|
|
REGISTRATION
NO.
|
:
|
200901323-H
|
|
COMPANY NAME
|
:
|
TGO TRADING
(SINGAPORE) PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
21/01/2009
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
6, SHENTON
WAY, 41-01, OUE DOWNTOWN, 068809, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
6, SHENTON
WAY, 41-01, OUE DOWNTOWN, 068809, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-63240040
|
|
FAX.NO.
|
:
|
65-63240012
|
|
CONTACT PERSON
|
:
|
KARUGAPPADAM MOHAMMED
RAFI ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
GENERAL
WHOLESALE TRADE
|
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
5,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00
|
|
|
|
|
|
SALES
|
:
|
USD
754,393,660 [2012]
|
|
NET WORTH
|
:
|
USD 10,353,167
[2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
N/A
|
|
CURRENCY
EXPOSURE
|
:
|
N/A
|
|
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) general wholesale trade.
The immediate holding company of the
Subject is YUNTIANHUA UNITED COMMERCE CO., LTD, a company incorporated in
SINGAPORE.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
30/09/2014
|
SGD
5,000,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
YUNTIANHUA
UNITED COMMERCE CO., LTD
|
1417, DIAN CHI
ROAD, KUNMING, CHINA, YUNNAN, SINGAPORE.
|
T09UF0206
|
5,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
5,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR.
KARUGAPPADAM MOHAMMED RAFI
|
|
Address
|
:
|
1557, KEPPEL ROAD,
02-15, 089066, SINGAPORE.
|
|
IC / PP No
|
:
|
S7065698A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
01/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
WANG WENPING
|
|
Address
|
:
|
ROOM 402,
BUILDING 2, CUI LI GARDEN, CUI HU NORTH ROAD, WUHUA, KUNMING, YUNNAN,
CHINA.
|
|
IC / PP No
|
:
|
532502196708190616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of
Appointment
|
:
|
21/01/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
XIAO HONG
|
|
Address
|
:
|
ROOM 402,
ENTRANCE 1, BUILDING 8, HUA FU GARDEN, JIN JIANG ROAD, PANG LONG, KUNMING,
YUNNAN, CHINA.
|
|
IC / PP No
|
:
|
53011219590115163X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of
Appointment
|
:
|
21/01/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
ZHANG WENXUE
|
|
Address
|
:
|
C/O YUNNAN LINHUA
GROUP CO. LTD., BUILDING 1, UNIT 1-1, XISHAN DISTRICT HAIKOU, YUNNAN,
KUNMING, CHINA.
|
|
IC / PP No
|
:
|
530112196306300578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of
Appointment
|
:
|
27/11/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of
Subject
|
:
|
LIU WEI
|
|
Address
|
:
|
ROOM 1906, 47,
YUNDA CHENGYUAN, WUHUA DISTRICT BEIMENJIE, YUNNAN, KUNMING, LEVEL 19,
CHINA.
|
|
IC / PP No
|
:
|
532131197007110016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of
Appointment
|
:
|
27/11/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of
Subject
|
:
|
YIN JINGDONG
|
|
Address
|
:
|
ROOM 1-106, BUILDING
2, 522, BAIYUN ROAD, PAN LONG DISTRICT, KUNMING, YUNNAN, CHINA.
|
|
IC / PP No
|
:
|
530103196703092139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of
Appointment
|
:
|
30/03/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
KARUGAPPADAM
MOHAMMED RAFI
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
RSM CHIO LIM
LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Company
Secretary
|
:
|
NG KIM TEAN
|
|
|
IC / PP No
|
:
|
S6824617B
|
|
|
|
|
|
|
|
Address
|
:
|
454, CHOA CHU
KANG AVENUE 4, 06-111, 680454, 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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The Subject's Company Secretary refused to disclose any information on the
Subject's payment record.
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
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
X
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Subject's Company Secretary refused to disclose any information on the
Subject's clientele.
|
Goods Traded
|
:
|
|
COMMODITIES
AND CHEMICALS
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) general wholesale
trade.
The Subject's Company Secretary refused to disclose any information on the
Subject's operation.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-63240040
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
41 MARKET
STREET NO.10-00, INTERNATIONAL FACTORS BUILDING,SINGAPORE
|
|
Current
Address
|
:
|
6, SHENTON
WAY, 41-01, OUE DOWNTOWN, 068809, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
|
Other
Investigations
On 1st October 2014 we contacted the Subject's Company Secretary. She only provided
limited information on the Subject.
She also refused to disclose number of employees and banker for the Subject.
We were unable to verify the address provided.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2012
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
2009 - 2012
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Favourable
|
[
|
43.65%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
91.81%
|
]
|
|
|
|
|
|
|
|
|
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The Subject's management have been efficient in
controlling its operating costs. Generally the Subject was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the
Subject's management was efficient in utilising the assets to generate
returns.
|
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
40 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
44 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the Subject
is a service oriented company, the Subject does not need to keep 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
|
[
|
1.04 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.04 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
|
[
|
2.81 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
10.54 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 :
|
|
|
|
|
|
|
|
Although the turnover
was erratic, the Subject had maintained a steady growth in its profit. This
indicate the management's efficiency in controlling its costs and
profitability. 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 : LIMITED
|
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 2009, the Subject is a Private Limited company, focusing on
general wholesale trade. Having been in business for more than 5 years, the
Subject has established a remarkable clientele base for itself which has
contributed to its business growth. The capital standing of the Subject is
SGD 5,000,000. Having strong support from its holding company has enabled
the Subject to remain competitive despite the challenging business
environment. With an adequate share capital, the Subject has the potential
of expanding its business in future.
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.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Based on the higher profitability,
the Subject has generated a favourable return based on its existing
shareholders' funds which indicated that the management was efficient in
utilising its funds to generate income. The Subject is in an acceptable
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
Subject was supported by more debt than equity. Thus, the Subject is
exposed to high financial risk. Given a positive net worth standing at USD
10,353,167, the Subject should be able to maintain its business in the near
terms.
The Subject's payment habit is average. With its adequate working capital,
the Subject should be able to pay its short term debts.
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
normally.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
TGO TRADING
(SINGAPORE) PTE. LTD.
|
|
Financial
Year End
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
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
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
|
TURNOVER
|
754,393,660
|
741,354,528
|
1,003,461,199
|
172,258,505
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
754,393,660
|
741,354,528
|
1,003,461,199
|
172,258,505
|
|
Costs of Goods
Sold
|
(744,905,830)
|
(732,043,608)
|
(999,635,967)
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
9,487,830
|
9,310,920
|
3,825,232
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
6,124,065
|
5,796,274
|
994,671
|
(100,056)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
6,124,065
|
5,796,274
|
994,671
|
(100,056)
|
|
Taxation
|
(1,604,851)
|
(1,449,067)
|
(143,169)
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
4,519,214
|
4,347,207
|
851,502
|
(100,056)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As previously
reported
|
5,098,653
|
751,446
|
(100,056)
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
5,098,653
|
751,446
|
(100,056)
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
9,617,867
|
5,098,653
|
751,446
|
(100,056)
|
|
CAPITALISATION
FOR BONUS ISSUES
|
(3,214,800)
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
6,403,067
|
5,098,653
|
751,446
|
(100,056)
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
Others
|
3,380,858
|
1,313,251
|
1,205,810
|
104,535
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
3,380,858
|
1,313,251
|
1,205,810
|
104,535
|
|
|
=============
|
=============
|
=============
|
======
|
|
TGO TRADING
(SINGAPORE) PTE. LTD.
|
|
LONG TERM INVESTMENTS/OTHER
ASSETS
|
|
|
|
|
|
Subsidiary
companies
|
200,000
|
-
|
-
|
-
|
|
Deferred
assets
|
1,300,000
|
73,835
|
-
|
-
|
|
Others
|
-
|
1,300,000
|
1,300,000
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
1,500,000
|
1,373,835
|
1,300,000
|
-
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
1,500,000
|
1,373,835
|
1,300,000
|
-
|
|
|
|
|
|
|
|
Trade debtors
|
83,701,004
|
110,351,505
|
151,348,981
|
3,566,574
|
|
Other debtors,
deposits & prepayments
|
173,212
|
5,855
|
-
|
4,596,942
|
|
Cash &
bank balances
|
94,673,752
|
8,422,462
|
44,129,281
|
5,587,018
|
|
Others
|
34,115,912
|
31,953,888
|
15,033,407
|
23,884,954
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
212,663,880
|
150,733,710
|
210,511,669
|
37,635,488
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
214,163,880
|
152,107,545
|
211,811,669
|
37,635,488
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Trade
creditors
|
89,003,226
|
24,116,237
|
80,608,382
|
17,896,948
|
|
Other
creditors & accruals
|
-
|
-
|
596,750
|
12,223,981
|
|
Hire purchase
& lease creditors
|
109,117,239
|
111,679,995
|
122,690,263
|
-
|
|
Deposits from
customers
|
2,493,161
|
8,811,289
|
6,286,359
|
-
|
|
Provision for taxation
|
3,197,087
|
1,666,071
|
143,169
|
-
|
|
Other
liabilities
|
-
|
-
|
-
|
6,879,315
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
203,810,713
|
146,273,592
|
210,324,923
|
37,000,244
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
8,853,167
|
4,460,118
|
186,746
|
635,244
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share
capital
|
3,950,100
|
735,300
|
735,300
|
735,300
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
3,950,100
|
735,300
|
735,300
|
735,300
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
6,403,067
|
5,098,653
|
751,446
|
(100,056)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
6,403,067
|
5,098,653
|
751,446
|
(100,056)
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TGO TRADING
(SINGAPORE) PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
94,673,752
|
8,422,462
|
44,129,281
|
5,587,018
|
|
Net Liquid
Funds
|
94,673,752
|
8,422,462
|
44,129,281
|
5,587,018
|
|
Net Liquid
Assets
|
8,853,167
|
4,460,118
|
186,746
|
635,244
|
|
Net Current
Assets/(Liabilities)
|
8,853,167
|
4,460,118
|
186,746
|
635,244
|
|
Net Tangible
Assets
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
Net Monetary
Assets
|
8,853,167
|
4,460,118
|
186,746
|
635,244
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
Total
Borrowings
|
109,117,239
|
111,679,995
|
122,690,263
|
0
|
|
Total
Liabilities
|
203,810,713
|
146,273,592
|
210,324,923
|
37,000,244
|
|
Total Assets
|
214,163,880
|
152,107,545
|
211,811,669
|
37,635,488
|
|
Net Assets
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
Net Assets
Backing
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
Shareholders'
Funds
|
10,353,167
|
5,833,953
|
1,486,746
|
635,244
|
|
Total Share
Capital
|
3,950,100
|
735,300
|
735,300
|
735,300
|
|
Total Reserves
|
6,403,067
|
5,098,653
|
751,446
|
(100,056)
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
Cash Ratio
|
0.46
|
0.06
|
0.21
|
0.15
|
|
Liquid Ratio
|
1.04
|
1.03
|
1.00
|
1.02
|
|
Current Ratio
|
1.04
|
1.03
|
1.00
|
1.02
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
0
|
0
|
|
Debtors Ratio
|
40
|
54
|
55
|
8
|
|
Creditors
Ratio
|
44
|
12
|
29
|
38
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
10.54
|
19.14
|
82.52
|
0.00
|
|
Liabilities
Ratio
|
19.69
|
25.07
|
141.47
|
58.25
|
|
Times Interest
Earned Ratio
|
2.81
|
5.41
|
1.82
|
0.04
|
|
Assets Backing
Ratio
|
2.62
|
7.93
|
2.02
|
0.86
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
Operating
Profit Margin
|
0.81
|
0.78
|
0.10
|
(0.06)
|
|
Net Profit
Margin
|
0.60
|
0.59
|
0.08
|
(0.06)
|
|
Return On Net
Assets
|
91.81
|
121.86
|
148.01
|
0.71
|
|
Return On
Capital Employed
|
7.96
|
6.05
|
1.77
|
0.71
|
|
Return On
Shareholders' Funds/Equity
|
43.65
|
74.52
|
57.27
|
(15.75)
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
|