|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
201022568-H
|
|
COMPANY NAME
|
:
|
EQUIS FUNDS GROUP PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
21/10/2010
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
209 SOUTH BRIDGE ROAD, 03-00, 058758, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
209 SOUTH BRIDGE ROAD, #03-01, 058758, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62200040
|
|
FAX.NO.
|
:
|
65-62200042
|
|
WEB SITE
|
:
|
WWW.EQUISFG.COM
|
|
CONTACT PERSON
|
:
|
ADAM BERNHARD BALLIN ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
FUND MANAGEMENT, ENERGY AND INFRASTRUCTURE SPECIALIST
|
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
1,050,736.00 ORDINARY SHARE, OF A VALUE OF SGD 1,050,736.00
|
|
|
|
|
|
SALES
|
:
|
SGD 3,493,715 [2012]
|
|
NET WORTH
|
:
|
SGD 565,257 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY / BACKGROUND
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) fund management, energy and
infrastructure specialist.
The immediate
holding company of the SC is EQUIS FUNDS GROUP HOLDINGS, a company
incorporated in CAYMAN ISLANDS.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
EQUIS FUNDS GROUP HOLDINGS
|
PO BOX 31106, 89, NEXUS WAY, CAMANA BAY, GRAND CAYMAN KY1-1205, 2ND
FLOOR , CAYMAN ISLANDS.
|
T12UF1865
|
1,050,736.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
1,050,736.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
201208321
|
SINGAPORE
|
SOLEQ PTE LTD
|
100.00
|
31/12/2012
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. ADAM BERNHARD BALLIN
|
|
Address
|
:
|
3 NATHAN ROAD, 03-02, REGENCY PARK, 248726, SINGAPORE.
|
|
IC / PP No
|
:
|
G0468053M
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
NEW ZEALANDER
|
|
Date of Appointment
|
:
|
11/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
RAJPAL SINGH CHAUDHARY
|
|
Address
|
:
|
32 JALAN MUTIARA , 249207, SINGAPORE.
|
|
IC / PP No
|
:
|
G5573447Q
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
11/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
LANCE MICHAEL COMES
|
|
Address
|
:
|
27A, BERRIMA ROAD, 299922, SINGAPORE.
|
|
IC / PP No
|
:
|
G5103507R
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of Appointment
|
:
|
11/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
CARMODY JOSEPH THOMAS
|
|
Address
|
:
|
94, LINDEN DRIVE, 288731, SINGAPORE.
|
|
IC / PP No
|
:
|
G6419852T
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AUSTRALIAN
|
|
Date of Appointment
|
:
|
11/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
DAVID CHARLES RUSSELL
|
|
Address
|
:
|
1 STREET THOMAS WALK, 16-04, 238096, SINGAPORE.
|
|
IC / PP No
|
:
|
G0466181N
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AUSTRALIAN
|
|
Date of Appointment
|
:
|
21/10/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ADAM BERNHARD BALLIN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
HUANG JIAYING
|
|
|
IC / PP No
|
:
|
G5046300T
|
|
|
|
|
|
|
|
Address
|
:
|
22C SUNSHINE TERRACE, 535698, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
PECK JEN JEN
|
|
|
IC / PP No
|
:
|
S7719162C
|
|
|
|
|
|
|
|
Address
|
:
|
940, HOUGANG STREET 92, 13-17, 530940, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* 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.
PAYMENT RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC is a service provider and it does not deal with trade 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
|
[
|
|
]
|
|
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
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
FUND MANAGEMENT, ENERGY AND INFRASTRUCTURE SPECIALIST
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) fund management, energy
and infrastructure specialist.
Equis is an Asian energy and infrastructure specialist.
Equis invests in a variety of sectors including renewable and conventional
power generation, energy transmission and distribution, energy and
agricultural storage and handling, waste and water treatment, and energy,
agricultural and general transportation and logistics.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
65 6220 0040
|
|
Current Telephone Number
|
:
|
65-62200040
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
209, SOUTH BRIDGE ROAD, #03-01, SINGAPORE 058 758
|
|
Current Address
|
:
|
209 SOUTH BRIDGE ROAD, #03-01, 058758, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
The SC refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
583.60%
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
986.06%
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<96.81%>
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
<96.81%>
|
]
|
|
|
|
|
|
|
|
|
|
|
The increase in turnover could be due to the SC adopting an
aggressive marketing strategy.The SC incurred losses during the year due to
the inefficient control of its operating costs. The SC's unfavourable
returns on shareholders' funds indicate the management's inefficiency in
utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company, the SC does not need to
keep 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
|
[
|
1.43 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.43 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
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was nil as it did not pay any interest
during the year. 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 :
|
|
|
|
|
|
|
|
Although the SC's turnover increased its profits however showed a
reverse trend. The losses could be due to the management's failure to
maintain its competitiveness in the market. 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. The SC did not make any interest payment during
the year. The SC was dependent on its shareholders' funds to finance its
business needs. 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 : FAIR
|
SINGAPORE ECONOMIC / INDUSTRY
OUTLOOK
|
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 ANALYSIS
|
INDUSTRY :
|
ECONOMY
|
|
|
|
|
|
|
According to Ministry of Trade and Industry (MTI), the Singapore
economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global
economy is likely to remain subdued despite macroeconomic conditions
stablising in recent months of 2013.
|
|
|
|
However, the global economic outlook is still clouded with
uncertainties. Notably, concerns remain over the extent of the fiscal
cutback with the budget sequester in the US and potential flareup of the
debt crisis in the Eurozone. Should any of these risks materialise,
Singapore's economic growth could come in lower than expected.
|
|
|
|
Although resilient domestic demand in emerging Asia will provide
some support to global demand, it will not fully mitigate the effects of an
economic slowdown in the advanced economies. Consequently, Singapore's
externally-oriented sectors such as electronics and wholesale trade will
continue to perform poorly, while the financial services sector will be
affected by heightened uncertainties in the external environment.
Nevertheless, there will be some modest support to growth from the
biomedical manufacturing cluster and tourism-related sectors. The former
will likely see increased production of active pharmaceutical ingredients
and biologics while the latter will benefit from rising visitor arrivals
from the region.
|
|
|
|
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from
5.2% in 2011, mainly due to weakness in the externally-oriented sectors.
Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to
0.1%. The hudge decline was largely due to a rebound in the output of the
biomedical manufacturing and transport engineering clusters, which together
helped to mitigate part of the fall in output in the electronics cluster.
By contrast, the construction sector growth accelerated from 6.3% to 8.2%
in 2012, due to the expansion in both public and private building
activities.
|
|
|
|
Growth in the services producing industries also moderated to 1.2%
in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in
wholesale and retail trade, accommodation and food services as well as
other services industries. In particular, the wholesale and retail trade
sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The
accommodation and food services as well as other services industries posted
lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in
2011.
|
|
|
|
For the whole of 2012, all sectors, except the wholesale and retail
trade, contributed to growth. Business services was the largest contributor
with 0.4 percentage-points, followed by construction with 0.3
percentage-points and transportation and storage at 0.2 percentagepoints.
Besides, growth in total demand moderated to 2.4%, compared to 4.2% in
2011. Domestic demand was the key contributor to total demand growth,
accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
|
|
|
|
In 2012, total domestic demand rose by 9.7%, following the 6.5%
increase in 2011. The growth in total domestic demand was broad-based
across consumption, gross fixed capital formation (GFCF) and changes in
inventories. The total consumption expenditure in 2012 grew slightly by
0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure
fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption
expenditure registered a 2.2% gain, moderating from the 4.6% increase in
the preceding year.
|
|
|
|
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in
2013.
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 2010, the SC is a Private Limited company, focusing on fund
management, energy and infrastructure specialist. The SC has been in
business for less than 5 years and it has slowly been building up contact
with its clients while competing in the industry. Having strong support
from its holding company has enabled the SC to remain competitive despite
the challenging business environment. The capital standing of the SC is
fair. With an adequate share capital, the SC has the potential of expanding
its business in future.
Over the years, the SC has penetrated into both the local and overseas
market. The SC has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the SC to further
enhance its business in the near term. Overall, we regard that the SC's
management capability is average.
Despite the higher turnover, the SC suffered pre-tax losses which reflected
a highly competitive business environment. 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.
Without a strong assets backing, the SC may face difficulties in getting
loans for its future expansion and continued growth.
The SC's payment habit is average. With its adequate working capital, the
SC should be able to pay its short term debts.
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
In view of the above, we recommend credit be granted to the SC with close
monitoring.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
EQUIS FUNDS
GROUP 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
|
3,493,715
|
511,073
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
3,493,715
|
511,073
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<547,240>
|
61,761
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<547,240>
|
61,761
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<547,240>
|
61,761
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously reported
|
61,761
|
-
|
|
|
----------------
|
----------------
|
|
As restated
|
61,761
|
-
|
|
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<485,479>
|
61,761
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<485,479>
|
61,761
|
|
|
=============
|
=============
|
|
|
|
|
BALANCE SHEET
|
EQUIS FUNDS
GROUP PTE. LTD.
|
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
113,726
|
61,927
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
Subsidiary companies
|
-
|
10
|
|
Investments
|
1
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
1
|
10
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
113,727
|
61,937
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
Other debtors, deposits & prepayments
|
62,833
|
36,292
|
|
Amount due from holding company
|
185,945
|
-
|
|
Amount due from related companies
|
1,176,799
|
1,057,150
|
|
Amount due from director
|
35,988
|
-
|
|
Cash & bank balances
|
37,049
|
158,158
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
1,498,614
|
1,251,600
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,612,341
|
1,313,537
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Other creditors & accruals
|
673,818
|
191,261
|
|
Amounts owing to subsidiary companies
|
-
|
10
|
|
Amounts owing to related companies
|
373,266
|
-
|
|
Other liabilities
|
-
|
810,505
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
1,047,084
|
1,001,776
|
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
451,530
|
249,824
|
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
565,257
|
311,761
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
1,050,736
|
250,000
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
1,050,736
|
250,000
|
|
|
|
|
|
RESERVES
|
|
|
|
Retained profit/(loss) carried forward
|
<485,479>
|
61,761
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
<485,479>
|
61,761
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
565,257
|
311,761
|
|
|
|
|
|
|
----------------
|
----------------
|
|
|
565,257
|
311,761
|
|
|
=============
|
=============
|
FINANCIAL RATIO
|
EQUIS FUNDS
GROUP PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
37,049
|
158,158
|
|
Net Liquid Funds
|
37,049
|
158,158
|
|
Net Liquid Assets
|
451,530
|
249,824
|
|
Net Current Assets/(Liabilities)
|
451,530
|
249,824
|
|
Net Tangible Assets
|
565,257
|
311,761
|
|
Net Monetary Assets
|
451,530
|
249,824
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
0
|
0
|
|
Total Liabilities
|
1,047,084
|
1,001,776
|
|
Total Assets
|
1,612,341
|
1,313,537
|
|
Net Assets
|
565,257
|
311,761
|
|
Net Assets Backing
|
565,257
|
311,761
|
|
Shareholders' Funds
|
565,257
|
311,761
|
|
Total Share Capital
|
1,050,736
|
250,000
|
|
Total Reserves
|
<485,479>
|
61,761
|
|
LIQUIDITY (Times)
|
|
|
|
Cash Ratio
|
0.04
|
0.16
|
|
Liquid Ratio
|
1.43
|
1.25
|
|
Current Ratio
|
1.43
|
1.25
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
0
|
0
|
|
Debtors Ratio
|
0
|
0
|
|
Creditors Ratio
|
0
|
0
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
|
Liabilities Ratio
|
1.85
|
3.21
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
|
Assets Backing Ratio
|
0.54
|
1.25
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
<15.66>
|
12.08
|
|
Net Profit Margin
|
<15.66>
|
12.08
|
|
Return On Net Assets
|
<96.81>
|
19.81
|
|
Return On Capital Employed
|
<96.81>
|
19.81
|
|
Return On Shareholders' Funds/Equity
|
<96.81>
|
19.81
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|