Dear Shareholders,
Your Directors present the 28th Annual Report of the Company together with the
audited financial statements of the Company for the year ended March 31, 2023.
- Operating Results
The operating results of the Company for the year ended 31st March,
2023 are as follows: Rs. in Lakhs
For the year ended March 31 |
2023 |
2022 |
Net Profit before Depreciation & Taxation |
276.25 |
260.10 |
Less : Depreciation |
129.96 |
152.65 |
Provision for Deferred Taxation |
1.17 |
4.51 |
Provision for Taxation / Written Off |
44.92 |
40.23 |
Net Profit/(Loss) |
88.59 |
62.71 |
Add : Balance from Last Year |
2477.39 |
2414.68 |
Prior Period Profit adjustments |
- |
- |
Less : Appropriation |
0.00 |
0.00 |
Transfer to Reserves Profit / (Loss) carried to
Balance Sheet |
2565.98 |
2477.39 |
COVID-19 pandemic has seriously affected the worldwide healthcare
system. COVID-19 pandemic had a major negative impact on the medical devices market,
particularly sutures and led to a change in healthcare priorities. With the economies
opening up and countries returning to normalcy, surgical procedures are expected to be
carried out at a much faster pace. Most of the elective surgeries were postponed or kept
on hold to avoid contracting the virus, leading to a shortage in demand for surgical
sutures. Hence, a rapid drop in the sales of surgical sutures was observed due to the
outbreak of the COVID-19 pandemic. Our core managerial team has excellent medical device
industry experience and most of them have been associated with our Company since its
formative years. CENTENIAL is committed to working closely with our suppliers and making
far-reaching changes across our value chain by encouraging our business partners,
suppliers and hospitals, nursing homes to adopt responsible and sustainable practices.
However, we are confident that our integrated capabilities and execution brilliance will
continue to drive our brand CENTENIAL prominence in INDIA. Further, Your Company's
plant is certified by ISO 9001:2015, ISO 13485:2016, WHO-GMP, ISO 45001:2018 and medical
devices are in conformity to medical device directives 93/42/EEC, Medical Device Rules,
2017. Further details of operations are given in the management discussion and analysis
report, which forms part of this report. I am also indebted to the Highly-Educated Members
of the Board for their guidance and to the Honest, Loyal and Committed Employees, as
always. Our values always guide us, and our history and heritage as a Company, stands for
Trust, Service and High Quality.
Our team enters 2023 2024 with confidence. CENTENIAL is an
established leader in key growth cardiovascular suture markets, with a large and
differentiated portfolio of medical devices, backed by well-respected brands. Further,
Your Company's plant is certified by ISO 9001:2015, ISO 13485:2016, WHO-GMP, ISO
45001:2018 and medical devices are in conformity to medical device directives 93/42/EEC,
Medical Device Rules, 2017. Your Company's plant at Murbad, Thane, Maharashtra has
set a benchmark in terms of quality and productivity. CENTENIAL stands for Quality,
Reliability, Commitment, Integrity and TRUST.
- Transfer to reserves
There are no transfers to any specific reserves during the year.
- State of the company's affairs
During the year under review, your Company achieved total revenue
from operations of Rs.5,265.53 Lakhs (previous year Rs.4442.66 Lakhs) resulting in
increase of 18.52% over the previous year. The profit after tax is at Rs.146.29 Lakhs
(previous year Rs.107.45 Lakhs resulting in increase of approximately 36.15%).
- Dividend
In order to conserve resources for the operating business, your
Directors after due consideration of the financial accounts of the Company have not
recommended any dividend to the equity shareholders.
- Cash flow and consolidated financial statements
As required under Regulation 34 of the Listing Regulations, Cash
Flow Statement and Financial Statement is part of the Annual Report.
- Future prospects
The Company has three new products under development and trials
during the year and hopes to scale up production in the coming year.
- Change in nature of business
There has been no change in the nature of business of the Company.
Your Company continues to be a medical device company engaged in manufacturing surgical
sutures & other medical devices with sales mainly in India.
- Transfer of Unpaid and Unclaimed Amounts to IEPF
Pursuant to the provisions of Section 124(5) of the Companies Act,
2013, dividend which remains unpaid or unclaimed for a period of seven years from the date
of its transfer to unpaid dividend account is required to be transferred by the Company to
Investor Education and Protection Fund (IEPF), established by the Central Government under
the provisions of Section 125 of the Companies Act, 2013. Since no dividend has been paid
this section is not applicable.
- Conservation to energy, technology absorption, foreign exchange earnings & outgo.
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo as required under Sub-section (3)(m) of
Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014,
are enclosed as Annexure C to the Directors' Report. Your Company continuous to focus
on research and development activities towards the upgradation of technology, development,
testing and certification of atraumatic needles and sutures for conformity to new Indian /
International standards and export market.
- Statement concerning development and implementation of risk management policy of the
company
The Company has in place a mechanism to identify, assess, monitor
and mitigate various risks to key business objectives. Major risks identified by the
businesses and functions are systematically addressed also discussed at the meetings of
the Risk Management Committee and the Board of Directors of the Company.
- Internal control system and their adequacy
The Company has an adequate Internal Control System, commensurate
with the size, scale and complexity of its operations. M/s. Utsav Shah & Associates,
Chartered Accountants, are appointed with scope of the Internal Audit duly approved by the
Audit Committee. To maintain its objectivity and independence, the Internal Auditor
reports to the Audit Committee. The Internal Auditor evaluates the adequacy of the
internal control system in the Company on the basis of statement of operations procedure,
instruction manuals, accounting policy and procedures.
- Corporate Social Responsibility
The Provisions of Section 134(3)(o) and Section 135 of the
Companies Act, 2013 read with Rule 8 of Companies (CSR Policy) Rules, 2014 regarding
corporate social responsibility do not apply to the company for the period under review.
- Loans, Guarantees or Investments
Loans, guarantees and investments covered under Section 186 of the
Companies Act, 2013 are NIL during Financial Year 2022 - 2023.
- Related Party Transactions
Transactions with related parties are in the ordinary course of
business and also on arms' length pricing basis. Prior omnibus approval from the
Audit Committee is obtained for transactions which are repetitive and also normal in
nature. Further, disclosures are made to the Audit Committee and the Board of Directors on
a quarterly basis. Particulars of Contracts or arrangements with related parties referred
to in Section 188(1) of the Companies Act, 2013, in the prescribed from AOC 2 is
appended as Annexure F to the Directors' Report.
- Policy on Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013
The Company has zero tolerance towards sexual harassment at the
workplace and has adopted a policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules thereunder. An
Internal Complaints Committee has been constituted to inquire into complaints of sexual
harassment and recommend appropriate action. During the year under review, the Internal
Complaints Committee has not received any complaint of sexual harassment. The Policy on
Sexual Harassment of Women is available at the website of the company: http://www.centenialindia.com/corporate.html.
- Extract of Annual Return
Annual Return in accordance with the Companies Act, 2013, the Annual Return in the
prescribed format is available at www.centenialindia.com.
- Meetings of the Board
The meetings of the Board are scheduled at regular intervals to
decide and discuss on business performance, policies, strategies and other matters of
significance. The schedules of the meetings are circulated in advance, to ensure proper
planning and effective participation in meetings. In certain exigencies, decisions of the
Board are also accorded through circulation. During the financial year 2022-2023, the
Board of Directors of the Company, met 05 (Five) times on May 28, 2022; June 27, 2022;
August 12, 2022; November 12, 2022 and February 14, 2023. The Meeting details are provided
in the Corporate Governance report that forms part of this Annual Report. The gap between
two consecutive board meetings is less than 120 days. Pursuant to the requirements of
Schedule IV to the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015, a separate
Meeting of the Independent Directors of the Company was also held on March 18, 2023,
without the presence of Non-Independent Directors and members of the management, to review
the performance of non-independent directors and the Board as a whole, the performance of
the Chairperson of the company and also to assess the quality, quantity and timeliness of
flow of information between the company management and the Board.
- Directors Responsibility Statement
In Compliance with Section 134(5) of the Companies Act, 2013, the
Board of Directors hereby confirm the following:
- In the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;
- The Directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year and of the
profit and loss of the Company for that period;
- The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
- The Directors had prepared the annual accounts on a going concern basis;
- The Company is responsible for establishing and maintaining adequate and effective
internal financial controls with regard to its business operations and, in the preparation
and presentation of the financial statements, in particular, the assertions on the
internal financial controls in accordance with broader criteria established by the
Company. Towards the above objective, the Directors have laid down internal financial
controls based on internal controls framework established by the Company, which in all
material respects were operating effectively as at March 31, 2023.
- The Directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively. The
Company has substantially complied with material provisions of such acts and regulations
as are relevant for its operations.
- Deposits
The Company has not accepted any fixed deposits from the public.
- Particulars of employees and remuneration
The information required under Section 197 of the Act read with
rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is as per Annexure E.
- Directors and Key Managerial Personnel
- Retire by rotation
In accordance with the provisions of the Act and the Articles of Association of the
Company, Mr. Devraj T. Poojary of the Company, retires by rotation at the 28th e-AGM and
being eligible, offered himself for re-appointment.
- Re-appointment of Directors:
Re-appointment to Anuradha Kashikar, Executive Director of the Company for a period
of 03 (Three) years from April 1, 2024 to March 31, 2027 Subject shareholders'
approval in the ensuing Annual General Meeting.
- Independent Directors' Declaration
The Independent Directors have submitted their disclosures to the
Board that they fulfil all the requirements as stipulated in Section 149(7) of the
Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors
under the provisions of the Companies Act, 2013 and the relevant rules. The Board has
Independent Non-Executive Director based on fit and proper criteria ~ qualification,
expertise, track record, integrity etc. With the enactment of the Companies Act, 2013
(the Act') it is mandatory for every listed Company to appoint requisite number
of Independent Directors' as defined in Section 149(6) of the Companies Act,
2013. The Company, in compliance with the SEBI (LODR) Regulations, 2015, has already
appointed Shri Sunil C. Modi, Shri Bhushan S. Limaye, Shri Jagadish B. Shetty and Shri
Neel M. Vora as Independent Non-Executive Directors of the Company on the Board. The Board
is of the opinion that the existing Independent Directors fulfil the criteria as specified
in Section 149 of the Companies Act, 2013 and the Rules made thereunder. Brief profile of
the Directors proposed to be appointed / re-appointed and other
information as stipulated under SEBI (LODR) Regulations, 2015 and
Secretarial Standard 2 are part of the Corporate Governance Report annexed to this Report.
- Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the SEBI
(LODR) Regulations, 2015, a structured questionnaire was prepared after taking into
consideration the various aspects of the Board's functioning, composition of the
Board and its Committees, culture, execution and performance of specific duties,
obligations and governance. The performance evaluation of the Independent Directors was
completed. The performance evaluation of the Chairman and the Non-Independent Directors
was carried out by the Independent Directors. The Board of Directors expressed their
satisfaction with the evaluation process.
- Managerial Remuneration Policy
The policy on appointment and remuneration of Directors and Key
Management Personnel provides an underlying basis and guide for human resource management,
thereby aligning plans for strategic growth of the Company. While deciding on the
remuneration for Directors and Key Management Personnel, the Board and the Nomination and
Remuneration Committee consider the performance of the Company, the current trends in the
industry, the qualifications of the appointee(s), their experience, past performance and
other relevant factors. The policy is pursuant to Section 178(4) of the Companies Act,
2013. The Managerial Remuneration Policy is available at the website of the company: http://www.centenialindia.com.
- Policy on Directors Appointment and Remuneration
The policy of the Company on Director's appointment and
remuneration, including the criteria for determining
qualifications, positive attributes, Independence of a Director and
other matters, as required under sub section
(3) of Section 178 of the Companies Act, 2013. The details of
significant and material orders passed by the regulators or courts or tribunals impacting
the going concern status and Company's operations in future. During the year, there
has been no significant material orders passed by the regulators or courts or tribunals
impacting the going concern status and Company's operations in future.
- Attributes, qualifications & independence of directors, their appointment and
remuneration
The Nomination & Remuneration Committee of Directors have
approved a Policy for Selection, Appointment and Remuneration of Directors which
inter-alia requires that composition and remuneration is reasonable and sufficient to
attract, retain and motivate Directors, KMP and senior management employees and the
Directors appointed shall be of high integrity with relevant expertise and experience so
as to have diverse Board and the Policy also lays down the positive attributes/criteria
while recommending the candidature for the appointment as Director.
- Declaration of Independent Directors
The Independent Directors have submitted their disclosures to the
Board that they fulfil all the requirements as stipulated in Section 149(7) of the
Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors
under the provisions of the Companies Act, 2013 and the relevant rules.
- Familiarisation Programme for Independent Directors
The details of training and familiarisation programme are provided
in the Corporate Governance Report. Further, at the time of appointment of an Independent
Non-Executive Director, the Company issues a formal letter of appointment outlining his /
her role function, duties and responsibilities. The format of the letter of appointment is
available on our website: http://www.centenialindia.com/corporate/code_of_conduct/
- Credit Ratings
CRISIL continued to reaffirm their rating of
"BBB-/Stable" and "A3", for various banking facilities throughout the
year enabling your Company to avail facilities from bank(s) at attractive rates indicating
a very strong degree of safety for timely payment of financial obligations.
- Statutory Auditors
M/s. Mahesh Chandra & Associates, Chartered Accountants, Firm
Registration No. 112334W who were appointed as Statutory Auditors of the Company by the
Shareholders of the Company in their 25th Annual General Meeting held in September 28,
2020 for a period of five years shall be the Statutory Auditors of the Company. The
requirement under the proviso to Section 139(1) that "the Company shall place the
matter relating to such appointment (of auditors) for ratification by members at every
annual general meeting" has been omitted from the Companies Act, 2013. Therefore, the
Company does not propose ratification of appointment of statutory auditors for the
approval of the members. They have further confirmed that they are not disqualified to be
appointed as Statutory Auditor in terms of the provisions to Section 139 and Section 141
of the Act and the rules made thereunder. The proposed fees payable to the Statutory
Auditor for the statutory audit of financial year would be Rs. 1.75 lakhs excluding the
fees for limited review, other services availed, if any and out of the pocket expenses.
- Internal Auditors
M/s. Utsav Shah & Associates, Chartered Accountants, are
appointed with scope of the Internal Audit duly approved by the Audit Committee. And who
have issued their reports on quarterly basis.
- Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act,
2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
the Board of Directors had appointed M/s. HSPN & Associates LLP, Practising Company
Secretaries, to conduct the Secretarial Audit of the Company for the Financial Year. The
Secretarial Auditor's Report is annexed as Annexure 1 and forms an integral part of
this Report.
- Cost records and Auditors
The Company is not required under Section 148(1) of the Companies
Act, 2013 read with Companies (Audit & Auditors') Rules, 2014 and the Companies
(Cost Records and Audit) Amendments Rules, 2014, the Company is not required to maintain
the cost records in respect of its business and accordingly such accounts and records are
not made and maintained. No Cost Audit under the provisions of Section 233B of the
Companies Act, 1956 has been carried out. The cost audit is applicable in the following
situations:
Table A specified goods/services
- Overall annual total turnover of the company from all the products/services is INR 50
Crore or more; and
- Aggregate turnover from the individual product/service for which cost records are
required to be maintained is INR 25 Crore or more.
Table B specified goods/services
- Overall annual total turnover of all the products/services should be INR 100 Crore or
more; and
- Aggregate turnover from the individual product/service for which cost records are
required to be maintained should be INR 35 Crore or more.
As the Company does not satisfy the above-mentioned criteria, the cost
audit is not applicable and the company has taken legal steps to quash the proceedings of
the Registrar of Companies, Maharashtra against the company and we do not see any
financial impact in this matter.
- Auditors' Qualifications / reservations / adverse remarks / Frauds reported
The Auditors' Report does not contain any qualifications,
reservations or adverse remarks. However, the Secretarial Audit Report contain
qualification pursuant to Regulation 31(2) of SEBI (LODR) Regulations, 2015 for
dematerialisation of promoter shareholding. The Company would like to inform that
promoters are working to convert 600 shares of Promoters physical shareholding into demat
as per Regulation 31(2) of SEBI (LODR) Regulations, 2015.
- Management discussion and analysis
Management's Discussion and Analysis Report for the year under review, as
stipulated under the SEBI (LODR)
Regulations, 2015 is presented in a separate section forming part of the Annual Report.
- Corporate Governance Code
The Company is committed towards maintaining the highest standards
of Corporate Governance and adhering to the Corporate Governance requirements as set out
by Securities and Exchange Board of India. The Report on Corporate Governance as
stipulated under regulation 34 (3) and Part C of schedule V of SEBI (LODR) Regulations,
2015 forms part of the Annual Report. The Certificate from the practicing Company
Secretary confirming compliance with the conditions of Corporate Governance as stipulated
under regulation 34 (3) and Part E of schedule V of the SEBI (LODR) Regulations, 2015 is
also published in this Annual Report as Annexure B.
- Subsidiary, joint ventures and associate companies
The Company has no subsidiary and not entered in joint ventures.
- Whistle Blower Policy / Vigil Mechanism
The Company has implemented a whistle blower policy, whereby
employees, Directors and other stakeholders can report matters such as generic grievances,
misconduct, misappropriation of assets and non-compliance to code of conduct to the
Company. The policy safeguards the whistle blowers to report concerns or grievances and
also provides direct access to the Chairman of the Audit Committee. The Vigil Mechanism
Policy is available at the website of the company: http://www.centenialindia.com
- Reporting of frauds by Auditors
During the year under review, the Statutory Auditors and the
Secretarial Auditor have not reported to the Audit Committee under Section 143(12) of the
Companies Act, 2013, any instance of fraud committed in the Company, by its officers or
employees.
- Annual evaluation by the board
In compliance with the Companies Act, 2013, and Regulation 17 of
the SEBI (LODR) Regulations, 2015, the performance evaluation of the Board and its
Committees were carried out during the year under review. More details on the same are
given in the Corporate Governance Report.
- Material changes and commitments, if any, affecting the financial position of the
Company which have occurred between the End of the financial year of the company to Which
the financial statements relate and the date of the report
There are no material changes and commitments affecting the
financial position of the Company occurred during the financial year and the date of this
report.
- The details of significant and material orders passed by the regulators or courts Or
tribunals impacting the going
concern Status and company's operations in future
During the year there has been no significant material orders passed by the
Regulators or Courts or Tribunals
impacting the going concern status and company's operations in future.
- Committees of the Board
In accordance with the Companies Act, 2013, the Board has formed currently three
Committees as follows:
- Audit Committee
- Nomination and Remuneration Committee
- Stakeholders' Relationship Committee
Details of all the Committees along with their charters, composition and meetings held
during the year, are provided
in the "Report on Corporate Governance", a part of this Annual Report.
- Statement Concerning Development and Implementation of Risk Management Policy of the
Company
The Company has in place a mechanism to identify, assess, monitor
and mitigate various risks to key business objectives. Major risks identified by the
businesses and functions are systematically addressed also discussed at the meetings of
the Audit Committee and the Board of Directors of the Company.
- Other disclosures
The Company does not have any Employees Stock Option Scheme in
force and hence particulars are not furnished, as the same are not applicable. No
proceedings against the Company is initiated or pending under the Insolvency and
Bankruptcy Code, 2016. The details of difference between amount of the valuation done at
the time of one-time settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof Not Applicable.
- Board policies
The Company seeks to promote highest levels of ethical standards in
the normal business transactions guided by the value system. The SEBI (LODR) Regulations,
2015 mandates formulation of certain policies for listed companies. The Policies are
reviewed periodically by the Board and are updated based on the need and compliance as per
the applicable laws and rules and as amended from time to time. The policies are available
on the website of the Company at www.centenialindia.com.
- Compliance of applicable secretarial standards
Your Directors hereby confirm that the Company has complied with
the necessary provisions of the revised Secretarial Standard 1 and Secretarial Standard 2
to the extent applicable to the Company.
- Enhancing shareholder value
Your Company firmly believes that its success, the marketplace and
a good reputation are among the primary determinants of value to the shareholder. The
organisational vision is founded on the principles of good governance and delivering
leading-edge products backed with dependable after sales services. Following the vision
your Company is committed to creating and maximising long-term value for shareholders.
- Financial Statements / Disclosure of Accounting Treatment in the preparation of
Financial Statements
The financial statements of the Company have been prepared in
accordance with the Indian Accounting Standards (Ind AS) notified under the Companies
(Indian Accounting Standards) Rules, 2015. These are the Company's first Ind AS
Financial Statements. The significant accounting policies which are consistently applied
are set out in the Notes to the financial statements.
- Share Capital
The paid-up equity shares capital of the Company as on March 31,
2023 was Rs.364.83 Lakhs. During the year under review, the Company has not issued shares
with differential voting rights nor granted stock options nor sweat equity.
- Cautionary statement
Statements in the Board's Report and the Management Discussion
& Analysis describing the Company's objectives, expectations or forecasts may be
forward looking within the meaning of applicable securities laws and regulations. Actual
results may differ materially from those expressed in the statement. Important factors
that could influence the Company's operation include global and domestic demand and
supply conditions affecting selling prices of raw materials, finished goods, input
availability and prices, changes in government regulations, tax laws, economic
developments within and outside the country and various other factors.
- Insurance
All properties and insurable interests of the Company including
buildings, plant and machinery and stocks have been fully insured.
- People and Safety
CENTENIAL values all our employees and makes effort through Quality
of work life to help their growth. Your Company has always placed emphasis on our people
and safety at workplace. Industrial relations in the Company were cordial throughout the
business year under review.
- Environment and safety
The Company accords the highest priority for maintaining safety
standards and a pollution-free environment.
- Research and Development
The Company's research & development activities continue
to be directed towards up gradation of technology & development of new product codes
& packaging lines. Your Company's commitment is to meet & exceed those
expectations.
- Goods and Services Tax (GST)
GST, which was implemented on July 1, 2017 as one nation one
tax', is an all-pervasive event. It has comprehensively impacted consumption of all
goods and services, triggering a colossal change in the way business dealings take place.
GST, which is still evolving, provides an opportunity to reset the way business
transactions could be optimized for efficiency in cost and quality. Due to its
multifaceted impact, GST has become an important factor in competitive businesses
environment. GST on sutures and other medical devices 12%. However, the increase in
headline tax is likely to be offset by the tax efficiencies that may accrue on
procurements. Your Company is geared to deal with the challenges thrown up as a result of
numerous amendments made by our Government viz: implementation of E-Way Bill system,
matching credit concepts, anti-profiteering provisions, etc.
- Certification of ISO 9001:2015 | ISO 13485:2016 | WHO-GMP | ISO 45001:2018 | Medical
devices conformity to 93/42/EEC medical directives.
Our Company is ISO 9001:2015, ISO 13485:2016, WHO-GMP, ISO
45001:2018 and medical devices are in conformity to medical device directives 93/42/EEC,
Medical Device Rules, 2017 and these stringent system means effective control over every
step to achieve true Quality Assurance for our medical devices.
- Acknowledgments
Your Directors would like to express their appreciation for the
assistance and co-operation received from the Food and Drugs Administration, CDSCO, Banks,
Government Authorities, Surgeons, Hospitals, Nursing homes, the committed services by our
Executives, Staff and Employees, to the members of the Board for their guidance who
contributed to the success of our Company.
By Order of the Board of Directors
For CENTENIAL SURGICAL SUTURE LTD