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MIRA INFORM REPORT
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Report No. : |
502416 |
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Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MEDICEL AG |
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Registered Office : |
Dornierstrasse 11, 9423 Altenrhein/SG |
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Country : |
Switzerland |
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Date of Incorporation : |
18.01.1996 |
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Com. Reg. No.: |
320.3.043.609-0 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Wholesale of
Pharmaceutical Goods. |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Switzerland |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland, a country that espouses neutrality, is a prosperous and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies.
The Swiss have brought their economic practices largely into conformity with the EU's to gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with economic instability in Russia and other eastern European economies drove up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year from 2011 through 2017.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards.
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Source
: CIA |
Company name and address
MEDICEL AG
Operating address:
Dornierstrasse 11
9423 Altenrhein/SG
Switzerland/CH
Telephone: +41
717271050
Fax: +41
717271055
Web site: http://www.medicel.com
E-mail: info@medicel.com
WIN Worldbox No.: CH0002893256
VAT-No.: CHE-108.412.625
MWST
UID-No.: CHE108412625
Profile
Established: 1996
Line of Business: Consumer goods wholesale
Industry Division: Wholesale trade
Industry-code (NACE): 4646 Wholesale of
pharmaceutical goods
Quality certification: ISO 13485:2012
Banks: unknown
Operational
Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 10
Sales: CHF
8-10 Mio
Activity
The business activities
are the development, trade and distribution of lens injection systems for
ophthalmic surgery. The products are disposable instruments, sterile packaged
for intraoperative cataract surgery and with most surgical devices such as the
bimanual and coaxial techniques in micro-incision surgery compatible. Products
lines and brand products are: ACCUJECT-TM, NAVIJECT-TM, viscoJECT TM BIO,
viscoJECT-TM ECO, viscoJECT-TM and TM-MULTIJECT, as well as accessories.
Operations and
Branches:
At the address,
Dornierstrasse 11, 9423 Altenrhein, Switzerland, we find office of the company.
Real
Estate
Real Estate: It
is understood that the company owns certain property.
Company
Register
Company No: 320.3.043.609-0
UID-No.: CHE108412625
Legal form: Company
limited by shares
Registration: 18.01.1996
Legal status: active
Responsible Register: Handelsregister des Kantons St. Gallen
History: Date
of Statutes: 24.11.1997
Date
of Statutes: 17.06.1996
Date
of Incorporation Statutes: 16.01.1996
Date
of Statutes: 23.05.2016
Date
of Statutes: 14.04.2011
Date
of Statutes: 20.03.2007
Date
of Statutes: 20.12.2000
Entry Deleted Name
active Medicel
AG
Entry Deleted Legal domicile
27.05.2016 Thal,
Switzerland
26.03.2007 Widnau, Switzerland
26.03.2007 27.05.2016 Wolfhalden, Switzerland
Entry Deleted Address
27.05.2016 Dornierstrasse
11, 9423 Altenrhein/SG, Switzerland/CH
26.03.2007 Nöllenstrasse 15a, 9443 Widnau/SG,
Switzerland/CH
26.03.2007 27.05.2016 Luchten 1262, 9427 Wolfhalden, Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 100,000, paid up CHF 100,000
Entry Deleted Capital Structure
20.04.2011 1,000
Registered shares of CHF 100.--
28.12.2000 1,000 Registered shares of CHF 100.--
26.03.2007 20.04.2011 257 Bearer shares of CHF 100.--
26.03.2007 20.04.2011 643 Bearer shares (preferred shares) (B) of
CHF 100.--
26.03.2007 20.04.2011 100 Bearer shares (preferred shares) of CHF
100.--
28.12.2000 26.03.2007 1,000 Bearer shares of CHF 100.--
Official
Administration
Title Name
President Vega,
Joelle
Citizen:
United States of America
Residential
address: Lincroft, New Jersey, United States of America
joint
signature of two
Registered
since: 28.02.2017
Director Dockhorn,
Volker
Citizen:
Germany
Residential
address: Berg /SG, Switzerland
joint
signature of two
Registered
since: 21.07.2006
Management
Title Name
Chairman of the management Dockhorn, Volker
Citizen:
Germany
Residential
address: Berg /SG, Switzerland
joint
signature of two
Registered
since: 21.07.2006
Member of the management Maier, Tobias
Citizen:
Germany
Residential
address: St. Gallen, Switzerland
joint
signature of two
Registered
since: 17.04.2014
Member of the management Nüesch, Hansjörg
Citizen:
Balgach, Switzerland
Residential
address: 9435 Balgach, Switzerland
joint
signature of two
Registered
since: 26.03.2007
Member of the management Seitz, Thomas
Citizen:
Germany
Residential
address: Goldach, Switzerland
joint
signature of two
Registered
since: 06.12.2017
External
Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: St. Gallen, Switzerland
Id:
CHE-364.598.872
Registered
since: 06.12.2017
Ultimate
Parent Company
Name: Halma
Public Limited Company
City/Country: Amersham/Buckinghamshire,
United Kingdom/GB
Direct
owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: Halma
Public Limited Company
City/Country: Amersham/Buckinghamshire,
United Kingdom/GB
Interest: 100,00%
voting right, 100,00% capital interest (since 08.03.2011)
Investments
Class: 100%,
directly held
Name: Robutec
AG
City/Country: Altenrhein/SG,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest
Class: 50%,
directly held
Name: PSRM
Immobilien AG
City/Country: Wolfhalden/AR,
Switzerland/CH
Interest: 50,00%
voting right, 50,00% capital interest
Sisters
Name: Accutome,
Inc.
City/Country: Malvern/Pennsylvania,
United States of America/US
Name: Halma
Holdings Inc.
City/Country: Cincinnati/Ohio,
United States of America/US
Name: Robutec
AG
City/Country: Altenrhein/SG,
Switzerland/CH
Financial Data Halma Public Limited Company
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 01.04.2017 02.04.2016 28.03.2015 29.03.2014 30.03.2013
Number of months: 12 12 12 12 12
Currency: th.
GBP th. GBP th. GBP th. GBP th.
GBP
Statement norm: IAS IAS IAS
Balance Sheet
Intangible fixed assets 837,983.0 777,751.0 544,881.0 448,032.0 486,242.0
Land and buildings 40,472.0 37,461.0 36,547.0 28,918.0 30,446.0
Other tangible fixed assets 65,544.0 59,101.0 49,756.0 45,499.0 46,279.0
Tangible fixed assets 106,016.0 96,562.0 86,303.0 74,417.0 76,725.0
Financial fixed assets 3,553.0 3,722.0
other fixed assets 56,866.0 44,424.0 32,832.0 25,765.0 33,541.0
Fixed assets 1,004,418.0 922,459.0 664,016.0 548,214.0 596,508.0
Stocks 118,780.0 105,283.0 79,734.0 71,034.0 69,713.0
Trade accounts receivable 186,967.0 160,011.0 138,749.0 120,942.0 115,723.0
Cash & Cash Equivalents 66,827.0 53,938.0 41,230.0 34,531.0 49,723.0
Securities 496.0 256.0
other trade accounts 7,350.0 9,336.0 6,382.0 4,271.0 7,750.0
Accruals 18,641.0 16,100.0 12,422.0 10,136.0 10,201.0
Other current assets 92,818.0 79,374.0 60,034.0 49,434.0 67,930.0
Current assets 398,565.0 344,668.0 278,517.0 241,410.0 253,366.0
Total assets 1,402,983.0 1,267,127.0 942,533.0 789,624.0 849,874.0
Capital 37,965.0 37,965.0 37,965.0 37,902.0 37,888.0
Other shareholders funds 740,672.0 608,375.0 510,983.0 448,098.0 415,379.0
Total shareholders equity 778,637.0 646,340.0 548,948.0 486,000.0 453,267.0
long term debt (financial debts) 261,918.0 295,908.0 140,419.0 104,891.0 154,866.0
Provisions 16,917.0 19,355.0 1,549.0 6,777.0 21,756.0
Other non current liabilities 186,198.0 155,842.0 122,408.0 83,540.0 99,362.0
Non current liabilities 465,033.0 471,105.0 264,376.0 195,208.0 275,984.0
short term debt (financial debts) 1,351.0 4,748.0 1,705.0 4,136.0 5,147.0
Trade accounts payable 73,422.0 68,049.0 57,633.0 50,270.0 50,285.0
Provisions 6,776.0 4,789.0 11,746.0 4,482.0 16,276.0
Accruals 42,626.0 38,204.0 37,399.0 4,482.0 26,652.0
other accounts payable 35,138.0 33,892.0 20,726.0 45,046.0 22,263.0
other current liabilities 84,540.0 76,885.0 69,871.0 54,010.0 65,191.0
Current liabilities 159,313.0 149,682.0 129,209.0 108,416.0 120,623.0
Shareh. equity, min. int. & liabilities 1,402,983.0 1,267,127.0 942,533.0 789,624.0 849,874.0
Profit and loss account
Sales 961,662.0 807,805.0
Net sales 961,662.0 807,805.0 726,134.0 676,506.0 619,210.0
Other operating revenue 8,070.0
Operating revenue 961,662.0 807,805.0 726,134.0 676,506.0 627,280.0
Cost of goods sold 342,872.0 321,987.0 297,704.0
Gross profit 961,662.0 807,805.0 383,262.0 354,519.0 329,576.0
Other operating expenses 794,592.0 664,862.0 246,199.0 211,431.0 204,209.0
Operating result 167,070.0 142,943.0 137,063.0 143,088.0 125,367.0
Interest revenues 211.0 217.0 134.0 252.0 195.0
other financial revenues 283.0 556.0 4,660.0 677.0 600.0
Financial income 494.0 773.0 4,794.0 929.0 795.0
Interest expenses 8,530.0 6,117.0 4,537.0 5,190.0 4,608.0
other financial expenses 1,331.0 1,311.0 576.0 30,669.0 818.0
Financial expenses 9,861.0 7,428.0 5,113.0 35,859.0 5,426.0
Financial result -9,367.0 -6,655.0 -319.0 -34,930.0 -4,631.0
Result before extraordinary items 157,703.0 136,288.0 136,744.0 108,158.0 120,736.0
Result before taxes 157,703.0 136,288.0 136,744.0 108,158.0 120,736.0
Taxes 28,014.0 27,447.0 29,610.0 32,350.0 26,530.0
Result before minority interests 129,689.0 108,841.0 107,134.0 75,808.0 94,206.0
Result for the financial year 129,689.0 108,841.0 107,134.0 75,808.0 94,206.0
Cash flow
Depreciation 17,798.0 15,245.0 14,005.0 13,625.0 12,684.0
Cash flow 147,487.0 124,086.0 121,139.0 89,433.0 106,890.0
Cash flow from operating activities 172,493.0 149,273.0 137,231.0 121,538.0 108,244.0
Investments in tangible fixed assets 21,875.0 22,418.0 22,164.0 15,838.0 14,472.0
Cash flow from investing activities -43,632.0 -232,122.0 -112,730.0 -35,371.0 -149,076.0
Cash flow from financing activities -116,596.0 90,866.0 -18,846.0 -100,815.0 44,017.0
Others 3,846.0 1,984.0 744.0 -1,949.0 1,233.0
Change in liquidity 16,111.0 10,001.0 6,399.0 -16,597.0 4,418.0
Liquidity at beginning of the year 49,526.0 39,525.0 33,126.0 49,723.0 45,305.0
Liquidity at end of the year 65,637.0 49,526.0 39,525.0 33,126.0 49,723.0
Notes
Material costs 342,872.0 321,987.0 297,704.0
Cost of employees 272,758.0 225,636.0 199,763.0 180,905.0 164,862.0
Research and Development 27,394.0 26,929.0 25,633.0
Added value 456,789.0 383,286.0 355,049.0 307,878.0 302,890.0
Working Capital 232,325.0 197,245.0 160,850.0 141,706.0 135,151.0
Net Current Assets 239,252.0 194,986.0 149,308.0 132,994.0 132,743.0
Sales per Employee 166.6 144.1 136.3 135.3 131.3
Market capitalisation 593,800.0 593,800.0
Gross cost land and buildings 56,137.0 50,739.0 52,886.0 45,002.0 46,262.0
Gross cost other tangible fixed assets 184,627.0 161,516.0 134,945.0 125,339.0 122,186.0
Gross cost total 240,764.0 212,255.0 187,831.0 170,341.0 168,448.0
Employees
average 5,771 5,604 5,328 4,999 4,716
Financials
Balance sheet publication:
The subject company
does not publish financial figures.
Legal
Actions
No legal actions
determined.
An updated legal
action check is only available against proof of interest. e.g. a copy of an
enquiry letter, and order or invoice relating to the subject company.
Sanctions
List
We did not find the
company included on the various international sanctions lists, such as the OFAC
(Office of Foreign Assets Control), the BIS (Bureau of Industry and Security),
the European Union Restrictive measures (sanctions) list, the Export Control
Organisation (ECO) of the UK, the Australian Department of Foreign Affairs and
Trade.
Payment
experiences
Payment experiences
are considered to be in order.
Remarks
- Based on the
financial situation of the parent company we deem stated credit as acceptable.
Credit
Information
Financial Statements: The company does not disclose any financial statements. Third
parties are not permitted any insight into the financial affairs. It is
therefore difficult to make a proper assessment of the actual situation.
Financial Situation: The financial situation is in order.
Payment experiences: There are no objections regarding the payment of financial
obligations.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.35 |
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1 |
INR 92.70 |
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Euro |
1 |
INR 80.80 |
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CHF |
1 |
INR 67.74 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.