MIRA INFORM REPORT

 

 

Report Date :

28.04.2014

 

IDENTIFICATION DETAILS

 

Name :

BUCKMAN LABORATORIES (ASIA) PTE LTD

 

 

Formerly Known As :

BUCKMAN LABORATORIES PTE LTD (14/07/1995)

 

 

Registered Office :

8, Marina Boulevard, 05-02, Marina Bay Financial Centre, 018981

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.09.1991

 

 

Com. Reg. No.:

199104610-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacture of pulp, paper and paperboard

 

 

No of Employees :

100

 

 

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 :

Satisfactory

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199104610-M

COMPANY NAME

:

BUCKMAN LABORATORIES (ASIA) PTE LTD

FORMER NAME

:

BUCKMAN LABORATORIES PTE LTD (14/07/1995)

INCORPORATION DATE

:

13/09/1991

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE.

BUSINESS ADDRESS

:

33 TUAS SOUTH STREET 1, 638038, SINGAPORE.

TEL.NO.

:

65-68919200

FAX.NO.

:

65-68634122

EMAIL

:

ASIA@BUCKMAN.COM.SG

WEB SITE

:

WWW.BUCKMAN.COM

CONTACT PERSON

:

ROBERT LEIGH FLEETWOOD MANN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF PULP, PAPER AND PAPERBOARD

ISSUED AND PAID UP CAPITAL

:

3,196,996.00 ORDINARY SHARE, OF A VALUE OF USD 3,346,996.00

SALES

:

USD 53,748,158 [2012]

NET WORTH

:

USD 13,827,448 [2012]

STAFF STRENGTH

:

100 [2014]

BANKER (S)

:

UNITED OVERSEAS BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

 

HISTORY / BACKGROUND

 

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) manufacture of pulp, paper and paperboard.

 

The immediate and ultimate holding company of the Subject is BULAB HOLDINGS INC., a company incorporated in UNITED STATES.

 

Share Capital History

 

Date

Issue & Paid Up Capital

10/03/2014

USD 3,346,996.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

BULAB HOLDINGS INC.

1256, NORTH MCLEAN BOULEVARD MEMPHIS, TN 38018 0305, UNITED STATES.

S91UF0064

3,196,996.00

100.00

---------------

------

3,196,996.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

294017T

MALAYSIA

BUCKMAN LABORATORIES (MALAYSIA) SDN. BHD.

100.00

31/12/2012



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

STEVEN BRUCE BUCKMAN

Address

:

8408, RIVERTRAIL COVE CORDOVA TN, 38018, UNITED STATES.

IC / PP No

:

D1003176

Nationality

:

AMERICAN

Date of Appointment

:

20/09/1991

 

DIRECTOR 2

 

Name Of Subject

:

ROBERT LEIGH FLEETWOOD MANN

Address

:

33, TUAS SOUTH STREET 1, 638038, SINGAPORE.

IC / PP No

:

G5714842Q

Nationality

:

SOUTH AFRICAN

Date of Appointment

:

30/07/2003

 

DIRECTOR 3

 

Name Of Subject

:

ASHOK RAMAMURTHY

Address

:

28, SURREY ROAD, 20 - 02, LINCOLN RESIDENCES, THE, 307762, SINGAPORE.

IC / PP No

:

S2766215C

Nationality

:

SINGAPOREAN

Date of Appointment

:

17/06/2009



MANAGEMENT

 

 

1)

Name of Subject

:

ROBERT LEIGH FLEETWOOD MANN

Position

:

MANAGING DIRECTOR

 

 

 

 

AUDITOR

 

Auditor

:

BDO LLP

Auditor' Address

:

N/A

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANTHONY ANNE CATHARINE

IC / PP No

:

S1347717E

Address

:

8, LORONG 29, GEYLANG, 07-06, 388064, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LTD

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject 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.



PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



The Subject 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

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

30 - 90 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

CHEMICAL PRODUCTS

 

Total Number of Employees:

 

YEAR

2014

2013

2009

GROUP

N/A

N/A

N/A

COMPANY

100

100

150

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture of pulp, paper and paperboard.

The Subject is engaged in the manufacturing and marketing specialty chemicals for applications in:

* pulp and paper
* water treatment
* agriculture
* wood
* plastic
* leather & coatings

The Subject is a member of the following entities:
* Singapore chemical industry council
* Singapore manufacturers' federation


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

65 6863 4122

Current Telephone Number

:

65-68919200

Match

:

NO

Address Provided by Client

:

33 TUAS SOUTH STREET 1, SINGAPORE - 638038

Current Address

:

33 TUAS SOUTH STREET 1, 638038, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2010 - 2012

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2012

]

Return on Shareholder Funds

:

Acceptable

[

28.94%

]

Return on Net Assets

:

Favourable

[

33.32%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years. The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

28 Days

]

Debtor Ratio

:

Unfavourable

[

68 Days

]

Creditors Ratio

:

Favourable

[

53 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.57 Times

]

Current Ratio

:

Favourable

[

2.01 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

120.39 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STRONG

 

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

* Based on Index of Industrial Production (2011 = 100)



INDUSTRY ANALYSIS

 

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 construction related 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



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1991, the Subject is a Private Limited company, focusing on manufacture of pulp, paper and paperboard. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.


Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 100 employees in its business operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.


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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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 Subject 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 USD 13,827,448, the Subject should be able to maintain its business in the near terms.


Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.


The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.


The industry has reached its optimum level and is generally stable. It is saturated and very competitive. With the Subject’s favourable conditions, it should have acquired competitive edge from its competitors.

 

Based on the above condition, we recommend credit be granted to the Subject promptly.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

BUCKMAN LABORATORIES (ASIA) 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

USD

USD

USD

TURNOVER

53,748,158

51,945,595

42,868,495

----------------

----------------

----------------

Total Turnover

53,748,158

51,945,595

42,868,495

Costs of Goods Sold

(27,033,177)

(26,892,757)

(19,749,622)

----------------

----------------

----------------

Gross Profit

26,714,981

25,052,838

23,118,873

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

4,692,246

3,623,294

3,731,977

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

4,692,246

3,623,294

3,731,977

Taxation

(690,981)

(93,039)

(577,752)

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

4,001,265

3,530,255

3,154,225

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

6,479,187

2,948,932

(205,293)

----------------

----------------

----------------

As restated

6,479,187

2,948,932

(205,293)

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

10,480,452

6,479,187

2,948,932

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

10,480,452

6,479,187

2,948,932

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

6

4,850

10,951

Hire purchase

-

-

139

Term loan / Borrowing

39,296

54,872

-

----------------

----------------

----------------

39,302

59,722

11,090

=============

=============

=============

 

 

 

 

BALANCE SHEET

 

 

BUCKMAN LABORATORIES (ASIA) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

4,863,473

4,690,041

4,640,631

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

1

1

1

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

1

1

1

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

4,863,474

4,690,042

4,640,632

Stocks

4,068,680

5,732,691

5,048,473

Trade debtors

9,950,784

7,834,774

6,506,991

Other debtors, deposits & prepayments

449,357

520,528

354,838

Amount due from related companies

1,667

768

-

Cash & bank balances

4,090,122

2,600,299

1,074,193

Others

-

479,399

-

----------------

----------------

----------------

TOTAL CURRENT ASSETS

18,560,610

17,168,459

12,984,495

----------------

----------------

----------------

TOTAL ASSET

23,424,084

21,858,501

17,625,127

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

3,928,559

3,424,720

3,447,716

Other creditors & accruals

3,800,868

2,980,766

3,862,120

Bank overdraft

-

-

2,095,857

Deposits from customers

17,966

27,585

545,584

Amounts owing to holding company

-

1,000,000

-

Amounts owing to related companies

777,975

1,106,204

545,088

Provision for taxation

698,353

520,128

470,670

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

9,223,721

9,059,403

10,967,035

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

9,336,889

8,109,056

2,017,460

----------------

----------------

----------------

TOTAL NET ASSETS

14,200,363

12,799,098

6,658,092

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

3,346,996

3,346,996

3,346,996

----------------

----------------

----------------

TOTAL SHARE CAPITAL

3,346,996

3,346,996

3,346,996

Retained profit/(loss) carried forward

10,480,452

6,479,187

2,948,932

----------------

----------------

----------------

TOTAL RESERVES

10,480,452

6,479,187

2,948,932

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

13,827,448

9,826,183

6,295,928

Deferred taxation

372,915

372,915

362,164

Others

-

2,600,000

-

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

372,915

2,972,915

362,164

----------------

----------------

----------------

14,200,363

12,799,098

6,658,092

=============

=============

=============

 

 

 

 

FINANCIAL RATIO

 

 

BUCKMAN LABORATORIES (ASIA) PTE LTD

 

TYPES OF FUNDS

Cash

4,090,122

2,600,299

1,074,193

Net Liquid Funds

4,090,122

2,600,299

(1,021,664)

Net Liquid Assets

5,268,209

2,376,365

(3,031,013)

Net Current Assets/(Liabilities)

9,336,889

8,109,056

2,017,460

Net Tangible Assets

14,200,363

12,799,098

6,658,092

Net Monetary Assets

4,895,294

(596,550)

(3,393,177)

BALANCE SHEET ITEMS

Total Borrowings

0

0

2,095,857

Total Liabilities

9,596,636

12,032,318

11,329,199

Total Assets

23,424,084

21,858,501

17,625,127

Net Assets

14,200,363

12,799,098

6,658,092

Net Assets Backing

13,827,448

9,826,183

6,295,928

Shareholders' Funds

13,827,448

9,826,183

6,295,928

Total Share Capital

3,346,996

3,346,996

3,346,996

Total Reserves

10,480,452

6,479,187

2,948,932

LIQUIDITY (Times)

Cash Ratio

0.44

0.29

0.10

Liquid Ratio

1.57

1.26

0.72

Current Ratio

2.01

1.90

1.18

WORKING CAPITAL CONTROL (Days)

Stock Ratio

28

40

43

Debtors Ratio

68

55

55

Creditors Ratio

53

46

64

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.33

Liabilities Ratio

0.69

1.22

1.80

Times Interest Earned Ratio

120.39

61.67

337.52

Assets Backing Ratio

4.24

3.82

1.99

PERFORMANCE RATIO (%)

Operating Profit Margin

8.73

6.98

8.71

Net Profit Margin

7.44

6.80

7.36

Return On Net Assets

33.32

28.78

56.22

Return On Capital Employed

33.32

28.78

42.76

Return On Shareholders' Funds/Equity

28.94

35.93

50.10

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. 61.11

UK Pound

1

Rs. 102.70

Euro

1

Rs. 84.52

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.