|
|
REGISTRATION NO.
|
:
|
199907598-E
|
|
COMPANY NAME
|
:
|
CATERPILLAR MARINE ASIA PACIFIC PTE. LTD.
|
|
FORMER NAME
|
:
|
MAK MOTOREN ASIA PTE LTD (17/09/2003)
JAPTON PTE LTD (21/12/1999)
|
|
INCORPORATION DATE
|
:
|
03/12/1999
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
7, TRACTOR ROAD, 627968, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
7, TRACTOR ROAD, 627968, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-68287333
|
|
FAX.NO.
|
:
|
N/A
|
|
CONTACT PERSON
|
:
|
ALAN NAISBY ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
WHOLESALE OF MARINE EQUIPMENT AND ACCESSORIES
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00
|
|
|
|
|
SALES
|
:
|
SGD 36,282,729 [2013]
|
|
NET WORTH
|
:
|
SGD 22,767,168 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
43 [2015]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY
/ BACKGROUND
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) wholesale of marine equipment and
accessories.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
16/04/2015
|
SGD 100,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
CATERPILLAR MOTOREN GMBH & CO.
|
KG NEUMUHLEN, 9, 22763, GERMANY.
|
S99UF0114
|
100,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
100,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
CALVIN JOHN HARDIMENT
|
|
Address
|
:
|
245, ORCHARD BOULEVARD, 18-02, ORCHARD BEL AIR, 248648, SINGAPORE.
|
|
IC / PP No
|
:
|
G5543171Q
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
BRITISH
|
|
Date of Appointment
|
:
|
28/05/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
ALAN NAISBY
|
|
Address
|
:
|
UNIT 1406, 399, NANJING WEST ROAD, HUANGPU DISTRICT, SHANGHAI,
CHINA.
|
|
IC / PP No
|
:
|
099202071
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
BRITISH
|
|
Date of Appointment
|
:
|
04/11/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ALAN NAISBY
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOP ERS LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
PANG SZE CHEW
|
|
IC / PP No
|
:
|
S8185146H
|
|
|
|
|
|
Address
|
:
|
21, HOLLAND DRIVE, 22-415, 271021, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
LITIGATION
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.
PAYMENT
RECORD
|
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
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
MARINE EQUIPMENT AND ACCESSORIES
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2015
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
43
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of marine
equipment and accessories.
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-68287333
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
#5 TUKANG INNOVATION GROVE, SINGAPORE 618304
|
|
Current Address
|
:
|
7, TRACTOR ROAD, 627968, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
Other
Investigations
On 15th April 2015 we contacted one of the staff from the Subject and she
only provided limited information.
She refused to disclose the fax number and bankers.
The address provided is another office of the Subject.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
9.55%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
10.33%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's profit fell sharply because of
the high operating costs incurred. The unfavourable return on shareholders'
funds could indicate that the Subject was inefficient in utilising its
assets to generate returns.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
86 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
36 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
71 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The favourable
debtors' days could be due to the good credit control measures implemented
by the Subject. The unfavourable creditors' ratio could be due to the
Subject taking advantage of the credit granted by its suppliers. However
this may affect the goodwill between the Subject and its suppliers and the
Subject may inadvertently have to pay more for its future supplies.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
3.11 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
4.42 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 :
|
|
|
|
|
|
|
|
The Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. The Subject was in good liquidity
position with its total current liabilities well covered by its total
current assets. With its current net assets, the Subject should be able to
repay its short term obligations. 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
ANALYSIS
|
INDUSTRY :
|
TRADING
|
|
|
|
|
The wholesale and retail trade sectors have expanded by 2.0% in the
third quarter of 2014, extending the 1.8 per cent growth in the previous
quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining
by 1.4% the year before. Growth of the sector was driven by the wholesale
trade segment.
|
|
|
The domestic wholesale trade index has increased by 3.2% in the
fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter.
The slower growth was due to a decline in the sales of furniture and
household equipment (-12%) and petroleum and petroleum products (-0.6%).
For the full year, the domestic wholesale trade index grew by 5.2%
reversing the 2.2% decline in 2012. On the other hand, the foreign
wholesale trade index has increased by a slower pace of 5.6% in the fourth
quarter, compared to the 7.7% expansion in the preceding quarter. The
slowdown was due to a fall in the sales of telecommunication equipment and
computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full
year, the growth of the foreign wholesale trade index moderated slightly to
8.6% from 9.1% in the previous year.
|
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending
the 5.6% decline in the previous quarter. Excluding motor vehicles, retail
sales volume increased by 0.4%, a slower pace of expansion as compared to
the 1.6% gain in the preceding quarter. The sales volume of motor vehicles
fell by 33% in the fourth quarter of 2013, extending the 32% decline in the
previous quarter. Meanwhile, the sales of several discretionary items also
fell in the fourth quarter of 2013. For instance, the sales of
telecommunications apparatus and computers fell by 12%, while the sales of
furniture and household equipment declined by 5.4%.
|
|
|
For the full year, retail sales volume contracted by 4.3%, a
reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the
retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in
2012. Watches and jewellery recorded the largest increase (11%) in sales in
2013, followed by optical goods and book (3%) and medical goods and
toiletries (3%). By contrast, the sales of telecommunications apparatus and
computer (-7.3%), furniture and household equipment (-4.2%) and petrol
service stations (-1.4) declined in 2013.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1999, the Subject is a Private Limited company, focusing on
wholesale of marine equipment and accessories. Having been in the industry
for over a decade, the Subject has achieved a certain market share and has
built up a satisfactory reputation in the market. It should have received
supports from its regular customers. Presently, the issued and paid up
capital of the Subject stands at SGD 100,000. However, with a strong
backing from its shareholder, the Subject enjoys timely financial
assistance should the needs arise.
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
operating on a medium scale and it has approximately 43 employees in its
business operations. Overall, we regard that the Subject's management
capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
Financially, the Subject registered a higher turnover compared to previous
year. However, its profits showed a reverse trend. The lower profit
achieved was a result of higher operating cost and increased competition.
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 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 SGD 22,767,168, 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.
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
promptly.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
Financial Year End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
SGD
|
SGD
|
SGD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
36,282,729
|
32,677,779
|
34,017,954
|
32,586,816
|
32,588,621
|
|
Other Income
|
1,097,636
|
1,846,066
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
37,380,365
|
34,523,845
|
34,017,954
|
32,586,816
|
32,588,621
|
|
Costs of Goods Sold
|
(25,813,710)
|
(23,682,242)
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
11,566,655
|
10,841,603
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
2,358,858
|
3,751,395
|
1,117,638
|
6,127,895
|
7,354,633
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
2,358,858
|
3,751,395
|
1,117,638
|
6,127,895
|
7,354,633
|
|
Taxation
|
(184,385)
|
(339,664)
|
(577,809)
|
(1,132,577)
|
(1,125,426)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
2,174,473
|
3,411,731
|
539,829
|
4,995,318
|
6,229,207
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
20,297,269
|
16,885,538
|
21,201,868
|
16,206,550
|
9,977,343
|
|
Prior year adjustment
|
-
|
-
|
(4,856,159)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
20,297,269
|
16,885,538
|
16,345,709
|
16,206,550
|
9,977,343
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
22,471,742
|
20,297,269
|
16,885,538
|
21,201,868
|
16,206,550
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
22,471,742
|
20,297,269
|
16,885,538
|
21,201,868
|
16,206,550
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
DEPRECIATION (as per notes to P&L)
|
139,166
|
146,433
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
139,166
|
146,433
|
-
|
-
|
-
|
|
=============
|
=============
|
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
507,158
|
591,756
|
655,462
|
942,333
|
142,161
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
507,158
|
591,756
|
655,462
|
942,333
|
142,161
|
|
|
|
|
|
|
|
Stocks
|
8,530,465
|
5,737,493
|
-
|
-
|
-
|
|
Trade debtors
|
3,542,053
|
3,428,214
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
16,675,574
|
18,423,986
|
-
|
-
|
-
|
|
Cash & bank balances
|
116,909
|
-
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
28,865,001
|
27,589,693
|
19,942,939
|
29,238,098
|
24,306,426
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
29,372,159
|
28,181,449
|
20,598,401
|
30,180,431
|
24,448,587
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
5,034,949
|
5,683,105
|
-
|
-
|
-
|
|
Other creditors & accruals
|
1,271,323
|
1,278,315
|
-
|
-
|
-
|
|
Other liabilities & accruals
|
223,719
|
600,680
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
6,529,991
|
7,562,100
|
3,520,421
|
9,267,697
|
8,007,068
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
22,335,010
|
20,027,593
|
16,422,518
|
19,970,401
|
16,299,358
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
22,842,168
|
20,619,349
|
17,077,980
|
20,912,734
|
16,441,519
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
58,048
|
58,048
|
100,000
|
100,000
|
100,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
58,048
|
58,048
|
100,000
|
100,000
|
100,000
|
|
|
|
|
|
|
|
General reserve
|
237,378
|
181,032
|
-
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
22,471,742
|
20,297,269
|
16,885,538
|
21,201,868
|
16,206,550
|
|
Others
|
-
|
-
|
92,442
|
(408,925)
|
116,088
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
22,709,120
|
20,478,301
|
16,977,980
|
20,792,943
|
16,322,638
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
22,767,168
|
20,536,349
|
17,077,980
|
20,892,943
|
16,422,638
|
|
|
|
|
|
|
|
Deferred taxation
|
75,000
|
83,000
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
75,000
|
83,000
|
-
|
19,791
|
18,881
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
22,842,168
|
20,619,349
|
17,077,980
|
20,912,734
|
16,441,519
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
116,909
|
0
|
-
|
-
|
-
|
|
Net Liquid Funds
|
116,909
|
0
|
-
|
-
|
-
|
|
Net Liquid Assets
|
13,804,545
|
14,290,100
|
16,422,518
|
19,970,401
|
16,299,358
|
|
Net Current Assets/(Liabilities)
|
22,335,010
|
20,027,593
|
16,422,518
|
19,970,401
|
16,299,358
|
|
Net Tangible Assets
|
22,842,168
|
20,619,349
|
17,077,980
|
20,912,734
|
16,441,519
|
|
Net Monetary Assets
|
13,729,545
|
14,207,100
|
16,422,518
|
19,950,610
|
16,280,477
|
|
PROFIT & LOSS ITEMS
|
|
|
|
|
|
|
Earnings Before Interest & Tax (EBIT)
|
2,358,858
|
3,751,395
|
-
|
-
|
-
|
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA)
|
2,498,024
|
3,897,828
|
-
|
-
|
-
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
-
|
-
|
-
|
|
Total Liabilities
|
6,604,991
|
7,645,100
|
3,520,421
|
9,287,488
|
8,025,949
|
|
Total Assets
|
29,372,159
|
28,181,449
|
20,598,401
|
30,180,431
|
24,448,587
|
|
Net Assets
|
22,842,168
|
20,619,349
|
17,077,980
|
20,912,734
|
16,441,519
|
|
Net Assets Backing
|
22,767,168
|
20,536,349
|
17,077,980
|
20,892,943
|
16,422,638
|
|
Shareholders' Funds
|
22,767,168
|
20,536,349
|
17,077,980
|
20,892,943
|
16,422,638
|
|
Total Share Capital
|
58,048
|
58,048
|
100,000
|
100,000
|
100,000
|
|
Total Reserves
|
22,709,120
|
20,478,301
|
16,977,980
|
20,792,943
|
16,322,638
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.02
|
0.00
|
-
|
-
|
-
|
|
Liquid Ratio
|
3.11
|
2.89
|
-
|
-
|
-
|
|
Current Ratio
|
4.42
|
3.65
|
5.66
|
3.15
|
3.04
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
86
|
64
|
-
|
-
|
-
|
|
Debtors Ratio
|
36
|
38
|
-
|
-
|
-
|
|
Creditors Ratio
|
71
|
88
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Liabilities Ratio
|
0.29
|
0.37
|
0.21
|
0.44
|
0.49
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
393.50
|
355.21
|
170.78
|
209.13
|
164.42
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
6.50
|
11.48
|
3.29
|
18.80
|
22.57
|
|
Net Profit Margin
|
5.99
|
10.44
|
1.59
|
15.33
|
19.11
|
|
Return On Net Assets
|
10.33
|
18.19
|
6.54
|
29.30
|
44.73
|
|
Return On Capital Employed
|
10.33
|
18.19
|
6.54
|
29.30
|
44.73
|
|
Return On Shareholders' Funds/Equity
|
9.55
|
16.61
|
3.16
|
23.91
|
37.93
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|
agreement
negotiations and, with the nine other ASEAN members, will form the ASEAN
Economic Community in 2015.