|
|
REGISTRATION
NO.
|
:
|
196300080-Z
|
|
COMPANY
NAME
|
:
|
TEKNOR
APEX ASIA PACIFIC PTE. LTD.
|
|
FORMER
NAME
|
:
|
SINGAPORE
POLYMER CORPORATION (PRIVATE) LIMITED (03/05/2011)
|
|
INCORPORATION
DATE
|
:
|
01/04/1963
|
|
|
|
|
|
|
|
|
|
COMPANY
STATUS
|
:
|
EXIST
|
|
LEGAL
FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED
STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
41,
SHIPYARD ROAD, 628134, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
41,
SHIPYARD ROAD, 628134, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62652544
|
|
FAX.NO.
|
:
|
65-62687101
|
|
CONTACT
PERSON
|
:
|
TAN
LIAN KOON ( MANAGING DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURE
OF POLYMERS
|
|
|
|
|
|
ISSUED
AND PAID UP CAPITAL
|
:
|
5,198,000.00
ORDINARY SHARE, OF A VALUE OF SGD 5,198,000.00
|
|
|
|
|
|
SALES
|
:
|
SGD
156,215,684 [2012]
|
|
NET
WORTH
|
:
|
SGD
66,904,435 [2012]
|
|
|
|
|
|
STAFF
STRENGTH
|
:
|
200
[2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
HIGH
|
|
GENERAL
REPUTATION
|
:
|
GOOD
|
|
INDUSTRY
OUTLOOK
|
:
|
MATURE
|
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)
manufacture of polymers.
The immediate holding company of the SC is TEKNOR APEX
ASIA LLC, a company incorporated in UNITED STATES.
The ultimate holding company of the SC is TEKNOR APEX
COMPANY, a company incorporated in UNITED STATES.
The major shareholder(s) of
the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc
No
|
Shareholding
|
(%)
|
|
TEKNOR
APEX ASIA LLC
|
505,
CENTRAL AVENUE PAWTUCKET, RI, 02861, UNITED STATES.
|
S63UF0033
|
5,198,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
5,198,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR
1
|
Name
Of Subject
|
:
|
LOUIS
ROBERT CAPPUCCI
|
|
Address
|
:
|
3,
VALLEY ROAD MIDFIELD, MASSACHUSETTS, UNITED STATES.
|
|
IC
/ PP No
|
:
|
206802883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date
of Appointment
|
:
|
01/05/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject
|
:
|
SURESH
SWAMINATHAN
|
|
Address
|
:
|
12,
STEERE ROAD, CUMBERLAND, RHODE ISLAND, 02864, UNITED STATES.
|
|
IC
/ PP No
|
:
|
711314330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date
of Appointment
|
:
|
01/05/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
3
|
Name
Of Subject
|
:
|
TAN
LIAN KOON
|
|
Address
|
:
|
18,
MUNSHI ABDULLAH WALK, RAINTREE VALLEY, 788598, SINGAPORE.
|
|
IC
/ PP No
|
:
|
S1433333I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date
of Appointment
|
:
|
01/11/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
4
|
Name
Of Subject
|
:
|
BERTRAM
MAZ LEDERER
|
|
Address
|
:
|
753,
ELMGROVE AVENUE, PROVIDENCE, RHODE ISLAND, 02906, UNITED STATES.
|
|
IC
/ PP No
|
:
|
439903230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date
of Appointment
|
:
|
10/10/2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
5
|
Name
Of Subject
|
:
|
WILLIAM
JAMES MURRAY
|
|
Address
|
:
|
58A,
PLAINFIELD PIKE FOSTER, RHODE ISLAND, 02825, UNITED STATES.
|
|
IC
/ PP No
|
:
|
466152875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date
of Appointment
|
:
|
13/09/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name
of Subject
|
:
|
TAN
LIAN KOON
|
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
BDO
LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
CHIN
LIAN KEE
|
|
|
IC
/ PP No
|
:
|
S1729616G
|
|
|
|
|
|
|
|
Address
|
:
|
436,
CHOA CHU KANG, AVENUE 4, 06-499, 680436, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
Charge
No
|
Creation
Date
|
Charge
Description
|
Chargee
Name
|
Total
Charge
|
Status
|
|
8803006
|
26/09/1988
|
N/A
|
THE
DEVELOPMENT BANK OF SINGAPORE LIMITED
|
N/A
|
Unsatisfied
|
|
9204602
|
30/10/1992
|
N/A
|
THE
DEVELOPMENT BANK OF SINGAPORE LIMITED
|
N/A
|
Unsatisfied
|
|
C201009186
|
07/10/2010
|
N/A
|
DBS
BANK LTD
|
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
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
|
|
|
|
|
|
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
|
Percentage
|
:
|
60%
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Export
Market
|
:
|
ASIA
PACIFIC
MIDDLE EAST
INDIA
|
|
Credit
Term
|
:
|
AS
AGREED
|
|
|
|
|
|
|
|
|
Payment
Mode
|
:
|
CHEQUES
LETTER OF CREDIT (LC)
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Products
manufactured
|
:
|
|
|
|
|
|
|
|
|
|
|
Total
Number of Employees:
|
|
|
YEAR
|
2013
|
2011
|
2010
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
200
|
200
|
190
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture of polymers.
The SC is one of the largest, most sophisticated and most diversified
compounding facilities in Asia.
Besides offering the full range of the SC is prepared to develop custom formulations,
tailored to specific applications, support customers by drawing on its lab
capabilities and its experienced team of technicians and carry out resting or
compliance with standards and regulatory agencies.
Some of the SC product are:
- flexible PVC
- rigid PVC
- thermoplastic elastomer
- nylon engineering plastic
- PP compound
- conductive compound
- masterbatches
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-62652544
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
41
SHIPYARD ROAD SINGAPORE 628134
|
|
Current
Address
|
:
|
41,
SHIPYARD ROAD, 628134, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other
Investigations
On 20th September 2013 we contacted a staff from the SC and she provided some
information on the SC.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2009
- 2012
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2009
- 2012
|
]
|
|
|
Return
on Shareholder Funds
|
:
|
Unfavourable
|
[
|
5.02%
|
]
|
|
|
Return
on Net Assets
|
:
|
Unfavourable
|
[
|
6.23%
|
]
|
|
|
|
|
|
|
|
|
|
|
The
SC's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The dip in profit
could be due to the stiff market competition which reduced the SC's profit
margin. The unfavourable return on shareholders' funds could indicate that
the SC was inefficient in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock
Ratio
|
:
|
Acceptable
|
[
|
60
Days
|
]
|
|
|
Debtor
Ratio
|
:
|
Unfavourable
|
[
|
70
Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
51
Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The
SC kept adequate stocks to meet its normal business transactions without incurring
excessive storage costs. 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
|
[
|
1.64
Times
|
]
|
|
|
Current
Ratio
|
:
|
Favourable
|
[
|
2.36
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
|
:
|
Favourable
|
[
|
25.50
Times
|
]
|
|
|
Gearing
Ratio
|
:
|
Favourable
|
[
|
0.00
Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The
interest cover showed that the SC was able to service the interest. The favourable
interest cover could indicate that the SC was making enough profit to pay
for the interest accrued. 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 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 SC's profit margin. 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. With the favourable
interest cover, the SC could be able to service all the accrued interest without
facing any difficulties. 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
:
|
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
constructionrelated 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 1963, the SC is a Private Limited company, focusing on
manufacture of polymers. With a history of half a century, its long establishment
in the market has allowed the SC to build up a good reputation and gain
higher market share over its rivals. 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 established an extensive clientele base in the
market. Besides catering to the local market, the SC has penetrated into
other countries. With the contribution of both local and overseas
customers, the SC is likely to be exposed to lower commercial risk. Hence,
we believe that the SC has better business expansion opportunities in the
future. The SC is a fairly large and rapidly growing company with over 200
staff in its operations 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.
Financially, the SC registered a higher turnover compared to previous year.
However, its profits showed a reverse trend. The lower profit achieved was
a result of higher operating cost and increased competition. The SC has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return.
However, 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. Given a positive net worth standing
at SGD 66,904,435, the SC should be able to maintain its business in the
near terms.
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The SC'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 SC has a good control over its resources.
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 optimum level and is generally stable. It is
saturated and very competitive. However, with the SC's favourable
conditions, it should have acquired competitive edge from its competitors.
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS.
|
|
TEKNOR
APEX ASIA PACIFIC PTE. LTD.
|
|
Financial
Year End
|
2012-07-31
|
2011-07-31
|
2010-07-31
|
2009-07-31
|
|
Months
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
|
Financial
Type
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
SGD
|
SGD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
156,215,684
|
150,037,513
|
139,554,758
|
116,517,200
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total
Turnover
|
156,215,684
|
150,037,513
|
139,554,758
|
116,517,200
|
|
Costs
of Goods Sold
|
<139,806,814>
|
<133,475,648>
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross
Profit
|
16,408,870
|
16,561,865
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
4,088,992
|
4,529,703
|
8,973,549
|
1,258,439
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
4,088,992
|
4,529,703
|
8,973,549
|
1,258,439
|
|
Taxation
|
<729,758>
|
<598,036>
|
<1,451,988>
|
159,056
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
3,359,234
|
3,931,667
|
7,521,561
|
1,417,495
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As
previously reported
|
58,327,201
|
54,395,534
|
46,873,973
|
45,456,478
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As
restated
|
58,327,201
|
54,395,534
|
46,873,973
|
45,456,478
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
61,686,435
|
58,327,201
|
54,395,534
|
46,873,973
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
61,686,435
|
58,327,201
|
54,395,534
|
46,873,973
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Bank
overdraft
|
-
|
-
|
-
|
6,823
|
|
Others
|
166,901
|
151,666
|
190,792
|
377,290
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
166,901
|
151,666
|
190,792
|
384,113
|
|
TEKNOR
APEX ASIA PACIFIC PTE. LTD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
FIXED
ASSETS
|
19,632,797
|
20,965,115
|
21,042,553
|
22,459,869
|
|
|
|
|
|
|
|
LONG
TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Others
|
282,864
|
262,258
|
4,809,770
|
4,632,472
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS
|
282,864
|
262,258
|
4,809,770
|
4,632,472
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM ASSETS
|
19,915,661
|
21,227,373
|
25,852,323
|
27,092,341
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Stocks
|
25,615,419
|
28,772,310
|
23,755,139
|
16,951,209
|
|
Trade
debtors
|
29,749,818
|
26,939,785
|
24,533,113
|
21,479,124
|
|
Other
debtors, deposits & prepayments
|
652,795
|
516,619
|
454,594
|
352,150
|
|
Amount
due from holding company
|
55,002
|
267,530
|
-
|
-
|
|
Amount
due from related companies
|
6,188,278
|
7,128,906
|
2,614,410
|
1,799,126
|
|
Cash
& bank balances
|
21,825,312
|
9,514,993
|
16,405,131
|
18,213,925
|
|
Others
|
-
|
-
|
488,963
|
9,156
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
CURRENT ASSETS
|
84,086,624
|
73,140,143
|
68,251,350
|
58,804,690
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
ASSET
|
104,002,285
|
94,367,516
|
94,103,673
|
85,897,031
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Trade
creditors
|
19,685,569
|
18,021,845
|
20,798,597
|
20,408,453
|
|
Other
creditors & accruals
|
3,543,287
|
3,057,484
|
287,768
|
8,332
|
|
Short
term borrowings/Term loans
|
-
|
-
|
10,576,668
|
11,215,837
|
|
Amounts
owing to holding company
|
226,983
|
21,703
|
-
|
-
|
|
Amounts
owing to related companies
|
11,138,890
|
7,708,370
|
-
|
-
|
|
Provision
for taxation
|
1,057,191
|
566,948
|
1,383,763
|
729,093
|
|
Other
liabilities
|
2,587
|
2,622
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
CURRENT LIABILITIES
|
35,654,507
|
29,378,972
|
33,046,796
|
32,361,715
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET
CURRENT ASSETS/(LIABILITIES)
|
48,432,117
|
43,761,171
|
35,204,554
|
26,442,975
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
NET ASSETS
|
68,347,778
|
64,988,544
|
61,056,877
|
53,535,316
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE
CAPITAL
|
|
|
|
|
|
Ordinary
share capital
|
5,218,000
|
5,218,000
|
5,218,000
|
5,218,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
SHARE CAPITAL
|
5,218,000
|
5,218,000
|
5,218,000
|
5,218,000
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
61,686,435
|
58,327,201
|
54,395,534
|
46,873,973
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
RESERVES
|
61,686,435
|
58,327,201
|
54,395,534
|
46,873,973
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
66,904,435
|
63,545,201
|
59,613,534
|
52,091,973
|
|
|
|
|
|
|
|
LONG
TERM LIABILITIES
|
|
|
|
|
|
Deferred
taxation
|
1,443,343
|
1,443,343
|
1,443,343
|
1,443,343
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL
LONG TERM LIABILITIES
|
1,443,343
|
1,443,343
|
1,443,343
|
1,443,343
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
68,347,778
|
64,988,544
|
61,056,877
|
53,535,316
|
|
|
=============
|
=============
|
=============
|
=============
|
|
TEKNOR
APEX ASIA PACIFIC PTE. LTD.
|
|
TYPES
OF FUNDS
|
|
|
|
|
|
Cash
|
21,825,312
|
9,514,993
|
16,405,131
|
18,213,925
|
|
Net
Liquid Funds
|
21,825,312
|
9,514,993
|
16,405,131
|
18,213,925
|
|
Net
Liquid Assets
|
22,816,698
|
14,988,861
|
11,449,415
|
9,491,766
|
|
Net
Current Assets/(Liabilities)
|
48,432,117
|
43,761,171
|
35,204,554
|
26,442,975
|
|
Net
Tangible Assets
|
68,347,778
|
64,988,544
|
61,056,877
|
53,535,316
|
|
Net
Monetary Assets
|
21,373,355
|
13,545,518
|
10,006,072
|
8,048,423
|
|
BALANCE
SHEET ITEMS
|
|
|
|
|
|
Total
Borrowings
|
0
|
0
|
10,576,668
|
11,215,837
|
|
Total
Liabilities
|
37,097,850
|
30,822,315
|
34,490,139
|
33,805,058
|
|
Total
Assets
|
104,002,285
|
94,367,516
|
94,103,673
|
85,897,031
|
|
Net
Assets
|
68,347,778
|
64,988,544
|
61,056,877
|
53,535,316
|
|
Net
Assets Backing
|
66,904,435
|
63,545,201
|
59,613,534
|
52,091,973
|
|
Shareholders'
Funds
|
66,904,435
|
63,545,201
|
59,613,534
|
52,091,973
|
|
Total
Share Capital
|
5,218,000
|
5,218,000
|
5,218,000
|
5,218,000
|
|
Total
Reserves
|
61,686,435
|
58,327,201
|
54,395,534
|
46,873,973
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
Cash
Ratio
|
0.61
|
0.32
|
0.50
|
0.56
|
|
Liquid
Ratio
|
1.64
|
1.51
|
1.35
|
1.29
|
|
Current
Ratio
|
2.36
|
2.49
|
2.07
|
1.82
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock
Ratio
|
60
|
70
|
62
|
53
|
|
Debtors
Ratio
|
70
|
66
|
64
|
67
|
|
Creditors
Ratio
|
51
|
49
|
54
|
64
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
Gearing
Ratio
|
0.00
|
0.00
|
0.18
|
0.22
|
|
Liabilities
Ratio
|
0.55
|
0.49
|
0.58
|
0.65
|
|
Times
Interest Earned Ratio
|
25.50
|
30.87
|
48.03
|
4.28
|
|
Assets
Backing Ratio
|
13.10
|
12.45
|
11.70
|
10.26
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
Operating
Profit Margin
|
2.62
|
3.02
|
6.43
|
1.08
|
|
Net
Profit Margin
|
2.15
|
2.62
|
5.39
|
1.22
|
|
Return
On Net Assets
|
6.23
|
7.20
|
15.01
|
3.07
|
|
Return
On Capital Employed
|
6.23
|
7.20
|
15.01
|
3.07
|
|
Return
On Shareholders' Funds/Equity
|
5.02
|
6.19
|
12.62
|
2.72
|
|
Dividend
Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
|
NOTES
TO ACCOUNTS
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
|