|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
COVIDIEN PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
TYCO HEALTHCARE PTE LTD |
|
|
|
|
Registered Office : |
103, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
27.09.2013 |
|
|
|
|
Date of Incorporation : |
03.02.1998 |
|
|
|
|
Com. Reg. No.: |
199800515-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of Medicinal and Pharmaceutical Products (Western) |
|
|
|
|
No. of Employees : |
295 [2014] |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful
free-market economy. It enjoys a remarkably open and corruption-free
environment, stable prices, and a per capita GDP higher than that of most
developed countries. The economy depends heavily on exports, particularly in
consumer electronics, information technology products, pharmaceuticals, and on
a growing financial services sector. The economy contracted 0.6% in 2009 as a
result of the global financial crisis, but rebounded 15.1% in 2010, on the
strength of renewed exports, before slowing to in 2011-13, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on raising
productivity. Singapore has attracted major investments in pharmaceuticals and
medical technology production and will continue efforts to establish Singapore
as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
199800515-M |
|
COMPANY NAME |
: |
COVIDIEN PRIVATE LIMITED |
|
FORMER NAME |
: |
TYCO HEALTHCARE PTE LTD (04/04/2011) |
|
INCORPORATION DATE |
: |
03/02/1998 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
103, PENANG ROAD, 10-01, VISIONCREST, 238467, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
103 PENANG ROAD #10-01 VISIONCREST COMMERCIAL,, 238467, SINGAPORE. |
|
TEL.NO. |
: |
65-64820100 |
|
FAX.NO. |
: |
65-64820779 |
|
EMAIL |
: |
SINGAPORE@COVIDIEN.COM |
|
WEB SITE |
: |
WWW.COVIDIEN.COM |
|
CONTACT PERSON |
: |
CAMPBELL ANDREW JOHN CLARK ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN) |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
21,504,782.00 ORDINARY SHARE, OF A VALUE OF SGD 49,879,798.35 |
|
|
|
|
|
SALES |
: |
USD 495,822,146 [2013] |
|
NET WORTH |
: |
USD 107,508,264 [2013] |
|
|
|
|
|
STAFF STRENGTH |
: |
295 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) wholesale of medicinal and pharmaceutical products (western).
The immediate holding company of the Subject is COVIDIEN ASIA INVESTMENTS LIMITED, a company incorporated in MAURITIUS.
The ultimate holding company of the Subject is COVIDIEN PLC, a company incorporated in IRELAND.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
20/08/2014 |
SGD 49,879,798.35 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
COVIDIEN ASIA INVESTMENTS LIMITED |
BOWEN SQUARE, DR FERRIERE STREET, PORT LOUIS, MAURITIUS. |
T13UF4559 |
21,504,782.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
21,504,782.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow:
|
Local No |
Country |
Company |
(%) |
As At |
|
|
CHINA |
CONVIDIEN (CHINA) MEDICAL DEVICES TECHNOLOGY CO., LTD. |
100.00 |
27/09/2013 |
|
|
|
|
|
|
|
|
INDIA |
COVIDIEN ENGINEERING SERVICES PRIVATE LIMITED |
100.00 |
27/09/2013 |
|
|
|
|
|
|
|
|
PHILIPPINES |
COVIDIEN PHILIPPINES, INC. |
99.99 |
27/09/2013 |
|
|
|
|
|
|
|
|
ISRAEL |
COVIDIEN (ISRAEL) HOLDINGS LTD. |
99.99 |
27/09/2013 |
|
|
|
|
|
|
|
|
INDONESIA |
PT. COVIDIEN INDONESIA |
99.00 |
27/09/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
CAMPBELL ANDREW JOHN CLARK |
|
Address |
: |
29, ADAM ROAD, 05-03, ADAM PARK CONDOMINIUM, 289901, SINGAPORE. |
|
IC / PP No |
: |
S2769247H |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
03/12/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
ANDREAS HENDRIK DE WIT |
|
Address |
: |
25, SOMMERVILLE ESTATE ROAD, SOMMERVILLE PARK, 258027, SINGAPORE. |
|
IC / PP No |
: |
G5135565U |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
DUTCH |
|
Date of Appointment |
: |
03/12/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
JOHN MICHAEL O'HEHIR |
|
Address |
: |
22C, JALAN ULU SIGLAP, 457168, SINGAPORE. |
|
IC / PP No |
: |
S6879804C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
28/06/2012 |
|
1) |
Name of Subject |
: |
CAMPBELL ANDREW JOHN CLARK |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
DEVI D/O MARADAN |
|
|
IC / PP No |
: |
S6830278A |
|
|
|
|
|
|
|
Address |
: |
95, PASIR RIS GROVE, 02-41, NV RESIDENCES, 518192, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
CHOONG HWEI FONG |
|
|
IC / PP No |
: |
S7084489C |
|
|
|
|
|
|
|
Address |
: |
317, ANG MO KIO STREET 31, 08-205, 560317, SINGAPORE. |
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the Subject whether
the subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we
are unable to conduct any trade enquiry. However, from financial historical
data we conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|
Domestic Markets |
: |
SINGAPORE |
|
Overseas |
: |
YES |
|
Export Market |
: |
WORLDWIDE |
|
Credit Term |
: |
30 - 60 DAYS |
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
HEALTHCARE PRODUCTS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
295 |
150 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of medicinal
and pharmaceutical products (western).
The Subject is an extensive product line that spans medical devices,
pharmaceuticals and medical supplies.
The Subject serves healthcare needs in hospitals, long-term care and alternate
care facilities, doctors' offices and in the home.
The Subject's business segments:
* Medical, surgical, respiratory, imaging, pharmaceutical and retail products
The Subject's products including the followings:
Kendall:
* blood and specimen collection
* diagnostics
* enteral access
* gi products
* open suction
* thermometry
* cardio thoracic
* dialysis
* enteral feeding
* needles and syringes
* sharps disposal devices
* vascular therapy
Mallinckrodt:
* imaging
* critical care
* airway management
* temperature management
* oximetry
Us surgical:
* auto suture
* suture
Valleylab:
* valleylab
The Subject's awards:
* Bhq award (business headquarters award by singapore economic development
board)
The Subject is a member of following entities:
* Singapore manufacturers' federation (sma)
* Australian chamber of commerce
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64820100 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
103 PENANG ROAD, VISIONCREST COMMERCIAL, #10-01, SINGAPORE 238467 |
|
Current Address |
: |
103 PENANG ROAD #10-01 VISIONCREST COMMERCIAL,, 238467, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
38.33% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
36.45% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
higher profit could be attributed to the increase in turnover. Generally the Subject
was profitable. The favourable return on shareholders' funds and return on
net assets indicate that the Subject's management was efficient in utilising
the assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
54 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
18 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The favourable debtors' days
could be due to the good credit control measures implemented by the Subject.
The Subject had a favourable creditors' ratio where the Subject could be
taking advantage of the cash discounts and also wanting to maintain goodwill
with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.14 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.75 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
197.43 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. With
the favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject was a zero
gearing company, it was solely dependant on its shareholders to provide funds
to finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STABLE |
||||||
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011.
The sector was weighed down primarily by the wholesale trade segment. In
2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
|
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
|
|
|
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell by
11% in the fourth quarter of 2012, after contracting by 6.1% in the third
quarter. The sales of several discretionary items also declined in the fourth
quarter. Besides, the sales of optical goods & books in 2012 fell by
3.6%, while the sales of telecommunications apparatus & computers
declined by 1.4%. |
|
|
|
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
Incorporated in 1998, the Subject is a Private Limited company, focusing
on wholesale of medicinal and pharmaceutical products (western). With its long
establishment in the market, the Subject has received strong support from its
stable customers base. Its business position in the market is quite stable and
it is expected to enjoy better market shares over its rivals. Having strong
support from its shareholder has enabled the Subject to remain competitive
despite the challenging business environment. The Subject is a large entity
with strong capital position. We are confident with the Subject's business and
its future growth prospect.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. The Subject is a fairly large and
rapidly growing company with over 295 staff in its operations The Subject has a
good management capability. Its capable management team has enabled the
Subject to keep its business on going. Hence, the future prospect of the
Subject is bright.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and better
control over its operating costs. Based on the higher profitability, the
Subject has generated a favourable return based on its existing shareholders'
funds which indicated that the management was efficient in utilising its funds
to generate income. The Subject is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient working
capital to meet its short term financial obligations. Being a zero geared
company, the Subject virtually has no financial risk as it is mainly dependent
on its internal funds to finance its business. Given a positive net worth
standing at USD 107,508,264, the Subject should be able to maintain its
business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of its
raw materials. Overall the Subject has a good control over its resources.
We regard that the Subject's overall payment habit is prompt. The Subject had a
favourable creditors' ratio as evidenced by its favourable collection days.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
In view of the above favourable condition, we recommend credit be proceeded to
the Subject with favourable term.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
COVIDIEN PRIVATE
LIMITED |
|
Financial Year End |
2013-09-27 |
2012-09-28 |
2011-09-30 |
2010-09-24 |
2009-09-24 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
|
TURNOVER |
495,822,146 |
398,416,703 |
356,812,506 |
266,605,011 |
238,434,382 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
495,822,146 |
398,416,703 |
356,812,506 |
266,605,011 |
238,434,382 |
|
Costs of Goods Sold |
(340,203,133) |
(263,192,367) |
(241,631,524) |
(195,953,029) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
155,619,013 |
135,224,336 |
115,180,982 |
70,651,982 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
44,428,373 |
11,701,080 |
7,557,188 |
7,902,114 |
7,460,037 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
44,428,373 |
11,701,080 |
7,557,188 |
7,902,114 |
7,460,037 |
|
Taxation |
(3,219,918) |
436,264 |
(2,948,564) |
(1,976,958) |
(498,147) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
41,208,455 |
12,137,344 |
4,608,624 |
5,925,156 |
6,961,890 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
47,552,401 |
35,415,057 |
30,806,433 |
24,881,277 |
17,919,387 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
47,552,401 |
35,415,057 |
30,806,433 |
24,881,277 |
17,919,387 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
88,760,856 |
47,552,401 |
35,415,057 |
30,806,433 |
24,881,277 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
88,760,856 |
47,552,401 |
35,415,057 |
30,806,433 |
24,881,277 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Others |
226,183 |
723,062 |
256,721 |
55,049 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
226,183 |
723,062 |
256,721 |
55,049 |
- |
|
|
============= |
============= |
============= |
============= |
|
|
COVIDIEN PRIVATE
LIMITED |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
9,055,615 |
9,013,656 |
8,826,478 |
5,960,797 |
3,443,445 |
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
22,319,487 |
22,319,487 |
6,035,517 |
5,585,769 |
5,585,769 |
|
Deferred assets |
819,328 |
660,526 |
150,458 |
342,275 |
249,246 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
23,138,815 |
22,980,013 |
6,185,975 |
5,928,044 |
5,835,015 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
32,194,430 |
31,993,669 |
15,012,453 |
11,888,841 |
9,278,460 |
|
|
|
|
|
|
|
|
Stocks |
73,574,718 |
51,462,460 |
75,195,845 |
43,121,685 |
21,023,361 |
|
Trade debtors |
24,216,800 |
39,658,931 |
77,384,567 |
33,309,553 |
29,922,139 |
|
Other debtors, deposits & prepayments |
1,143,882 |
2,738,172 |
1,522,156 |
1,289,081 |
857,678 |
|
Amount due from subsidiary companies |
- |
- |
- |
- |
11,088,428 |
|
Amount due from related companies |
110,085,603 |
46,112,906 |
58,457 |
19,632,240 |
50,037,475 |
|
Cash & bank balances |
1,771,465 |
3,521,506 |
2,360,137 |
1,119,931 |
2,210,762 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
210,792,468 |
143,493,975 |
156,521,162 |
98,472,490 |
115,139,843 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
242,986,898 |
175,487,644 |
171,533,615 |
110,361,331 |
124,418,303 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
1,652,203 |
407,894 |
66,545,186 |
617,343 |
234,566 |
|
Other creditors & accruals |
24,443,846 |
22,637,690 |
21,153,362 |
13,485,239 |
12,366,608 |
|
Amounts owing to related companies |
89,447,600 |
70,547,609 |
28,753,672 |
48,660,063 |
70,893,565 |
|
Provision for taxation |
3,656,085 |
1,782,249 |
3,457,898 |
1,550,278 |
1,386,594 |
|
Other liabilities |
1,278,900 |
1,550,900 |
1,610,900 |
1,288,425 |
1,109,143 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
120,478,634 |
96,926,342 |
121,521,018 |
65,601,348 |
85,990,476 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
90,313,834 |
46,567,633 |
35,000,144 |
32,871,142 |
29,149,367 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
122,508,264 |
78,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
11,214,000 |
11,214,000 |
11,214,000 |
11,214,000 |
11,214,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
11,214,000 |
11,214,000 |
11,214,000 |
11,214,000 |
11,214,000 |
|
|
|
|
|
|
|
|
Capital reserve |
7,533,408 |
4,794,901 |
3,383,540 |
2,739,550 |
2,332,550 |
|
Retained profit/(loss) carried forward |
88,760,856 |
47,552,401 |
35,415,057 |
30,806,433 |
24,881,277 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
96,294,264 |
52,347,302 |
38,798,597 |
33,545,983 |
27,213,827 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
107,508,264 |
63,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
|
|
|
|
|
|
|
Others |
15,000,000 |
15,000,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
15,000,000 |
15,000,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
122,508,264 |
78,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
|
============= |
============= |
============= |
============= |
============= |
|
COVIDIEN PRIVATE
LIMITED |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
1,771,465 |
3,521,506 |
2,360,137 |
1,119,931 |
2,210,762 |
|
Net Liquid Funds |
1,771,465 |
3,521,506 |
2,360,137 |
1,119,931 |
2,210,762 |
|
Net Liquid Assets |
16,739,116 |
(4,894,827) |
(40,195,701) |
(10,250,543) |
8,126,006 |
|
Net Current Assets/(Liabilities) |
90,313,834 |
46,567,633 |
35,000,144 |
32,871,142 |
29,149,367 |
|
Net Tangible Assets |
122,508,264 |
78,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
Net Monetary Assets |
1,739,116 |
(19,894,827) |
(40,195,701) |
(10,250,543) |
8,126,006 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
135,478,634 |
111,926,342 |
121,521,018 |
65,601,348 |
85,990,476 |
|
Total Assets |
242,986,898 |
175,487,644 |
171,533,615 |
110,361,331 |
124,418,303 |
|
Net Assets |
122,508,264 |
78,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
Net Assets Backing |
107,508,264 |
63,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
Shareholders' Funds |
107,508,264 |
63,561,302 |
50,012,597 |
44,759,983 |
38,427,827 |
|
Total Share Capital |
11,214,000 |
11,214,000 |
11,214,000 |
11,214,000 |
11,214,000 |
|
Total Reserves |
96,294,264 |
52,347,302 |
38,798,597 |
33,545,983 |
27,213,827 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.01 |
0.04 |
0.02 |
0.02 |
0.03 |
|
Liquid Ratio |
1.14 |
0.95 |
0.67 |
0.84 |
1.09 |
|
Current Ratio |
1.75 |
1.48 |
1.29 |
1.50 |
1.34 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
54 |
47 |
77 |
59 |
32 |
|
Debtors Ratio |
18 |
36 |
79 |
46 |
46 |
|
Creditors Ratio |
2 |
1 |
101 |
1 |
0 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
1.26 |
1.76 |
2.43 |
1.47 |
2.24 |
|
Times Interest Earned Ratio |
197.43 |
17.18 |
30.44 |
144.55 |
0.00 |
|
Assets Backing Ratio |
10.92 |
7.01 |
4.46 |
3.99 |
3.43 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
8.96 |
2.94 |
2.12 |
2.96 |
3.13 |
|
Net Profit Margin |
8.31 |
3.05 |
1.29 |
2.22 |
2.92 |
|
Return On Net Assets |
36.45 |
15.81 |
15.62 |
17.78 |
19.41 |
|
Return On Capital Employed |
36.45 |
15.81 |
15.62 |
17.78 |
19.41 |
|
Return On Shareholders' Funds/Equity |
38.33 |
19.10 |
9.21 |
13.24 |
18.12 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.