|
Report Date : |
25.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
WEST PHARMACEUTICAL SERVICES SINGAPORE PTE.
LTD. |
|
|
|
|
Formerly Known As : |
THE WEST COMPANY SINGAPORE PTE. LTD. (15/03/1999) |
|
|
|
|
Registered Office : |
15, Joo Koon Circle, Jurong, 629046 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.01.1982 |
|
|
|
|
Com. Reg. No.: |
198200091-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of Pharmaceutical Products and Medical Devices |
|
|
|
|
No. of Employees : |
500 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 31st, 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 |
|
REGISTRATION NO. |
: |
198200091-K |
|
COMPANY NAME |
: |
WEST PHARMACEUTICAL SERVICES SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
THE WEST COMPANY SINGAPORE PTE. LTD. (15/03/1999) |
|
INCORPORATION DATE |
: |
08/01/1982 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
15, JOO KOON CIRCLE, JURONG, 629046, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
15, JOO KOON CIRCLE, JURONG, 629046, SINGAPORE. |
|
TEL.NO. |
: |
65-68623400 |
|
FAX.NO. |
: |
65-68621837 |
|
CONTACT PERSON |
: |
JOHN ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF PHARMACEUTICAL PRODUCTS AND MEDICAL DEVICES |
|
ISSUED AND PAID UP CAPITAL |
: |
52,776,450.00 ORDINARY SHARE, OF A VALUE OF SGD 66,360,450.00 |
|
SALES |
: |
SGD 114,402,000 [2012] |
|
NET WORTH |
: |
SGD 157,274,000 [2012] |
|
STAFF STRENGTH |
: |
500 [2013] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MATURE |
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) manufacture of
pharmaceutical products and medical devices.
The immediate and ultimate holding company of the SC is WEST
PHARMACEUTICAL SERVICES INC, a company incorporated in UNITED STATES.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
WEST PHARMACEUTICAL SERVICES INC |
530, HERMAN O. WEST DRIVE, EXTON, PA, 19341, UNITED STATES. |
T08UF0100 |
52,776,450.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
52,776,450.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
011192 |
CHINA |
WEST PHARMACEUTICAL SERVICES SHANGHAI MEDICAL RUBBER PRODUCTS CO.,
LTD. |
100.00 |
31/12/2012 |
|
011191 |
CHINA |
WEST PHARMACEUTICAL PACKAGING (CHINA) COMPANY LTD |
100.00 |
31/12/2012 |
DIRECTOR 1
|
Name Of Subject |
: |
YAP KENG SIANG |
|
Address |
: |
201, CLEMENTI AVENUE 6, 03-13, 120201, SINGAPORE. |
|
IC / PP No |
: |
S1672658C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
18/02/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
JOHN ROBERT GAILEY III |
|
Address |
: |
22, TREEMONT DRIVE, MALVERN PENNSYLVANIA, 19355, UNITED STATES. |
|
IC / PP No |
: |
090971298 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
01/10/1992 |
DIRECTOR 3
|
Name Of Subject |
: |
TAN PANG TOON |
|
Address |
: |
52, HUME AVENUE, 04-05, SUMMERHILL, 596230, SINGAPORE. |
|
IC / PP No |
: |
S2605324B |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
12/09/2005 |
DIRECTOR 4
|
Name Of Subject |
: |
WARWICK STRAHAN BEDWELL |
|
Address |
: |
25, CLAYMORE ROAD, 11-03, CLAYMORE, THE, 229543, SINGAPORE. |
|
IC / PP No |
: |
G5033174T |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
21/02/2011 |
|
1) |
Name of Subject |
: |
JOHN |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
YAP KENG SIANG |
|
|
IC / PP No |
: |
S1672658C |
|
|
Address |
: |
201, CLEMENTI AVENUE 6, 03-13, 120201, SINGAPORE. |
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The SC refused to disclose its suppliers.
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The SC refused to disclose its clientele.
|
Products manufactured |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2013 |
|
|||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
500 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture of
pharmaceutical products and medical devices.
The SC refused to disclose any information on its operation.
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68623400 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
15 JOO KOON CIRCLE SINGAPORE 629046 |
|
Current Address |
: |
15, JOO KOON CIRCLE, JURONG, 629046, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 24th September 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.49% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.53% |
] |
|
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The SC's
management have been efficient in controlling its operating costs. The unfavourable
return on shareholders' funds could indicate that the SC was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
39 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
12 Days |
] |
|
|
The SC's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the SC. The SC had
a favourable creditors' ratio where the SC could be taking advantage of the
cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
2.30 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.21 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to
assure its creditors of its ability to meet short term obligations and the SC
was in a good liquidity position. Thus, we believe the SC is able to meet all
its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
198.40 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the SC was able to service the
interest. The favourable interest cover could indicate that the SC was making
enough profit to pay for the interest accrued. The SC had no gearing and
hence it had virtually no financial risk. The SC was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the SC, having a zero gearing, will be able to compete better than
those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover and
profit. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. With the
favourable interest cover, the SC could be able to service all the accrued
interest without facing any difficulties. The SC was a zero gearing company,
it was solely dependant on its shareholders to provide funds to finance its
business. The SC has good chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : STRONG |
||||||
|
Major Economic Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
<0.8> |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
<2.2> |
4.3 |
12.8 |
8.5 |
<1.3> |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
<32.5> |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
<10.78> |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
<0.8> |
11.4 |
2.8 |
<5> |
<2.2> |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
<15.9> |
<11.5> |
<25.3> |
<0.7> |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
<7.7> |
103.7 |
<26.3> |
<38.2> |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
<0.32> |
3.25 |
<0.48> |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
<6.31> |
<1.93> |
<10.5> |
12.10 |
<0.5> |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
<36.9> |
14.20 |
20.50 |
28.70 |
|
Real Estate |
<11.2> |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
<1.3> |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
<5.9> |
<16.4> |
<0.4> |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
<0.9> |
<1.4> |
0.30 |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012,
led by declines in the electronics and precision engineering clusters. These
clusters were weighed down by weak global demand for semiconductors and
semiconductor-related equipment. For the whole year of 2012, the
manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded
in 2011 when the sector was boosted by a surge in the growth of the
biomedical manufacturing cluster. |
|
|
|
|
|
Output of the biomedical manufacturing cluster grew by 2.4% in the
fourth quarter. The expansion was driven by the medical technology segment
which grew by a healthy 9.2%, benefitting from robust export demand for
medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For
2012, the biomedical manufacturing cluster expanded by 9.9%. |
|
|
|
|
|
Output of the transport engineering cluster expanded by 4.9% in the
fourth quarter. The aerospace segment grew by 6.2%, supported by higher
demand for repair jobs from commercial airlines. Similarly, the marine & offshore
engineering segment expanded by 5.0%, on the back of higher contributions
from oil rig projects and oilfield equipment components. In the year 2012,
the transport engineering cluster surged by 11%. |
|
|
|
|
|
The output of the precision engineering cluster shrank by 1.3% in the
fourth quarter. The decline was led by the 5.3% contraction in the machinery
& systems segment, which saw weak export demand for semiconductor-related
equipment. On the other hand, the precision modules & components segment
grew by 2.9%, supported by higher production of optical instruments &
photographic equipment and electronic connectors. In 2012, the precision
engineering cluster expanded by 1.3%. |
|
|
|
|
|
The general manufacturing cluster's output grew by 1.2% in the fourth
quarter, driven by the 6.4% growth in the miscellaneous industries segment.
The segment's growth was supported by higher production of batteries and
constructionrelated materials. By contrast, the printing and food, beverages
& tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the
general manufacturing cluster grew by 2.0%. |
|
|
|
|
|
The chemicals cluster's output grew by 7.7% in the fourth quarter. The
petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively,
partly due to the low base from plant shutdowns in end of 2011. The specialty
chemicals segment also expanded by 8.0% on the back of higher regional
demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily
due to weak regional demand for specialty chemicals in the second and third
quarter of 2012. |
|
|
|
|
|
Output of the electronics cluster contracted by 10% in the fourth
quarter, led by the semiconductors and computer peripherals segments which
contracted by 13% and 15% respectively. By contrast, the data storage segment
grew by 7.8%, mainly due to the low base in end of 2011 when floods in
Thailand had disrupted the supply chain for data storage products. For the
whole of 2012, the electronics cluster contracted by 11%. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MATURE |
|
Incorporated in 1982, the SC is a Private Limited company, focusing on manufacture
of pharmaceutical products and medical devices. With its long presence in the
industry coupled with its vast experiences in the business, the SC should have
built up certain goodwill with its clients over times. Having strong support
from its holding company has enabled the SC to remain competitive despite the
challenging business environment. The SC is a large entity with strong capital
position. We are confident with the SC's business and its future growth
prospect.
Being a large entity, the SC has a steady workforce of 500 personnel to support
its business operations. Its future prospects seem to be fairly good as its
business operations are running relatively stable. Overall, we regard that the
SC's management capability is average. This indicates that the SC has greater
potential to improve its business performance and raising income for the SC.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. The SC has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. The SC is in good liquidity position
with its current liabilities well covered by it current assets. Hence, it has
sufficient working capital to meet its short term financial obligations. Being
a zero geared company, the SC virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business. Given a positive net
worth standing at SGD 157,274,000, the SC should be able to maintain its
business in the near terms.
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the SC's growth prospect is very much
depends on its capacity in sustaining its performance in the market.
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
WEST PHARMACEUTICAL SERVICES SINGAPORE PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
|
|
|
|
|
|
TURNOVER |
114,402,000 |
105,620,000 |
92,865,000 |
|
Other Income |
61,000 |
5,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
114,463,000 |
105,625,000 |
92,865,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
16,976,000 |
15,244,000 |
12,836,000 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
16,976,000 |
15,244,000 |
12,836,000 |
|
Taxation |
<2,057,000> |
<1,662,000> |
<1,714,000> |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
14,919,000 |
13,582,000 |
11,122,000 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
75,559,000 |
61,977,000 |
50,855,000 |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
75,559,000 |
61,977,000 |
50,855,000 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
90,478,000 |
75,559,000 |
61,977,000 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
90,478,000 |
75,559,000 |
61,977,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
Loan from holding company |
86,000 |
86,000 |
94,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
86,000 |
86,000 |
94,000 |
|
WEST PHARMACEUTICAL SERVICES SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
46,547,000 |
49,336,000 |
50,173,000 |
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
Subsidiary companies |
80,453,000 |
67,576,000 |
61,022,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
80,453,000 |
67,576,000 |
61,022,000 |
|
|
|
|
|
|
INTANGIBLE ASSETS |
|
|
|
|
Deferred/Expenditure carried forward |
- |
- |
165,000 |
|
Others |
265,000 |
221,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
265,000 |
221,000 |
165,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
127,265,000 |
117,133,000 |
111,360,000 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Stocks |
14,374,000 |
14,315,000 |
13,355,000 |
|
Trade debtors |
12,252,000 |
11,802,000 |
9,451,000 |
|
Other debtors, deposits & prepayments |
279,000 |
235,000 |
99,000 |
|
Short term deposits |
2,001,000 |
5,001,000 |
9,575,000 |
|
Amount due from subsidiary companies |
3,300,000 |
800,000 |
1,745,000 |
|
Cash & bank balances |
18,371,000 |
13,344,000 |
2,000,000 |
|
Others |
13,000 |
27,000 |
191,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
50,590,000 |
45,524,000 |
36,416,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
177,855,000 |
162,657,000 |
147,776,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Trade creditors |
3,894,000 |
6,070,000 |
4,567,000 |
|
Other creditors & accruals |
6,942,000 |
5,468,000 |
6,144,000 |
|
Amounts owing to holding company |
2,512,000 |
2,671,000 |
2,922,000 |
|
Amounts owing to subsidiary companies |
- |
- |
124,000 |
|
Provision for taxation |
2,418,000 |
1,788,000 |
1,282,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
15,766,000 |
15,997,000 |
15,039,000 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
34,824,000 |
29,527,000 |
21,377,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
162,089,000 |
146,660,000 |
132,737,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
66,360,000 |
66,360,000 |
66,360,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
66,360,000 |
66,360,000 |
66,360,000 |
|
|
|
|
|
|
RESERVES |
|
|
|
|
General reserve |
436,000 |
- |
- |
|
Retained profit/(loss) carried forward |
90,478,000 |
75,559,000 |
61,977,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
90,914,000 |
75,559,000 |
61,977,000 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
157,274,000 |
141,919,000 |
128,337,000 |
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
Deferred taxation |
4,645,000 |
4,741,000 |
4,400,000 |
|
Others |
170,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
4,815,000 |
4,741,000 |
4,400,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
162,089,000 |
146,660,000 |
132,737,000 |
|
|
============= |
============= |
============= |
|
WEST PHARMACEUTICAL SERVICES SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
20,372,000 |
18,345,000 |
11,575,000 |
|
Net Liquid Funds |
20,372,000 |
18,345,000 |
11,575,000 |
|
Net Liquid Assets |
20,450,000 |
15,212,000 |
8,022,000 |
|
Net Current Assets/(Liabilities) |
34,824,000 |
29,527,000 |
21,377,000 |
|
Net Tangible Assets |
161,824,000 |
146,439,000 |
132,572,000 |
|
Net Monetary Assets |
15,635,000 |
10,471,000 |
3,622,000 |
|
BALANCE SHEET ITEMS |
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
20,581,000 |
20,738,000 |
19,439,000 |
|
Total Assets |
177,855,000 |
162,657,000 |
147,776,000 |
|
Net Assets |
162,089,000 |
146,660,000 |
132,737,000 |
|
Net Assets Backing |
157,274,000 |
141,919,000 |
128,337,000 |
|
Shareholders' Funds |
157,274,000 |
141,919,000 |
128,337,000 |
|
Total Share Capital |
66,360,000 |
66,360,000 |
66,360,000 |
|
Total Reserves |
90,914,000 |
75,559,000 |
61,977,000 |
|
LIQUIDITY (Times) |
|
|
|
|
Cash Ratio |
1.29 |
1.15 |
0.77 |
|
Liquid Ratio |
2.30 |
1.95 |
1.53 |
|
Current Ratio |
3.21 |
2.85 |
2.42 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
Stock Ratio |
46 |
49 |
52 |
|
Debtors Ratio |
39 |
41 |
37 |
|
Creditors Ratio |
12 |
21 |
18 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.13 |
0.15 |
0.15 |
|
Times Interest Earned Ratio |
198.40 |
178.26 |
137.55 |
|
Assets Backing Ratio |
2.44 |
2.21 |
2.00 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
Operating Profit Margin |
14.84 |
14.43 |
13.82 |
|
Net Profit Margin |
13.04 |
12.86 |
11.98 |
|
Return On Net Assets |
10.53 |
10.45 |
9.74 |
|
Return On Capital Employed |
10.51 |
10.44 |
9.73 |
|
Return On Shareholders' Funds/Equity |
9.49 |
9.57 |
8.67 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.