MIRA INFORM REPORT

Report Date :

16.05.2014

IDENTIFICATION DETAILS

Name :	TONG TEIK PTE LTD
Formerly Known As :	DIANY INVESTMENTS PTE LTD
Registered Office :	1 Temasek Avenue #16- 01 Millenia Tower, 039192
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 :	Wholesaler of rubber & commodities Subject Product ranges includes : · Natural Rubber Natural Latex Synthetic Rubber, Chemicals & Reclaimed Rubber
No of Employees :	35 [2014]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

:

1 TEMASEK AVENUE #16- 01 MILLENIA TOWER, 039192, SINGAPORE.

BUSINESS ADDRESS

:

1 TEMASEK AVENUE # 16-01 MILLENIA TOWER, 039192, SINGAPORE.

TEL.NO.

:

65-63322282

FAX.NO.

:

65-63323788

CONTACT PERSON

:

FELIX YEO SOO HIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF RUBBER, COMMODITIES AND OTHERS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 758,851,674 [2012]

NET WORTH

:

USD 39,843,956 [2012]

STAFF STRENGTH

:

35 [2014]

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

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

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) wholesale of rubber & commodities

The immediate holding company of the Subject is RCMA GROUP PTE. LTD., a company incorporated in SINGAPORE.

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

Share Capital History

Date	Issue & Paid Up Capital
14/02/2014	USD 24,000,000.00 & SGD 8,500,000.00
15/02/2013	USD 20,000,000.00 & SGD 8,500,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
RCMA GROUP PTE. LTD.	1, TEMASEK AVENUE, 16-01, MILLENIA TOWER , 039192, SINGAPORE.	199801641W	32,500,000.00	100.00
			---------------	------
			32,500,000.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	CHINA	TONG TEIK (NANTONG) TRADING CO. LTD.	100.00	31/12/2012
	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	:	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

DIRECTOR 6

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

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	-	Unsatisfied
199805322	16/10/1998	N/A	BNP PARIBAS	-	Unsatisfied
200005484	14/11/2000	N/A	BNP PARIBAS	-	Unsatisfied
200005485	14/11/2000	N/A	FORTIS BANK (NEDERLAND) N.V.	-	Unsatisfied
200005486	14/11/2000	N/A	FORTIS BANK (NEDERLAND) N.V.	-	Unsatisfied
200005487	14/11/2000	N/A	BNP PARIBAS	-	Unsatisfied
C201012584	27/12/2010	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201012588	27/12/2010	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201203621	04/04/2012	N/A	ING BANK N.V.	-	Unsatisfied
C201207055	27/06/2012	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201207057	27/06/2012	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201213440	21/11/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201302027	04/02/2013	N/A	DBS BANK LTD.	-	Unsatisfied
C201303026	22/02/2013	N/A	MACQUARIE BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201304943	10/04/2013	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')	-	Unsatisfied
C201316999	18/12/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201400057	02/01/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against 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. 

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers. 

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	[	]	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	:	WORLDWIDE
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

RUBBER & COMMODITIES

Total Number of Employees:
YEAR	2014	2013	2012	2011
GROUP	N/A	N/A	N/A	N/A
COMPANY	35	35	30	30

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of rubber & commodities

The Subject sells the following products:

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

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6563322282
Current Telephone Number	:	65-63322282
Match	:	YES
Address Provided by Client	:	7 TEMASEK BOULEVARD 20-02 SUNTEC TOWER ONE SINGAPORE 038987
Current Address	:	1 TEMASEK AVENUE # 16-01 MILLENIA TOWER, 039192, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

The Subject had shifted from the address provided.

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	[	14.15%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. 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	[	5 Days	]
Debtor Ratio	:	Favourable	[	28 Days	]
Creditors Ratio	:	Favourable	[	13 Days	]
The Subject'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 Subject. 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	[	1.35 Times	]
Current Ratio	:	Unfavourable	[	1.49 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	:	Unfavourable	[	2.25 Times	]
Gearing Ratio	:	Unfavourable	[	1.09 Times	]
The Subject'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 Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject'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 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)
(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 Subject is a Private Limited company, focusing on wholesale of rubber, commodities and others. 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 Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect. 

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. The Subject has approximately 35 employees in its business operations. 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 high gearing ratio clearly implied that the Subject was supported by more debt than equity. 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. Given a positive net worth standing at USD 39,843,956, the Subject should be able to maintain its business in the near terms. 

Overall, the Subject's payment habit is good as the Subject 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 Subject 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	532,893	915,487	1,752,535	616,012	1,210,292
	----------------	----------------	----------------	----------------	----------------
	2,501,820	2,863,160	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
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
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
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	2.25	5.15	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	14.15	39.50	57.17	14.40	62.53
Return On Capital Employed	14.15	35.83	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.59.47
UK Pound	1	Rs.99.70
Euro	1	Rs.81.55

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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