MIRA INFORM REPORT

 

 

Report Date :           

21.11.2011

 

IDENTIFICATION DETAILS

 

Name :

BUCKMAN LABORATORIES (ASIA) PTE LTD

 

 

 

 

Formerly Known As :

Buckman Laboratories Pte Ltd

 

 

 

 

Registered Office :

8 Marina Boulevard #05-02 Marina Bay Financial Centre Singapore 018981

 

 

 

 

Country :

Singapore

 

 

 

 

Financials (as on) :

31.12.2010

 

 

 

 

Date of Incorporation :

13.09.1991

 

 

 

 

Com. Reg. No.:

199104610m

 

 

 

 

Legal Form :

Limited Private Company

 

 

 

 

Line of Business :

Manufacture of Pulp, Paper and Paperboard

Manufacture Pulp, Paper & Paperboard

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

S$1,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

BUCKMAN LABORATORIES (ASIA) PTE LTD

Registration No

:

199104610M

Date of Registration

:

13/09/1991

Former Name

:

BUCKMAN LABORATORIES PTE LTD Eff. date : 13/09/1991 Eff. date : 13/09/1991

Date of Change of Name

:

14/07/1995

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

8 MARINA BOULEVARD #05-02 MARINA BAY FINANCIAL CENTRE SINGAPORE 018981

Date of Change of Address

:

01/10/2010

Contact No.

:

6863 4100

Fax No.

:

6863 4122

Website

:

www.buckman.com

Registered Activities

:

MANUFACTURE OF PULP, PAPER AND PAPERBOARD

MANUF PULP, PAPER & PAPERBOARD

Issued Ordinary Capital*

:

$3,346,996.00 U.S. DOLLAR ,NO. OF SHARE : 3,196,996

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,346,996.00 U.S. DOLLAR

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

:

NA

No. of Local Associates

:

NA

Auditor

:

BDO LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 58,331,161.15 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 8,566,869.23 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

No records found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

5.5% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

BULAB HOLDINGS INC.

SHAREHOLDER ID

:

S91UF0064A

NATIONALITY

:

UNITED STATES

ADDRESS

:

1256 NORTH MCLEAN BLVD MEMPHIS TN 38018 0305 USA

NO. OF ORD SHARES

:

3,196,996

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

EDSON PORTO PEREDO

ADDRESS

:

8811 CLASSIC DR MEMPHIS TN 38125 US

POSITION

:

DIRECTOR

DATE OF APPT

:

22/11/2000

NATIONALITY

:

BRAZILIAN

I/C PASSPORT

:

CK718431

 

NAME

:

STEVEN BRUCE BUCKMAN

ADDRESS

:

8408 RIVERTRAIL COVE CORDOVA TN 38018 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

20/09/1991

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

D1003176

 

NAME

:

ROBERT LEIGH FLEETWOOD MANN

ADDRESS

:

33 TUAS SOUTH STREET 1 SINGAPORE 638038

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

30/07/2003

30/07/2003

NATIONALITY

:

SOUTH AFRICAN

I/C PASSPORT

:

G5714842Q

 

NAME

:

ANTHONY ANNE CATHARINE

ADDRESS

:

8 LORONG 29 GEYLANG #07-06 SINGAPORE 388064

POSITION

:

SECRETARY

DATE OF APPT

:

19/01/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1347717E

 

NAME

:

ASHOK RAMAMURTHY

ADDRESS

:

207 RIVER VALLEY ROAD #12-62 SINGAPORE 238275

POSITION

:

DIRECTOR

DATE OF APPT

:

17/06/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2766215C

 

 

KEY PERSONNEL PROFILE

 

Name:

ROBERT LEIGH FLEETWOOD MANN

NRIC Number:

G5714842Q

Available Address:

33 TUAS SOUTH STREET 1  SINGAPORE 638038

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

BUCKMAN LABORATORIES (ASIA) PTE LTD

DIRECTOR

30/07/2003

-

-

2

BUCKMAN LABORATORIES (ASIA) PTE LTD

MANAGING DIRECTOR

30/07/2003

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

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 (%)

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

             

LITIGATION

 

traced against Subject. Case status is as per available in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT).

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.ef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

3258

 

Date of Filing

:

30/07/1997

 

Amount

:

41,129.00

 

Cause

:

Contract - Renovation

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CHIANG CHIA LIANG

 

Last Update Date

:

03/02/2005

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

20/06/2011

Date of Last AR

:

22/06/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

58,331,161

23.66

47,172,113

47,815,577

50,935,516

47,086,282

Profit/(Loss) Before Tax

5,078,101

79.88

2,823,002

(932,882)

(1,041,688)

(406,834)

Profit After Tax attributable to Shareholders

4,291,954

73.42

2,474,839

(955,083)

(980,080)

(471,789)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

23,982,510

32.88

18,048,456

19,411,604

24,250,668

21,857,047

Current Assets

17,668,002

48.70

11,881,246

13,044,877

17,448,636

15,052,888

Non Current Assets

6,314,508

2.39

6,167,210

6,366,727

6,802,032

6,804,159

 

 

 

 

 

 

 

Total Liabilities

15,415,641

14.39

13,476,860

17,378,477

21,068,374

17,468,473

Current Liabilities

14,922,845

13.86

13,105,801

17,356,275

21,037,120

17,342,189

Non Current Liabilities

492,797

32.81

371,059

22,202

31,254

126,284

 

 

 

 

 

 

 

Shareholders' Funds

8,566,869

87.39

4,571,596

2,033,127

3,182,293

4,388,573

Share Capital

4,554,257

-6.49

4,870,324

4,722,528

5,029,253

5,302,562

Total Reserves

4,012,612

NA

(298,728)

(2,689,401)

(1,846,960)

(913,989)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

23.66

-1.35

-6.13

8.17

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

7.36

5.25

-2.00

-1.92

-1.00

Return on Equity (%)

50.10

54.14

-46.98

-30.80

-10.75

Return on Assets (%)

17.90

13.71

-4.92

-4.04

-2.16

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.80

2.95

8.55

6.62

3.98

Current Debt/Equity (Times)

1.74

2.87

8.54

6.61

3.95

Long Term Debt To Equity (Times)

0.06

0.08

0.01

0.01

0.03

Total Asset To Total Equity (Times)

2.80

3.95

9.55

7.62

4.98

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.43

2.61

2.46

2.10

2.15

Fixed Assets Turnover (Times)

9.24

7.65

7.51

7.49

6.92

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.18

0.91

0.75

0.83

0.87

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 5.5% (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 company yielded a rate of net profit on sales of 7.36 per cent in FY10 (FY09: 5.25 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.07 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.05 a year ago.

 

Liquidity

Current ratio stood at 1.18 times in FY10 (FY09: 0.91 times). This means that the company has SINGAPORE, DOLLARS 1.18 of current assets for every SINGAPORE, DOLLARS 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 1.80 times in FY10, compared with 2.95 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.80 for every SINGAPORE, DOLLARS 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 50.10 per cent for Subject in the current financial period, as compared to 54.14 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 17.90 per cent (FY09: 13.71 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 2.43 times in FY10 (FY09: 2.61 times). This ratio measures the company'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.51.35

UK Pound

1

Rs.80.97

Euro

1

Rs.68.26

 

 

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 Business

----

 

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

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