MIRA INFORM REPORT

Report Date :

13.05.2011

IDENTIFICATION DETAILS

Name :	COVIDIEN PRIVATE LIMITED
Formerly Known As :	TYCO HEALTHCARE PTE LTD
Registered Office :	103 Penang Road #10-01 Visioncrest Singapore 238467
Country :	Singapore
Financials (as on) :	30.09.2009
Date of Incorporation :	03.02.1998
Com. Reg. No.:	199800515M
Legal Form :	Limited Private Company
Line of Business :	Wholesale of Medicinal And Pharmaceutical Products (Western)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	S$1,000,000
Status :	Satisfactory
Payment Behaviour :	Unknown
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Executive Summary

Company Name	:	COVIDIEN PRIVATE LIMITED
Registration No	:	199800515M
Date of Registration	:	03/02/1998
Former Name	:	1.KENDALL MEDICAL PTE LTD Eff. date : 03/02/1998 Eff. date : 03/02/1998 2.KENDALL MEDICAL FAR EAST PTE LTD Eff. date : 15/06/1998 Eff. date : 15/06/1998 3.TYCO HEALTHCARE PTE LTD Eff. date : 28/07/1999 Eff. date : 28/07/1999
Date of Change of Name	:	04/04/2011
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	103 PENANG ROAD #10-01 VISIONCREST SINGAPORE 238467
Date of Change of Address	:	07/12/2009
Contact No.	:	6482 0100
Fax No.	:	6482 0300
Website	:	NA
Registered Activities	:	WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN) MARKETING AND DISTRIBUTION OF MEDICAL PRODUCTS AND EQUIPMENT
Issued Ordinary Capital*	:	$19,211,234.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 19,211,234
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$19,211,234.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 350,847,133.00 (FY2009)
Net Worth	:	SGD - SIN 56,545,087.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	668 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 669 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 989 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009) 671 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007) 1037 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2006/2007)
Compounded Annual Growth Rate (CAGR)	:	17.64% (4 years)

Credit

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	COVIDIEN GROUP S.A.R.L.
SHAREHOLDER ID	:	S98UF0425J
NATIONALITY	:	LUXEMBOURG
ADDRESS	:	4TH FLOOR, 3B, BOULEVARD PRINCE HENRI, L-1724 LUXEMBOURG
NO. OF ORD SHARES	:	19,211,234
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	BRIAN NAMETH
ADDRESS	:	23 NOREEN ROAD, MANSFIELD, MA, 02048 U.S.A.
POSITION	:	DIRECTOR
DATE OF APPT	:	03/12/2010
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	219682896
NAME	:	ANDREAS HENDRIK DE WIT
ADDRESS	:	BERGSTRASSE 14, 8103 UNTERENGSTRINGEN SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	03/12/2010
NATIONALITY	:	NETHERLANDS
I/C PASSPORT	:	BNJ593738
NAME	:	CAMPBELL ANDREW JOHN CLARK
ADDRESS	:	1 CHILTERN DRIVE ONE CHILTERN SINGAPORE 359718
POSITION	:	DIRECTOR
DATE OF APPT	:	03/12/2010
NATIONALITY	:	NEW ZEALANDER
I/C PASSPORT	:	G6233292T
NAME	:	TAN LAY HONG
ADDRESS	:	74 TANAH MERAH KECHIL AVENUE #10-46 CASA MERAH SINGAPORE 465536
POSITION	:	SECRETARY
DATE OF APPT	:	29/04/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1592913H
NAME	:	DEVI D/O MARADAN
ADDRESS	:	724 PASIR RIS STREET 72 #03-139 SINGAPORE 510724
POSITION	:	SECRETARY
DATE OF APPT	:	14/12/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6830278A

KEY PERSONNEL PROFILE

Name:	BRIAN NAMETH
NRIC Number:	219682896
Available Address:	23 NOREEN ROAD, MANSFIELD, MA, 02048 U.S.A.

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
No Trace

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	06/08/2010
Date of Last AR	:	11/08/2010
Date of A/C Laid At Last AGM	:	25/09/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	SEP 2009	% Change	SEP 2008	SEP 2007	SEP 2006	SEP 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	350,847,133	22.43	286,567,777	239,258,933	220,499,101	183,194,582
Profit/(Loss) Before Tax	10,977,161	-11.23	12,365,846	2,132,670	6,344,314	5,320,249
Profit After Tax attributable to Shareholders	10,244,157	-5.92	10,888,966	1,994,214	5,214,107	4,419,882
Balance Sheet Key Figures
Total Assets	183,076,805	-12.55	209,349,987	193,990,534	145,018,932	160,607,672
Current Assets	169,423,904	-6.90	181,987,368	174,402,148	123,815,433	139,739,900
Non Current Assets	13,652,901	-50.10	27,362,619	19,588,386	21,203,499	20,867,772
Total Liabilities	126,531,718	-23.78	166,003,611	165,714,404	118,181,950	122,607,224
Current Liabilities	126,531,718	-23.78	166,003,611	165,714,404	118,181,950	112,815,715
Non Current Liabilities	0	NA	0	0	0	9,791,509
Shareholders' Funds	56,545,087	30.45	43,346,375	28,276,130	26,836,982	38,000,449
Share Capital	16,500,975	4.80	15,744,736	17,127,142	18,151,631	18,581,968
Total Reserves	40,044,112	45.08	27,601,639	11,148,988	8,685,351	19,418,481

FINANCIAL RATIOS

	Company
	SEP 2009	SEP 2008	SEP 2007	SEP 2006	SEP 2005
Growth %
Year-on-Year Growth	22.43	19.77	8.51	20.36	NA
Profitability
Profit Margin (%)	2.92	3.80	0.83	2.36	2.41
Return on Equity (%)	18.12	25.12	7.05	19.43	11.63
Return on Assets (%)	5.60	5.20	1.03	3.60	2.75
Leverage
Total Debt/Equity (Times)	2.24	3.83	5.86	4.40	3.23
Current Debt/Equity (Times)	2.24	3.83	5.86	4.40	2.97
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.26
Total Asset To Total Equity (Times)	3.24	4.83	6.86	5.40	4.23
Asset Management
Total Assets Turnover (Times)	1.92	1.37	1.23	1.52	1.14
Fixed Assets Turnover (Times)	25.70	10.47	12.21	10.40	8.78
Liquidity
Current Ratio (Times)	1.34	1.10	1.05	1.05	1.24

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 17.64% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 2.92 per cent in FY09 (FY08: 3.80 per cent). The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.04 a year ago.

Liquidity

Current ratio stood at 1.34 times in FY09 (FY08: 1.10 times). This means that the company has SGD - SIN 1.34 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 2.24 times in FY09, as compared with 3.83 times in FY08. This means that the company requires additional external financing of SGD - SIN 2.24 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 18.12 per cent for Subject in the current financial period, as compared to 25.12 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 5.60 per cent (FY08: 5.20 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 1.92 times in FY09 (FY08: 1.37 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.79
UK Pound	1	Rs.73.19
Euro	1	Rs.63.59

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	--

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%)

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.