|
|
EGISTRATION
NO.
|
:
|
199800739-K
|
|
COMPANY
NAME
|
:
|
RAPISCAN
SYSTEMS PTE. LTD.
|
|
FORMER
NAME
|
:
|
RAPISCAN ASIA
PTE LTD (04/01/2005)
|
|
INCORPORATION
DATE
|
:
|
14/02/1998
|
|
|
|
|
|
|
|
|
|
COMPANY
STATUS
|
:
|
EXIST
|
|
LEGAL
FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED
STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
240,
MACPHERSON ROAD, 07-01, PINES INDUSTRIAL BUILDING, 348574, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
240, MACPHERSON
ROAD, 07-01, PINES INDUSTRIAL BUILDING, 348574, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-68463511
|
|
FAX.NO.
|
:
|
65-67439915
|
|
WEB
SITE
|
:
|
WWW.RAPISCANSYSTEMS.COM
|
|
CONTACT
PERSON
|
:
|
SEKKAPPAN
SWAMINATHAN ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
RAPISCAN SECURITY EQUIPMENT
|
|
|
|
|
|
ISSUED
AND PAID UP CAPITAL
|
:
|
8,500,000.00
ORDINARY SHARE, OF A VALUE OF USD 8,500,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 29,266,194
[2013]
|
|
NET
WORTH
|
:
|
USD 10,531,728
[2013]
|
|
|
|
|
|
STAFF
STRENGTH
|
:
|
10 [2014]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
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) trading of rapiscan security equipment.
The ultimate
holding company of the Subject is OSI SYSTEM INC, a company incorporated in
UNITED STATES.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
13/08/2014
|
USD
8,500,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
OSI SYSTEMS
INC
|
12525, CHADRON
AVENUE HAWTHORNE, CALIFORNIA, 90250, UNITED STATES.
|
S87UF0101
|
8,500,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
8,500,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
SEKKAPPAN
SWAMINATHAN
|
|
Address
|
:
|
110, MCNAIR
ROAD, 10-255, 320110, SINGAPORE.
|
|
IC / PP No
|
:
|
S2649338B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
01/07/2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
GURDIP SINGH
SURI
|
|
Address
|
:
|
25, MOONSTONE
LANE, 02-02, MOONSTONE RESIDENCES, 328465, SINGAPORE.
|
|
IC / PP No
|
:
|
S2722530F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
02/05/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
GURDIP SINGH
SURI
|
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of
Subject
|
:
|
SEKKAPPAN
SWAMINATHAN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
MGI SINGAPORE
PAC
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
RADHASHINI
RATNAM
|
|
|
IC / PP No
|
:
|
S0077254B
|
|
|
|
|
|
|
|
Address
|
:
|
325H, BUKIT
TIMAH ROAD, CITY TOWER, 259714, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
SATHIAVAN
SINGH @ S.S. DHILLON
|
|
|
IC / PP No
|
:
|
S0569573B
|
|
|
|
|
|
|
|
Address
|
:
|
255, ARCADIA
ROAD, 01-23, HILLCREST ARCADIA, 289850, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject 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
|
|
Overseas
|
:
|
YES
|
|
|
|
|
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
|
[
|
X
|
]
|
|
Good 31-60
Days
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
RAPISCAN
SECURITY EQUIPMENT
|
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2014
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
|
|
|
|
|
|
|
|
OTHER
INFORMATION:
The Subject is principally engaged in the (as a / as an) trading of rapiscan
security equipment.
The Subject is engaged in the Marketing, sales & support of high quality
X-ray screening & explosive detection equipment and material specific
detection system - TNA & PFNA Technology.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
6568463511
|
|
Current
Telephone Number
|
:
|
65-68463511
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address
Provided by Client
|
:
|
240 MACPHERSON
ROAD NO. 07-03 PINES INDUSTRIAL BUILDING SINGAPORE,348574
|
|
Current
Address
|
:
|
240,
MACPHERSON ROAD, 07-01, PINES INDUSTRIAL BUILDING, 348574, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other
Investigations
On 13th August 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
13.97%
|
]
|
|
|
Profit/(Loss) Before
Tax
|
:
|
Decreased
|
[
|
16.68%
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Unfavourable
|
[
|
3.45%
|
]
|
|
|
Return on Net
Assets
|
:
|
Unfavourable
|
[
|
4.25%
|
]
|
|
|
|
|
|
|
|
|
|
|
The lower turnover
could be due to the intense market competition.The dip in profit could be
due to the stiff market competition which reduced the Subject's profit
margin. The unfavourable return on shareholders' funds could indicate that
the Subject was inefficient in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
30 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
66 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
10 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
|
:
|
Favourable
|
[
|
1.63 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.81 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum
liquid ratio of 1 should be maintained by the Subject in order to assure
its creditors of its ability to meet short term obligations and the Subject
was in a good liquidity position. Thus, we believe the Subject 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 Subject's
interest cover was nil as it did not pay any interest during the year. The
Subject had no gearing and hence it had virtually no financial risk. The Subject
was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the Subject, having a zero gearing, will be
able to compete better than those which are highly geared in the same
industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
The Subject's
performance deteriorated over the years with lower turnover and profit. The
Subject was in good liquidity position with its total current liabilities well
covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. The Subject did
not make any interest payment during the year. The Subject was dependent on
its shareholders' funds to finance its business needs. The Subject was a
zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The Subject has good chance of
getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : FAIR
|
SINGAPORE ECONOMIC / INDUSTRY
OUTLOOK
|
|
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)
|
|
|
|
|
|
|
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 1998, the Subject is a Private Limited company, focusing on
trading of rapiscan security equipment. Having been in the industry for
over a decade, the Subject has achieved a certain market share and has
built up a satisfactory reputation in the market. It should have received
supports from its regular customers. Having strong support from its holding
company has enabled the Subject to remain competitive despite the
challenging business environment. The capital standing of the Subject is fair.
With an adequate share capital, the Subject has the potential of expanding
its business in future.
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. Being a small company, the
Subject's business operation is supported by 10 employees. 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.
The Subject's business performance showed a reverse trend as both its
turnover and pre-tax profit have decreased compared to the previous year.
The Subject has generated an unfavourable return on shareholders' funds
indicating that the management was inefficient in utilising its funds to
generate return. The Subject however 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 Subject 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 USD 10,531,728, the Subject should be able
to maintain its business in the near terms.
The Subject'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
Subject has a good control over its resources.
We regard that the Subject's overall payment habit is prompt. The Subject 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 Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
RAPISCAN SYSTEMS
PTE. LTD.
|
|
Financial Year
End
|
2013-06-30
|
2012-06-30
|
|
Months
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
|
|
|
|
|
TURNOVER
|
29,266,194
|
34,018,675
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
29,266,194
|
34,018,675
|
|
Costs of Goods
Sold
|
(25,869,447)
|
(30,810,383)
|
|
|
----------------
|
----------------
|
|
Gross Profit
|
3,396,747
|
3,208,292
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
447,834
|
537,466
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
447,834
|
537,466
|
|
Taxation
|
(84,409)
|
(127,022)
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
363,425
|
410,444
|
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously
reported
|
3,093,118
|
2,682,674
|
|
|
----------------
|
----------------
|
|
As restated
|
3,093,118
|
2,682,674
|
|
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
3,456,543
|
3,093,118
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
3,456,543
|
3,093,118
|
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
RAPISCAN
SYSTEMS PTE. LTD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
FIXED ASSETS
|
36,455
|
139,777
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
36,455
|
139,777
|
|
|
|
|
|
Stocks
|
2,403,436
|
699,859
|
|
Trade debtors
|
5,259,643
|
7,981,770
|
|
Other debtors,
deposits & prepayments
|
144,997
|
195,484
|
|
Amount due
from related companies
|
14,325,421
|
12,957,151
|
|
Cash &
bank balances
|
1,240,030
|
2,817,102
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
23,373,527
|
24,651,366
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
23,409,982
|
24,791,143
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Trade
creditors
|
739,023
|
326,401
|
|
Other
creditors & accruals
|
1,763,050
|
1,156,109
|
|
Amounts owing
to holding company
|
1,520,673
|
1,520,673
|
|
Amounts owing
to related companies
|
8,364,564
|
10,836,959
|
|
Provision for
taxation
|
51,459
|
137,132
|
|
Other
liabilities
|
439,485
|
645,566
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
12,878,254
|
14,622,840
|
|
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
10,495,273
|
10,028,526
|
|
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
10,531,728
|
10,168,303
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
7,000,000
|
7,000,000
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
7,000,000
|
7,000,000
|
|
|
|
|
|
Exchange
equalisation/fluctuation reserve
|
75,185
|
75,185
|
|
Retained
profit/(loss) carried forward
|
3,456,543
|
3,093,118
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
3,531,728
|
3,168,303
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
10,531,728
|
10,168,303
|
|
|
|
|
|
|
----------------
|
----------------
|
|
|
10,531,728
|
10,168,303
|
|
|
=============
|
=============
|
|
|
|
|
|
RAPISCAN
SYSTEMS PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
1,240,030
|
2,817,102
|
|
Net Liquid
Funds
|
1,240,030
|
2,817,102
|
|
Net Liquid
Assets
|
8,091,837
|
9,328,667
|
|
Net Current
Assets/(Liabilities)
|
10,495,273
|
10,028,526
|
|
Net Tangible
Assets
|
10,531,728
|
10,168,303
|
|
Net Monetary
Assets
|
8,091,837
|
9,328,667
|
|
BALANCE SHEET
ITEMS
|
|
|
|
Total
Borrowings
|
0
|
0
|
|
Total
Liabilities
|
12,878,254
|
14,622,840
|
|
Total Assets
|
23,409,982
|
24,791,143
|
|
Net Assets
|
10,531,728
|
10,168,303
|
|
Net Assets
Backing
|
10,531,728
|
10,168,303
|
|
Shareholders'
Funds
|
10,531,728
|
10,168,303
|
|
Total Share
Capital
|
7,000,000
|
7,000,000
|
|
Total Reserves
|
3,531,728
|
3,168,303
|
|
LIQUIDITY
(Times)
|
|
|
|
Cash Ratio
|
0.10
|
0.19
|
|
Liquid Ratio
|
1.63
|
1.64
|
|
Current Ratio
|
1.81
|
1.69
|
|
WORKING CAPITAL
CONTROL (Days)
|
|
|
|
Stock Ratio
|
30
|
8
|
|
Debtors Ratio
|
66
|
86
|
|
Creditors
Ratio
|
10
|
4
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
1.22
|
1.44
|
|
Times Interest
Earned Ratio
|
0.00
|
0.00
|
|
Assets Backing
Ratio
|
1.50
|
1.45
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
Operating
Profit Margin
|
1.53
|
1.58
|
|
Net Profit
Margin
|
1.24
|
1.21
|
|
Return On Net
Assets
|
4.25
|
5.29
|
|
Return On
Capital Employed
|
4.25
|
5.29
|
|
Return On Shareholders'
Funds/Equity
|
3.45
|
4.04
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
|