|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOSTON SCIENTIFIC INDIA PRIVATE LIMITED (w.e.f. 08.04.2011) |
|
|
|
|
Formerly Known
As : |
GUIDANT INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-40/41, Okhla Industrial Area, Phase – II, New Delhi – 110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.07.2003 |
|
|
|
|
Com. Reg. No.: |
33-121242 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.282.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33119DL2003FTC121242 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG9446Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Developer, Manufacturer and Marketer of Medical Devices. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Boston Scientific Corporation” which is a
worldwide Developer, Manufacturer and Marketer of Medical Devices. It is an established
company having satisfactory track record. Management has filed the latest financials of 2013 with the government
department, but the same are not available with us. As per available the company has improved its performance market by
successfully wiping off its accumulated losses by recording a decent profit
during 2012. The position of the net worth appears to be satisfactory. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of string support from holding company and experienced
management, the subject can be considered normal for business dealings at
usual trade terms and conditions. Profit and Loss of the company is not available. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Pradeep Kulshreshth |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-11-41611024 |
|
Date : |
05.12.2013 |
LOCATIONS
|
Registered Office : |
C-40/41, Okhla Industrial Area, Phase – II, New Delhi – 110020,
India |
|
Tel. No.: |
91-11-41611024 |
|
Fax No.: |
91-11-41611023 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
8th Floor, Building No.5, Cyber Terraces, DLF Cyber City
Phase No. III, Gurgaon – 122002, Haryana, India |
|
Tel No.: |
91-124-4923300 |
|
Fax No.: |
91-124-4923333 |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Daniel Joseph Brennan |
|
Designation : |
Alternate Director |
|
Address : |
95, Thornton Road, Needham, Massachusetts 02492 USA |
|
Date of Birth/Age : |
02.10.1965 |
|
Date of Appointment : |
24.03.2010 |
|
DIN No.: |
03012493 |
|
|
|
|
Name : |
Mr. Rajiv Kapahi |
|
Designation : |
Alternate Director |
|
Address : |
A-294, Defence Colony, New Delhi – 110024, India |
|
Date of Birth/Age : |
24.01.1965 |
|
Date of Appointment : |
14.05.2012 |
|
DIN No.: |
05290480 |
|
|
|
|
Name : |
Mr. Prabal Chakraborty |
|
Designation : |
Managing Director |
|
Address : |
Chementia 501 and 601, 5th and 6th Floor, St. Leos
Road, Bandra (West), Mumbai – 400050, Maharashtra India |
|
Date of Birth/Age : |
31.12.1962 |
|
Date of Appointment : |
14.05.2012 |
|
DIN No.: |
05293134 |
|
|
|
|
Name : |
Mr. Vance Brown |
|
Designation : |
Additional Director |
|
Address : |
42, Thomas Road, Ashland, Massachusetts 01721 USA |
|
Date of Birth/Age : |
11.08.1969 |
|
Date of Appointment : |
14.05.2012 |
|
DIN No.: |
05302893 |
|
|
|
|
Name : |
Mr. Chandrahas Kutty |
|
Designation : |
Alternate Director |
|
Address : |
House No.C-191, Sushant Lok – I, Gurgaon – 122002, Haryana, India |
|
Date of Birth/Age : |
21.12.1953 |
|
Date of Appointment : |
26.03.2010 |
|
DIN No.: |
01315993 |
|
Email : |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Kumar |
|
Designation : |
Company Secretary |
|
Address : |
Tower No.22, Flat No.1202, Vipul Green, Sohna Road, Gurgaon – 122001,
Haryana, India |
|
Date of Birth/Age : |
25.06.1970 |
|
Date of Appointment : |
16.09.2013 |
|
PAN No.: |
AGUPK2375C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
BSC International Holding Limited, The Netherlands |
|
23 |
|
Boston Scientific International B. V., The Netherlands |
|
28229927 |
|
|
|
|
|
Total |
|
28229950 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developer, Manufacturer and Marketer of Medical Devices. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
|
Address : |
Golf View Corporate, Tower-B, Sector-42, Sector Road, Maharashtra,
India |
|
PAN No.: |
AACFS6921S |
|
|
|
|
Holding Company : |
·
Boston Scientific International B. V., The Netherlands |
|
|
|
|
Ultimate Holding Company: |
·
Boston Scientific Corporation,(USA) |
|
|
|
|
Fellow Subsidiaries : |
· Cardiac Pacemakers, Inc. St. Paul, (USA) · Boston Scientific Clonmel Limited, (Ireland) · Guidant Europe N.V.,(Belgium) · Guidant Sales LLC, (USA) · Boston Scientific Pty. Limited, (Australia) · Boston Scientific Medizintechnik, GmbH (Germany) · Boston Scientific International S.A,(France) · Boston Scientific Asia Pacific Pte. Ltd, (Singapore) · Boston Scientific Benelux NV., (Belgium) · Boston Scientific Japan KK ,(Japan) · Boston Scientific Scimed,Inc. (Minnesota) · Boston Scientific S.P.A. (Italy) · Boston Scientific Malaysia Sdn. Bhd. (Malaysia) · Boston Scientific Argentina S.A.(Argentina) · Boston Scientific International B.V.-(Taiwan Branch) · BSC International Holding Limited, (Ireland) · Boston Scientific (Thailand) Limited, (Thailand) |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28229950 |
Equity Shares |
Rs.10/- each |
Rs.282.300
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
282.300 |
282.300 |
|
(b) Reserves & Surplus |
|
5.717 |
(32.107) |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
280.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
288.017 |
530.193 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
41.492 |
11.821 |
|
Total Non-current
Liabilities (3) |
|
41.492 |
11.821 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
180.469 |
28.081 |
|
(c)
Other current liabilities |
|
46.323 |
32.220 |
|
(d) Short-term
provisions |
|
7.712 |
1.227 |
|
Total Current
Liabilities (4) |
|
234.504 |
61.528 |
|
|
|
|
|
|
TOTAL |
|
564.013 |
603.542 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
43.565 |
10.866 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
8.669 |
0.000 |
|
(d) Long-term Loan and Advances |
|
5.464 |
5.140 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
57.698 |
16.006 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
50.953 |
0.000 |
|
(c)
Trade receivables |
|
261.227 |
99.560 |
|
(d) Cash
and cash equivalents |
|
118.219 |
201.491 |
|
(e)
Short-term loans and advances |
|
75.916 |
7.485 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
506.315 |
308.536 |
|
|
|
|
|
|
TOTAL |
|
564.013 |
603.542 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.300 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(28.870) |
|
|
NETWORTH |
|
|
(26.570) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
(26.570) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.621 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
15.601 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
4.773 |
|
Total
Current Assets |
|
|
20.374 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
32.492 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
16.073 |
|
Total
Current Liabilities |
|
|
48.565 |
|
|
Net Current Assets |
|
|
(28.191) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
(26.570) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
5.01 |
0.42 |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
No |
|
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 |
NOTE:
The Registered office of the company has been shifted
from, 100-A, The Capital Court, Olof Palm Marg, Munirka, New Delhi – 110067,
India, to the present address w.e.f. 11.04.2011.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
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 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.61.69 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
46 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.