|
|
REGISTRATION NO.
|
:
|
198105093-K
|
|
COMPANY NAME
|
:
|
FUJI OIL (SINGAPORE) PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
31/10/1981
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
45, SENOKO ROAD, 758114, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
45 SENOKO ROAD, 758114, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-67581801
|
|
FAX.NO.
|
:
|
65-67581990
|
|
WEB SITE
|
:
|
WWW.FUJIOIL.COM.SG
|
|
CONTACT PERSON
|
:
|
TEO YONG WAH ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
REFINERY OF EDIBLE OIL
|
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
18,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 18,000,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 164,111,580 [2013]
|
|
NET WORTH
|
:
|
USD 64,909,892 [2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
130 [2014]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
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) refinery of
edible oil.
The immediate holding company of the Subject is FUJI OIL ASIA PTE.
LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is FUJI OIL CO.LTD, a
company incorporated in JAPAN.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
24/06/2014
|
SGD 18,000,000.00
|
The major shareholder(s) of the Subject
are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
FUJI OIL ASIA PTE. LTD.
|
-
|
200304205W
|
18,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
18,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
SHOICHI HARADA
|
|
Address
|
:
|
3-9-25 KOUYOUDAI, HANNAN-SHI, OSAKA, JAPAN.
|
|
IC / PP No
|
:
|
TH9179403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
20/04/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
TEO YONG WAH
|
|
Address
|
:
|
95, HAZEL PARK TERRACE, 678928, SINGAPORE.
|
|
IC / PP No
|
:
|
S1293700H
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
01/03/1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
YASUYUKI KANZAKI
|
|
Address
|
:
|
160, KILLINEY ROAD, 10-03, LA CRYSTAL, 239568, SINGAPORE.
|
|
IC / PP No
|
:
|
G5415899N
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
02/06/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
TOMOYUKI YOSHIDA
|
|
Address
|
:
|
100, ROBERTSON QUAY, 03- 17, ROBERTSON 100, 238250, SINGAPORE.
|
|
IC / PP No
|
:
|
G5273200Q
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
20/04/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
TEO YONG WAH
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
KANG OYO CHEOW
|
|
|
IC / PP No
|
:
|
S0177425E
|
|
|
|
|
|
|
|
Address
|
:
|
503, SEMBAWANG ROAD 04-31, 757707, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2014
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
130
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) refinery of edible
oil.
The Subject grown to be a global
manufacturer and supplier of high quality cocoa butter equivalents (CBE),
non-lauric cocoa butter replacers (CBR), lauric cocoa butter substitute (CBS)
as well as other specialty oils and fats.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
6567581801
|
|
Current Telephone Number
|
:
|
65-67581801
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
45 SENOKO ROAD, SINGAPORE 758114
|
|
Current Address
|
:
|
45 SENOKO ROAD, 758114, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
On 3rd September 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
4.57%
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
390.43%
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
9.35%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
10.32%
|
]
|
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the unfavourable market conditions.The
Subject's management have been efficient in controlling its operating
costs. 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
|
[
|
49 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
25 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
9 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
|
[
|
1.42 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.49 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
|
:
|
Favourable
|
[
|
39.40 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.14 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. 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.
With the favourable interest cover, the Subject could be able to service
all the accrued interest without facing any difficulties. 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 : STRONG
|
|
|
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 :
|
MANUFACTURING
|
|
|
|
|
|
|
The manufacturing sector contracted by 1.1% in the fourth quarter of
2012, led by declines in the electronics and precision engineering
clusters. These clusters were weighed down by weak global demand for semiconductors
and semiconductor-related equipment. For the whole year of 2012, the
manufacturing sector grew by 0.1%, significantly lower than the 7.8%
recorded in 2011 when the sector was boosted by a surge in the growth of
the biomedical manufacturing cluster.
|
|
|
|
Output of the biomedical manufacturing cluster grew by 2.4% in the
fourth quarter. The expansion was driven by the medical technology segment
which grew by a healthy 9.2%, benefitting from robust export demand for
medical devices. The pharmaceuticals segment also grew by a modest 1.1%.
For 2012, the biomedical manufacturing cluster expanded by 9.9%.
|
|
|
|
Output of the transport engineering cluster expanded by 4.9% in the fourth
quarter. The aerospace segment grew by 6.2%, supported by higher demand for
repair jobs from commercial airlines. Similarly, the marine & offshore
engineering segment expanded by 5.0%, on the back of higher contributions
from oil rig projects and oilfield equipment components. In the year 2012,
the transport engineering cluster surged by 11%.
|
|
|
|
The output of the precision engineering cluster shrank by 1.3% in
the fourth quarter. The decline was led by the 5.3% contraction in the
machinery & systems segment, which saw weak export demand for
semiconductor-related equipment. On the other hand, the precision modules
& components segment grew by 2.9%, supported by higher production of
optical instruments & photographic equipment and electronic connectors.
In 2012, the precision engineering cluster expanded by 1.3%.
|
|
|
|
The general manufacturing cluster's output grew by 1.2% in the
fourth quarter, driven by the 6.4% growth in the miscellaneous industries
segment. The segment's growth was supported by higher production of
batteries and constructionrelated materials. By contrast, the printing and
food, beverages & tobacco segments declined by 6.4% and 1.3%
respectively. For 2012, the general manufacturing cluster grew by 2.0%.
|
|
|
|
The chemicals cluster's output grew by 7.7% in the fourth quarter.
The petrochemicals and petroleum segments registered growth of 9.3% and
6.3% respectively, partly due to the low base from plant shutdowns in end
of 2011. The specialty chemicals segment also expanded by 8.0% on the back
of higher regional demand. For the year 2012, the chemicals cluster
declined by 0.4%, primarily due to weak regional demand for specialty
chemicals in the second and third quarter of 2012.
|
|
|
|
Output of the electronics cluster contracted by 10% in the fourth
quarter, led by the semiconductors and computer peripherals segments which
contracted by 13% and 15% respectively. By contrast, the data storage
segment grew by 7.8%, mainly due to the low base in end of 2011 when floods
in Thailand had disrupted the supply chain for data storage products. For
the whole of 2012, the electronics cluster contracted by 11%.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MATURE
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 1981, the Subject is a Private Limited company, focusing on
refinery of edible oil. The Subject has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near term.
The Subject is expected to enjoy a stable market shares. Having
strong support from its holding company 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. The Subject is a
fairly large and rapidly growing company with over 130 staff in its
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.
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.
However, the Subject has generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising its funds
to generate return. The Subject 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 64,909,892, 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. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency
on deliveries from a number of key suppliers and insufficient quantities of
its raw materials. Overall the Subject has a good control over its
resources.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the Subject's growth prospect is very
much depends on its capacity in sustaining its performance in the market.
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.
|
|
FUJI OIL
(SINGAPORE) PTE. LTD.
|
|
Financial Year End
|
2013-12-31
|
2012-12-31
|
|
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
|
164,111,580
|
171,961,758
|
|
Other Income
|
108,119
|
569,485
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
164,219,699
|
172,531,243
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
6,973,828
|
1,421,995
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
6,973,828
|
1,421,995
|
|
Taxation
|
(904,000)
|
(303,000)
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
6,069,828
|
1,118,995
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously reported
|
47,098,382
|
45,979,387
|
|
|
----------------
|
----------------
|
|
As restated
|
47,098,382
|
45,979,387
|
|
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
53,168,210
|
47,098,382
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
53,168,210
|
47,098,382
|
|
|
=============
|
=============
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
Bank overdraft
|
695
|
3,512
|
|
Term loan / Borrowing
|
174,007
|
396,314
|
|
Others
|
6,906
|
2,687
|
|
|
----------------
|
----------------
|
|
|
181,608
|
402,513
|
|
|
=============
|
=============
|
|
|
|
|
|
FUJI OIL
(SINGAPORE) PTE. LTD.
|
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
38,182,023
|
42,147,907
|
|
|
|
|
|
Associated companies
|
365,297
|
365,297
|
|
Others
|
305,253
|
305,253
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
670,550
|
670,550
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
38,852,573
|
42,818,457
|
|
|
|
|
|
Stocks
|
21,826,596
|
28,032,552
|
|
Trade debtors
|
11,442,914
|
12,481,971
|
|
Other debtors, deposits & prepayments
|
541,342
|
967,395
|
|
Amount due from holding company
|
3,493,816
|
5,396
|
|
Amount due from related companies
|
9,211,829
|
12,046,156
|
|
Amount due from associated companies
|
446,202
|
222,934
|
|
Cash & bank balances
|
4,005,649
|
1,059,361
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
50,968,348
|
54,815,765
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
89,820,921
|
97,634,222
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
4,055,096
|
3,680,126
|
|
Other creditors & accruals
|
3,402,622
|
2,712,836
|
|
Short term borrowings/Term loans
|
9,000,000
|
26,029,778
|
|
Amounts owing to holding company
|
372,150
|
120,686
|
|
Amounts owing to related companies
|
3,252,161
|
2,325,732
|
|
Provision for taxation
|
427,000
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
20,509,029
|
34,869,158
|
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
30,459,319
|
19,946,607
|
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
69,311,892
|
62,765,064
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
11,741,682
|
11,741,682
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
11,741,682
|
11,741,682
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
53,168,210
|
47,098,382
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
53,168,210
|
47,098,382
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
64,909,892
|
58,840,064
|
|
|
|
|
|
Deferred taxation
|
4,402,000
|
3,925,000
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
4,402,000
|
3,925,000
|
|
|
----------------
|
----------------
|
|
|
69,311,892
|
62,765,064
|
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
FUJI OIL
(SINGAPORE) PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
4,005,649
|
1,059,361
|
|
Net Liquid Funds
|
4,005,649
|
1,059,361
|
|
Net Liquid Assets
|
8,632,723
|
(8,085,945)
|
|
Net Current Assets/(Liabilities)
|
30,459,319
|
19,946,607
|
|
Net Tangible Assets
|
69,311,892
|
62,765,064
|
|
Net Monetary Assets
|
4,230,723
|
(12,010,945)
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
9,000,000
|
26,029,778
|
|
Total Liabilities
|
24,911,029
|
38,794,158
|
|
Total Assets
|
89,820,921
|
97,634,222
|
|
Net Assets
|
69,311,892
|
62,765,064
|
|
Net Assets Backing
|
64,909,892
|
58,840,064
|
|
Shareholders' Funds
|
64,909,892
|
58,840,064
|
|
Total Share Capital
|
11,741,682
|
11,741,682
|
|
Total Reserves
|
53,168,210
|
47,098,382
|
|
LIQUIDITY (Times)
|
|
|
|
Cash Ratio
|
0.20
|
0.03
|
|
Liquid Ratio
|
1.42
|
0.77
|
|
Current Ratio
|
2.49
|
1.57
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
49
|
60
|
|
Debtors Ratio
|
25
|
26
|
|
Creditors Ratio
|
9
|
8
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.14
|
0.44
|
|
Liabilities Ratio
|
0.38
|
0.66
|
|
Times Interest Earned Ratio
|
39.40
|
4.53
|
|
Assets Backing Ratio
|
5.90
|
5.35
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
4.25
|
0.83
|
|
Net Profit Margin
|
3.70
|
0.65
|
|
Return On Net Assets
|
10.32
|
2.91
|
|
Return On Capital Employed
|
10.32
|
2.91
|
|
Return On Shareholders' Funds/Equity
|
9.35
|
1.90
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|