MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	BILCARE SINGAPORE PTE. LIMITED
Formerly Known As :	BILCARE SINGAOPRE PTE. LIMITED Eff. date : 12/11/2002
Registered Office :	52 Changi South Street 1 King Wai Industrial Building 486161
Country :	Singapore
Financials (as on) :	March, 2012
Date of Incorporation :	12.11.2002
Com. Reg. No.:	200209840Z
Legal Form :	Limited Private Company
Line of Business :	Manufacture of Pharmaceutical Intermediates and Fine Chemicals for Veterinary Use
No. of Employees :	Not Available

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, 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 SINGAPORE PTE. LIMITED	200209840Z

Date Incorporated:	Registered Office:	Telephone Number:
12/11/2002	52 CHANGI SOUTH STREET 1 KING WAI INDUSTRIAL BUILDING SINGAPORE 486161	63954130
Age of Company:	Website:	Industry Type:
11	http://www.bilcare.com/	MANUFACTURING

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		0
26
Payment pattern as per previous month		No. of Charges(s): NA
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	BILCARE LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	1

EXECUTIVE SUMMARY

Company Name	:	BILCARE SINGAPORE PTE. LIMITED
Registration No	:	200209840Z
Date of Registration	:	12/11/2002
Former Name	:	BILCARE SINGAOPRE PTE. LIMITED Eff. date : 12/11/2002
Date of Change of Name	:	22/08/2003
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	52 CHANGI SOUTH STREET 1 KING WAI INDUSTRIAL BUILDING SINGAPORE 486161
Date of Change of Address	:	15/04/2006
Contact No.	:	63954130
Fax No.	:	65424386
Website	:	http://www.bilcare.com/
Registered Activities	:	MANUFACTURE OF PHARMACEUTICAL INTERMEDIATES AND FINE CHEMICALS FOR VETERINARY USE
Issued Ordinary Capital*	:	$173,350,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 173,350,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$173,350,000.00 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	:	1
No. of Local Associates	:	NA
Auditor	:	SINGAPORE ASSURANCE PAC
Bankers / Financiers	:	DBS BANK LTD. UNITED OVERSEAS BANK LIMITED AXIS BANK LIMITED SINGAPORE BRANCH INDIAN BANK
Turnover	:	SINGAPORE, DOLLARS 116,277,416.00 (FY2012)
Net Worth	:	SINGAPORE, DOLLARS 222,815,983.00 (FY2012)

EXECUTIVE SUMMARY

No. of Bank Charges	:	16
No. of Litigation Suits	:	2
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	41.94% (4 years)

SHAREHOLDER DETAILS

NAME	:	BILCARE LIMITED
SHAREHOLDER ID	:	T03UF2876E
NATIONALITY	:	INDIA
ADDRESS	:	GAT NO. 1028, VILLAGE SHIROLI TAL : RAJGURUNAGAR, PUNE 410505
NO. OF ORD SHARES	:	173,350,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	PRABUDDHA GANGULI
ADDRESS	:	201 SUN VIEW HEIGHTS, PLOT NO 262 SHER-E-PUNJAB, ANDHERI EAST, MUMBAI 400 093
POSITION	:	DIRECTOR
DATE OF APPT	:	01/09/2006
NATIONALITY	:	INDIAN
I/C PASSPORT	:	G0184295
NAME	:	RAHUL GOPIKISAN BHARADIA
ADDRESS	:	22 BAYSHORE ROAD #05-04 THE BAYSHORE SINGAPORE 469970
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2008
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	:	23/07/2003
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1126307J
NAME	:	MOHAN HARAKCHAND BHANDARI
ADDRESS	:	FLAT NO. 604, MANTRI LOUNGE, ANAND PARK PUNE - 411 007
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	23/07/2003 27/02/2007
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1576076

KEY PERSONNEL PROFILE

Name:	MOHAN HARAKCHAND BHANDARI
NRIC Number:	Z1576076
Available Address:	FLAT NO. 604, MANTRI LOUNGE, ANAND PARK PUNE - 411 007

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BILCARE SINGAPORE PTE. LIMITED	DIRECTOR	23/07/2003	-	NA
2	BILCARE SINGAPORE PTE. LIMITED	MANAGING DIRECTOR	27/02/2007	-	NA
3	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 (%)
BILCARE TECHNOLOGIES SINGAPORE PTE. LTD.	80

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 16 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201114247
	Date of Registration	:	11/11/2011
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
2)	Charge No.	:	C201107543
	Date of Registration	:	22/06/2011
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624
3)	Charge No.	:	C201105108
	Date of Registration	:	25/04/2011
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
4)	Charge No.	:	C201006636
	Date of Registration	:	30/07/2010
	Chargee	:	AXIS BANK LIMITED SINGAPORE BRANCH
	Amount Secured and Currency	:	All Monies
	Address	:	---
5)	Charge No.	:	C200907722
	Date of Registration	:	25/11/2009
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
6)	Charge No.	:	C200900912
	Date of Registration	:	05/02/2009
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624
7)	Charge No.	:	C200810857
	Date of Registration	:	05/12/2008
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
8)	Charge No.	:	C200808707
	Date of Registration	:	18/09/2008
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
9)	Charge No.	:	C200804965
	Date of Registration	:	30/05/2008
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
10)	Charge No.	:	C200803541
	Date of Registration	:	15/04/2008
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
11)	Charge No.	:	C200709231
	Date of Registration	:	29/10/2007
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
12)	Charge No.	:	C200704922
	Date of Registration	:	28/06/2007
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
13)	Charge No.	:	C200702769
	Date of Registration	:	12/04/2007
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
14)	Charge No.	:	C200605184
	Date of Registration	:	07/08/2006
	Chargee	:	INDIAN BANK
	Amount Secured and Currency	:	All Monies
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

BANKERS/ FINANCIERS

15)	Charge No.	:	C200404587
	Date of Registration	:	15/09/2004
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624
16)	Charge No.	:	C200404586
	Date of Registration	:	15/09/2004
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

LITIGATION

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

	Current Year On/After 01 Jan 2013	Past Years Bef 01 Jan 2013
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0
Winding Up Trace		Yes
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	OM/OP/OS (JM)
	Case No.	:	478
	Transfer	:	-
	Date of Filing	:	NA
	Amount	:	0.00
	Cause	:	NA
	Case Status	:	NA
	Plaintiff	:	NA
	Last Update Date	:	21/06/2013
2)	Court	:	Company Winding Up
	Case No.	:	59
	Transfer	:	-
	Date of Filing	:	03/05/2011
	Amount	:	100,872.11
	Cause	:	1. Unable To Pay Debts
	Case Status	:	CONCLUDED
	Plaintiff	:	KARDIN-WAN SHEN LOGISTICS PTE LTD
	Last Update Date	:	24/10/2011

COMPLIANCE

Date of Last AGM	:	30/09/2012
Date of Last AR	:	01/11/2012
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	Company
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SINGAPORE, DOLLARS		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	116,277,416	48.63	78,234,773	68,496,659	58,467,694	28,645,618
Profit/(Loss) Before Tax	21,659,290	57.14	13,783,456	9,318,207	6,396,660	572,892
Profit After Tax attributable to Shareholders	21,659,290	57.14	13,783,456	9,318,207	6,396,660	572,892
Balance Sheet Key Figures
Total Assets	305,426,138	22.31	249,714,795	222,721,178	240,007,739	216,146,137
Current Assets	142,866,311	60.69	88,909,609	71,851,820	56,632,939	56,545,263
Non Current Assets	162,559,827	1.09	160,805,186	150,869,358	183,374,800	159,600,874
Total Liabilities	82,610,155	62.95	50,696,076	61,600,265	149,463,056	145,841,085
Current Liabilities	45,315,212	301.16	11,295,977	17,457,206	16,327,367	14,200,893
Non Current Liabilities	37,294,943	-5.34	39,400,099	44,143,059	133,135,689	131,640,192
Shareholders' Funds	222,815,983	11.96	199,018,719	161,120,913	90,544,683	70,305,052
Share Capital	145,000,000	0.00	145,000,000	145,000,000	59,470,000	59,470,000
Total Reserves	77,815,983	44.05	54,018,719	16,120,913	31,074,683	10,835,052

* Subject appears to have increased its share capital to $173,350,000.00 as at report date.

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	48.63	14.22	17.15	104.11	NA
Profitability
Profit Margin (%)	18.63	17.62	13.60	10.94	2.00
Return on Equity (%)	9.72	6.93	5.78	7.06	0.81
Return on Assets (%)	7.09	5.52	4.18	2.67	0.27
Leverage
Total Debt/Equity (Times)	0.37	0.25	0.38	1.65	2.07
Current Debt/Equity (Times)	0.20	0.06	0.11	0.18	0.20
Long Term Debt To Equity (Times)	0.17	0.20	0.27	1.47	1.87
Total Asset To Total Equity (Times)	1.37	1.25	1.38	2.65	3.07
Asset Management
Total Assets Turnover (Times)	0.38	0.31	0.31	0.24	0.13
Fixed Assets Turnover (Times)	0.72	0.49	0.45	0.32	0.18
Liquidity
Current Ratio (Times)	3.15	7.87	4.12	3.47	3.98

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 41.94% (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 18.63 per cent in FY12 (FY11: 17.62 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.19 of profit for every SINGAPORE, DOLLARS of sales in FY12, as compared with SINGAPORE, DOLLARS 0.18 a year ago.

Liquidity

Current ratio stood at 3.15 times in FY12 (FY11: 7.87 times). This means that the company has SINGAPORE, DOLLARS 3.15 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 0.37 times in FY12, compared with 0.25 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.37 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 9.72 per cent for Subject in the current financial period, as compared to 6.93 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 7.09 per cent (FY11: 5.52 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 0.38 times in FY12 (FY11: 0.31 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.62.24
UK Pound	1	Rs.99.89
Euro	1	Rs.84.22

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

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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.

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