|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAYER (SOUTH EAST
ASIA) PTE LTD |
|
|
|
|
Formerly Known as : |
BAYER POLYURETHANES ASIA PTE LTD |
|
|
|
|
Registered Office : |
63, Chulia Street, 14-00, 049514 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.05.1979 |
|
|
|
|
Com. Reg. No.: |
197901344-Z |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
wholesaler of medicinal and pharmaceutical
products. |
|
|
|
|
No of Employees : |
300 [2014] |
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 : |
Exists |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
197901344-Z |
|
COMPANY NAME |
: |
BAYER (SOUTH
EAST ASIA) PTE LTD |
|
FORMER NAME |
: |
BAYER POLYURETHANES ASIA PTE LTD
(02/01/2002) |
|
INCORPORATION DATE |
: |
15/05/1979 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
63, CHULIA STREET, 14-00, 049514,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
OCBC CENTRE EAST, 63 CHULIA STREET,
#14-00, 14TH FLOOR, 049514, SINGAPORE. |
|
TEL.NO. |
: |
65-64961888 |
|
FAX.NO. |
: |
65-64961490 |
|
WEB SITE |
: |
|
|
CONTACT PERSON |
: |
IAN PATERSON ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF MEDICINAL AND PHARMACEUTICAL
PRODUCTS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
66,926,882.00 ORDINARY SHARE, OF A VALUE
OF SGD 66,926,882.00 |
|
|
|
|
|
SALES |
: |
SGD 155,746,500 [2012] |
|
NET WORTH |
: |
SGD 159,066,598 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
300 [2014] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) wholesale of medicinal and pharmaceutical products.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
16/05/2014 |
SGD 66,926,882.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BAYER AKTIENGESELLSCHAFT |
KAISER-WILHELM-ALLEE 1, 51373, LEVERKUSEN, GERMANY. |
S79UF0211 |
66,926,882.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
66,926,882.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
IAN PATERSON |
|
Address |
: |
CURT-BECKMANN STRASSE, 33, 40474, DUSSELDORF, GERMANY. |
|
IC / PP No |
: |
761313633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
01/04/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TOBIAS FELIX MANUEL MARCHAND |
|
Address |
: |
25, JALAN SAMPURNA, 268303, SINGAPORE. |
|
IC / PP No |
: |
G5156384R |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
01/05/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
RAINER STEINMETZ |
|
Address |
: |
82, BAYSHORE ROAD, 18 - 30, COSTA DEL SOL, 469993, SINGAPORE. |
|
IC / PP No |
: |
G6452829M |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
27/09/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
YIM POON WAH |
|
Address |
: |
60, TREVOSE CRESCENT, 04 - 23, TREVOSE, THE, 298090, SINGAPORE. |
|
IC / PP No |
: |
S1344599J |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
JIANG WEI |
|
Address |
: |
238, ORCHARD BOULEVARD, 20 - 07, ORCHARD RESIDENCES, THE, 237973, SINGAPORE. |
|
IC / PP No |
: |
G5068839P |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
08/01/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
IAN PATERSON |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATER HOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
JAYANTHI RAVI |
|
|
IC / PP No |
: |
S6862227A |
|
|
|
|
|
|
|
Address |
: |
5, TANJONG RHU ROAD, 14 - 04 , WATERSIDE,
THE,, 436882, 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 against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION |
|
||||||||||||
|
|
|
||||||||||||
|
Code No |
: |
99 |
Case No |
: |
1909 |
|
|
|
|
|
|||
|
Year |
: |
2008 |
Place |
: |
SINGAPORE |
|
|
|
|
|
|||
|
Court |
: |
DISTRICT COURT |
|
|
|
|
|
|
|
|
|||
|
Date Filed |
: |
19/06/2008 |
|
|
|
|
|
|
|
|
|||
|
Solicitor |
: |
TANG KHIN WAI |
|
|
|
|
|
|
|
|
|||
|
Solicitor Ref |
: |
TKW/JW/332/07 |
|
|
|
|
|
|
|
|
|||
|
Solicitor Firm |
: |
TANG KHIN WAI & CO |
|
|
|
|
|
||||||
|
Plaintiff |
: |
MANAGEMENT CORPORATION STRATA TITLE PLAN
NO. 1444 |
|
|
|
||||||||
|
Defendants |
: |
|
|
|
|
||||||||
|
Remark |
: |
OTHERS / MISCELLANEOUS |
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
NOTE: |
Please check with creditors for confirmation as alleged debts may have
been paid since recorded or are being disputed. The person who has been sued has
the same name as the subject. However, we are unable to determine whether the
person sued is the one and the same person. |
|
No winding up petition was found in our
databank |
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its suppliers.
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 |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
MEDICINAL AND PHARMACEUTICAL PRODUCTS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
300 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of medicinal
and pharmaceutical products.
The Subject is a member of the Bayer Group of Companies.
Bayer is a global enterprise with core competencies in the fields of health
care, agriculture and high-tech polymer materials.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64961888 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
63, CHUILA STREET, OCBC CENTER EAST 14TH
FLOOR, SINGAPORE 049514 |
|
Current Address |
: |
OCBC CENTRE EAST, 63 CHULIA STREET,
#14-00, 14TH FLOOR, 049514, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
The address provided is incomplete.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
25.50% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
32.63% |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
15.27% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.46% |
] |
|
|
|
|
|
|
|
|
|
|
The higher turnover could be attributed to
the favourable market condition and the Subject could be gaining the market
share progressively.The Subject's profit fell sharply because of the high operating
costs incurred. The Subject's management had generated acceptable return for
its shareholders using its assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
76 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
31 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 |
: |
Acceptable |
[ |
0.96 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.16 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly
low. This could indicate that the Subject's working capital was slightly deficient.
The Subject will have to improve its liquidity position either by obtaining
short term financing or increase its paid up capital so that it can meet all
its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
20.09 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.05 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 was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover had
increased, its profits had declined over the same corresponding period. This
could be due to the stiffer market competition and / or higher operating
costs which lowered the Subject's profit margin. The Subject's liquidity was
at an acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all 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 as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial
condition of the Subject : STABLE |
||||||
|
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) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
|
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter of
2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
|
|
|
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell by
11% in the fourth quarter of 2012, after contracting by 6.1% in the third
quarter. The sales of several discretionary items also declined in the fourth
quarter. Besides, the sales of optical goods & books in 2012 fell by
3.6%, while the sales of telecommunications apparatus & computers
declined by 1.4%. |
|
|
|
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
|
Incorporated in 1979, the Subject is a
Private Limited company, focusing on wholesale of medicinal and
pharmaceutical products. The Subject has been in business for over 3 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 Subject is a large entity with strong
capital position. We are confident with the Subject's business and its future
growth prospect. 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. The
Subject is a fairly large and rapidly growing company with over 300 staff in
its operations. Overall, we regard that the Subject's management capability
is average. This indicates that the Subject has greater potential to improve
its business performance and raising income for the Subject. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
BAYER (SOUTH
EAST ASIA) PTE LTD |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
|
|
|
|
TURNOVER |
155,746,500 |
124,105,320 |
|
|
---------------- |
---------------- |
|
Total Turnover |
155,746,500 |
124,105,320 |
|
Costs of Goods Sold |
(107,095,569) |
(81,442,655) |
|
|
---------------- |
---------------- |
|
Gross Profit |
48,650,931 |
42,662,665 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
24,991,132 |
37,096,634 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
24,991,132 |
37,096,634 |
|
Taxation |
(697,401) |
(3,669,577) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
24,293,731 |
33,427,057 |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
67,845,985 |
34,418,928 |
|
|
---------------- |
---------------- |
|
As restated |
67,845,985 |
34,418,928 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
92,139,716 |
67,845,985 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
92,139,716 |
67,845,985 |
|
|
============= |
============= |
|
|
|
|
|
Term loan / Borrowing |
1,309,277 |
1,821,852 |
|
|
---------------- |
---------------- |
|
|
1,309,277 |
1,821,852 |
|
|
============= |
============= |
|
BAYER (SOUTH
EAST ASIA) PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
12,691,068 |
16,634,992 |
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
Subsidiary companies |
20,881,202 |
20,881,202 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
20,881,202 |
20,881,202 |
|
|
|
|
|
Own goodwill |
115,821,180 |
132,834,309 |
|
|
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
115,821,180 |
132,834,309 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
149,393,450 |
170,350,503 |
|
|
|
|
|
Stocks |
12,766,497 |
9,980,654 |
|
Trade debtors |
32,224,278 |
31,101,744 |
|
Other debtors, deposits & prepayments |
897 |
1,427,084 |
|
Amount due from holding company |
155,640 |
150,441 |
|
Amount due from related companies |
25,105,774 |
28,067,143 |
|
Cash & bank balances |
278,451 |
263,864 |
|
Others |
3,484,406 |
3,713,983 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
74,015,943 |
74,704,913 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
223,409,393 |
245,055,416 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
9,063,358 |
3,341,470 |
|
Other creditors & accruals |
31,365,869 |
22,596,039 |
|
Bank overdraft |
27,070 |
- |
|
Short term borrowings/Term loans |
7,508,000 |
62,737,000 |
|
Amounts owing to holding company |
83,418 |
235,285 |
|
Amounts owing to related companies |
14,569,688 |
14,052,022 |
|
Provision for taxation |
939,361 |
2,209,567 |
|
Other liabilities |
20,918 |
109,345 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
63,577,682 |
105,280,728 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
10,438,261 |
(30,575,815) |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
159,831,711 |
139,774,688 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
66,926,882 |
66,926,882 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
66,926,882 |
66,926,882 |
|
|
|
|
|
Retained profit/(loss) carried forward |
92,139,716 |
67,845,985 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
92,139,716 |
67,845,985 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
159,066,598 |
134,772,867 |
|
|
|
|
|
Deferred taxation |
765,113 |
1,134,571 |
|
Others |
- |
3,867,250 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
765,113 |
5,001,821 |
|
|
---------------- |
---------------- |
|
|
159,831,711 |
139,774,688 |
|
|
============= |
============= |
|
|
|
|
|
BAYER (SOUTH
EAST ASIA) PTE LTD |
|
TYPES OF FUNDS |
|
|
|
Cash |
278,451 |
263,864 |
|
Net Liquid Funds |
251,381 |
263,864 |
|
Net Liquid Assets |
(2,328,236) |
(40,556,469) |
|
Net Current Assets/(Liabilities) |
10,438,261 |
(30,575,815) |
|
Net Tangible Assets |
44,010,531 |
6,940,379 |
|
Net Monetary Assets |
(3,093,349) |
(45,558,290) |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
7,535,070 |
62,737,000 |
|
Total Liabilities |
64,342,795 |
110,282,549 |
|
Total Assets |
223,409,393 |
245,055,416 |
|
Net Assets |
159,831,711 |
139,774,688 |
|
Net Assets Backing |
159,066,598 |
134,772,867 |
|
Shareholders' Funds |
159,066,598 |
134,772,867 |
|
Total Share Capital |
66,926,882 |
66,926,882 |
|
Total Reserves |
92,139,716 |
67,845,985 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.00 |
0.00 |
|
Liquid Ratio |
0.96 |
0.61 |
|
Current Ratio |
1.16 |
0.71 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
30 |
29 |
|
Debtors Ratio |
76 |
91 |
|
Creditors Ratio |
31 |
15 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.05 |
0.47 |
|
Liabilities Ratio |
0.40 |
0.82 |
|
Times Interest Earned Ratio |
20.09 |
21.36 |
|
Assets Backing Ratio |
0.66 |
0.10 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
16.05 |
29.89 |
|
Net Profit Margin |
15.60 |
26.93 |
|
Return On Net Assets |
16.46 |
27.84 |
|
Return On Capital Employed |
9.54 |
14.28 |
|
Return On Shareholders' Funds/Equity |
15.27 |
24.80 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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.