MIRA INFORM REPORT

Report No. :	318106
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :		SEPTODONT HEALTHCARE INDIA PRIVATE LIMITED
Registered Office :		Plot No. C-1/2, Ground Floor, Navade, MIDC Industrial Area, Taloja, Navi Mumbai – 410208, Maharashtra
Tel. No.:	91-22-27401970
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		22.02.1999
Com. Reg. No.:		11-250164
Capital Investment / Paid-up Capital :		Rs. 83.763 Million
CIN No.: [Company Identification No.]		U24239MH1999PTC250164
TAN No.: [Tax Deduction & Collection Account No.]		PNES43007G
PAN No.: [Permanent Account No.]		AADCS9852J
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturing and Trading of Dental Products for Surgical Use.
No. of Employees :		80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

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 and delayed
Litigation :	Clear
Comments :	Subject is a part of Septodont Group, known for its business in manufacturing and trading of dental products for surgical use. It is an established company with the moderate track record. Although the company has reported rise in its sales turnover during the year 2013-14 it has incurred a loss. Further, the company has recorded accumulated losses of earlier years, which has eroded networth of the company. However, business is active. Payment terms are slow and delayed. 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

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

Name :	Mr. Santosh Pal
Designation :	Supply Manager
Contact No.:	91-22-27401970
Date :	20.04.2015

LOCATIONS

Registered Office/ Factory :	Plot No. C-1/2, Ground Floor, Navade, MIDC Industrial Area, Taloja, Navi Mumbai – 410208, Maharashtra, India
Tel. No.:	91-22-27401970/ 71
Fax No.:	91-22-27401972
E-Mail :	ccorma@gmail.com spal@septodont.com haroule@septodont.com ashetty@septodontindia.com
Website :	http://www.septodont.in
Location :	Owned

DIRECTORS

AS ON 19.12.2014

Name :

Henri Numa Marcel Schiller

Designation :

Director

Address :

6 Avenue Emile Deschanel 75007 France, Paris, Na, France

Date of Birth/Age :

19.10.1933

Date of Appointment :

28.09.2012

DIN No.:

05333857

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	Company/ LLP Status	Defaulting status
1	U24239MH1999PTC250164	SEPTODONT HEALTHCARE INDIA PRIVATE LIMITED	Director	28-09-2012	16-08-2012	Active	NO

Name :

Olivier Nestor Schiller

Designation :

Director

Address :

15, Rue, Ancelle, 92200, Neuilly Sur Seine, Neuilly Sur Seine, 02703, France

Date of Birth/Age :

26.05.1960

Date of Appointment :

05.07.2000

DIN No.:

02639842

Name :

Hubert Sandanasamy Raji Aroule

Designation :

Director

Address :

C/o Septodont Healthcare India Private Limited, C-1/2,MIDC, Taloja, Taluka Panvel, District Raigad,, Navi Mumbai - 410208, Maharashtra, India

Date of Birth/Age :

01.04.1960

Date of Appointment :

30.09.2013

DIN No.:

06543470

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	Company/ LLP Status	Defaulting status
1	U24239MH1999PTC250164	SEPTODONT HEALTHCARE INDIA PRIVATE LIMITED	Director	30-09-2013	29-03-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Pal
Designation :	Supply Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.12.2014

Names of Shareholders	No. of Shares
Specialities Septodont France	8376252
Nipun Chandra Pal	2
Total	8376254

AS ON 19.12.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Dental Products for Surgical Use.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cheque
Purchasing :	Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Manufacturer

Reference:	Doshi Marketing Corporation [Chembur]
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Bank Name:	IDBI 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 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 :

--

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Plot No - Y - 14, Block - EP, Sector - V, Salt Lake Electronic Complex, Bidhan Nagar, Kolkata – 700091, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAHFP0187A
Holding company :	Septodont SAS, France
Fellow subsidiaries :	· SOFIC SA · Novocol Pharmaceuticals Div · Laborotoire Septodont

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,376,254	Equity Shares	Rs. 10/- each	Rs. 83.763 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	83.763	83.763	83.763
(b) Reserves & Surplus	(96.993)	(52.186)	(55.220)
(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)	(13.230)	31.577	28.543
(3) Non-Current Liabilities
(a) Long-term borrowings	26.876	17.717	17.717
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.021
(d) long-term provisions	1.372	0.000	0.000
Total Non-current Liabilities (3)	28.248	17.717	17.738
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	167.584	137.154	124.188
(c) Other current liabilities	5.480	2.785	1.332
(d) Short-term provisions	0.030	0.000	1.618
Total Current Liabilities (4)	173.094	139.939	127.138
TOTAL	188.112	189.233	173.419
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.457	36.402	39.666
(ii) Intangible Assets	0.310	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	3.489	0.610	1.444
(e) Other Non-current assets	0.116	1.165	0.140
Total Non-Current Assets	38.372	38.177	41.250
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.035	69.268	60.878
(c) Trade receivables	61.620	59.051	47.945
(d) Cash and cash equivalents	12.839	8.705	10.018
(e) Short-term loans and advances	16.145	14.032	13.223
(f) Other current assets	0.101	0.000	0.105
Total Current Assets	149.740	151.056	132.169
TOTAL	188.112	189.233	173.419

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue	175.607
		Other Income	NA
		TOTAL	NA	158.751	157.084
Less	EXPENSES
		TOTAL	NA	155.717	143.524
	PROFIT/ (LOSS) BEFORE TAX		NA	3.034	13.560
Less	TAX		NA	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(44.806)	3.034	13.560
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(52.186)	(55.220)	(68.780)
	BALANCE CARRIED TO THE B/S		(96.992)	(52.186)	(55.220)
	EARNINGS IN FOREIGN CURRENCY
		Direct Export on FOB Basis	81.723	80.708	0.000
	Earnings/ (Loss) Per Share (Rs.)		(5.35)	0.36	1.62

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	93.35	1.60	7.82
Return on Investment (ROI) (PBT/Networth)		(13.27)	0.10	0.48
Debt Equity Ratio (Total Debt/Networth)		(2.03)	0.56	0.62
Current Ratio (Current Asset/Current Liability)		0.87	1.08	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	83.763	83.763	83.763
Reserves & Surplus	(55.220)	(52.186)	(96.993)
Net worth	28.543	31.577	(13.230)
Long-term borrowings	17.717	17.717	26.876
Short term borrowings	0.000	0.000	0.000
Total borrowings	17.717	17.717	26.876
Debt/Equity ratio	0.621	0.561	-2.031

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	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	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	No
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: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	26.876	17.717
Total	26.876	17.717

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 205-206, Aggarwal Chamber, LSC, Plot No. 6, CD Block, Pitampura, Delhi - 110088, India to the present address w.e.f.21.10.2013

GENERAL INFORMATION:

The Company is engaged in manufacturing and trading of dental impression compound and other pharmaceutical products used by the dentists.

PERFORMANCE:

The Company is a part of Septodont Group, worldwide known for its expertise in the business of manufacturing and trading of dental products for surgical use. In this year of operation the Company has revenue of Rs. 175.607 Million (increased by 15.28%) and incurred loss of Rs. 44.149 Million as compared to profit of Rs 3.034 Million in previous year. The loss was primarily due to foreign currency fluctuation amounting to Rs.22.201 Million and also due to recognition of some retrospective expenses debited to prior period expenses 1,57,37,013. The management has taken corrective measures to overcome these losses and expects better profitability in the current financial year.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Disputed Sales tax Matters	1.260	0.000

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Office equipment

· Computer equipments

· Other equipments

· Computer software

·

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. 62.92
UK Pound	1	Rs. 93.57
Euro	1	Rs. 67.34

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUC
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.