MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	CELLMARK ASIA PTE LTD
Formerly Known As :	CELLMARK (F.E.) PTE LTD
Registered Office :	271 Bukit Timah Road #03-13 Balmoral Plaza Singapore 259708
Country :	Singapore
Financials (as on) :	31.12.2007
Date of Incorporation :	27.06.1989
Com. Reg. No.:	198902610D
Legal Form :	Limited Private Company
Line of Business :	Forestry, Logging and Related Service Activities

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	S$674,000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exists

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Executive Summary

Company Name	:	CELLMARK ASIA PTE LTD
Registration No	:	198902610D
Date of Registration	:	27/06/1989
Former Name	:	CELLMARK (F.E.) PTE LTD Eff. date : 27/06/1989 Eff. date : 27/06/1989
Date of Change of Name	:	01/07/2002
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	271 BUKIT TIMAH ROAD #03-13 BALMORAL PLAZA SINGAPORE 259708
Date of Change of Address	:	21/07/2008
Contact No.	:	6737 1137
Fax No.	:	6737 8762
Website	:	www.cellmark.com
Registered Activities	:	FORESTRY, LOGGING AND RELATED SERVICE ACTIVITIES MARKETING & TRADING ALL KINDS OF PULP,PAPER,PACKAGING,RECYCLED FIBRE &FORESTRY
Issued Ordinary Capital*	:	$1,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$1,000,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	5
No. of Local Associates	:	NA
Auditor	:	HENG LEE SENG LLP
Bankers / Financiers	:	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
Turnover	:	SGD - SIN 167,595,306.00 (FY2009)
Net Worth	:	SGD - SIN 6,744,281.00 (FY2009)

No. of Bank Charges	:	1
No. of Litigation Suits	:	2
S1000 / SME 500 / FG50 Ranking	:	808 POSITION IN SINGAPORE 1000 (2008/2009) 941 POSITION IN SINGAPORE 1000 (2007/2008) 822 POSITION IN SINGAPORE 1000 (2006/2007) 775 POSITION IN SINGAPORE 1000 (2005/2006) 877 POSITION IN SINGAPORE 1000 (2004/2005) 947 POSITION IN SINGAPORE 1000 (2001/2002) 802 POSITION IN SINGAPORE 1000 (2000/2001) 712 POSITION IN SINGAPORE 1000 (1998/1999)
Compounded Annual Growth Rate (CAGR)	:	1.56% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$674,000

SHAREHOLDER DETAILS

NAME	:	CELLMARK AB
SHAREHOLDER ID	:	S89UF0157A
NATIONALITY	:	SWEDEN
ADDRESS	:	O HAMNGATAN 17 BOX 11927 S-40439 GOTTENBURG SWEDEN
NO. OF ORD SHARES	:	1,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	ULF ROLAND EGGEFORS
ADDRESS	:	BILLDALS SOMMARVAG 26 427 37 BILLDAL SWEDEN
POSITION	:	DIRECTOR
DATE OF APPT	:	25/07/2005
NATIONALITY	:	SWEDISH
I/C PASSPORT	:	45237623
NAME	:	HANS OSTEN KLING
ADDRESS	:	SKJUTBANEGATAN 35 SE-413 21 GOTHENBURG SWEDEN
POSITION	:	DIRECTOR
DATE OF APPT	:	25/07/2005
NATIONALITY	:	SWEDISH
I/C PASSPORT	:	53305995
NAME	:	DAVID HESKETH
ADDRESS	:	91 GRANGE ROAD #04-01 GRANGE RESIDENCES SINGAPORE 249613
POSITION	:	DIRECTOR
DATE OF APPT	:	30/06/1998
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2764943B
NAME	:	SUZES CHUAH GEIK SUAN
ADDRESS	:	59 WEST COAST WAY #02-16 CARABELLE SINGAPORE 127019
POSITION	:	SECRETARY
DATE OF APPT	:	10/11/2008
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7260089D
NAME	:	LEE SU FAU
ADDRESS	:	131 JALAN BUKIT MERAH #04-1573 SINGAPORE 160131
POSITION	:	SECRETARY
DATE OF APPT	:	10/11/2008
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7276389J

KEY PERSONNEL PROFILE

Name:	DAVID HESKETH
NRIC Number:	S2764943B
Available Address:	91 GRANGE ROAD #04-01 GRANGE RESIDENCES SINGAPORE 249613

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	CELLFIBER PTE LTD	DIRECTOR	31/05/2001	-	-
2	CELLMARK ASIA PTE LTD	DIRECTOR	30/06/1998	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	BASIC CHEMICAL SOLUTIONS FAR EAST PTE LTD	LIVE COMPANY	DIRECTOR	31/05/2001	23/02/2011

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
CELLFIBER PTE LTD	100
SIERRA FIBRES	NA (SOLE-PROPRIETOR)
NORTHWEST FIBERS	NA (SOLE-PROPRIETOR)
UNITED INTERNATIONAL FIBRES	NA (SOLE-PROPRIETOR)
ATLANTIC KRAFT	NA (SOLE-PROPRIETOR)

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	199903748
	Date of Registration	:	09/09/1999
	Chargee	:	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)
	Address	:	50 RAFFLES PLACE #36-01 SINGAPORE LAND TOWER SINGAPORE 048623

LITIGATION

The following litigation suits were traced against Subject. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered

To date, there have been 2 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years w.e.f 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	2
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	13385
	Date of Filing	:	19/04/2003
	Amount	:	0.00
	Cause	:	Negligence - Motor Accidents (Not Injuries / Death)
	Case Status	:	CONCLUDED
	Plaintiff	:	Acoustics And Engineering Pte Ltd
	Last Update Date	:	08/03/2004
2)	Court	:	Magistrate Court
	Case No.	:	6671
	Date of Filing	:	16/03/2010
	Amount	:	0.00
	Cause	:	Tort - Negligence (Motor Accidents With Injury)
	Case Status	:	PENDING
	Plaintiff	:	CHEONG FOO CHEE
	Last Update Date	:	18/03/2010

COMPLIANCE

Date of Last AGM	:	30/06/2010
Date of Last AR	:	22/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	167,595,306	-25.03	223,543,708	153,213,870	155,303,241	157,549,255
Profit/(Loss) Before Tax	2,940,952	1.73	2,890,840	944,772	1,704,445	1,839,646
Profit After Tax attributable to Shareholders	2,652,164	1.26	2,619,043	832,495	1,382,197	1,580,438
Balance Sheet Key Figures
Total Assets	54,666,940	8.37	50,443,114	34,018,898	26,859,313	28,618,968
Current Assets	54,280,933	8.71	49,932,599	33,588,882	26,591,547	28,418,260
Non Current Assets	386,007	-24.39	510,515	430,016	267,766	200,708
Total Liabilities	47,922,659	10.55	43,347,658	26,544,840	20,206,310	23,340,567
Current Liabilities	47,914,726	10.59	43,327,337	26,517,225	20,178,695	23,312,952
Non Current Liabilities	7,933	-60.96	20,321	27,615	27,615	27,615
Shareholders' Funds	6,744,281	-4.95	7,095,456	7,474,058	6,653,003	5,278,401
Share Capital	1,000,000	0.00	1,000,000	1,000,000	1,000,000	1,000,000
Total Reserves	5,744,281	-5.76	6,095,456	6,474,058	5,653,003	4,278,401

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-25.03	45.90	-1.35	-1.43	NA
Profitability
Profit Margin (%)	1.58	1.17	0.54	0.89	1.00
Return on Equity (%)	39.32	36.91	11.14	20.78	29.94
Return on Assets (%)	4.85	5.19	2.45	5.15	5.52
Leverage
Total Debt/Equity (Times)	7.11	6.11	3.55	3.04	4.42
Current Debt/Equity (Times)	7.10	6.11	3.55	3.03	4.42
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.01
Total Asset To Total Equity (Times)	8.11	7.11	4.55	4.04	5.42
Asset Management
Total Assets Turnover (Times)	3.07	4.43	4.50	5.78	5.51
Fixed Assets Turnover (Times)	434.18	437.88	356.30	580.00	784.97
Liquidity
Current Ratio (Times)	1.13	1.15	1.27	1.32	1.22

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2007	% Change	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	154,117,295	-0.71	155,215,864	153,962,668
Profit/(Loss) Before Tax	958,608	-66.19	2,835,035	1,304,693
Profit After Tax attributable to Shareholders	848,608	-66.27	2,515,530	1,092,218
Balance Sheet Key Figures
Total Assets	34,133,031	26.70	26,939,751	27,261,036
Current Assets	33,402,122	26.66	26,372,338	27,060,326
Non Current Assets	730,909	28.81	567,413	200,710
Total Liabilities	26,537,995	31.42	20,193,323	23,030,138
Current Liabilities	26,510,380	31.46	20,165,708	23,002,523
Non Current Liabilities	27,615	0.00	27,615	27,615
Shareholders' Funds	7,595,036	12.58	6,746,428	4,230,898
Share Capital	1,000,000	0.00	1,000,000	1,000,000
Total Reserves	6,595,036	14.77	5,746,428	3,230,898

FINANCIAL RATIOS

	Company
	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-0.71	0.81	NA
Profitability
Profit Margin (%)	0.55	1.62	0.71
Return on Equity (%)	11.17	37.29	25.82
Return on Assets (%)	2.49	9.34	4.01
Leverage
Total Debt/Equity (Times)	3.49	2.99	5.44
Current Debt/Equity (Times)	3.49	2.99	5.44
Long Term Debt To Equity (Times)	0.00	0.00	0.01
Total Asset To Total Equity (Times)	4.49	3.99	6.44
Asset Management
Total Assets Turnover (Times)	4.52	5.76	5.65
Fixed Assets Turnover (Times)	210.86	273.55	767.09
Liquidity
Current Ratio (Times)	1.26	1.31	1.18

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 1.56% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The group yielded a rate of net profit on sales of 1.58 per cent in FY09 (FY08: 1.17 per cent). The group is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.13 times in FY09 (FY08: 1.15 times). This means that the group has SGD - SIN 1.13 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 7.11 times in FY09, compared with 6.11 times in FY08. This means that the group requires additional external financing of SGD - SIN 7.11 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 39.32 per cent for Subject in the current financial period, as compared to 36.91 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 4.85 per cent (FY08: 5.19 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 3.07 times in FY09 (FY08: 4.43 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.24
Euro	1	Rs.62.68

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Company	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.