MIRA INFORM REPORT

 

 

 

 

Report Date :

07.05.2014

 

IDENTIFICATION DETAILS

 

Name :

TONG TEIK PTE LTD

 

 

Formerly Known As :

DIANY INVESTMENTS PTE LTD

 

 

Registered Office :

7, Temasek Boulevard, 20-02, Suntec Tower One, 038987

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

29.04.1998

 

 

Com. Reg. No.:

199802094-D

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trading in agricultural and non-agricultural commodities and energy.

 

 

No. of Employees :

35

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199802094-D

COMPANY NAME

:

TONG TEIK PTE LTD

FORMER NAME

:

DIANY INVESTMENTS PTE LTD (18/06/1998)

INCORPORATION DATE

:

29/04/1998

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

7, TEMASEK BOULEVARD, 20-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

BUSINESS ADDRESS

:

7 TEMASEK BOULEVARD#20-02 SUNTEC TOWER ONE, 038987, SINGAPORE.

TEL.NO.

:

65-63322282

FAX.NO.

:

65-63323788

CONTACT PERSON

:

FELIX YEO SOO HIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING IN AGRICULTURAL AND NON-AGRICULTURAL COMMODITIES AND ENERGY

ISSUED AND PAID UP CAPITAL

:

8,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,500,000.00
24,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 24,000,000.00

SALES

:

USD 758,851,674 [2012]

NET WORTH

:

USD 39,843,956 [2012]

STAFF STRENGTH

:

35 [2013]

BANKER (S)

:

BNP PARIBAS
ING BANK N.V.
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
ABN AMRO BANK N.V.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE 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) trading in agricultural and non-agricultural commodities and energy.

 

The immediate holding company of the SC is RCMA COMMODITIES ASIA PTE LTD, a company incorporated in SINGAPORE.

The ultimate holding company of the SC is KINCOL HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

RCMA COMMODITIES ASIA PTE LTD
[8,500,000 SHARES IN SINGAPORE DOLLARS AND 24,000,000 SHARES IN UNITED STATES OF AMERICA DOLLARS ]

7, TEMASEK BOULEVARD , 20 - 02, SUNTEC CITY TOWER 1, 038987, SINGAPORE.

199801641W

32,500,000.00

100.00

---------------

------

32,500,000.00

100.00

============

=====

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

011248

CHINA

TONG TEIK (NANTONG) TRADING CO. LTD.

100.00

31/12/2012

011034

UNITED KINGDOM

CORRIE MACCOLL & SON LTD

100.00

31/12/2012

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHANDRAKANT BHIMA

Address

:

28, BAYSHORE ROAD 06-08 THE BAYSHORE, 469973, SINGAPORE.

IC / PP No

:

G5145282N

Nationality

:

BRITISH

Date of Appointment

:

02/06/2011

 

DIRECTOR 2

 

Name Of Subject

:

CHRISTOPHER MICHAEL PARDEY

Address

:

44, TOSCA STREET, 455474, SINGAPORE.

IC / PP No

:

S2741934H

Nationality

:

SINGAPOREAN

Date of Appointment

:

27/08/2010

 

DIRECTOR 3

 

Name Of Subject

:

LOW SOON TECK

Address

:

245, BALESTIER ROAD, 18-03, SCENIC HEIGHTS, 329929, SINGAPORE.

IC / PP No

:

S1689780I

Nationality

:

SINGAPOREAN

Date of Appointment

:

13/06/2013

 

DIRECTOR 4

 

Name Of Subject

:

ALEXANDER LUKAS GRUBER

Address

:

SAIGONPEARL T1, #2606, HO CHI MINH CITY, VIETNAM.

IC / PP No

:

F2963477

Nationality

:

SWISS

Date of Appointment

:

05/11/2012

 

DIRECTOR 5

 

Name Of Subject

:

FELIX YEO SOO HIN

Address

:

11, JALAN BATU, 08-138, 431011, SINGAPORE.

IC / PP No

:

S1790012I

Nationality

:

SINGAPOREAN

Date of Appointment

:

05/11/2012

 

DIRECTOR 6

 

Name Of Subject

:

JONATHAN PATRICK FRANCIS DRAKE

Address

:

27, CHEMIN DE BOIS CARAN, COLLONGE BELLE RIVE, GENEVA, 1245, SWITZERLAND.

IC / PP No

:

X2749722

Nationality

:

SWISS

Date of Appointment

:

14/09/2012



MANAGEMENT

 

 

 

1)

Name of Subject

:

FELIX YEO SOO HIN

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

BDO LLP

Auditor' Address

:

21, MERCHANT ROAD #05- 01 ROYAL MERUKH S.E.A, 058267, SINGAPORE.

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WEE ENG HWA

IC / PP No

:

S0004624H

Address

:

25, SIGLAP PLAIN, 456014, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

 

2)

Name

:

ING BANK N.V.

 

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

4)

Name

:

ABN AMRO BANK N.V.

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

199804592

03/09/1998

N/A

BNP PARIBAS

N/A

Unsatisfied

199805322

16/10/1998

N/A

BNP PARIBAS

N/A

Unsatisfied

200005484

14/11/2000

N/A

BNP PARIBAS

N/A

Unsatisfied

200005485

14/11/2000

N/A

FORTIS BANK (NEDERLAND) N.V.

N/A

Unsatisfied

200005486

14/11/2000

N/A

FORTIS BANK (NEDERLAND) N.V.

N/A

Unsatisfied

200005487

14/11/2000

N/A

BNP PARIBAS

N/A

Unsatisfied

C201012584

27/12/2010

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201012588

27/12/2010

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201203621

04/04/2012

N/A

ING BANK N.V.

N/A

Unsatisfied

C201207055

27/06/2012

N/A

ABN AMRO BANK N.V.

N/A

Unsatisfied

C201207057

27/06/2012

N/A

ABN AMRO BANK N.V.

N/A

Unsatisfied

C201213440

21/11/2012

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

C201302027

04/02/2013

N/A

DBS BANK LTD.

N/A

Unsatisfied

C201303026

22/02/2013

N/A

MACQUARIE BANK LIMITED SINGAPORE BRANCH

N/A

Unsatisfied

C201304943

10/04/2013

N/A

COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')

N/A

Unsatisfied

 

 

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

:

YES

Overseas

:

YES



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

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]




 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

RUBBER PRODUCTS

 

Total Number of Employees:

 

YEAR

2013

2012

2011

GROUP

N/A

N/A

N/A

COMPANY

35

30

30

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading in agricultural and non-agricultural commodities and energy. 

The SC sells the following products:

* Natural Rubber
* Natural Latex
* Synthetic Rubber, Chemicals & Reclaimed Rubber


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63322282

Match

:

N/A

Address Provided by Client

:

7 TEMASEK BOULEVARD #20-02,SUNTEC TOWER ONE, SINGAPORE 038987

Current Address

:

7 TEMASEK BOULEVARD#20-02 SUNTEC TOWER ONE, 038987, SINGAPORE.

Match

:

YES

 

Other Investigations
We contacted one of the staff from the SC and she provided some information on the SC.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2008 - 2012

]

Profit/(Loss) Before Tax

:

Decreased

[

2008 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

6.25%

]

Return on Net Assets

:

Acceptable

[

12.85%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The SC's profit fell sharply because of the high operating costs incurred. 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

:

Favourable

[

5 Days

]

Debtor Ratio

:

Favourable

[

28 Days

]

Creditors Ratio

:

Favourable

[

13 Days

]

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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

[

1.35 Times

]

Current Ratio

:

Unfavourable

[

1.49 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

:

Unfavourable

[

2.58 Times

]

Gearing Ratio

:

Unfavourable

[

1.09 Times

]

The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. 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 recorded lower profits as its turnover showed a erratic trend. The SC's management was unable to control its costs efficiently as its profit showed a downward trend. 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. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. 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 ANALYSIS

 

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 SC is a Private Limited company, focusing on trading in agricultural and non-agricultural commodities and energy. Having been in the industry for over a decade, the SC 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 SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect. 

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. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 39,843,956, the SC should be able to maintain its business in the near terms. 

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. 

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

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. 

 



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

TONG TEIK PTE LTD

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

2008-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

758,851,674

1,347,868,453

1,188,124,448

552,664,207

914,709,301

Other Income

1,330,894

780,603

-

-

-

----------------

----------------

----------------

----------------

----------------

Total Turnover

760,182,568

1,348,649,056

1,188,124,448

552,664,207

914,709,301

Costs of Goods Sold

<745,377,386>

<1,325,935,166>

<1,167,345,374>

<545,783,686>

-

----------------

----------------

----------------

----------------

----------------

Gross Profit

14,805,182

22,713,890

20,779,074

6,880,521

-

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

3,136,184

11,893,183

11,889,714

963,305

8,678,336

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

3,136,184

11,893,183

11,889,714

963,305

8,678,336

Taxation

<645,667>

<1,286,392>

<534,765>

<516,091>

<1,105,903>

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

2,490,517

10,606,791

11,354,949

447,214

7,572,433

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

12,353,439

21,746,648

10,391,699

13,444,485

6,972,052

----------------

----------------

----------------

----------------

----------------

As restated

12,353,439

21,746,648

10,391,699

13,444,485

6,972,052

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

14,843,956

32,353,439

21,746,648

13,891,699

14,544,485

DIVIDENDS - Ordinary (paid & proposed)

-

<20,000,000>

-

<3,500,000>

<1,100,000>

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

14,843,956

12,353,439

21,746,648

10,391,699

13,444,485

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

829,856

428,508

887,998

Lease interest

-

-

154

1,140

2,201

Term loan / Borrowing

825,624

1,347,654

347,194

51,301

81,290

Trust receipts

1,143,303

600,019

470,872

157,136

681,048

Others

15,827

378,332

1,752,535

616,012

1,210,292

----------------

----------------

----------------

----------------

----------------

1,984,754

2,326,005

3,400,611

1,254,097

2,862,829

 

 

 

BALANCE SHEET

 

 

TONG TEIK PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

268,666

86,823

79,087

167,046

279,882

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

3,300,627

2,750,627

450,000

450,000

450,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,300,627

2,750,627

450,000

450,000

450,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

3,569,293

2,837,450

529,087

617,046

729,882

CURRENT ASSETS

Stocks

10,547,451

25,036,711

45,396,453

24,405,217

8,103,311

Trade debtors

59,029,825

103,425,345

72,766,589

61,094,885

60,673,849

Other debtors, deposits & prepayments

961,225

472,119

818,987

317,065

553,337

Deposits with financial institutions

-

-

-

1,001,071

8,556,160

Amount due from holding company

132,863

1,150,000

-

-

-

Amount due from subsidiary companies

23,863,300

39,570,469

-

-

-

Amount due from related companies

-

13,345

4,792,345

-

-

Cash & bank balances

16,291,267

1,115,486

1,056,728

1,258,611

709,667

Others

-

5,461,351

9,501,483

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

110,825,931

176,244,826

134,332,585

88,076,849

78,596,324

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

114,395,224

179,082,276

134,861,672

88,693,895

79,326,206

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

27,462,918

32,635,281

32,306,430

15,291,043

18,831,197

Other creditors & accruals

3,050,190

3,660,509

3,598,307

-

-

Hire purchase & lease creditors

-

-

-

4,748

4,748

Bank overdraft

-

3,826,433

18,942,871

16,904,920

1,431,654

Short term borrowings/Term loans

6,000,000

36,183,304

16,466,414

24,423,799

23,017,805

Other borrowings

-

-

-

-

10,000,000

Bill & acceptances payable

37,516,928

64,213,859

30,783,771

16,107,757

6,474,443

Amounts owing to holding company

-

-

919,917

-

-

Amounts owing to related companies

-

-

3,869,537

-

-

Provision for taxation

382,244

1,209,451

1,227,777

563,380

1,109,941

Other liabilities

138,988

-

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

74,551,268

141,728,837

108,115,024

73,295,647

60,869,788

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

36,274,663

34,515,989

26,217,561

14,781,202

17,726,536

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

39,843,956

37,353,439

26,746,648

15,398,248

18,456,418

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

25,000,000

25,000,000

5,000,000

5,000,000

5,000,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

25,000,000

25,000,000

5,000,000

5,000,000

5,000,000

RESERVES

Retained profit/(loss) carried forward

14,843,956

12,353,439

21,746,648

10,391,699

13,444,485

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

14,843,956

12,353,439

21,746,648

10,391,699

13,444,485

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

39,843,956

37,353,439

26,746,648

15,391,699

18,444,485

LONG TERM LIABILITIES

Hire purchase creditors

-

-

-

6,549

11,933

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

-

-

-

6,549

11,933

----------------

----------------

----------------

----------------

----------------

39,843,956

37,353,439

26,746,648

15,398,248

18,456,418

=============

=============

=============

=============

=============

 

 

 

FINANCIAL RATIO

 

 

TONG TEIK PTE LTD

 

TYPES OF FUNDS

Cash

16,291,267

1,115,486

1,056,728

1,258,611

709,667

Net Liquid Funds

<21,225,661>

<66,924,806>

<48,669,914>

<31,754,066>

<7,196,430>

Net Liquid Assets

25,727,212

9,479,278

<19,178,892>

<9,624,015>

9,623,225

Net Current Assets/(Liabilities)

36,274,663

34,515,989

26,217,561

14,781,202

17,726,536

Net Tangible Assets

39,843,956

37,353,439

26,746,648

15,398,248

18,456,418

Net Monetary Assets

25,727,212

9,479,278

<19,178,892>

<9,630,564>

9,611,292

BALANCE SHEET ITEMS

Total Borrowings

43,516,928

104,223,596

66,193,056

57,447,773

40,940,583

Total Liabilities

74,551,268

141,728,837

108,115,024

73,302,196

60,881,721

Total Assets

114,395,224

179,082,276

134,861,672

88,693,895

79,326,206

Net Assets

39,843,956

37,353,439

26,746,648

15,398,248

18,456,418

Net Assets Backing

39,843,956

37,353,439

26,746,648

15,391,699

18,444,485

Shareholders' Funds

39,843,956

37,353,439

26,746,648

15,391,699

18,444,485

Total Share Capital

25,000,000

25,000,000

5,000,000

5,000,000

5,000,000

Total Reserves

14,843,956

12,353,439

21,746,648

10,391,699

13,444,485

LIQUIDITY (Times)

Cash Ratio

0.22

0.01

0.01

0.02

0.01

Liquid Ratio

1.35

1.07

0.82

0.87

1.16

Current Ratio

1.49

1.24

1.24

1.20

1.29

WORKING CAPITAL CONTROL (Days)

Stock Ratio

5

7

14

16

3

Debtors Ratio

28

28

22

40

24

Creditors Ratio

13

9

10

10

8

SOLVENCY RATIOS (Times)

Gearing Ratio

1.09

2.79

2.47

3.73

2.22

Liabilities Ratio

1.87

3.79

4.04

4.76

3.30

Times Interest Earned Ratio

2.58

6.11

4.50

1.77

4.03

Assets Backing Ratio

1.59

1.49

5.35

3.08

3.69

PERFORMANCE RATIO (%)

Operating Profit Margin

0.41

0.88

1.00

0.17

0.95

Net Profit Margin

0.33

0.79

0.96

0.08

0.83

Return On Net Assets

12.85

38.07

57.17

14.40

62.53

Return On Capital Employed

12.85

34.53

33.47

6.86

58.02

Return On Shareholders' Funds/Equity

6.25

28.40

42.45

2.91

41.06

Dividend Pay Out Ratio (Times)

0.00

1.89

0.00

7.83

0.15

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0





FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.20

UK Pound

1

Rs.101.68

Euro

1

Rs.83.55

 

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

 

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