856	68.066

long-term borrowings	155.133	238.046	308.959
Short term borrowings	22.112	54.230	57.159
Total borrowings	177.245	292.276	366.118
Debt/Equity ratio	5.925	6.107	5.379

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10455301	26/09/2013	60,000,000.00	THE FEDERAL BANK LIMITED	M C ROAD, KOOTHATTUKULAM, ERANAKULAM, KERALA - 686662, INDIA	B87633863
2	10426096	20/04/2013	3,879,000.00	THE FEDERAL BANK LTD	M C ROAD, KOOTHATTUKULAM, ERANAKULAM, KERALA - 686662, INDIA	B75252676
3	10426088	20/04/2013	5,100,000.00	THE FEDERAL BANK LTD	M C ROAD, KOOTHATTUKULAM, ERANAKULAM, KERALA - 686662, INDIA	B75251454
4	10416266	08/03/2013	60,000,000.00	THE FEDERAL BANK LTD	M C ROAD, KOOTHATTUKULAM, ERANAKULAM, KERALA - 686662, INDIA	B72148620
5	10399880	02/01/2013	21,000,000.00	THE FEDERAL BANK LTD	M C ROAD, KOOTHATTUKULAM, ERANAKULAM, KERALA - 686662, INDIA	B66747965
6	10310253	03/09/2011	97,500,000.00	FEDERAL BANK LIMITED	KOOTHATTUKULAM, ERNAKULAM, KERALA - 686662, INDIA	B22578280
7	10267880	28/06/2014 *	65,000,000.00	THE FEDERAL BANK LIMITED	P B NO. 3, , M C ROAD, KOOTHATUKULAM, ERNAKULAM, KERALA - 686662, INDIA	C17412735
8	10267879	16/02/2011	10,000,000.00	THE FEDERAL BANK LIMITED	KOOTHATTUKULAM BRANCH, M C ROAD,, MUVATTUPUZHA, KE RALA - 686662, INDIA	B06926562
9	10245822	27/09/2010	1,300,000.00	THE FEDERAL BANK	M. C. ROAD, KOOTHATTUKULAM, MUVATTUPUZHA, KERALA - 686662, INDIA	A96964986
10	10245824	27/09/2010	61,200,000.00	THE FEDERAL BANK	M. C. ROAD, KOOTHATTUKULAM, MUVATTUPUZHA, KERALA - 686662, INDIA	A96965587

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
John Kuriakose	0.027	0.435
Jessy John	0.319	0.149
Baby Kurikose	1.148	1.313
Saju Kurikose	0.165	0.185
Total	1.659	2.082

FIXED ASSETS:

Land
Building
Furniture ad Fitting
Plant and Machinery
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. 62.65
UK Pound	1	Rs. 98.53
Euro	1	Rs. 78.02

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUM

Report Prepared by :	KVT

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
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.

MIRA INFORM REPORT

Unit