|
|
REGISTRATION
NO.
|
:
|
199306768-W
|
|
COMPANY NAME
|
:
|
THALES
SOLUTIONS ASIA PTE. LTD.
|
|
FORMER NAME
|
:
|
THALES
AEROSPACE ASIA PTE. LTD. (31/12/2010)
THALES AVIONICS ASIA PTE LTD (03/01/2006)
THOMSON-CSF SEXTANT ASIA PTE LTD (25/04/2001)
SEXTANT AVIONIQUE ASIA PTE LTD (13/10/1999)
|
|
INCORPORATION
DATE
|
:
|
13/10/1993
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
21, CHANGI
NORTH RISE, 498788, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
21 CHANGI
NORTH RISE,, 498788, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-64247100
|
|
FAX.NO.
|
:
|
65-64247101
|
|
CONTACT PERSON
|
:
|
DENIS, JACQUES,
MARIE CHEDEVILLE ( DIRECTOR )
|
|
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
GENERAL
WHOLESALE TRADE
|
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
2,600,000.00
ORDINARY SHARE, OF A VALUE OF SGD 2,600,000.00
|
|
|
|
|
|
SALES
|
:
|
USD 276,232,171
[2013]
|
|
NET WORTH
|
:
|
USD 70,938,924
[2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
400 [2014]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT
CAPABILITY
|
:
|
GOOD
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
N/A
|
|
CURRENCY
EXPOSURE
|
:
|
N/A
|
|
GENERAL
REPUTATION
|
:
|
GOOD
|
|
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 THALES AVIONICS S.A., a company
incorporated in FRANCE.
Share Capital History
|
Date
|
Issue &
Paid Up Capital
|
|
19/09/2014
|
SGD
2,600,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
THALES
AVIONICS S.A.
|
45, RUE DE
VILLIERS, NEUILLY SUR SEINE CEDEX, 92526, FRANCE.
|
T06UF3328
|
2,600,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
2,600,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR. DANIEL
MALKA
|
|
Address
|
:
|
10, RUE DES
VENDANGES, TOURNEFEVILLE, 31170, FRANCE.
|
|
IC / PP No
|
:
|
02VE61662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FRENCH
|
|
Date of
Appointment
|
:
|
01/08/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. DENIS,
JACQUES, MARIE, CHEDEVILLE
|
|
Address
|
:
|
5B, AVENUE
SAINTE MARIE, CHAVILLE, 92370, FRANCE.
|
|
IC / PP No
|
:
|
11AT43541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FRENCH
|
|
Date of
Appointment
|
:
|
02/12/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. JEAN-NOEL,
LOUIS, PAUL STOCK
|
|
Address
|
:
|
48, BLANDFORD
DRIVE, SERANGOON GARDEN ESTATE, 55981, SINGAPORE.
|
|
IC / PP No
|
:
|
G5382254T
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FRENCH
|
|
Date of Appointment
|
:
|
25/01/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
MICHEL
STAUFFER
|
|
Address
|
:
|
23, OXLEY
WALK, 04-17, BELLE VUE RESIDENCES, 238594, SINGAPORE.
|
|
IC / PP No
|
:
|
G51066632X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FRENCH
|
|
Date of
Appointment
|
:
|
12/04/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of
Subject
|
:
|
ALAIN BOURSIER
|
|
Address
|
:
|
59, RUE DE L'ABBE
GROULT PARIS, 15E, 75015, FRANCE.
|
|
IC / PP No
|
:
|
13CH20454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
FRENCH
|
|
Date of
Appointment
|
:
|
15/07/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
DENIS,
JACQUES, MARIE CHEDEVILLE
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of
Subject
|
:
|
JEAN-NOEL,
LOUIS, PAUL STOCK
|
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
ERNST &
YOUNG LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
M SIVAANANTHAN
|
|
|
IC / PP No
|
:
|
S0181790F
|
|
|
|
|
|
|
|
Address
|
:
|
101B, LORONG 2,
TOA PAYOH, 06-09, 311101, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
KULTIP KAUR
GILL
|
|
|
IC / PP No
|
:
|
S1442937I
|
|
|
|
|
|
|
|
Address
|
:
|
9, SHELFORD ROAD,
1-3, SHELFORD GREEN, 288352, 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 staff from the Subject's registered office refused to disclose the
Subject's 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
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The staff from the Subject's registered office refused to disclose the
Subject's suppliers.
|
Total Number
of Employees:
|
|
YEAR
|
2014
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
400
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) general wholesale
trade.
The staff from the Subject's registered office refused to disclose the
Subject's operation.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current Telephone
Number
|
:
|
65-64247100
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
21, CHANGI
NORTH RISE, SINGAPORE - 498788 SINGAPORE
|
|
Current
Address
|
:
|
21 CHANGI
NORTH RISE,, 498788, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other
Investigations
On 18th September 2014 we contacted one of the staff from the Subject's
registered office and she only provided limited information
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
14.99%
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
0.27%
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Favourable
|
[
|
30.16%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
32.32%
|
]
|
|
|
|
|
|
|
|
|
|
|
The higher turnover
could be attributed to the favourable market condition and the Subject
could be gaining the market share progressively.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
|
:
|
Favourable
|
[
|
48 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
62 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
33 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
|
[
|
1.30 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.87 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
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's
interest cover was nil as it did not pay any interest during the year. The
Subject had no gearing and hence it had virtually no financial risk. The Subject
was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the Subject, having a zero gearing, will be
able to compete better than those which are highly geared in the same
industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
Generally, the
Subject's performance has improved with higher turnover and profit. 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. The Subject did
not make any interest payment during the year. The Subject was dependent on
its shareholders' funds to finance its business needs. The Subject was a
zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The Subject has good chance of
getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
|
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 :
|
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 1993, the Subject is a Private Limited company, focusing on
general wholesale trade. 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. The capital standing
of the Subject is fair. With an adequate share capital, the Subject has the
potential of expanding its business in future.
The Subject is a fairly large and rapidly growing company with over 400
staff in its operations The Subject has a good management capability.
Its capable management team has enabled the Subject to keep its business on
going. Hence, the future prospect of the Subject is bright.
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 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 zero geared company, the Subject virtually has no
financial risk as it is mainly dependent on its internal funds to finance
its business. Given a positive net worth standing at USD 70,938,924, 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.
In view of the above favourable condition, we recommend credit be proceeded
to the Subject with favourable term.
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.
|
|
THALES
SOLUTIONS ASIA 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
|
276,232,171
|
240,225,221
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
276,232,171
|
240,225,221
|
|
Costs of Goods
Sold
|
(196,079,931)
|
(164,443,541)
|
|
|
----------------
|
----------------
|
|
Gross Profit
|
80,152,240
|
75,781,680
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
23,300,098
|
23,238,320
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
23,300,098
|
23,238,320
|
|
Taxation
|
(1,906,579)
|
(2,178,332)
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
21,393,519
|
21,059,988
|
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously
reported
|
65,565,630
|
59,505,642
|
|
|
----------------
|
----------------
|
|
As restated
|
65,565,630
|
59,505,642
|
|
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
86,959,149
|
80,565,630
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(21,000,000)
|
(15,000,000)
|
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
65,959,149
|
65,565,630
|
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
THALES
SOLUTIONS ASIA PTE. LTD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
FIXED ASSETS
|
16,877,351
|
18,954,749
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
16,877,351
|
18,954,749
|
|
|
|
|
|
Stocks
|
36,234,280
|
35,131,281
|
|
Trade debtors
|
46,894,813
|
25,534,469
|
|
Other debtors,
deposits & prepayments
|
5,020,659
|
3,932,368
|
|
Amount due
from related companies
|
18,558,090
|
25,354,308
|
|
Cash &
bank balances
|
1,204,616
|
2,632,458
|
|
Amount owing
by customer
|
9,234,600
|
5,826,982
|
|
Others
|
1,248,721
|
24,441
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
118,395,779
|
98,436,307
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
135,273,130
|
117,391,056
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Trade
creditors
|
17,745,449
|
9,324,983
|
|
Other
creditors & accruals
|
17,108,985
|
16,765,335
|
|
Amounts owing
to holding company
|
2,256,733
|
308,370
|
|
Amounts owing
to related companies
|
7,873,392
|
7,384,742
|
|
Provision for
taxation
|
2,967,560
|
2,564,839
|
|
Other
liabilities
|
15,218,042
|
10,372,649
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
63,170,161
|
46,720,918
|
|
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
55,225,618
|
51,715,389
|
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
72,102,969
|
70,670,138
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
1,611,504
|
1,611,504
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
1,611,504
|
1,611,504
|
|
|
|
|
|
General
reserve
|
3,368,271
|
2,230,361
|
|
Retained
profit/(loss) carried forward
|
65,959,149
|
65,565,630
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
69,327,420
|
67,795,991
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
70,938,924
|
69,407,495
|
|
|
|
|
|
Deferred
taxation
|
413,767
|
512,365
|
|
Others
|
750,278
|
750,278
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
1,164,045
|
1,262,643
|
|
|
----------------
|
----------------
|
|
|
72,102,969
|
70,670,138
|
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
THALES
SOLUTIONS ASIA PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
1,204,616
|
2,632,458
|
|
Net Liquid
Funds
|
1,204,616
|
2,632,458
|
|
Net Liquid
Assets
|
18,991,338
|
16,584,108
|
|
Net Current
Assets/(Liabilities)
|
55,225,618
|
51,715,389
|
|
Net Tangible
Assets
|
72,102,969
|
70,670,138
|
|
Net Monetary
Assets
|
17,827,293
|
15,321,465
|
|
BALANCE SHEET
ITEMS
|
|
|
|
Total
Borrowings
|
0
|
0
|
|
Total
Liabilities
|
64,334,206
|
47,983,561
|
|
Total Assets
|
135,273,130
|
117,391,056
|
|
Net Assets
|
72,102,969
|
70,670,138
|
|
Net Assets
Backing
|
70,938,924
|
69,407,495
|
|
Shareholders'
Funds
|
70,938,924
|
69,407,495
|
|
Total Share
Capital
|
1,611,504
|
1,611,504
|
|
Total Reserves
|
69,327,420
|
67,795,991
|
|
LIQUIDITY
(Times)
|
|
|
|
Cash Ratio
|
0.02
|
0.06
|
|
Liquid Ratio
|
1.30
|
1.35
|
|
Current Ratio
|
1.87
|
2.11
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
48
|
53
|
|
Debtors Ratio
|
62
|
39
|
|
Creditors
Ratio
|
33
|
21
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
0.91
|
0.69
|
|
Times Interest
Earned Ratio
|
0.00
|
0.00
|
|
Assets Backing
Ratio
|
44.74
|
43.85
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
Operating
Profit Margin
|
8.43
|
9.67
|
|
Net Profit
Margin
|
7.74
|
8.77
|
|
Return On Net
Assets
|
32.32
|
32.88
|
|
Return On
Capital Employed
|
32.32
|
32.88
|
|
Return On
Shareholders' Funds/Equity
|
30.16
|
30.34
|
|
Dividend Pay
Out Ratio (Times)
|
0.98
|
0.71
|
|
NOTES TO
ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
|