MIRA INFORM REPORT

 

 

 

Report Date :

17.12.2008

 

IDENTIFICATION DETAILS

 

Name :

PERKINELMER SINGAPORE PTE LTD

 

 

Formerly Known As :

EG&G SINGAPORE PTE LTD

 

 

Registered Office :

28 Ayer Rajah Crescent #08-01139959

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

14.10.1997

 

 

Com. Reg. No.:

199707113D

 

 

Legal Form :

Pte Ltd

 

 

Line of Business :

Manufacture, Service and Sale of Analytical Instruments

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

Subject Company   

 

PERKINELMER SINGAPORE PTE LTD

 

 

Line Of Business  

 

MANUFACTURE, SERVICE AND SALE OF ANALYTICAL INSTRUMENTS

 

 

Parent Company    

 

PERKINELMER INTERNATIONAL C.V.

(PERCENTAGE OF SHAREHOLDING: 99%)

 

 

Financial Elements

 

                                                FY 2006

                                                COMPANY

Sales                                        : S$1,018,876,000

Networth                                               : S$128,562,000

Paid-Up Capital                            : S$53,752,000

Net result                                  : S$24,756,000

Net Margin(%)                           : 4.61     

Return on Equity(%)                   : 45.34 

Leverage Ratio                           : -42.26  

 

Based on the with the Accounting and Corporate Regulatory Authority (ACRA), the paid-up share capital has decreaed to S$5,000,000.

 

 

 

COMPANY IDENTIFICATION

 

Subject Company :

PERKINELMER SINGAPORE PTE LTD

Former Name :

PERKINELMER SINGAPORE PTE LTD DATE OF CHANGE OF NAME: 25/10/1999EG&G SINGAPORE PTE LTD

Business Address:

28 AYER RAJAH CRESCENT #08-01

Town:

SINGAPORE

Postcode:

139959

Country:

Singapore

Telephone:

6779 9555

Fax:

6872 6595

ROC Number:

199707113D

 

 

PREVIOUS IDENTIFICATION

 

EG&G SINGAPORE PTE LTD   

DATE OF CHANGE OF NAME:  25/10/1999

 

BERKSHIRE INVESTMENTS PTE LTD

DATE OF CHANGE OF NAME:  05/02/1998

 

 

SUMMARY

 

Legal Form:

Pte Ltd

Date Inc.:

14/10/1997

Summary year :

31/12/2006

All amounts in this report are in :

SGD

Sales:

1,018,876,000

Networth :

128,562,000

Paid-Up Capital:

53,752,000

Employees:

300

Net result :

24,756,000

 
AUDITOR: DELOITTE & TOUCHE LLP                                       
                                                                     
                                                                    
BASED ON ACRA'S 
                               NO. OF SHARES   CURRENCY              AMOUNT            
ISSUED ORDINARY        5,000,000         SGD                        5,000,000.00
PAID-UP ORDINARY                -               SGD                       5,000,000.00
 

 

REFERENCES

 

 

Litigation:

Yes

Company status :

TRADING

Started :

14/10/1997

 

 

PRINCIPAL(S)

 

TUEN POH YEAN

S2571866F

Director

 

 

DIRECTOR(S)

 

HO WUI MEE MARIAN

S1787009B

Company Secretary

Appointed on :

01/12/2006

 

Street :

16 SHAN ROAD #02-02 PINNACLE 16

 

Town:

SINGAPORE

 

Postcode:

328107

 

Country:

Singapore

 

CHEW BEE LENG

S7036104C

Company Secretary

Appointed on :

13/02/2007

 

Street :

609 BEDOK RESERVOIR ROAD #08-644

 

Town:

SINGAPORE

 

Postcode:

470609

 

Country:

Singapore

 

KRISTINA F. KEEGAN

141044697

Director

Appointed on :

20/08/2002

 

Street :

710 BRIDGEPORT AVENUE SHELTON

 

Town:

CONNECTICUT

 

County:

CT

 

Postcode:

06484

 

Country:

United States

 

JOHN LEO HEALY

210450839

Director

Appointed on :

01/09/2004

 

Street :

940 WINTER STREET WALTHAM

 

Town:

WALTHAM

 

County:

MA

 

Postcode:

02451

 

Country:

United States

 

TUEN POH YEAN

S2571866F

Director

Appointed on :

19/09/2005

 

Street :

39 SIMEI RISE #01-20 SAVANAH CONDOPARK

 

Town:

SINGAPORE

 

Postcode:

528783

 

Country:

Singapore

 

ROBERT JOHN BUCKLEY

G5836300L

Director

Appointed on :

19/09/2005

 

Street :

2A CORNWALL GARDENS #05-18 THE CORNWALL

 

Town:

SINGAPORE

 

Postcode:

269678

 

Country:

Singapore

 

BRUNO VAES

EG509018

Director

Appointed on :

19/09/2008

 

Street :

243 JALAN KAMPONG CHANTEK BINJAI CREST

 

Town:

SINGAPORE

 

Postcode:

587929

 

Country:

Singapore

 

 

 

   FORMER DIRECTOR(S)

 

TAN YONG CHIN

S0100654A

 

LEE LI LIN

S7478637E

 

SEOW MAY LING CARRIE

S1516073Z

 

JOSEF JOHANN ZIMLICH

3334033094

 

TAN THUAN SIAH

S2636294F

 

ANGELO D CASTELLANA

101296774

 

CHOY KAH HENG

A8624788

 

WILLIAM C SULLIVAN

101866651

 

TERRANCE L CARLSON

034764867

 

HEATH ALAN MITTS

132128337

 

DOUGLAS SCOTT PRINCE

155910416

 

TAN TENG HOCK JOHN

S1625442H

 

M SIVAANANTHAN

S0181790F

 

TAY SEOW WAH

S1618139J

 

DOREEN NG MEI LING

S7439674G

 

 

 

ACTIVITY(IES)

 

Activity Code:

19132

SENSORS And SENSING EQUIPMENT

Activity Code:

7970

ENGINEERS - ELECTRICAL

 
 
BASED ON ACRA'S RECORD 
1) OTHER SERVICE ACTIVITIES; MANUFACTURING, DESIGNING AND DEALING     
IN THERMOPILES, SENSORS AND FLASHTUBES, ETC                        
2) MANUFACTURING INDUSTRIES

 

 

SHAREHOLDERS(S)

 

PERKINELMER INSTRUMENTS INTERNATIONAL, LTD

49,505

Company

 

Street :

PO BOX 309 GEORGE TOWN GRAND CAYMAN

Country:

Cayman Islands

 

PERKINELMER INTERNATIONAL C.V.

4,950,495

Company

 

Street :

LIJNDONK 256 4825 BG BREDA

Country:

Netherlands

 

 

FORMER SHAREHOLDER(S)

 

EG & G INSTRUMENTS INTERNATIONAL LIMITED

49,505

 

 

WELLESLEY INTERNATIONAL C .V

4,950,495

 

 

 

HOLDING COMPANY

 

PERKINELMER INTERNATIONAL C.V.

UF33656Z

99%

 

 

SUBSIDIARY(IES)

 

 

PERKINELMER INSTRUMENTS (SHANGHAI) CO LIMITED

 

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality:

AVERAGE

Liquidity :

SUFFICIANT

Payments :

REGULAR

Trend :

LEVEL

Financial Situation:

AVERAGE

 

 

LITIGATION(S)

 

Type Of Case:

Magistrate Court - W/S

Case Number:

MCS03992/2001

Defendant

PERKINELMER SINGAPORE PTE. LTD.

ROC # : 199707113D

 

FINANCIAL ELEMENTS

 

All amounts in this report are in :

SGD

 

Audit Qualification:

UNQUALIFIED (CLEAN) OPINION

UNQUALIFIED (CLEAN) OPINION

UNQUALIFIED (CLEAN) OPINION

Date Account Lodged:

19/03/2008

 

 

Balance Sheet Date:

31/12/2006

31/12/2005

31/12/2004

Number of weeks:

52

52

52

Consolidation Code:

COMPANY

COMPANY

COMPANY

 

--- ASSETS

 

Preliminary Exp

1,013,000

1,513,000

 

Intangible Fixed Assets:

101,533,000

117,596,000

158,385,000

Tangible Fixed Assets:

14,092,000

14,026,000

18,841,000

Investments

6,940,000

6,940,000

6,107,000

Total Fixed Assets:

123,578,000

140,075,000

183,333,000

Inventories:

72,124,000

65,214,000

69,752,000

Receivables:

325,484,000

367,933,000

456,957,000

Cash,Banks, Securitis:

48,420,000

28,037,000

57,484,000

Other current assets:

99,344,000

91,942,000

98,530,000

Total Current Assets:

545,372,000

553,126,000

682,723,000

TOTAL ASSETS:

668,950,000

693,201,000

866,056,000

--- LIABILITIES

 

 

 

Equity capital:

53,752,000

5,000,000

5,000,000

Reserves:

3,265,000

3,104,000

-1,131,000

Profit & lost Account:

71,545,000

46,789,000

44,598,000

Surplus equity:

 

48,752,000

48,752,000

Total Equity:

128,562,000

103,645,000

97,219,000

Long Term Loans:

159,215,000

197,110,000

 

L/T deffered taxes:

3,426,000

2,538,000

3,729,000

Other long term Liab.:

 

 

341,061,000

Total L/T Liabilities:

162,641,000

199,648,000

344,790,000

Trade Creditors:

235,658,000

315,744,000

263,114,000

Provisions:

16,170,000

6,490,000

5,569,000

Other Short term Liab.:

117,126,000

62,595,000

142,613,000

Total short term Liab.:

377,747,000

389,908,000

424,047,000

Prepay. & Def. charges:

8,793,000

5,079,000

12,751,000

TOTAL LIABILITIES:

540,388,000

589,556,000

768,837,000

--- PROFIT & LOSS ACCOUNT

 

 

 

Net Sales

1,018,876,000

1,018,770,000

958,416,000

Gross Profit:

312,773,000

341,274,000

309,108,000

NET RESULT BEFORE TAX:

39,955,000

54,368,000

36,918,000

Tax :

15,199,000

7,377,000

5,814,000

Net income/loss year:

24,756,000

46,991,000

31,104,000

Interest Paid:

10,265,000

9,573,000

12,260,000

Depreciation:

5,212,000

9,218,000

8,052,000

Dividends:

 

44,800,000

 

Directors Emoluments:

742,000

740,000

531,000

Purchases,Sces & Other Goods:

706,103,000

677,496,000

649,308,000

Wages and Salaries:

28,167,000

30,180,000

26,120,000

Financial Income:

1,320,000

614,000

3,016,000

 

RATIOS

 

Date Account Lodged:

31/12/2006

31/12/2005

31/12/2004

Turnover per employee:

3396253.33

3395900

3194720

Net result / Turnover(%):

0.02

0.05

0.03

Fin. Charges / Turnover(%):

0.01

0.01

0.01

Stock / Turnover(%):

0.07

0.06

0.07

Net Margin(%):

2.43

4.61

3.25

Return on Equity(%):

19.26

45.34

31.99

Return on Assets(%):

3.7

6.78

3.59

Dividends Coverage:

 

1.05

 

Net Working capital:

167625000

163218000

258676000

Cash Ratio:

0.13

0.07

0.14

Quick Ratio:

0.99

1.02

1.21

Current ratio:

1.44

1.42

1.61

Receivables Turnover:

115

130.02

171.64

Leverage Ratio:

19.99

-42.26

-12.57

 
 
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
Dividends Coverage   : Net income loss year/Dividends
Net Working capital                 : (Total current assets/Total short term liabilities)/1000
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 COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:                                                        
                                                                      
NET WORTH:                                                            
THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 24.04% FROM S$103,645,000 IN FY 2005 TO S$128,562,000 IN FY 2006. THIS WAS DUE TO HIGHER ACCUMULATED PROFIT OF S$71,545,000 (2005: S$46,789,000); A RISE OF 52.91% FROM THE PRIOR FINANCIAL YEAR.        
                                                                      
LEVERAGE:
IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS    
WHICH MADE UP 62.39% (2005: 80.98%) OF THE TOTAL CURRENT LIABILITIES  
AND AMOUNTED TO S$235,658,000 (2005: S$315,744,000).                  
THE BREAKDOWN IS AS FOLLOWS:                                          
* OUTSIDE PARTIES - 2006: S$46,215,000 (2005: S$54,683,000)
* DEFERRED REVENUE - 2006: S$38,425,000 (2005: S$34,052,000)          
* AMOUNT OWING TO ULTIMATE HOLDING COMPANY: 2006: S$335,000 (2005: -) 
* AMOUNT OWING TO IMMEDIATE HOLDING COMPANY: 2006: S$5,289,000        
  (2005: S$5,860,000)                                                 
* AMOUNT OWING TO JOINT VENTURE: 2006: S$764,000 (2005: S$1,246,000)
* AMOUNT OWING TO SUBSIDIARIES - 2006: - (2005: S$59,000)             
* AMOUNT OWING TO OTHER RELATED COMPANIES - 2006: S$144,630,000       
  (2005: S$219,844,000)
                                                                      
IN THE LONG-TERM, SUBJECT WAS LARGELY FINANCED BY LONG-TERM LOANS  WHICH MADE UP 97.89% (2005: 98.73%) OF THE TOTAL LONG TERM LIABILITIE AND AMOUNTED TO S$159,215,000 (2005: S$197,110,000).
                                                                      
IN ALL, LEVERAGE RATIO ROSE FROM -42.26 TIMES TO 19.99 TIMES AS A  RESULT OF A RISE IN TOTAL EQUITY BUT A DECLINE IN TOTAL LIABILITIES.
 
 
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 1.44 TIMES, UP FROM 1.42 TIMES BUT QUICK RATIO FELL MARGINALLY
TO 0.99 TIMES FROM 1.02 TIMES IN FY 2005.
                                                                      
NET WORKING CAPITAL IMPROVED BY 2.70% FROM S$163,218,000 IN FY 2005 TO S$167,625,000.
 
CASH AND CASH EQUIVALENTS COMPRISE OF:                                
* CASH AT BANK - 2006: S$30,362,000 (2005: S$23,169,000)              
* FIXED DEPOSITS - 2006: S$18,058,000 (2005: S$4,868,000)
 
PROFITABILITY:                                                        
REVENUE POSTED A SLIGHT INCREASE OF 0.01% FROM S$1,018,770,000 IN FY 2005 TO S$1,018,876,000 BUT NET PROFIT FELL BY 47.32% TO S$24,756,000 (2005: S$46,991,000). THIS COULD BE DUE TO LOWER GROSS MARGIN OF 30.70% IN FY 2006 (2005: 33.50%). HENCE, NET MARGIN FELL TO 2.43% (2005: 4.61%).                                                  
                                                                      
REVENUE:                                                              
* SALES OF GOODS - 2006: S$844,018,000 (2005: S$850,925,000)          
* SERVICE REVENUE - 2006: S$174,858,000 (2005: S$167,845,000)
                                                                      
DEBT SERVICING:                                                       
DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN  ADDITION, ITS INTEREST COVERAGE RATIO WAS HEALTHY AT 4.89 (2005: 6.68)
                                                                      
NOTES TO THE FINANCIAL STATEMENTS:                                    
                                                                      
BANK LOAN                                                             
BANK LOAN OF S$159 MILLION (2005: S$197 MILLION) IS AN UNSECURED REVOLVING CREDIT FACILITY, WHICH BEARS INTEREST AT FLOATING RATE OF 1 MONTH EURIBOR PLUS 0.60%, BASED ON THE ULTIMATE HOLDING COMPANY'S CURRENT CREDIT RATING OF BBB-1/BAA3. THE EFFECTIVE INTEREST RATE OF THE BORROWINGS AS AT DECEMBER 31, 2006 WAS 3.63% (2005:3.04%). THE    
CREDIT FACILITY WAS RAISED ON OCTOBER 31, 2005 AND MATURES ON OCTOBER 31, 2010. THE DIRECTORS ESTIMATE THE FAIR VALUE OF THE LOAN TO BE EQUAL TO THE CARRYING VALUE.                                          
                                                                              
CONTINGENT LIABILITIES
* LETTER OF GUARANTEE (UNSECURED) - 2006: S$2,264,000 (2005:          
  S$1,446,000)                                           
                                                                           
SUBSEQUENT EVENTS
ON APRIL 19 2007, THE COMPANY ENTERED INTO AN AGREEMENT TO PURCHASE THE REMAINING 49% IN ITS JOINT VENTURE INTEREST, PERKINELMER (INDIA) PRIVATE LTD. FROM LABINDIA INSTRUMENTS PRIVATE LTD. (THE "VENDOR"), AN UNRELATED COMPANY FOR A CONSIDERATION OF S$1,915,200 (US$1,260,000). IN ADDITION, A CONTINGENT CONSIDERATION UP TO $1,520,000 (US $1,000,000) IS PAYABLE TO THE VENDOR IF PERKINELMER (INDIA) PRIVATE LTD. MEETS CERTAIN REVENUE TARGETS IN 2007.

BACKGROUND/OPERATION

 

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 14/10/1997 AS A LIMITED PRIVATE COMPANY UNDER THE NAMESTYLE OF "BERKSHIRE INVESTMENTS PTE LTD".                                   
                                                                      
SUBSEQUENTLY ON 05/02/1998, THE SUBJECT CHANGED ITS NAMESTYLE TO "EG&G
SINGAPORE PTE LTD”.                                                    
                                                                      
SUBSEQUENTLY ON 25/10/1999, THE SUBJECT CHANGED TO ITS PRESENT NAMESTYLE OF "PERKINELMER SINGAPORE PTE LTD".
 
 THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 5,000,000 SHARES, OF A VALUE OF S$5,000,000.                          
                                                                      
BASED ON ACRA'S RECORDS AS AT 12/12/2008:
 
AMALGAMATED WITH:                                                     
PERKINELMER SINGAPORE PTE LTD (199707113D)                            
FLUID SCIENCES SINGAPORE PTE LTD (200106649R)                         
                                                                      
AMALGAMATED TO FORM:
PERKINELMER SINGAPORE PTE LTD (199707113D)                            
                                                                      
AMALGAMATION EFFECTIVE DATE:                                          
19/09/2008
 
PRINCIPAL ACTIVITIES:                                                 
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY      
AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:           
1) OTHER SERVICE ACTIVITIES                                           
   MANUFACTURING, DESIGNING AND DEALING IN THERMOPILES, SENSORS AND
   FLASHTUBES, ETC                                                    
2) MANUFACTURING INDUSTRIES                                           
                                                                      
DURING THE FINANCIAL YEAR UNDER REVIEW, SUBJECT'S PRINCIPAL           
ACTIVITIES ARE THE MANUFACTURE AND SALE OF OPTOELECTRONIC PRODUCTS AND
THE MANUFACTURE, SERVICE AND SALE OF ANALYTICAL INSTRUMENTS.          
                                                                      
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:       
                                                                      
BACKGROUND OF PERKINELMER, INC:
PERKINELMER, INC. IS A GLOBAL TECHNOLOGY LEADER DRIVING GROWTH AND    
INNOVATION IN HEALTH SCIENCES AND INDUSTRIAL SCIENCES MARKETS TO      
IMPROVE THE QUALITY OF LIFE. THE COMPANY REPORTED REVENUES OF $1.55   
BILLION IN 2006, HAS 10,000 EMPLOYEES SERVING CUSTOMERS IN 125        
COUNTRIES, AND IS A COMPONENT OF THE S&P 500 INDEX.
                                                                      
THE COMPANY DESIGNS, MANUFACTURES, MARKETS AND SERVICES PRODUCTS AND  
SYSTEMS WITHIN TWO BUSINESS UNITS: LIFE AND ANALYTICAL SCIENCES,      
OPTOELECTRONICS.

 
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:                          
* AGRICULTURE, FOOD & FLAVORS                                         
* CELLULAR RESEARCH                                                   
* CLINICAL GENETICS & DIAGNOSTICS                                     
* DRUG DISCOVERY
* ENVIRONMENTAL ANALYSIS                                              
* FORENSIC ANALYSIS                                                   
* HYDROCARBON PROCESSING & BIOFUELS                                   
* LIFE SCIENCE RESEARCH                                               
* LUBRICANTS & OILS
* OPTOELECTRONICS (IMAGING, LIGHTING, SENSORS)                        
* PHARMACEUTICAL DEVELOPMENT & MANUFACTURING                          
* POLYMERS                                                            
* SEMICONDUCTOR & ELECTRONICS
 
PRODUCTS/SERVICES DEALINGS:                                           
* ATOMIC ABSORPTION (AA)                                              
* CELLULAR IMAGING & ANALYSIS                                         
* CLINICAL DIAGNOSTICS SYSTEMS                                        
* CONSUMABLES & SUPPLIES
* CONSUMER LIGHTING                                                   
* ELEMENTAL ANALYSIS                                                  
* FLUORESCENCE SPECTROSCOPY                                           
* GAS CHROMATOGRAPHY (GC)                                             
* GC/MS
* HIGH THROUGHPUT SCREENING                                           
* HPLC                                                                
* ICP-MASS SPECTROMETRY                                               
* ICP-OES                                                             
* INFRARED (FTIR & FTNIR)
* INSTRUMENT SERVICES                                                 
* LAB AUTOMATION                                                      
* LED SOLUTIONS                                                       
* LIMS & DATA HANDLING                                                
* LUMINESCENCE COUNTERS
* MEDICAL LIGHTING                                                    
* MICROARRAY TECHNOLOGIES                                             
* MICROPLATE TECHNOLOGIES                                             
* NEONATAL SCREENING SYSTEMS                                          
* ONESOURCE SERVICES
* PLATE READERS & IMAGERS                                             
* POLARIMETRY                                                         
* PRENATAL SCREENING SYSTEMS                                          
* PROTEOMIC IMAGING                                                   
* RADIOACTIVITY
* RADIOMETRIC DETECTORS                                               
* RAMAN SPECTROSCOPY                                                  
* REAGENTS & ASSAY PLATFORMS                                          
* RESEARCH REAGENTS                                                   
* SENSORS
* SPECIALTY LIGHTING                                                  
* THERMAL ANALYSIS (TA)                                               
* TRAINING COURSES                                                    
* UV/VIS & UV/VIS/NIR                                                 
* X-RAY DETECTORS
                                                                      
TERMS OF PAYMENT:                                                     
* TRADE RECEIVABLES - 2006: 30 TO 75 DAYS (2005: 30 TO 75 DAYS)       
* TRADE PAYABLES - 2006: 30 TO 60 DAYS (2005: 30 TO 60 DAYS)
 
FROM THE PRIOR TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS GATHERED:                                                         
 
                                                                      
NUMBER OF EMPLOYEES:                                                  
* 2007: 300+
                                                                      
FROM THE TELE-INTERVIEW CONDUCTED ON, THE FOLLOWING WAS GATHERED:                                                             
                                                                      
PERKINELMER SINGAPORE PTE LTD IS STILL ACTIVELY DOING BUSINESS.
FLUID SCIENCES SINGAPORE PTE LTD HAS BEEN SOLD TO OTHER COMPANIES.    
                                                                      
NO OTHER TRADE INFORMATION IS AVAILABLE                                                                      
THE COMPANY IS A SUBSIDIARY OF PERKINELMER INTERNATIONAL
C.V., A PARTNERSHIP FORMED IN THE NETHERLANDS. THE COMPANY'S ULTIMATE 
HOLDING COMPANY IS PERKINELMER  INC., INCROPORATED IN THE UNITED      
STATES OF AMERICA.                                                    
                                                                      
NUMBER OF EMPLOYEES (31 DECEMBER):
* COMPANY - 2005: NOT AVAILABLE (2004: 498; 2003: 522; 2002: 443;     
            2001: 457)                                                
* GROUP   - 2005: - (2004: - )                                        
                                                                      
REGISTERED ADDRESS:
80 RAFFLES PLACE                                                      
#32-01 UOB PLAZA 1                                                    
SINGAPORE 048624                                                      
- DATE OF CHANGE OF ADDRESS: 19/09/2008
 
BUSINESS ADDRESS:                                                     
28 AYER RAJAH CRESCENT                                                
#08-01                                                                
SINGAPORE 139959                                                      
- SALES AND SERVICE OFFICE
                                                                      
OTHER BUSINESS ADDRESS:                                               
28 AYER RAJAH CRESCENT                                                
#04-01                                                                
SINGAPORE 139959
- LIFE AND ANALYTICAL SCIENCES ("LAS") MANUFACTURING PLANT            
                                                                      
WEBSITE:                                                              
http://las.perkinelmer.com/local/Singapore/default.htm
 
EMAIL:                                                                
sgsales@perkinelmer.com

 

MANAGEMENT

 
THE DIRECTORS AT THE TIME OF THIS REPORT ARE:                         
                                                                      
1) KRISTINA F. KEEGAN, AN AMERICAN                                    
- BASED IN UNITED STATES OF AMERICA
 
2) JOHN LEO HEALY, AN AMERICAN                                       
   - BASED IN UNITED STATES OF AMERICA                                
                                                                      
3) BRUNO VAES, A BELGIAN                                             
   - BASED IN SINGAPORE
4) ROBERT JOHN BUKLEY, AN AMERICAN                                    
   - BASED IN SINGAPORE                                               
                                                                      
5) TUEN POH YEAN, A SINGAPOREAN
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

 

 

Singapore’s Country Rating 2008

 

Investment Grade

 

IN SINGAPORE, THE POLITICAL AND ECONOMIC SITUATION IS VERY GOOD. A QUALITY BUSINESS ENVIRONMENT HAS A POSITIVE INFLUENCE ON CORPORATE PAYMENT BEHAVIOUR. CORPORATE DEFAULT PROBABILITY IS VERY LOW ON AVERAGE.

ECONOMIC GROWTH REMAINED STRONG IN 2007 AND IN Q1 2008 (6.7%) THANKS TO A SHARP INCREASE IN CONSUMPTION SPURRED BY A BRIGHT EMPLOYMENT PICTURE, RISING REAL WAGES, AND A POSITIVE WEALTH EFFECT PRODUCED BY RISING PROPERTY PRICES. IN THIS CONTEXT, BANKRUPTCIES CONTINUE TO DECLINE, AS REFLECTED BY THE FAVOURABLE COFACE PAYMENT INCIDENT INDEX TREND. SINGAPORE MOREOVER BOASTS THE BEST GOVERNANCE IN ASIA THANKS TO AN EFFECTIVE LEGAL SYSTEM AND A GOOD LEVEL OF FINANCIAL TRANSPARENCY.

HOWEVER, A GROWTH SLOWDOWN IS EXPECTED FOR 2008 (4.5%) AMID WEAKER DEMAND GROWTH IN THE UNITED STATES, SINGAPORE'S NUMBER TWO TRADING PARTNER. THE FOREIGN TRADE CONTRIBUTION TO GROWTH WILL THUS DECLINE ESPECIALLY WITH EXPORTS REPRESENTING 210 PER CENT OF GDP.

INFLATION ACCELERATED IN 2007 AND REACHED 7.5% IN MAY 2008 BECAUSE OF RISING RAW MATERIAL PRICES. INDEED, SINGAPORE IMPORTS ALMOST ALL ITS ENERGY AND FOOD. HOWEVER, FOR THE ENTIRE YEAR, INFLATION SHOULD MODERATE AND REACH 2.8%.

THE FINANCIAL SITUATION HAS REMAINED ROBUST AS THE EQUILIBRIUM OF PUBLIC SECTOR FINANCES AND THE SOLIDITY OF A BANKING SYSTEM POISED TO ADOPT BASEL II PRUDENTIAL STANDARDS ATTEST. EXTERNAL ACCOUNTS CONTINUE MOREOVER TO SHOW LARGE SURPLUSES THANKS TO GOOD PERFORMANCE IN A RANGE OF SECTORS INCLUDING ELECTRONICS, TRANSPORT, CONSTRUCTION, TOURISM, AND FINANCIAL SERVICES. THE DECLINE EXPECTED IN THE CURRENT ACCOUNT SURPLUS IN 2008 SHOULD NOT JEOPARDISE SINGAPORE'S EXCEPTIONAL FINANCIAL SOLIDITY.

UNDERPINNED BY SUBSTANTIAL FISCAL RESERVES AND A LARGE MAJORITY IN PARLIAMENT, THE PEOPLE'S ACTION PARTY OF PRIME MINISTER LEE HSIEN LOONG HAS SOUGHT AT ONCE TO MAKE THE CITY-STATE MORE ATTRACTIVE TO FOREIGN INVESTORS AND TO BOLSTER THE SPECIALISATION IN HIGH-VALUE ADDED SECTORS TO MEET THE GROWING COMPETITION FROM LOW-COST ASIAN ECONOMIES. BESIDES REDUCTIONS IN CORPORATE INCOME TAX AND TAX INCENTIVES FOR COMPANIES SETTING UP OPERATIONS IN SINGAPORE, THE GOVERNMENT CONTINUES TO PURSUE ITS INFRASTRUCTURE AND R&D INVESTMENT POLICY.

ASSETS

·         THE COUNTRY HAS BEEN PURSUING AMBITIOUS DIVERSIFICATION STRATEGY, ESPECIALLY TO HIGH VALUE-ADDED SECTORS LIKE CHEMICALS, PHARMACEUTICALS, AND FINANCE.

·         IT IS AMONG THE MOST ADVANCED COUNTRIES OF ASIA IN QUALITY COMPETITIVENESS TERMS.

·         SINGAPORE HAS BECOME A MAJOR EXPORTER OF CAPITAL IN ASIA IN MANY ECONOMIC SECTORS —SUCH AS FINANCE, TELECOMMUNICATIONS, TRANSPORT — NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY

·         THE ECONOMY HAS BENEFITED FROM THE COUNTRY'S POLITICAL STABILITY AND EXCELLENT BUSINESS CLIMATE.

 

WEAKNESSES

·         SKILLED LABOUR IS IN SHORT SUPPLY IN THE SECTORS THE COUNTRY WISHES TO DEVELOP.

·         THE AGEING POPULATION COULD ULTIMATELY UNDERMINE ECONOMIC PERFORMANCE.

·         GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.

·         THE VERY OPEN ECONOMY IS VULNERABLE TO A WORLD ECONOMIC DOWNTURN.

 

MANUFACTURING SECTOR

 

PAST PERFORMANCE

THE MANUFACTURING SECTOR FELL BY 5.2% IN 2Q 2008, IN CONTRAST TO THE 13.0% GROWTH IN 1Q 2008. IT WAS BOOSTED BY THE BIOMEDICAL MANUFACTURING CLUSTER WHICH EXPANDED 49.0%.

 

THE DECLINE WAS MAINLY DRIVEN BY THE BIOMEDICAL MANUFACTURING CLUSTER WHICH FELL SIGNIFICANTLY BY 28.0%. THIS WAS LARGELY DUE TO A 31% DECLINE IN PHARMACEUTICALS OUTPUT, AS LOCAL PHARMACEUTICAL COMPANIES SWITCHED THEIR PRODUCT MIX TO PHARMACEUTICAL INGREDIENTS WITH LOWER VALUES COMPARED TO 2Q 2007.

 

THE TRANSPORT ENGINEERING CLUSTER ROSE BY 10.0% AS THE MARINE AND OFFSHORE ENGINEERING CLUSTER MAINTAINED ITS STRONG PERFORMANCE, RISING BY 19.0% IN 2Q 2008.

 

OTHER CLUSTERS REGISTERED MIXED PERFORMANCE. THE CHEMICALS CLUSTER ROSE MARGINALLY BY 1.2% WHILE THE PRECISION ENGINEERING CLUSTER FELL 1.7%. WITH THE IMPACT OF WEAKENING GLOBAL DEMAND, THE ELECTRONICS CLUSTER FELL TO 0.2% GROWTH.

 

NEWS

FACTORY OUTPUT DECLINES FOR FIRST TIME IN 3 MONTHS

 

THE ONE ECONOMIC INDICATOR HERE THAT HAS PROVED RESILIENT HAS FINALLY GIVEN IN TO THE MOUNTING FINANCIAL PRESSURE.

 

THE MONTHLY PURCHASING MANAGER’S INDEX (PMI), WHICH POINTS TO UPCOMING FACTORY OUTPUT, FELL FROM 50.6 IN AUGUST TO 49.5 LAST MONTH.

 

ITS 1.1 POINT FALL WAS THE FIRST CONTRACTION IN THREE MONTHS AND THE LARGEST DECLINE RECORDED SINCE THE BEGINNING OF THE YEAR.

 

A READING BELOW 50 INDICATES A CONTRACTION, WHILE A READING ABOVE 50 INDICATES AN EXPANSION.

 

ECONOMISTS ARE NOT SURPRISED THE FIGURES HAS FINALLY COME DOWN. THEY BELIEVED THAT THE PMI HAS BEEN OUT OF SYNC WITH THE ECONOMY IN RECENT MONTHS WITH ITS POSITIVE READINGS – JULY’S READING WAS 51.6 – AMID A GLOBAL DOWNTURN.

 

CITIGROUP’S MR KIT WEI ZHENG SAID THE FIGURES “SUPPORTED THE BEARISH VIEW OF THE ECONOMY” AND EXPORTS ARE LIKELY TO CONTINUE TO CONTRACT UNTIL THE FIRST HALF OF NEXT YEAR.

 

MR DAVID COHEN, DIRECTOR OF ASIAN FORECASTING AT ACTION ECONOMICS, SAID: “THIS WAS MORE OR LESS WITHIN EXPECTATIONS AS IT IS COMING AGAINST THE BACKDROP OF THE GENERAL DETERIORATION SCENE.

 

“THERE IS A GROWING SENSE THAT ECONOMIES AROUND THE WORLD ARE FINALLY SHOWING

SOME SORT OF A DRAG FROM THE FINANCIAL TURMOIL OF THE PAST YEAR.

 

KEY MANUFACTURING INDICATORS IN THE UNITED STATES AND JAPAN HAVE SHOWN LARGER THAN EXPECTED CONTRACTIONS RECENTLY.

 

THE UNITED STATES’ MANUFACTURING INDEX PLUMMETED TO 43.5 FOR SEPTEMBER, ITS LOWEST LEVEL SINCE OCTOBER 2001.

 

THE QUARTERLY TANKAN SURVEY OF MANUFACTURERS BY THE BANK OF JAPAN ALSO SHOWED

SENTIMENT AMONG LARGE MANUFACTURERS TO BE AT ITS LOWEST IN FIVE YEARS.

 

MS JANICE ONG, EXECUTIVE DIRECTOR OF THE SINGAPORE INSTITUTE OF PURCHASING & MATERIALS MANAGEMENT (SIPMM), WHICH PUBLISHES THE PMI, ATTRIBUTED THE FALL TO WEAK LOCAL DEMAND AND OVERSEAS DEMAND.

THE NEW ORDERS INDEX FELL TO 49.8, A 0.6 POINT DROP FROM AUGUST AFTER A THREE-MONTH EXPANSION, AND THE NEW EXPORT ORDERS INDEX GREW BY 0.7 FROM AUGUST BUT WAS STILL IN CONTRACTION WITH A 48.9 READING.

 

THE EMPLOYMENT INDEX ALSO SENT WORRYING SIGNALS BY CONTRACTING FOR THE 10TH STRAIGHT MONTH. IT LOST ANOTHER 2.2 POINTS TO HIT 46.4 IN SEPTEMBER.

 

“WE ARE LIKELY TO SEE SOFTENING IN THE JOB MARKET, WHICH WOULD TRANSLATE TO SOME JOB LOSSES. BUT SINGAPORE HAS A SAFETY NET OF FOREIGN WORKERS, SO THE JOB THREAT WILL NOT BE IMMEDIATE,” SAID MR COHEN.

 

THE ELECTRONICS SECTOR EMPLOYMENT INDEX CONTRACTED FOR ITS THIRD CONSECUTIVE MONTH, TO 43.4.

 

OUTLOOK

 

A WEIGHTED 13.0% OF THE MANUFACTURING SECTOR FORECASTS IMPROVED BUSINESS CONDITIONS FOR THE COMING MONTHS WHILE A WEIGHTED 12.0% PREDICTS DETERIORATION. THIS LEADS TO A NET WEIGHTED BALANCE OF 1.0% OF MANUFACTURERS FORECASTING BETTER BUSINESS CONDITIONS IN 2NF HALF OF 2008 COMPARED TO 2Q 2008. A WEIGHTED 75.0% OF MANUFACTURERS EXPECT THE BUSINESS CLIMATE TO REMAIN STABLE, RESULTING IN A TOTAL WEIGHTED 88.0% OF MANUFACTURERS EXPECTING BETTER OR STABLE BUSINESS CONDITIONS IN THE COMING MONTHS.

 

BASED ON THE NET WEIGHTED BASIS, THE GENERAL MANUFACTURING INDUSTRIES CLUSTER

IS THE MOST OPTIMISTIC WITH A NET WEIGHTED BALANCE OF 11.0% OF FIRMS EXPECTING BETTER BUSINESS CONDITIONS IN THE MONTHS AHEAD.

 

IN CONTRAST, THE CHEMICALS CLUSTER HAS THE WEAKEST OUTLOOK WITH A NET WEIGHTED BALANCE OF 23.0% OF FIRMS PREDICTING A LESS FAVOURABLE BUSINESS ENVIRONMENT. THIS IS ATTRIBUTED TO WEAKER PROFIT EXPECTATIONS ON THE BACK OF HIGH MATERIAL COSTS.

 

IN THE ELECTRONICS CLUSTER, A NET WEIGHTED BALANCE OF 1.0% OF FIRMS PREDICTS A LESS FAVOURABLE BUSINESS CLIMATE.

 

IN THE BIOMEDICAL MANUFACTURING CLUSTER, A NET WEIGHTED BALANCE OF 4.0% OF FIRMS FORECASTS A BETTER BUSINESS CLIMATE FOR THE COMING MONTHS.

 

IN THE PRECISION ENGINEERING CLUSTER, A NET WEIGHTED BALANCE OF 2.0% OF FIRMS FORECASTS BETTER BUSINESS PROSPECT.

 

FOR THE TRANSPORT ENGINEERING CLUSTER, A NET WEIGHTED BALANCE OF 8.0% OF FIRMS FORECASTS POSITIVE SENTIMENTS IN THE MONTHS AHEAD.

 

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

                EDB SINGAPORE

                THE STRAITS TIMES

               

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.08

UK Pound

1

Rs.71.17

Euro

1

Rs.66.98

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions