| ACC 2903Value added programme 2Name: Tan Min Hui (15SAT075B)Tutor: Dr. Lee Chien Ching
Date: 5th February 2016 |

BACHELOR OF ACCOUNTANCY (WITH HONOURS)

| ACC 2903Value added programme 2Name: Tan Min Hui (15SAT075B)Tutor: Dr. Lee Chien Ching
Date: 5th February 2016 |

BACHELOR OF ACCOUNTANCY (WITH HONOURS)

To: Mr. Sun
From: Tan Min Hui
Subject: A profile of Biosensors International Group Ltd

Dear Mr. Sun,

In response to your request, the following is the company profile of Biosensors International Group Ltd (Biosensors). We will be looking into the nature of Biosensors’ operations, sector and regulatory environment in which it operates in, and other external factors currently affecting the its business.

Biosensors operates as an investment holding company which develops, manufactures and markets medical devices internationally, with China and Japan as its key customers. It is incorporated in Bermuda and headquartered in Singapore. On top of that, it also has representative offices in Indonesia, Hong Kong, Taiwan and Korea. Biosensors’ main sources of income are from its operations in China (26.8%) and licensing businesses (9%). The Group operates in 4 main segments, namely, interventional cardiology, critical care, cardiac diagnostic and licensing revenue. With a matured market for medical devices, Biosensors faces fierce competition and pricing pressures in the healthcare sector globally. Over the years, Biosensors had several joint ventures in China. It made Biosensors the strongest foreign player amongst Medtronic, Boston Scientific and other multinational competitors in the medical devices industry (Biodesign.stanford.edu, 2012). To keep ahead of the competition, Biosensors invested US$34 million in its research and development for its latest development in stent technology, BioFreedom. Biosensors prepares financial statements in conformance with the International Financial Reporting Standards (IFRS) and adopts the revised IFRS and IFRIC interpretations. It also acts in accordance with the Bermuda Companies’ Act and Bye-laws of the company. Furthermore, as Biosensors is an international company, it has to comply with the following regulations of each country before sale (Spring.gov.sg, 2013): 1) The European Medical Devices Directive 2) Canadian Medical Devices regulations 3) Therapeutic Goods Regulations of Australia 4) Health Science Authority (Singapore)

In a nutshell, Biosensors drives its revenue through licensing technologies, joint ventures and business acquisitions. However, it has not been performing well in recent years due to unfavourable foreign exchange impacts, healthcare reforms in China and rising interest rates which make it difficult for Biosensors to obtain financing (Forbes.com, 2015).

Should you require further information, please feel free to contact me.

Thank you.

With regards,
Tan Min Hui
Audit Intern

References
Biodesign.stanford.edu, (2012). BIOSENSORS INTERNATIONAL AND CHINA (A). Retrieved 29 January 2016, from http://biodesign.stanford.edu/bdn/resources/casestudies/chin-01-A_biosensors_111812.pdf Spring.gov.sg, (2013). Innovation Excellence Award Winner Summary Report. Retrieved 29 January 2016, from http://www.spring.gov.sg/Building-Trust/Business-Excellence/The-BE-Community-Partners/Documents/IAward_Biosensors_2013_Summary_Report.pdf Forbes.com, (2015). What Does 2015 Have In Store For China's Healthcare Economy?. Retrieved 29 January 2016, from http://www.forbes.com/sites/benjaminshobert/2015/01/14/what-does-2015-have-in-store-for-chinas-healthcare-economy/#55d7ef24de26

Reflections
1. With regard to writing the summary, what have you learned, unlearned and relearned?
I have learnt to write a summary in a clear and concise manner. Also, I have learnt that I need to write in accordance to the importance of the information so that it allows readers to pick out the important points immediately. Along the way, I had to unlearn the summary writing techniques taught in secondary school. Lastly, I’ve relearned how important it is to write professionally in the workplace.

2. What has been the most challenging thing for you to do this assignment? How did you overcome it?
The most challenging part of the assignment was to summarize all the corporate information given in the annual report into 400 words in our own words. Since there were a lot of information given, I had to decipher which information was more important and relevant. While doing the assignment, I remembered what my professor mentioned in class. She told me to put myself in the shoes of the reader. This allowed me to write according to what the reader of my summary would like to read.