MIRA INFORM REPORT

Report No. :	516394
Report Date :	25.06.2018

IDENTIFICATION DETAILS

Name :	ELLIQUENCE, LLC
Registered Office :	2465 Grand Avenue Baldwin, New York, 11510, Usa
Country :	United States
Financials (as on) :	2016 (Summarized)
Date of Incorporation :	10.08. 1999
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in designs and develops minimally invasive spine, interventional radiology, pain management, and neurosurgical medical devices.
No. of Employees :	32

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.

In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.

The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.

Imported oil accounts for more than 50% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.

The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and former President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.

Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.

In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.

In July 2010, the former president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.

In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.

In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.

Source : CIA

STATUTORY INFORMATION
Legal Name:	ELLIQUENCE, LLC
Trade Names:	ELLIQUENCE, LLC
ID:	2407194
Date Created:	1959
Date Incorporated:	AUGUST 10, 1999
Legal Address:	2465 GRAND AVENUE BALDWIN, NEW YORK, 11510, USA
Operative Address:	2455 Grand Avenue Baldwin, NY 11510 United States
Telephone:	516-277-9000
Fax:	516-277-9001
Legal Form:	LIMITED LIABILITY COMPANY
Email:	sales@elliquence.com
Registered in:	NEW YORK
Website:	www.elliquence.com
Contact:	Alan Ellman – Chief Executive Officer
Staff:	32
Activity:	SIC Code: 3841, Surgical and Medical Instruments and Apparatus
Banks:	BANK OF AMERICA
History:	The company was founded in 1959 and is based in Baldwin, New York. elliquence, LLC was formerly known as ellman Innovations, LLC and changed its name in 2008.
PRINCIPAL ACTIVITY
	elliquence, LLC designs and develops minimally invasive spine, interventional radiology, pain management, and neurosurgical medical devices.
Products/Services description:	It offers energy source equipment, minimally invasive discectomy systems, bipolar forceps, and bipolar systems for endoscopic/key-hole procedures for targeted pathology treatment. The company also provides radiowave delivery systems, which include needle electrodes, bayonet electrodes, malleable electrodes, and suction coagulators; and radiowave accessories, such as handpieces, footswitches, neutral plates, bipolar cables, and monopolar cables.
Brands:	elliquence
Sales are:	Wholesale
Clients:	Linvec SA De Cv Gest Importadora Y Exportacion SA De Cv. Fundacion Centro De Altos Estudios Del Sistema Musculo Esqueletico Sociedad Colombiana De Cirugia Y Ortopedica Y Traumatologia Ortomac S A S Representaciones Medicas Mary Srl
Suppliers:	Modern Medical Equipment Mfg Ltd
Operations area:	National and International
The company imports from	CHINA
The company exports to	MEXICO COLOMBIA PERU
The subject employs	32 employees
Payments:	Regular
LOCATION
Headquarters :	2455 Grand Avenue Baldwin, NY 11510 United States
Comments on Address:	-
Branches:	No branches were found.
Related Companies:	No related companies were found.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company does not disclose information on shareholders. We were not able to confirm major holders.
Management:	Alan Ellman – Chief Executive Officer Paul Buhrke - Product And Development Manager Scott Goldsmith - Government Affairs Manager Jackie Weber - Exhibit Manager
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	3.270.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	Electrosurgical instrument with enhanced capability Patent number: 7674261 Abstract: An electrosurgical instrument for use by a surgeon that provides additional features and benefits compared with known designs. The operating mode as well as other operating parameters, especially power level, can be preset by the surgeon before commencing the procedure. Five operating modes are available using a three-button fingerswitch handpiece and a 3-way footswitch, including three unipolar modes and two bipolar modes over a full range of power levels including a new turbo mode for treating heavy bleeders. Type: Grant Filed: March 28, 2005 Date of Patent: March 9, 2010 Assignee: ElliQuence, LLC Inventors: Jon C. Garito, Alan G. Ellman Flexible electrosurgical electrode with manipulator Patent number: 7507232 Abstract: An electrosurgical instrument that is configured for use in MIS electrosurgical procedures, comprises a handpiece with a separable electrosurgical electrode in the form of a micro-fiber, comprising a long, thin, flexible, insulated wire. The combination is configured to cooperate with the cannula of an endoscope to reach interior tissue. The handpiece is constructed to allow the tip with the micro-fiber active end to be deflected to navigate the fiber end in diverse directions under control of the user, and also allows the deflected position to be releasably clamped with the same hand that manipulates the micro-fiber active end. Type: Grant Filed: February 21, 2006 Date of Patent: March 24, 2009 Assignee: Elliquence, LLC Inventors: Jon C. Garito, Alan G. Ellman RF intervertebral electrosurgical probe Patent number: 7951146 Abstract: An electrosurgical instrument for spinal procedures comprises an elongated tubular member configured to fit within and be extended down a standard sized cannula. The instrument comprises a proximal end including a handle for the surgeon and supplied with fittings for connection to a source of irrigation fluid and a source of suction. The distal end of the instrument has an active end comprising a slightly-flexible curved wire electrode that extends in the plane of the tubular member. Beyond the wire electrode is an exit port for irrigation fluid, and in front of the electrode is a receiving port for suction. The wire electrode is thus flanked in front by the exiting irrigation fluid and behind by the suction, with the result that fluid flow is drawn by the suction across the wire electrode creating pressure forces that direct removed tissue to the suction entrance and its removal from the surgical site. Type: Grant Filed: May 14, 2007 Date of Patent: May 31, 2011 Assignee: Elliquence, LLC Inventors: Alan G. Ellman, Jon C. Garito
GOVERNMENT CONTRACTS	No records found.
CASES	No records found.
TRADEMARKS	ARTHROBLATE Electrosurgical Instruments And Electrodes Therefor For Medical Use In Treating Joint Disorders Owned by: ELLIQUENCE, LLC Serial Number: 76107171 ARTHROSURG Electrosurgical Instruments And Electrodes Therefor For Medical Use In Treating Joint Disorders Owned by: ELLIQUENCE, LLC Serial Number: 76107174 SURGI-MAX Electrosurgical instruments, namely, radio-frequency electrical current generators for supplying radio-frequency electrical… Owned by: ELLIQUENCE, LLC Serial Number: 76502122 Image Trademark Electrosurgical instruments, namely, radio-frequency electrical current generators for supplying radio-frequency electrical… Owned by: ELLIQUENCE, LLC Serial Number: 76615557 CLEAR-VU Electrosurgical instruments, namely, radio-frequency electrical current generators for supplying radio-frequency electrical… Owned by: ELLIQUENCE, LLC Serial Number: 76618244 DISCFX Medical, dental and veterinarian devices for the performance of electrosurgical or electrocautery procedures involving the… Owned by: ELLIQUENCE, LLC Serial Number: 76642309 LESS IS MORE Medical devices for the performance of electrosurgical procedures involving the use of radio-frequency energy and accessories… Owned by: ELLIQUENCE, LLC Serial Number: 76676328
RENEWAL HISTORY	Filing Date Name Type Entity Name FEB 13, 2008 Actual ELLIQUENCE, LLC OCT 24, 2002 Actual ELLMAN INNOVATIONS LLC SEP 14, 2001 Actual ELLMAN SPINE-NEURO-ORTHO TECHNOLOGIES LLC AUG 10, 1999 Actual AJ FAMILY LLC
UCC	Debtor Names: ELLIQUENCE, LLC 3333 ROYAL AVENUE , OCEANSIDE, NY 11572, USA Secured Party Names: BANK OF AMERICA, N.A. 70 BATTERSON PARK ROAD , FARMINGTON, CT 06032, USA File no. File Date Lapse Date Filing Type 200811146230370 11/14/2008 11/14/2013 Financing Statement 201305235565440 05/23/2013 11/14/2018 Continuation 201805245639033 05/24/2018 11/14/2023 Continuation Debtor Names: ELLIQUENCE, LLC 2455 GRAND AVE., BALDWIN, NY 11510, USA Secured Party Names: BANK OF AMERICA, N.A. 2059 NORTHLAKE PARKWAY, 3RD FLOOR NORTH, TUCKER, GA 30084, USA File no. File Date Lapse Date Filing Type 201307295809278 07/29/2013 07/29/2018 Financing Statement
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1959, Elliquence LLC is an organization in the Surgical and Medical Instruments and Apparatus Industry headquartered in Baldwin, NY. The company has 32 regular employees and generates an estimated 3.2 million USD in annual revenue. It operates nationally and internationally, mainly importing from China. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Scott
POSITION	Sales
COMMENTS	He confirmed the name of the company, the address of the headquarters and location, the date of creation of the company, the number of employees and the name of the Chief Executive Officer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.76
UK Pound	1	INR 89.95
Euro	1	INR 78.85
US Dollar	1	INR 68.14

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.