MIRA INFORM REPORT

Report No. :	501556
Report Date :	31.03.2018

IDENTIFICATION DETAILS

Name :	SIRONA DENTAL SYSTEMS PRIVATE LIMITED
Registered Office :	Unit No 2, 2^nd Floor, Edelweiss House, Off CST Road, Kalina, Mumbai – 400098, Maharashtra
Tel. No.:	91-22-42448000
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	16.02.2012
Com. Reg. No.:	11-227019
Capital Investment / Paid-up Capital :	INR 67.027 Million
CIN No.: [Company Identification No.]	U85120MH2012FTC227019
IEC No.: [Import-Export Code No.]	Not Divulged
TIN / CST No.:	27695248481
GSTN : [Goods & Service Tax Registration No.]	27AARCS1760K1ZT
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AARCS1760K
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and distribution of dental equipments and providing marketing services. [Registered Activity]
No. of Employees :	Information denied by the management

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Sirona Dental GmbH, Austria”. It was incorporated in the year 2012 and having moderate track records. Management of the company has not filed its financials of 2017 with government department. As per available financials of 2016, the company has increased its revenue from operation and maintained average profit margin of 2.31%. Further, the company also derives strength from its holding company support and improvement in the revenue as well as profitability during the year. However, rating remains constrained on account of huge accumulated losses registered by the company which has resulted into erosion of its entire networth, low earning per share and intense competition from industry. Trade relations are reported as fair. Payments terms are slow but correct. In view of the aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	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

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 31.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Not Divulged
Designation :	HR Department
Contact No.:	91-22-42448000

LOCATIONS

Registered Office :	Unit No 2, 2^nd Floor, Edelweiss House, Off CST Road, Kalina, Mumbai – 400098, Maharashtra, India
Tel. No.:	91-22-42448000
Fax No.:	91-22-42448011
E-Mail :	cs@skptricor.com info.india@sirona.com
Website :	https://www.dentsplysirona.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Naveen Sudarshankumar Bali

Designation :

Managing Director

Address :

House No-317-P Near Rotary Public School Sector-22A Molahera (65), Near Palam Road, Gurugram – 122015, Haryana, India

Date of Appointment :

01.08.2017

DIN No.:

07049445

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1995PTC073183	DENTSPLY INDIA PRIVATE LIMITED	22/09/2015	-

Name :

Mr. Jorg Vogel

Designation :

Director

Address :

An De Wisch 1 Stockelsdorf 23617 De, Germany

Date of Birth/Age :

06.04.1964

Date of Appointment :

16.02.2012

DIN No.:

05151815

Name :

Mr. Tom Redlich

Designation :

Director

Address :

Gaisbergstr 40 Saaldorf Surheim 83416 De, Germany

Date of Birth/Age :

03.10.1974

Date of Appointment :

16.02.2012

DIN No.:

05151818

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Names of Shareholders	No. of Shares
Sirona Dental GmbH	3868751
Sirona Holding GmbH	2833951
Total	6702702

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2016

Category	Percentage
Promoters [Bodies corporate]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading and distribution of dental equipments and providing marketing services. [Registered Activity]

Products / Services :

Name and Description of main products / services	ITC Code
Dental equipments	94019000

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	B S R and Company LLP Chartered Accountants
Address :	Pune, Maharashtra, India
PAN No.:	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company [As on 2016] :	· Sirona Dental GmbH, Austria
Fellow Subsidiaries [As on 2016] :	· Sirona Dental Systems GmbH, Germany

CAPITAL STRUCTURE

AS ON 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	INR 10/- each	INR 90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6702702	Equity Shares	INR 10/- each	INR 67.027 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	67.027	67.027	67.027
(b) Reserves & Surplus	(86.394)	(91.972)	(95.702)
(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)	(19.367)	(24.945)	(28.675)
(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	0.936	0.000	0.235
Total Non-current Liabilities (3)	0.936	0.000	0.235
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	259.867	217.578	167.125
(c) Other current liabilities	7.326	4.584	8.109
(d) Short-term provisions	4.589	1.779	0.604
Total Current Liabilities (4)	271.782	223.941	175.838
TOTAL	253.351	198.996	147.398
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.312	8.464	11.250
(ii) Intangible Assets	0.275	0.051	0.068
(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	5.274	4.859	4.864
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.861	13.374	16.182
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	114.819	118.115	102.728
(c) Trade receivables	35.448	1.800	2.653
(d) Cash and cash equivalents	5.113	16.626	10.104
(e) Short-term loans and advances	11.680	19.302	15.731
(f) Other current assets	73.430	29.779	0.000
Total Current Assets	240.490	185.622	131.216
TOTAL	253.351	198.996	147.398

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Income	241.778	115.065	53.717
		Other Income	0.152	30.534	0.000
		TOTAL	241.930	145.599	53.717
Less	EXPENSES
		Purchase of Stock-in-trade	129.033	85.622	142.177
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	3.296	(15.387)	(79.312)
		Employee Benefits Expenses	28.026	20.709	17.476
		Other Expenses	69.005	47.589	47.912
		TOTAL	229.360	138.533	128.253
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.570	7.066	(74.536
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.570	7.066	(74.536)
Less	DEPRECIATION/ AMORTISATION		4.167	3.336	3.434
	PROFIT/(LOSS) BEFORE TAX		8.403	3.730	(77.970)
Less	TAX		2.824	0.000	0.000
	PROFIT/(LOSS) AFTER TAX		5.579	3.730	(77.970)
	Earnings / (Loss) Per Share (INR)		0.83	0.56	(13.89)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	(6.909)	7.027	(21.531)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	53.51	5.71	18.03
Account Receivables Turnover (Income / Sundry Debtors)	6.82	63.93	20.25
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	735.09	927.52	429.05
Inventory Turnover (Operating Income / Inventories)	0.11	0.06	(0.73)
Asset Turnover (Operating Income / Net Fixed Assets)	1.66	0.83	(6.59)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.07	1.13	1.19
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	(14.03)	(8.98)	(6.13)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.39)	(0.34)	(0.39)
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to Sales ((PAT / Sales) * 100)	%	2.31	3.24	(145.15)
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.20	1.87	(52.90)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(28.81)	(14.95)	271.91

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.88	0.83	0.75
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.46	0.30	0.16
G-Score Ratio Financial (Networth / Total Assets)	(0.08)	(0.13)	(0.19)
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.88	0.83	0.75

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	67.027	67.027	67.027
Reserves & Surplus	(95.702)	(91.972)	(86.394)
Net worth	(28.675)	(24.945)	(19.367)
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	53.717	115.065	241.778
		114.206	110.123

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	53.717	115.065	241.778
Profit/(Loss)	(77.970)	3.730	5.579
	(145.15%)	3.24%	2.31%

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	Yes
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	No
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	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	No
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	No
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: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· 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 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

Currency	Unit	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	SHK
Analysis Done by :	PSD
Report Prepared by :	NKT

SCORE FACTORS

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

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)

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.