MIRA
INFORM REPORT
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Report Date : |
07.01.2011 |
NOTE: The Given Address could not be confirmed.
IDENTIFICATION DETAILS
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Name : |
SMITH AND NEPHEW HEALTHCARE LIMITED |
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Registered
Office : |
203-B, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.08.1994 |
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Com. Reg. No.: |
11-080271 |
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CIN No.: [Company Identification
No.] |
U24239MH1994PTC080271 |
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Legal Form : |
A Closely held public limited liability company |
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Line of Business
: |
Trader, Importer, Sales, Marketing and Distribution of Orthopaedic, Endoscope,
Advanced Wound Management and Clinical Therapy, Range of products, equipments
and Medical devices. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 645600 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Nikun Shah |
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Designation : |
Accounts Manager |
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Date : |
31.12.2010 |
LOCATIONS
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Registered Office : |
203-B, Dynasty Business Park, Andheri Kurla Road, Andheri (E), Mumbai
– 400059, Maharashtra, India |
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Tel. No.: |
91-22-40055090 |
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Fax No.: |
91-22-40055089 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Kelvin Guy Johnson |
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Designation : |
Managing Director |
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Address : |
20, |
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Date of Birth/Age : |
08.03.1951 |
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Date of Appointment : |
12.01.2007 |
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Name : |
Mr. Peter Robbert Bode |
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Designation : |
Director |
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Address : |
6 Kirlington Park, |
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Date of Birth/Age : |
30.09.1961 |
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Date of Appointment : |
12.01.2007 |
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Name : |
Mr. Sohail Mohammad Assi |
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Designation : |
Managing Director |
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Address : |
B – 2- 3, Dynasty Business Park, Andheri Kurla Road, Andheri (E),
Mumbai – 400059, Maharashtra, India |
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Date of Appointment : |
01.12.2009 |
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Name : |
Mr. Nikunj Kishore Shah |
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Designation : |
Director |
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Address : |
C -8, Sai Ashirwad C.H.S.L. Nahar Nagar, Liberty Garden, Malad (W),
Mumbai -400064, Maharashtra, India |
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Date of Birth/Age : |
23.12.1973 |
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Date of Appointment : |
01.12.2009 |
KEY EXECUTIVES
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Name : |
Mr. Arjun Jasvant Thakkar |
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Designation : |
Secretary |
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Address : |
B -101, Rose Agarwal and Doshi Complex, Bhabhola, Vasai (W), Thane –
401202, Maharashtra, India |
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Date of Birth/Age : |
28.09.1984 |
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Date of Appointment : |
02.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Smith and Nephew International, SA, |
14315882 |
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Smith and Nephew (Overseas) Limited, |
2944118 |
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Smith and Nephew USD Limited, |
11650000 |
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TOTAL |
28910000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Importer, Sales, Marketing and Distribution of Orthopaedic, Endoscope,
Advanced Wound Management and Clinical Therapy, Range of products, equipments
and Medical devices. |
GENERAL INFORMATION
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No. of Employees : |
80 (Approximately) |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and company Chartered Accountant |
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Address : |
Jalan Mill Compound, 95 Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400013, |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 10 each |
Rs.500.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14410000 |
Equity Shares |
Rs. 10 each |
Rs.144.100
millions |
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NOTES :
- 7065889 shares of Rs10/- each held by Smith and Nephew International
SA
- 2944111 shares of Rs10/- each held by Smith and Nephew Overseas
Limited
- 4400000 shares of Rs10/- each held by Smith and Nephew USD Limited
Which are wholly
owned subsidiaries of Smith and Nephew Plc.
- Of the above 260731 shares were issued for a consideration other
than cash.
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 10 each |
Rs.500.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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28910000 |
Equity Shares |
Rs. 10 each |
Rs.289.100
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
144.100 |
144.100 |
144.100 |
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2] Share Application Money |
145.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(127.697) |
(129.430) |
(101.464) |
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NETWORTH |
161.403 |
14.670 |
42.636 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
40.000 |
44.376 |
22.156 |
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TOTAL BORROWING |
40.000 |
44.376 |
22.156 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
201.403 |
59.046 |
64.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.095 |
43.811 |
10.268 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
145.433
|
85.038 |
41.170 |
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Sundry Debtors |
98.623
|
56.868 |
48.120 |
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Cash & Bank Balances |
109.644
|
3.476 |
6.167 |
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Other Current Assets |
0.000
|
29.818 |
47.000 |
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Loans & Advances |
12.605
|
8.281 |
8.029 |
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Total
Current Assets |
366.305
|
183.481 |
150.486 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
263.908
|
150.237 |
84.004 |
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Other Current Liabilities |
6.000
|
16.050 |
10.950 |
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Provisions |
4.089
|
1.959 |
1.008 |
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Total
Current Liabilities |
273.997
|
168.246 |
95.962 |
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Net Current Assets |
92.308
|
15.235 |
54.524 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
201.403 |
59.046 |
64.792 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
413.520 |
252.350 |
137.180 |
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Other Income |
18.653 |
0.770 |
6.632 |
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TOTAL (A) |
432.173 |
253.120 |
143.812 |
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Less |
EXPENSES |
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|
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Cost of Goods Sold |
238.016 |
141.963 |
81.498 |
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Personnel Expenses |
88.457 |
39.611 |
16.216 |
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Other Expenses |
81.218 |
85.886 |
65.017 |
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TOTAL (B) |
407.691 |
267.46 |
162.731 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.482 |
(14.340) |
(18.919) |
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Less |
FINANCIAL
EXPENSES (D) |
6.482 |
4.842 |
4.896 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.000 |
(19.182) |
(23.815) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.267 |
7.784 |
3.264 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.733 |
(26.966) |
(27.079) |
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Less |
TAX (H) |
0.000 |
1.000 |
0.625 |
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PROFIT AFTER TAX
(G-H) (I) |
1.733 |
(27.966) |
(27.704) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.000 |
0.879 |
0.511 |
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TOTAL EARNINGS |
0.000 |
0.879 |
0.511 |
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IMPORTS |
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Traded Goods |
257.435 |
118.301 |
60.996 |
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Capital Goods |
77.692 |
22.195 |
1.174 |
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TOTAL IMPORTS |
335.127 |
140.496 |
62.170 |
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Earnings Per
Share (Rs.) |
0.12 |
(1.94) |
(2.40) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.41
|
(10.68) |
(19.73) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.36
|
(11.86) |
(16.84) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(1.83) |
(0.63) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
14.49 |
2.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.09 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS AVAILABLE FOR
(Rs.
In millions)
|
PARTICULARS |
AS ON 31.03.2010
|
AS ON 31.03.2009 |
AS ON 31.03.2008 |
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Sundry Creditors: |
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Total outstanding dues of creditors other than Micro and Small
Enterprises |
|
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Materials |
227.403 |
132.965 |
70.668 |
|
Others |
36.505 |
17.272 |
13.336 |
PERFORMANCE
HIGHLIGHTS
The Company made stride in its trading activities during the current year with a remarkable sales growth over the previous year, coupled with greater degree of success across all the divisions Advanced wound care, Endoscopy products and also the Orthopaedic Reconstruction business. The company intends to continue to develop the market and expand the business throughout the Country, adding further business interests and opportunities in the process.
SALES
The company was engaged in selling Advanced Wound Management and Endoscopy Products, Orthopaedic Reconstruction business, the sales grew 63.86% compared to the previous year, which is a remarkable achievement. Board sincerely appreciates the efforts put in by the entire sales team and all the support staff.
PROFIT
The company has recorded net profit for the year of Rs. 1.733 millions.
OUTLOOK
The overall scenario under which the medical devices industry is operating is conducive to the development of the company. The company is trying to revive all the divisions and the business of the company. The Orthopedic Reconstruction business integrated with the company from March ’2008 is also adding synergies to the entire company. They are working towards increasing our market share especially in the Orthopaedic Reconstruction segment.
FIXED ASSETS
Intangible
- Goodwill
- Computer – Software
Tangible
- Computer – Hardware
- Office Equipment
- Furniture and Fixture
- Medical Equipments and Instruments
- Plant and Machinery Service Centre
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.70.27 |
|
Euro |
1 |
Rs.59.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.