|
|
REGISTRATION NO.
|
:
|
201027524-R
|
|
COMPANY NAME
|
:
|
CASHCOT INDUSTRIES PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
31/12/2010
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
120, TELOK AYER STREET,
068589, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
3 SHENTON WAY #19-02 SHENTON HOUSE , 068805, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62229964
|
|
FAX.NO.
|
:
|
65-62254469
|
|
CONTACT PERSON
|
:
|
MASDEWIANA BINTE MOHD KASIM ( MANAGING DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF COTTON
|
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
8,110,000.00 ORDINARY SHARE, OF A VALUE OF USD 8,110,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 123,693,034 [2012]
|
|
NET WORTH
|
:
|
USD 6,064,597 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
5 [2013]
|
|
BANKER (S)
|
:
|
|
RAIFFEISEN
BANK INTERNATIONAL AG
UNITED OVERSEAS BANK LIMITED
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
|
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) trading of cotton.
The immediate
and ultimate holding company of the SC is BHADRESH TRADING CORPORATION
LIMITED, a company incorporated in INDIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
BHADRESH TRADING CORPORATION LIMITED
|
205, MAJESTIC SHOPPING CENTRE, 144, J S S ROAD, MUMBAI, HAHARASHTRA,
400004, INDIA.
|
T10UF4128
|
8,110,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
8,110,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MASDEWIANA BINTE MOHD KASIM
|
|
Address
|
:
|
613, BEDOK RESERVOIR ROAD, 11-1180, 470613, SINGAPORE.
|
|
IC / PP No
|
:
|
S7935914I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
31/12/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
BHADRESH VASANTRAI MEHTA
|
|
Address
|
:
|
402, MANJU APARTMENT, 2-A, NARAYAN DABHOLKAR ROAD, MUMBAI-400, 006,
INDIA.
|
|
IC / PP No
|
:
|
Z1785133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
31/12/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
PARTH BHADRESH MRHTA
|
|
Address
|
:
|
701, MANJU APARTMENT, 2-A, NARAYAN DHABOLKAR ROAD OFF, NEPEAN SEA
ROAD, MUMBAI-400, 006, INDIA.
|
|
IC / PP No
|
:
|
F1208746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
31/12/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
ABHISHEK JAIN
|
|
Address
|
:
|
D-166/09, SECTOR-50, NOIDA, UTTAR PRADESH, 201, 301, INDIA.
|
|
IC / PP No
|
:
|
G4018437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
31/12/2010
|
|
1)
|
Name of Subject
|
:
|
MASDEWIANA BINTE MOHD KASIM
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
T RAVI & CO.
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MR. MASDEWIANA BINTE MOHD KASIM
|
|
|
IC / PP No
|
:
|
S7935914I
|
|
|
|
|
|
|
|
Address
|
:
|
613, BEDOK RESERVOIR ROAD, 11-1180, 470613, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
LIM SOH SEA
|
|
|
IC / PP No
|
:
|
S7077960I
|
|
|
|
|
|
|
|
Address
|
:
|
101A, LORONG 2, TOA PAYOH, 08-07, 310101, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
RAIFFEISEN BANK INTERNATIONAL AG
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
UNITED OVERSEAS BANK LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
3)
|
Name
|
:
|
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
|
|
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201108202
|
06/07/2011
|
N/A
|
RAIFFEISEN BANK INTERNATIONAL AG
|
N/A
|
Unsatisfied
|
|
C201208622
|
31/07/2012
|
N/A
|
UNITED OVERSEAS BANK LIMITED
|
N/A
|
Unsatisfied
|
|
C201208623
|
31/07/2012
|
N/A
|
UNITED OVERSEAS BANK LIMITED
|
N/A
|
Unsatisfied
|
|
C201212312
|
25/10/2012
|
N/A
|
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
|
N/A
|
Unsatisfied
|
|
C201300043
|
02/01/2013
|
N/A
|
CIMB BANK BERHAD
|
N/A
|
Unsatisfied
|
|
C201300062
|
02/01/2013
|
N/A
|
CIMB BANK BERHAD
|
N/A
|
Unsatisfied
|
|
C201300067
|
02/01/2013
|
N/A
|
CIMB BANK BERHAD
|
N/A
|
Unsatisfied
|
|
C201308772
|
28/06/2013
|
N/A
|
J.P.MORGAN VENTURES ENERGY CORPORATION
|
N/A
|
Unsatisfied
|
* 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.
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The SC refused to disclose its 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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SC refused to disclose its clientele.
OPERATIONS
|
|
Goods Traded
|
:
|
COTTON
|
|
|
|
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2013
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
5
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of cotton.
The only trades raw cotton.
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-62229964
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
120 TELOK AGER STREET SINGAPORE
|
|
Current Address
|
:
|
3 SHENTON WAY #19-02 SHENTON HOUSE , 068805, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
|
Other Investigations
On 31st October 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
The address provided belongs to the SC's registered office.
|
Profitability
|
|
|
|
|
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
17.55%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
22.69%
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's management had generated acceptable return for its
shareholders using its assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
70 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the SC is a service oriented company, the SC does not need to
keep stocks. The high debtors' ratio could indicate that the SC was weak in
its credit control. However, the SC could also giving longer credit periods
to its customers in order to boost its sales or to capture / retain its
market share. 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
|
[
|
1.29 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.29 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
|
:
|
Acceptable
|
[
|
7.15 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
3.40 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the SC
is able to generate sufficient income to service its interest and repay the
loans. The SC was highly geared, thus it had a high financial risk. The SC
was dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the SC will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the SC has to service the interest and to repay the
loan, which will erode part of its profits. The profits will fluctuate
depending on the SC's turnover and the interest it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
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
had an acceptable interest cover. If there is no sudden sharp increase in
interest rate or fall in the SC's profit, we do believe the SC is able to
generate sufficient cash flow to service its interest payment. The SC's
gearing level was high and its going concern will be in doubt if there is
no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
|
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 :
|
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
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 2010, the SC is a Private Limited company, focusing on
trading of cotton. The SC has been in business for 3 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.
Being a small company, the SC's business operation is supported by 5
employees. Overall, we regard that the SC's management capability is
average. This indicates that the SC has greater potential to improve its
business performance and raising income for the SC.
As at year ended 2012, the SC has recorded a turnover of USD 123,693,034
and pre-tax profit of USD 1,183,597. Return on shareholders' funds of the
SC was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. 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. The high gearing ratio clearly implied that the SC
was supported by more debt than equity. Nevertheless, given a positive net
worth standing at USD 6,064,597, the SC should be able to maintain its
business in the near terms.
We regard that the SC's overall payment habit is prompt. The SC had a
favourable creditors' ratio as evidenced by its favourable collection days.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the SC
normally.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
CASHCOT
INDUSTRIES PTE. LTD.
|
|
Financial Year End
|
2012-03-31
|
|
Months
|
15
|
|
Consolidated Account
|
Company
|
|
Audited Account
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
|
Financial Type
|
FULL
|
|
Currency
|
USD
|
|
|
|
|
TURNOVER
|
123,693,034
|
|
|
----------------
|
|
Total Turnover
|
123,693,034
|
|
Costs of Goods Sold
|
<121,482,884>
|
|
|
----------------
|
|
Gross Profit
|
2,210,150
|
|
|
----------------
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
1,183,597
|
|
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
1,183,597
|
|
Taxation
|
<119,000>
|
|
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
1,064,597
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,064,597
|
|
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,064,597
|
|
|
=============
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
Term loan / Borrowing
|
192,414
|
|
|
----------------
|
|
|
192,414
|
|
CASHCOT
INDUSTRIES PTE. LTD.
|
|
CURRENT ASSETS
|
|
|
Trade debtors
|
23,605,056
|
|
Other debtors, deposits & prepayments
|
1,921,722
|
|
Amount due from holding company
|
1,139,759
|
|
Cash & bank balances
|
385,393
|
|
|
----------------
|
|
TOTAL CURRENT ASSETS
|
27,051,930
|
|
|
----------------
|
|
TOTAL ASSET
|
27,051,930
|
|
|
=============
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
Other creditors & accruals
|
257,200
|
|
Short term borrowings/Term loans
|
1,060,000
|
|
Bill & acceptances payable
|
19,551,133
|
|
Provision for taxation
|
119,000
|
|
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
20,987,333
|
|
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
6,064,597
|
|
|
----------------
|
|
TOTAL NET ASSETS
|
6,064,597
|
|
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
Ordinary share capital
|
5,000,000
|
|
|
----------------
|
|
TOTAL SHARE CAPITAL
|
5,000,000
|
|
|
|
|
RESERVES
|
|
|
Retained profit/(loss) carried forward
|
1,064,597
|
|
|
----------------
|
|
TOTAL RESERVES
|
1,064,597
|
|
|
|
|
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
6,064,597
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
----------------
|
|
|
6,064,597
|
|
|
=============
|
|
Contingent Liabilities
|
1,070,266
|
|
CASHCOT
INDUSTRIES PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
Cash
|
385,393
|
|
Net Liquid Funds
|
<19,165,740>
|
|
Net Liquid Assets
|
6,064,597
|
|
Net Current Assets/(Liabilities)
|
6,064,597
|
|
Net Tangible Assets
|
6,064,597
|
|
Net Monetary Assets
|
6,064,597
|
|
BALANCE SHEET ITEMS
|
|
|
Total Borrowings
|
20,611,133
|
|
Total Liabilities
|
20,987,333
|
|
Total Assets
|
27,051,930
|
|
Net Assets
|
6,064,597
|
|
Net Assets Backing
|
6,064,597
|
|
Shareholders' Funds
|
6,064,597
|
|
Total Share Capital
|
5,000,000
|
|
Total Reserves
|
1,064,597
|
|
LIQUIDITY (Times)
|
|
|
Cash Ratio
|
0.02
|
|
Liquid Ratio
|
1.29
|
|
Current Ratio
|
1.29
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
Stock Ratio
|
0
|
|
Debtors Ratio
|
70
|
|
Creditors Ratio
|
0
|
|
SOLVENCY RATIOS (Times)
|
|
|
Gearing Ratio
|
3.40
|
|
Liabilities Ratio
|
3.46
|
|
Times Interest Earned Ratio
|
7.15
|
|
Assets Backing Ratio
|
1.21
|
|
PERFORMANCE RATIO (%)
|
|
|
Operating Profit Margin
|
0.96
|
|
Net Profit Margin
|
0.86
|
|
Return On Net Assets
|
22.69
|
|
Return On Capital Employed
|
22.69
|
|
Return On Shareholders' Funds/Equity
|
17.55
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
Contingent Liabilities
|
1,070,266
|
|