MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	BILCARE TECHNOLOGIES SINGAPORE PTE. LTD.
Formerly Known As :	SINGULAR ID PTE. LTD. Eff. date : 24/12/2004
Registered Office :	52 Changi South Street 1 King Wai Industrial Building Singapore 486161
Country :	Singapore
Financials (as on) :	March, 2012
Date of Incorporation :	24.12.2004
Com. Reg. No.:	200416616N
Legal Form :	Limited Private Company
Line of Business :	Printing of Continuous and Fan Fold Forms, Labels, Tags, Pvc Cards
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
BILCARE TECHNOLOGIES SINGAPORE PTE. LTD.	200416616N

Date Incorporated:	Registered Office:	Telephone Number:
24/12/2004	52 CHANGI SOUTH STREET 1 KING WAI INDUSTRIAL BUILDING SINGAPORE 486161	63954130
Age of Company:	Website:	Industry Type:
9	http://www.bilcare.com/about_us/about_bilcare.htm	MANUFACTURING

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
47
Better than last month;last month the entity took 87 days to pay		No. of Charges(s): 0
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	2	Holding Company:	BILCARE SINGAPORE PTE. LIMITED
Number that are shareholders	2	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	BILCARE TECHNOLOGIES SINGAPORE PTE. LTD.
Registration No	:	200416616N
Date of Registration	:	24/12/2004
Former Name	:	SINGULAR ID PTE. LTD. Eff. date : 24/12/2004
Date of Change of Name	:	22/01/2009
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	52 CHANGI SOUTH STREET 1 KING WAI INDUSTRIAL BUILDING SINGAPORE 486161
Date of Change of Address	:	01/03/2009
Contact No.	:	63954130
Fax No.	:	NA
Website	:	http://www.bilcare.com/about_us/about_bilcare.htm
Registered Activities	:	1. PRINTING NEC PRINTING OF CONTINUOUSAND FAN FOLD FORMS, LABELS, TAGS, PVC CARDS 2. RESEARCH AND EXPERIMENTAL DEVELOPMENT ON ELECTRONICS RESEARCH AND DEVELOPMENT OF ELECTRONIC SYS, CHEMICAL DEVELOPMENT AND
Issued Ordinary Capital*	:	$7,014,750.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 125,000
Issued Preference Capital	:	$1,205,326.40 SINGAPORE, DOLLARS NO. OF SHARE : 41,118
Paid-Up Ordinary Capital	:	$7,014,750.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	$1,205,326.40 SINGAPORE, DOLLARS
* 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	:	SINGAPORE ASSURANCE PAC
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 207,816.00 (FY2012)
Net Worth	:	SINGAPORE, DOLLARS 7,033,379.00 (FY2012)

EXECUTIVE SUMMARY

No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	16.57% (4 years)

SHAREHOLDER DETAILS

NAME	:	BILCARE SINGAPORE PTE. LIMITED
SHAREHOLDER ID	:	200209840Z
NATIONALITY	:	SINGAPORE
ADDRESS	:	52 CHANGI SOUTH STREET 1 KING WAI INDUSTRIAL BUILDING SINGAPORE 486161
NO. OF ORD SHARES	:	100,000 37,214 41,118
% OF SHAREHOLDING	:	49.2% 18.3% 20.2%
CURRENCY	:	SINGAPORE, DOLLARS SINGAPORE, DOLLARS SINGAPORE, DOLLARS
NAME	:	ZENTAI INVESTMENTS PTE. LTD.
SHAREHOLDER ID	:	200920247D
NATIONALITY	:	SINGAPORE
ADDRESS	:	9 RHU CROSS #12-05 COSTA RHU SINGAPORE 437436
NO. OF ORD SHARES	:	25,000
% OF SHAREHOLDING	:	12.3%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	RAHUL GOPIKISAN BHARADIA
ADDRESS	:	22 BAYSHORE ROAD #05-04 THE BAYSHORE SINGAPORE 469970
POSITION	:	DIRECTOR
DATE OF APPT	:	18/02/2008
NATIONALITY	:	INDIAN
I/C PASSPORT	:	G5856485R
NAME	:	STEPHEN LEONG
ADDRESS	:	5 JALAN ISHAK SINGAPORE 419321
POSITION	:	SECRETARY
DATE OF APPT	:	26/08/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1023724F
NAME	:	ONG LIAN KIN ESTHER
ADDRESS	:	5 JALAN ISHAK SINGAPORE 419321
POSITION	:	SECRETARY
DATE OF APPT	:	03/03/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1126307J
NAME	:	MOHAN HARAKCHAND BHANDARI
ADDRESS	:	FLAT NO. 604, MANTRI LOUNGE, ANAND PARK PUNE - 411 007
POSITION	:	DIRECTOR
DATE OF APPT	:	18/02/2008
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1576076

KEY PERSONNEL PROFILE

Name:	RAHUL GOPIKISAN BHARADIA
NRIC Number:	G5856485R
Available Address:	22 BAYSHORE ROAD #05-04 THE BAYSHORE SINGAPORE 469970

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BILCARE SINGAPORE PTE. LIMITED	DIRECTOR	01/08/2008	-	NA
2	BILCARE TECHNOLOGIES SINGAPORE PTE. LTD.	DIRECTOR	18/02/2008	-	NA

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.	Transfer	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

Clear

COMPLIANCE

Date of Last AGM	:	30/09/2012
Date of Last AR	:	02/11/2012
Date of A/C Laid At Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING, ANNUAL RETURN OR ACCOUNTS LATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SINGAPORE, DOLLARS		SGD - SIN	SGD - SIN	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	207,816	-37.86	334,445	193,503	132,968	112,529
Profit/(Loss) Before Tax	(5,146,264)	NA	(2,997,830)	(1,447,580)	(452,449)	(385,269)
Profit After Tax attributable to Shareholders	(5,146,264)	NA	(2,997,830)	(1,488,679)	(439,350)	(282,179)
Balance Sheet Key Figures
Total Assets	12,964,952	10.36	11,748,239	15,804,680	9,299,517	3,530,561
Current Assets	1,429,654	140.26	595,047	7,616,105	5,047,309	1,693,637
Non Current Assets	11,535,298	3.43	11,153,192	8,188,575	4,252,208	1,836,924
Total Liabilities	5,931,573	-7.23	6,393,968	7,453,383	6,460,770	246,314
Current Liabilities	5,931,573	85.93	3,190,143	2,760,380	2,372,447	246,314
Non Current Liabilities	0	-100.00	3,203,825	4,693,003	4,088,323	0
Shareholders' Funds	7,033,379	31.36	5,354,271	8,351,297	2,838,747	3,284,247
Share Capital	3,628,958	0.00	3,628,958	3,628,958	3,628,958	3,628,958
Total Reserves	3,404,421	97.32	1,725,313	4,722,339	(792,273)	(348,309)

FINANCIAL RATIOS

	Group
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	-37.86	72.84	45.53	18.16	NA
Profitability
Profit Margin (%)	NA	NA	NA	NA	NA
Return on Equity (%)	NA	NA	NA	NA	NA
Return on Assets (%)	NA	NA	NA	NA	NA
Leverage
Total Debt/Equity (Times)	0.84	1.19	0.89	2.28	0.07
Current Debt/Equity (Times)	0.84	0.60	0.33	0.84	0.07
Long Term Debt To Equity (Times)	NA	0.60	0.56	1.44	NA
Total Asset To Total Equity (Times)	1.84	2.19	1.89	3.28	1.07
Asset Management
Total Assets Turnover (Times)	0.02	0.03	0.01	0.01	0.03
Fixed Assets Turnover (Times)	0.02	0.03	0.02	0.03	0.06
Liquidity
Current Ratio (Times)	0.24	0.19	2.76	2.13	6.88

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SGD - SIN	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	*	NA	0	0	132,968	0
Profit/(Loss) Before Tax	*	NA	0	0	(452,449)	0
Profit After Tax attributable to Shareholders	*	NA	0	0	(439,350)	0
Balance Sheet Key Figures
Total Assets	13,572,103	11.84	12,134,819	15,981,338	9,299,517	3,445,838
Current Assets	2,189,148	89.68	1,154,107	8,000,279	5,047,309	1,762,417
Non Current Assets	11,382,955	3.66	10,980,712	7,981,059	4,252,208	1,683,421
Total Liabilities	5,829,380	-8.08	6,341,695	7,407,825	6,460,770	172,264
Current Liabilities	5,829,380	85.78	3,137,870	2,714,822	2,372,447	172,264
Non Current Liabilities	0	-100.00	3,203,825	4,693,003	4,088,323	0
sShareholders' Funds	7,742,723	33.65	5,793,124	8,573,513	2,838,747	3,273,574
Share Capital	3,628,958	0.00	3,628,958	3,628,958	3,628,958	3,628,958
Total Reserves	4,113,765	90.09	2,164,166	4,944,555	(790,211)	(355,384)

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	NA	NA	-100.00	NA	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	-330.42	0.00
Return on Equity (%)	0.00	0.00	0.00	-15.48	0.00
Return on Assets (%)	0.00	0.00	0.00	-4.72	0.00
Leverage
Total Debt/Equity (Times)	0.75	1.09	0.86	2.28	0.05
Current Debt/Equity (Times)	0.75	0.54	0.32	0.84	0.05
Long Term Debt To Equity (Times)	0.00	0.55	0.55	1.44	0.00
Total Asset To Total Equity (Times)	1.75	2.09	1.86	3.28	1.05
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	0.01	0.00
Fixed Assets Turnover (Times)	0.00	0.00	0.00	0.03	0.00
Liquidity
Current Ratio (Times)	0.38	0.37	2.95	2.13	10.23

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 16.57% (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

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 0.24 times in FY12 (FY11: 0.19 times). This means that the group has SINGAPORE, DOLLARS 0.24 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 0.84 times in FY12, compared with 1.19 times in FY11. This means that the group requires additional external financing of SINGAPORE, DOLLARS 0.84 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

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 0.02 times in FY12 (FY11: 0.03 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.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

Report Prepared by :

SDA

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.