MIRA INFORM REPORT

Report Date :

22.08.2007

IDENTIFICATION DETAILS

Name :	BECTON DICKINSON AND COMPANY

Registered Office :	^{30 Tuas Avenue}^{2, Singapore – 639461}

Country :	Singapore

Financials (as on) :	30.09.2006

Date of Incorporation :	^17/10/1991

Com. Reg. No.:	^{F 04370W}

Legal Form :	^{Foreign Company}

Line of Business :	The Sale and Distribution of Medical Supplies and Devices and Diagnostic Systems

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Subject Company

BECTON DICKINSON AND COMPANY

Line Of Business

THE SALE AND DISTRIBUTION OF MEDICAL SUPPLIES AND DEVICES AND DIAGNOSTIC SYSTEMS

Parent Company

Financial Elements

FY 2006

BRANCH

Sales : S$74,233,299

Networth : S$14,643,015

Paid-Up Capital : - (NOT APPLICABLE)

Net result : S$448,713

Net Margin(%) : 0.60

Return on Equity(%) : 3.06

Leverage Ratio : 1.20

COMPANY IDENTIFICATION

^{Subject Company : BECTON
DICKINSON AND COMPANY}

^{Former Name : -}

^{Business Address: 30 TUAS AVENUE 2}

^{Town: SINGAPORE}

^{Postcode: 639461}

^{County:
-}

^{Country: Singapore}

^{Telephone: 6861
0633}

^{Fax: 6860 1593}

^{ROC Number: F 04370W}

^Reg.^Town^{:
-}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form:
Foreign Company}

^{Date Inc.: 17/10/1991}

^{Previous Legal Form: -}

^{Summary year : 30/09/2006}

^{Sales: 74,233,299}

^{Networth : 14,643,015}

^{Capital: -}

^{Paid-Up Capital: -}

^{Employees: 700}

^{Net result : 448,713}

^{Share value: -}

^{AUDITOR : NIL}

^{BASED ON ACRA'S RECORD AS AT
17/08/2007}

^{AUTHORISED CAPITAL 646,016,949.00 0.00 V/SHARE US DOLLARS}

REFERENCES

^{Litigation: No}

^{Company status : TRADING}

^{Started : 17/10/1991}

PRINCIPAL(S)

No principals recorded in our Database

DIRECTOR(S)

^{CHUA SOOK PING CHRISTINA S1739435E Agent}

^{Appointed on : 17/03/2004}

^{Street : 9 NATHAN ROAD}

^#07-04

^{REGENCY PARK}

^{Town: SINGAPORE}

^{Postcode: 248730}

^{Country: Singapore}

^{LIM WEE HANN S2605636E Agent}

^{Appointed on : 17/03/2004}

^{Street : 2
JALAN KERIA}

^{MAYFAIR PARK}

^{Town: SINGAPORE}

^{Postcode: 588530}

^{Country: Singapore}

^{FRANK A. OLSON SOC SEC 55 Director}

^{Appointed on : 04/02/1985}

^{Street : 279
HAMPSHIRE RIDGE,}

^{BEARS NEST PARK
RIDGE,}

^{Town: NEW JERSEY}

^{Postcode: 07656}

^{Country: United States}

^{HENRY PRENTISS BECTON JR SOC SEC 00 Director}

^{Appointed on : 09/02/1987}

^{Street :
9
MUSKETAQUID ROAD}

^CONCORD,

^{Town: MASSACHUSETTS}

^{Postcode: 01742}

^{Country: United States}

^{EDWARD F. DEGRAAN SOC SEC 02 Director}

^{Appointed on : 20/05/2003}

^{Street :
11 OLMSTEAD DRIVE}

^HINGHAM

^{Town: MASSACHUSETTS}

^{Postcode: 02043}

^{Country: United States}

^{WILLARD J. OVERLOCK, JR SOC SEC 04 Director}

^{Appointed on : 25/05/1999}

^{Street :
32 PECKSLAND ROAD}

^GREENWICH

^CONNECTICUT

^Town:

^{Postcode: 06831}

^{Country: United States}

^{JAMES E. PERRELLA SOC SEC 05 Director}

^{Appointed on : 25/07/1995}

^{Street : 114
BEAR'S CLUB DRIVE}

^JUPITER

^{Town: FLORIDA}

^{Postcode: 33477}

^{Country: United States}

^{ALFRED SOMMER SOC SEC 09 Director}

^{Appointed on : 19/05/1998}

^{Street : 5720 OAKSHIRE ROAD}

^BALTIMORE

^{Town: MARYLAND}

^{Postcode: 21209}

^{Country: United States}

^{JAMES.F ORR SOC SEC 14 Director}

^{Appointed on : 28/11/2000}

^{Street : 4575 WILLOW HILLS LANE}

^CINCINNATI

^OHIO

^Town:

^{Postcode: 45243}

^{Country: United States}

^{EDWARD J. LUDWIG SOC SEC 14 Director}

^{Appointed on : 01/01/2000}

^{Street : 605 PIERMONT ROAD}

^DEMAREST

^{Town: NEW JERSEY}

^{Postcode: 07627}

^{Country: United States}

^{BERTRAM L. SCOTT SOC SEC 35 Director}

^{Appointed on : 24/09/2002}

^{Street : 2869 WHITETAIL COURT}

^DOYLESTOWN

^{Town: PENNSYLVANIA}

^{Postcode: 18901}

^{Country: United States}

^{HARRY NELSON BEATY SOC SEC 39 Director}

^{Appointed on : 04/02/1985}

^{Street : 34808 NORTH DESERT RIDGE DRIVE}

^SCOTTSDALE,

^{Town: ARIZONA}

^{Postcode: 85262}

^{Country: United States}

^{MARGARETHA AF UGGLAS SOC SEC 94 Director}

^{Appointed on : 20/05/1997}

^{Street : SAXAGENS
GARD,}

^{640 51 STJARNHOV}

^Town:

^Postcode:

^{Country: Sweden}

ACTIVITY(IES)

^{PHARMACEUTICAL PRODUCTS - WHSLE And MFRS Code:16400}

^{BASED ON ACRA'S RECORD AS AT
17/08/2007}

^{1. MANUFACTURE OF PHARMACEUTICAL AND
BIOLOGICAL INTERMEDIATES AND FINE CHEMICALS FOR HUMAN USE;}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

^{CITIBANK NA}

SHAREHOLDERS(S)

No Shareholders In Our Database

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

Trade Morality: AVERAGE

Liquidity : SUFFICIANT

Payments : REGULAR

Trend : UPWARD

Financial Situation: AVERAGE

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All amounts in this report are in: SGD}

^{Audit Qualification:
UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)
UNQUALIFIED (CLEAN)}

^{Date Account Lodged: 30/01/2007}

^{Balance Sheet Date: 30/09/2006 30/09/2005 30/09/2004}

^{Number of weeks: 52 52 52}

^{Consolidation Code: BRANCH BRANCH BRANCH}

^---
ASSETS

^{Tangible Fixed Assets: 2,746,860 3,756,176 3,736,213}

^{Investments 90,000 90,000 90,000}

^{Total Fixed Assets: 2,836,860 3,846,176 3,826,213}

^{Inventories: 6,685,927 3,500,922 4,943,670}

^{Receivables: 13,018,077 12,068,308 12,110,285}

^{Cash,Banks, Securitis: 2,959,214 1,595,730 1,611,001}

^{Other current assets: 6,710,410 10,373,230 10,067,161}

^{Total Current Assets: 29,373,628 27,538,190 28,732,117}

^{TOTAL ASSETS: 32,210,488 31,384,366 32,558,330}

^{---
LIABILITIES}

^{TOTAL EQUITY: 14,643,015 10,003,281 15,536,353}

^{Trade Creditors: 655,760 730,896 5,702,313}

^{Provisions: - - 176,400}

^{Other Short term
Liab.: 8,767,163 14,416,949 11,143,264}

^{Total short term
Liab.: 17,567,473 21,381,085 17,021,977}

^{Prepay. & Def.
charges: 8,144,550 6,233,240 -}

^{TOTAL LIABILITIES:
17,567,473 21,381,085 17,021,977}

^{PROFIT & LOSS
ACCOUNT}

^{Net Sales 74,233,299 62,427,741 60,752,525}

^{Gross Profit: 26,998,572 20,196,175 18,495,120}

^{NET RESULT BEFORE TAX: 549,714 -3,037,230 -2,299,069}

^{Tax : 101,001 -78,670 79,290}

^{Net income/loss year: 448,713 -2,958,560 -2,378,359}

^{Depreciation: 1,237,594 980,859 1,005,202}

^{Purchases,Sces & Other
Goods: 48,234,727
42,231,566 -}

^{Wages and Salaries: 16,705,920 14,751,063 12,612,118}

^{Financial Income: 124,785 65,736 18,140}

RATIOS

^{30/09/2006 30/09/2005 30/09/2004}

^{Turnover per employee: 106047.57 89182.49 86789.32}

^{Net result /
Turnover(%): 0.01 -0.05 -0.04}

^{Stock / Turnover(%): 0.09 0.06 0.08}

^{Net Margin(%): 0.60 -4.74 -3.91}

^{Return on Equity(%): 3.06 -29.58 -15.31}

^{Return on Assets(%): 1.39 -9.43 -7.30}

^{Net Working capital: 11806155.00 6157105.00 11710140.00}

^{Cash Ratio: 0.17 0.07 0.09}

^{Quick Ratio: 0.91 0.64 0.81}

^{Current ratio: 1.67 1.29 1.69}

^{Receivables Turnover: 63.13 69.59 71.76}

^{Leverage Ratio: 1.20 2.14 1.10}

^{Net
Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net
income loss year)/Total equity}

^{Return on Assets : (100*Net
income loss year)/Total fixed assets}

^{Net Working capital : Total
current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank
securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank
securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total current
assets/Total short term liabilities}

^{Inventory Turnover :
(360*Inventories)/Net sales}

^{Receivables Turnover :
(Receivable*360)/Net sales}

^{Leverage Ratio : Total
liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANCIAL CONDITION OF THE BRANCH WAS
SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED PASSABLE
WITH NET WORTH IMPROVING BY 46.38% FROM S$10,003,281 IN FY 2005 TO S$14,643,015
IN FY 2006.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY
FINANCED BY OTHER SHORT-TERM LIABILITIES WHICH MADE UP 49.91% (2005: 67.43%) OF THE TOTAL CURRENT LIABILITIES AND
AMOUNTED TO S$8,767,163 (2005: S$S$14,416,949). THE BREAKDOWN IS AS FOLLOWS:}

^{-RELATED COMPANIES - 2006: S$8,767,163 (2005:
S$14,416,949)}

^{IN ALL, LEVERAGE RATIO FELL FROM 2.14 TIMES
TO 1.20 TIMES AS A RESULT OF A DECLINE IN TOTAL LIABILITIES AND A RISE IN TOTAL
EQUITY.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS
PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL AND LIQUIDITY RATIOS.
CURRENT RATIO ROSE TO 1.67 TIMES, UP FROM 1.29 TIMES AND QUICK RATIO ROSE TO
0.91 TIMES FROM 0.64 TIMES IN FY 2005.}

^{SIMILARLY, NET WORKING CAPITAL ROSE BY 91.75%
FROM S$6,157,105 IN FY 2005 TO S$11,806,155.}

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 18.91% FROM
$62,427,741 IN FY 2005 TO S$74,233,299 AND NET PROFIT ROSE BY 1.15 TIMES TO
S$448,713 (2005: S$-2,958,560). HENCE, NET MARGIN ROSE TO 0.60% (2005: -4.74%).}

^REVENUE:

^{-GOODS - 2006: S$73,644,275 (2005:
S$61,677,883)}

^{-SERVICE INCOME - 2006: S$589,024 (2005:
S$749,858)}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED
IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE
FORTHCOMING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE
ON 17/10/1991 AS A FOREIGN BRANCH UNDER ITS PRESENT NAMESTYLE OF "BECTON
DICKINSON AND COMPANY", SINGAPORE
BRANCH.}

^{THE SINGAPORE
BRANCH IS A SEGMENT OF BECTON DICKINSON AND COMPANY AND IS NOT A SEPARATELY
INCORPORATED LEGAL ENTITY.IT IS THE REGIONAL DIVISION HEADQUATERS OF BECTON DICKINSON AND COMPANY (INCORPORATED IN THE UNITED STATES OF AMERICA).}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING
& CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE
BUSINESS OF:}

^{1. MANUFACTURE OF PHARMACEUTICAL AND
BIOLOGICAL INTERMEDIATES AND FINE CHEMICALS FOR HUMAN USE}

^{MANUFACTURE MEDICINAL & PHARMACEUTICAL
PRODUCTS}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE
PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF THE SALE AND DISTRIBUTION OF MEDICAL SUPPLIES AND
DEVICES AND DIAGNOSTIC SYSTEMS.}

^{FROM THE RESEARCH DONE, THE FOLLOWING
INFORMATION WAS GATHERED:}

^{BACKGROUND OF BD GROUP:}

^{BD IS A MEDICAL TECHNOLOGY COMPANY THAT
SERVES HEALTHCARE INSTITUTIONS, LIFE SCIENCE RESEARCHERS, CLINICAL
LABORATORIES, INDUSTRY AND THE GENERAL PUBLIC. BD MANUFACTURES AND SELLS A
BROAD RANGE OF MEDICAL SUPPLIES, DEVICES, LABORATORY EQUIPMENT AND DIAGNOSTIC
PRODUCTS. BD IS HEADQUARTERED IN THE UNITED STATES AND HAS OFFICES IN NEARLY 50
COUNTRIES WORLDWIDE.}

^{BD MEDICAL IS AMONG THE WORLD'S LEADING
SUPPLIERS OF MEDICAL DEVICES. BD BUILT THE FIRST-EVER MANUFACTURING FACILITY IN
THE U.S.
TO PRODUCE SYRINGES AND NEEDLES IN 1906 AND HAS BEEN THE LEADING INNOVATOR IN
INJECTION- AND INFUSION-BASED DRUG DELIVERY EVER SINCE.}

^ACTIVITIES:

^{* MANUFACTURER OF STERILE DISPOSABLE
HYPODERMIC PRODUCTS}

^{* DISTRIBUTOR OF MEDICAL PRODUCTS AND
DIAGNOSTIC SYSTEMS}

^{* MANUFACTURER OF STERIAL CRITICAL CARE
SYSTEMS PRODUCTS}

^{PRODUCTS/SERVICES:}

^{* NEEDLES, SYRINGES AND INTRAVENOUS CATHETERS
FOR MEDICATION DELIVERY}

^{* INSULIN INJECTION DEVICES AND BLOOD GLUCOSE
MONITORS FOR TREATMENT OF DIABETES}

^{* PREFILLABLE DRUG DELIVERY DEVICES PROVIDED
TO PHARMACEUTICAL COMPANIES AND SOLD TO END-USERS AS DRUG/DEVICE COMBINATIONS}

^{* SURGICAL BLADES AND REGIONAL ANESTHESIA
NEEDLES}

^{* CRITICAL CARE MONITORING DEVICES}

^{* OPHTHALMIC SURGERY DEVICES}

^{* SHARPS DISPOSAL CONTAINERS}

^{* HOME HEALTHCARE PRODUCTS SUCH AS ACE® BRAND
ELASTIC BANDAGES}

^{INDUSTRIES SERVED:}

^{* HOSPITALS AND CLINICS}

^{* PHYSICIANS' OFFICE PRACTICES}

^{* CONSUMERS AND RETAIL PHARMACIES}

^{* PUBLIC HEALTH AGENCIES}

^{* PHARMACEUTICAL COMPANIES}

^{* HEALTHCARE WORKERS}

^{SUBJECT IS A MEMBER OF THE FOLLOWING
ENTITIES:}

^{* AMERICAN CHAMBER OF COMMERCE.}

^{NEWS: CELANESE SELLS FILMS BUSINESS OF AT
PLASTICS TO BPI}

^"EXTRACTS"

^{-SOURCE: CELANESE WEBSITE}

^{DATE: 20/08/2007}

^{DALLAS - CELANESE CORPORATION (NYSE: CE), A
GLOBAL HYBRID CHEMICAL COMPANY, TODAY ANNOUNCED THAT THE COMPANY HAS SOLD THE
FILMS BUSINESS OF ITS AT PLASTICS SUBSIDIARY TO BRITISH POLYTHENE INDUSTRIES
PLC (BPI). THE FILMS BUSINESS MANUFACTURES PRODUCTS FOR THE AGRICULTURAL,
HORTICULTURAL AND CONSTRUCTION INDUSTRIES.}

^{THE SALE
IS PART OF CELANESE'S ONGOING PLAN TO DIVEST NON-CORE BUSINESSES. THE
TRANSACTION INCLUDES THE TRANSFER TO BPI OF FILMS PRODUCTION ASSETS, LOCATED IN
EDMONTON AND WESTLOCK, ALBERTA, CANADA, EFFECTIVE IMMEDIATELY.}

^{THE SPECIALTY POLYMERS BUSINESS OF AT
PLASTICS, WHOSE PRODUCTION AND SUPPORT FACILITIES ARE LOCATED IN EDMONTON, REMAINS WITH
CELANESE. THE POLYMERS BUSINESS CONCENTRATES ON THE DEVELOPMENT AND SUPPLY OF
SPECIALTY RESINS AND COMPOUNDS.}

^{BOTH LINES OF BUSINESS REMAIN IN FULL
PRODUCTION.}

^{FROM THE TELE-INTERVIEW CONDUCTED ON
22/08/2007, THE FOLLOWING WAS GATHERED:}

^{NUMBER OF EMPLOYEES:}

^{* COMPANY - 2007: 700}

^{NO OTHER TRADE INFORMATION IS AVAILABLE ON
22/08/2007.}

^{NUMBER OF EMPLOYEES (30 SEPTEMBER):}

^{* BRANCH
- 2006: NOT AVAILABLE (2005: 71; 2004: 66; 2003: 66, 2002: 66)}

^{* GROUP
- 2006: - (2005: -)}

^{REGISTERED ADDRESS:}

^{20 RAFFLES
PLACE}

^{#09-01
OCEAN TOWERS}

^SINGAPORE⁰⁴⁸⁶²⁰

^{- DATE OF CHANGE OF ADDRESS: 01/01/2002}

^{BUSINESS ADDRESS:}

^{* BD}

^{30 TUAS AVENUE}²

^SINGAPORE⁶³⁹⁴⁶¹

^{TEL: 6861 0633}

^{FAX: 6860 1593 (MAIN FAX)/6860 7628}

^{- OWNED BY BECTON DICKINSON MEDICAL (S) PTE LTD}

^{- ASIA
PACIFIC REGIONAL OFFICE}

^{* BD INITIATIVE - IMMUNIZATION}

^{30 TUAS AVENUE}²

^SINGAPORE⁶³⁹⁴⁶¹

^{TEL: 6861 0633}

^{FAX: 6860 1593/6860 7628}

^{- OWNED BY BECTON DICKINSON MEDICAL (S) PTE LTD}

^{* BD MEDICAL - OPHTHALMIC SYSTEMS}

^{30 TUAS AVENUE}²

^SINGAPORE⁶³⁹⁴⁶¹

^{TEL: 6861 0633}

^{FAX: 6860 1593/6860 7628}

^{- OWNED BY BECTON DICKINSON MEDICAL (S) PTE LTD}

^{* BD MEDICAL - PHARMACEUTICAL SYSTEMS}

^{30 TUAS AVENUE}²

^SINGAPORE⁶³⁹⁴⁶¹

^{TEL: 6861 0633}

^{FAX: 6860 1593/6860 7628}

^{- OWNED BY BECTON DICKINSON MEDICAL (S) PTE LTD}

^{OTHER BUSINESS ADDRESS:}

^{198 YISHUN AVE}⁷

^SINGAPORE⁷⁶⁸⁹²⁶

^{TEL: 6753 6311}

^{FAX: 6754 3961}

^{- MANUFACTURE OF MEDICAL PRODUCTS}

^{- FACTORY}

^WEBSITE:

^{http://www.bd.com}

^EMAIL:

MANAGEMENT

^{THE AGENTS/DIRECTORS AT THE TIME OF THE
REPORT ARE:}

^{1) CHUA SOOK PING CHRISTINA, A SINGAPOREAN
(AGENT)}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{DREW & NAPIER LLC}

^{2) LIM WEE HANN, A SINGAPOREAN (AGENT)}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{W.R. GRACE (SINGAPORE) PRIVATE LIMITED}

^{PARKER HANNIFIN SINGAPORE PRIVATE LIMITED}

^{3) FRANK A. OLSON, AN AMERICAN (DIRECTOR)}