EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
200711502-M
|
|
COMPANY NAME
|
:
|
ACE EXIM PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
27/06/2007
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
10, ANSON ROAD, 27-03A, INTERNATIONAL PLAZA, 079903, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
10, ANSON ROAD, 27-03A, INTERNATIONAL PLAZA,, 079903, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62248240
|
|
FAX.NO.
|
:
|
65-62248139
|
|
CONTACT PERSON
|
:
|
KUMAR ABHINAV SUBODH ( DIRECTOR )
|
|
|
|
|
|
|
|
|
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PRINCIPAL ACTIVITY
|
:
|
TRADING AND RECYCLE OF METAL, METAL SCRAPS
|
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
490,000.00 ORDINARY SHARE, OF A VALUE OF USD 490,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 76,459,990 [2013]
|
|
NET WORTH
|
:
|
USD 2,326,018 [2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
6 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
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 and
recycle of metal, metal scraps.
Share Capital History
|
Date
|
Issue & Paid Up Capital
|
|
28/08/2014
|
USD 490,000.00
|
The major shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
KUMAR ABHINAV SUBODH +
|
10, ANSON ROAD, 27-03A, INTERNATIONAL PLAZA, 079903, SINGAPORE.
|
G5042116W
|
240,000.00
|
48.98
|
|
DAYAL STEELS PVT. LTD.
|
D-1072, NEW FRIENDS COLONY, NEW DELHI, INDIA.
|
011184
|
250,000.00
|
51.02
|
|
|
|
|
---------------
|
------
|
|
|
|
|
490,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
KUMAR ABHINAV SUBODH
|
|
Address
|
:
|
10, ANSON ROAD, 27-03A, INTERNATIONAL PLAZA, 079903, SINGAPORE.
|
|
IC / PP No
|
:
|
G5042116W
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
27/06/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
KUMAR ABHINAV SUBODH
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
NNATARAJAN & SWAMINATHAN
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
No company secretary was found in our databank.
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
INDIAN OVERSEAS BANK
|
|
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201110145
|
16/08/2011
|
N/A
|
INDIAN OVERSEAS BANK
|
-
|
Unsatisfied
|
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 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
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2014
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
6
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading and recycle
of metal, metal scraps.
The Subject deals with Ferrous & Non Ferrous Metals, scrap metal.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-62248240
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
10 ANSON ROAD 27-03A, INTERNATIONAL PLAZA SINGAPORE 079903
|
|
Current Address
|
:
|
10, ANSON ROAD, 27-03A, INTERNATIONAL PLAZA,, 079903, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
On 29th August 2014 we contacted one of the staff from the Subject and he
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
15.55%
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
132.25%
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
27.50%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
20.27%
|
]
|
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market
competition.The Subject's management have been efficient in controlling its
operating costs. The Subject's management had generated acceptable return
for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
16 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
62 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
32 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's management
was quite efficient in handling its debtors. The Subject's debtors days
were at an acceptable range, thus the risk of its debts turning bad was
minimised. 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
|
[
|
1.14 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.35 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
|
[
|
2.83 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.06 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 lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which
are highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year.
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 as a lowly geared company, will be more secured compared
to those highly geared companies. It has the ability to meet all its long
term obligations.
|
|
|
|
|
|
|
|
|
|
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 2007, the Subject is a Private Limited company, focusing on
trading and recycle of metal, metal scraps. 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. Having strong
support from its shareholders has enabled the Subject to remain competitive
despite the challenging business environment.
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 6 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.
Despite the lower turnover, the Subject's pre-tax profit have increased
compared to the previous year. The higher profit could be due to better
control of its operating costs and efficiency in utilising its resources.
Return on shareholders' funds of the Subject was at an acceptable range
which indicated that the management was efficient in utilising its funds to
generate income. The Subject 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 lowly
geared company, the Subject is exposed to low financial risk as it is
mainly dependent on its internal funds to finance its business needs. Given
a positive net worth standing at USD 2,326,018, the Subject should be able
to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises.
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.
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.
|
|
ACE EXIM PTE. LTD.
|
|
Financial Year End
|
2013-03-31
|
2012-03-31
|
|
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
|
76,459,990
|
90,539,742
|
|
Other Income
|
967,197
|
322,518
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
77,427,187
|
90,862,260
|
|
Costs of Goods Sold
|
(75,451,705)
|
(88,703,828)
|
|
|
----------------
|
----------------
|
|
Gross Profit
|
1,975,482
|
2,158,432
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
727,466
|
313,228
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
727,466
|
313,228
|
|
Taxation
|
(87,892)
|
(30,201)
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
639,574
|
283,027
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously reported
|
1,186,442
|
903,415
|
|
|
----------------
|
----------------
|
|
As restated
|
1,186,442
|
903,415
|
|
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,826,016
|
1,186,442
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,826,016
|
1,186,442
|
|
|
=============
|
=============
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
Lease interest
|
-
|
1,687
|
|
Letter of credit
|
271,355
|
998,400
|
|
Others
|
126,532
|
88,578
|
|
|
----------------
|
----------------
|
|
|
397,887
|
1,088,665
|
|
|
=============
|
=============
|
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
33,299
|
46,618
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
33,299
|
46,618
|
|
|
|
|
|
Stocks
|
3,329,425
|
4,286,244
|
|
Trade debtors
|
13,057,597
|
2,399,765
|
|
Other debtors, deposits & prepayments
|
2,235,476
|
739,725
|
|
Amount due from related companies
|
261,327
|
-
|
|
Cash & bank balances
|
2,602,377
|
547,213
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
21,486,202
|
7,972,947
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
21,519,501
|
8,019,565
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
6,693,649
|
2,855,656
|
|
Other creditors & accruals
|
1,016,228
|
2,393,907
|
|
Bank overdraft
|
128,854
|
-
|
|
Amounts owing to related companies
|
-
|
400,886
|
|
Provision for taxation
|
76,793
|
64,859
|
|
Lease payables
|
8,206
|
21,546
|
|
Other liabilities
|
8,043,493
|
585,518
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
15,967,223
|
6,322,372
|
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
5,518,979
|
1,650,575
|
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
5,552,278
|
1,697,193
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
500,002
|
500,002
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
500,002
|
500,002
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
1,826,016
|
1,186,442
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,826,016
|
1,186,442
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
2,326,018
|
1,686,444
|
|
|
|
|
|
Lease obligations
|
-
|
10,749
|
|
Others
|
3,226,260
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
3,226,260
|
10,749
|
|
|
----------------
|
----------------
|
|
|
5,552,278
|
1,697,193
|
|
|
=============
|
=============
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
2,602,377
|
547,213
|
|
Net Liquid Funds
|
2,473,523
|
547,213
|
|
Net Liquid Assets
|
2,189,554
|
(2,635,669)
|
|
Net Current Assets/(Liabilities)
|
5,518,979
|
1,650,575
|
|
Net Tangible Assets
|
5,552,278
|
1,697,193
|
|
Net Monetary Assets
|
(1,036,706)
|
(2,646,418)
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
128,854
|
10,749
|
|
Total Liabilities
|
19,193,483
|
6,333,121
|
|
Total Assets
|
21,519,501
|
8,019,565
|
|
Net Assets
|
5,552,278
|
1,697,193
|
|
Net Assets Backing
|
2,326,018
|
1,686,444
|
|
Shareholders' Funds
|
2,326,018
|
1,686,444
|
|
Total Share Capital
|
500,002
|
500,002
|
|
Total Reserves
|
1,826,016
|
1,186,442
|
|
LIQUIDITY (Times)
|
|
|
|
Cash Ratio
|
0.16
|
0.09
|
|
Liquid Ratio
|
1.14
|
0.58
|
|
Current Ratio
|
1.35
|
1.26
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
16
|
17
|
|
Debtors Ratio
|
62
|
10
|
|
Creditors Ratio
|
32
|
12
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.06
|
0.01
|
|
Liabilities Ratio
|
8.25
|
3.76
|
|
Times Interest Earned Ratio
|
2.83
|
1.29
|
|
Assets Backing Ratio
|
11.10
|
3.39
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
0.95
|
0.35
|
|
Net Profit Margin
|
0.84
|
0.31
|
|
Return On Net Assets
|
20.27
|
82.60
|
|
Return On Capital Employed
|
19.81
|
82.60
|
|
Return On Shareholders' Funds/Equity
|
27.50
|
16.78
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|