|
Report No. : |
317536 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TONG TEIK PTE LTD |
|
|
|
|
Registered Office : |
1, Temasek Avenue, 16-01, Millenia Tower, 039192 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.04.1998 |
|
|
|
|
Com. Reg. No.: |
199802094-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of Rubber, Commodities and Others |
|
|
|
|
No. of Employees : |
35
[2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
199802094-D |
|
COMPANY
NAME |
: |
TONG
TEIK PTE LTD |
|
FORMER
NAME |
: |
DIANY
INVESTMENTS PTE LTD (18/06/1998) |
|
INCORPORATION
DATE |
: |
29/04/1998 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
1,
TEMASEK AVENUE, 16-01, MILLENIA TOWER, 039192, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
1,
TEMASEK AVENUE, 16-01, MILLENIA TOWER, 039192, SINGAPORE. |
|
TEL.NO. |
: |
65-63322282 |
|
FAX.NO. |
: |
65-63323788 |
|
CONTACT
PERSON |
: |
CHRISTOPHER
MICHAEL PARDEY ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE
OF RUBBER, COMMODITIES AND OTHERS |
|
ISSUED
AND PAID UP CAPITAL |
: |
8,500,000.00
ORDINARY SHARE, OF A VALUE OF SGD 8,500,000.00 |
|
SALES |
: |
USD
720,226,675 [2013] |
|
NET
WORTH |
: |
USD
45,644,603 [2013] |
|
STAFF
STRENGTH |
: |
35
[2015] |
|
BANKER
(S) |
: |
BNP
PARIBAS |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
POOR |
|
PAYMENT |
: |
NO
COMPLAINTS |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
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) wholesale of rubber, commodities and others.
The immediate holding company of the Subject
is RCMA GROUP PTE. LTD., a company incorporated in SINGAPORE.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
27/03/2015 |
SGD
8,500,000.00 & USD 24,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
RCMA
GROUP PTE. LTD. |
1,
TEMASEK AVENUE, 16-01, MILLENIA TOWER, 039192, SINGAPORE. |
199801641W |
32,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
32,500,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
UNITED
KINGDOM |
TONG
TEIK (UK) PTE LTD |
100.00 |
31/12/2013 |
|
|
CHINA |
TONG
TEIK (NANTONG) TRADING CO. LTD. |
100.00 |
31/12/2013 |
|
|
UNITED
KINGDOM |
CORRIE
MACCOLL & SON LTD |
100.00 |
31/12/2013 |
|
DIRECTOR
1
|
Name
Of Subject |
: |
CHANDRAKANT
BHIMA |
|
Address |
: |
28,
BAYSHORE ROAD, 06-08, THE BAYSHORE, 469973, SINGAPORE. |
|
IC
/ PP No |
: |
G5145282N |
|
Nationality |
: |
BRITISH |
|
Date
of Appointment |
: |
02/06/2011 |
DIRECTOR
2
|
Name
Of Subject |
: |
CHRISTOPHER
MICHAEL PARDEY |
|
Address |
: |
44,
TOSCA STREET, 455474, SINGAPORE. |
|
IC
/ PP No |
: |
S2741934H |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
27/08/2010 |
DIRECTOR
3
|
Name
Of Subject |
: |
LOW
SOON TECK |
|
Address |
: |
245,
BALESTIER ROAD, 18-03, SCENIC HEIGHTS, 329929, SINGAPORE. |
|
IC
/ PP No |
: |
S1689780I |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
13/06/2013 |
DIRECTOR
4
|
Name
Of Subject |
: |
ALEXANDER
LUKAS GRUBER |
|
Address |
: |
SAIGONPEARL
T1, 2606, HO CHI, MINH CITY, VIETNAM. |
|
IC
/ PP No |
: |
F2963477 |
|
Nationality |
: |
SWISS |
|
Date
of Appointment |
: |
05/11/2012 |
DIRECTOR
5
|
Name
Of Subject |
: |
JONATHAN
PATRICK FRANCIS DRAKE |
|
Address |
: |
27,
CHEMIN DE BOIS CARAN, COLLONGE BELLE RIVE, GENEVA, 1245, SWITZERLAND. |
|
IC
/ PP No |
: |
X2749722 |
|
Nationality |
: |
SWISS |
|
Date
of Appointment |
: |
14/09/2012 |
DIRECTOR
6
|
Name
Of Subject |
: |
FELIX
YEO SOO HIN |
|
Address |
: |
11,
JALAN BATU, 08-138, 431011, SINGAPORE. |
|
IC
/ PP No |
: |
S17900121 |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
05/11/2012 |
|
1)
|
Name
of Subject |
: |
CHRISTOPHER
MICHAEL PARDEY |
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
LOW
SOON TECK |
|
IC
/ PP No |
: |
S1689780I |
|
|
Address |
: |
245,
BALESTIER ROAD, 18-03, SCENIC HEIGHTS, 329929, SINGAPORE. |
|
Banking
relations are maintained principally with :
|
1)
|
Name |
: |
BNP
PARIBAS |
|
2)
|
Name |
: |
ING
BANK N.V. |
|
3)
|
Name |
: |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
4)
|
Name |
: |
ABN
AMRO BANK N.V. |
|
5)
|
Name |
: |
STANDARD
CHARTERED BANK |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201405870 |
12/06/2014 |
N/A |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
USD
360,000,000.00 |
Unsatisfied |
|
C201405871 |
12/06/2014 |
N/A |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
USD
360,000,000.00 |
Unsatisfied |
|
C201405886 |
12/06/2014 |
N/A |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
USD
360,000,000.00 |
Unsatisfied |
|
C201408640 |
14/08/2014 |
N/A |
COOPERATIEVE
CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK
INTERNATIONAL'') |
- |
Unsatisfied |
|
C201413767 |
05/12/2014 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201413769 |
05/12/2014 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
*
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 |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods
Traded |
: |
RUBBER,
COMMODITIES AND OTHERS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
35 |
35 |
35 |
30 |
30 |
||||
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of rubber,
commodities and others.
The Subject sells the following products:
* Natural Rubber
* Natural Latex
* Synthetic Rubber, Chemicals & Reclaimed Rubber
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-63322282 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
7
TEMASEK AVENUE, # 16-01 MILLENIA TOWER SINGAPORE |
|
Current
Address |
: |
1,
TEMASEK AVENUE, 16-01, MILLENIA TOWER, 039192, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
On 14th April 2015 we contacted one of the staff from the Subject and she
provided some information.
The address provided is incomplete.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
3.94% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
9.54% |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.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 |
: |
Favourable |
[ |
3
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
27
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
11
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 |
[ |
1.56
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.65
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 |
[ |
1.73
Times |
] |
|
|
Gearing
Ratio |
: |
Acceptable |
[ |
0.84
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's gearing was slightly high. The Subject is utilising the leverage
concept to fund its expansion. However, the high gearing has added financial
risks to the Subject. It will be more vulnerable in times of economy
downturn. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's performance deteriorated over the years with lower 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. If there is a
fall in the Subject's profit or any increase in interest rate, the Subject
may not be able to generate sufficient cash-flow to service its interest. The
Subject's gearing was slightly high and its financial risk was also high. If
no plans are made to reduce its gearing, the Subject's performance may
deteriorate in the coming year. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
|
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 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 |
|
Incorporated
in 1998, the Subject is a Private Limited company, focusing on wholesale of
rubber, commodities and others. Having been in the industry for over a decade,
the Subject has achieved a certain market share and has built up a good
reputation in the market. It should have received supports from its regular
customers. With an issued and paid up capital of SGD 8,500,000 & USD
24,000,000 and strong backing from its holding company, the Subject enjoys
timely financial assistance should the needs arise. These favourable conditions
has minimised its risk in the industry compared to other players.
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 35 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.
The Subject's business performance showed a reverse trend as both its turnover
and pre-tax profit have decreased compared to the previous year. 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. The gearing level of the Subject is slightly
high, therefore it faces moderate financial risk. Given a positive net worth
standing at USD 45,644,603, the Subject should be able to maintain its business
in the near terms.
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
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|||||
|
TONG TEIK PTE LTD |
|||||
|
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 |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
720,226,675 |
758,851,674 |
1,347,868,453 |
1,188,124,448 |
552,664,207 |
|
Other
Income |
1,443,200 |
1,330,894 |
780,603 |
333,898 |
229,704 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
721,669,875 |
760,182,568 |
1,348,649,056 |
1,188,458,346 |
552,893,911 |
|
Costs
of Goods Sold |
(708,066,212) |
(745,377,386) |
(1,325,935,166) |
(1,167,345,374) |
(545,783,686) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
13,603,663 |
14,805,182 |
22,713,890 |
21,112,972 |
7,110,225 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,835,744 |
3,136,184 |
11,893,183 |
11,889,714 |
963,305 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,835,744 |
3,136,184 |
11,893,183 |
11,889,714 |
963,305 |
|
Taxation |
(35,097) |
(645,667) |
(1,286,392) |
(534,765) |
(516,091) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,800,647 |
2,490,517 |
10,606,791 |
11,354,949 |
447,214 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
14,843,956 |
12,353,439 |
21,746,648 |
10,391,699 |
13,444,485 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
14,843,956 |
12,353,439 |
21,746,648 |
10,391,699 |
13,444,485 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
16,644,603 |
14,843,956 |
32,353,439 |
21,746,648 |
13,891,699 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
- |
(20,000,000) |
- |
(3,500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
16,644,603 |
14,843,956 |
12,353,439 |
21,746,648 |
10,391,699 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
- |
829,856 |
428,508 |
|
Lease
interest |
- |
- |
- |
154 |
1,140 |
|
Term
loan / Borrowing |
- |
825,624 |
1,347,654 |
347,194 |
51,301 |
|
Trust
receipts |
- |
1,143,303 |
600,019 |
470,872 |
157,136 |
|
Others |
2,520,735 |
532,893 |
915,487 |
1,752,535 |
616,012 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,520,735 |
2,501,820 |
2,863,160 |
3,400,611 |
1,254,097 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
67,497 |
45,088 |
57,846 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
67,497 |
45,088 |
57,846 |
- |
- |
|
|
============= |
============= |
============= |
|||
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
589,269 |
268,666 |
86,823 |
79,087 |
167,046 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
4,300,627 |
3,300,627 |
2,750,627 |
450,000 |
450,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
4,300,627 |
3,300,627 |
2,750,627 |
450,000 |
450,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
4,889,896 |
3,569,293 |
2,837,450 |
529,087 |
617,046 |
|
Stocks |
5,568,973 |
10,547,451 |
25,036,711 |
45,396,453 |
24,405,217 |
|
Trade
debtors |
53,639,070 |
59,029,825 |
103,425,345 |
72,766,589 |
61,094,885 |
|
Other
debtors, deposits & prepayments |
2,551,370 |
961,225 |
472,119 |
818,987 |
317,065 |
|
Deposits
with financial institutions |
- |
- |
- |
- |
1,001,071 |
|
Amount
due from holding company |
- |
132,863 |
1,150,000 |
- |
- |
|
Amount
due from subsidiary companies |
29,615,744 |
23,863,300 |
39,570,469 |
- |
- |
|
Amount
due from related companies |
78,572 |
- |
13,345 |
4,792,345 |
- |
|
Cash
& bank balances |
12,141,005 |
16,291,267 |
1,115,486 |
1,056,728 |
1,258,611 |
|
Others |
- |
- |
5,461,351 |
9,501,483 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
103,594,734 |
110,825,931 |
176,244,826 |
134,332,585 |
88,076,849 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
108,484,630 |
114,395,224 |
179,082,276 |
134,861,672 |
88,693,895 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
21,939,386 |
27,462,918 |
32,635,281 |
32,306,430 |
15,291,043 |
|
Other
creditors & accruals |
2,439,739 |
3,050,190 |
3,660,509 |
3,598,307 |
- |
|
Hire
purchase & lease creditors |
- |
- |
- |
- |
4,748 |
|
Bank
overdraft |
- |
- |
3,826,433 |
18,942,871 |
16,904,920 |
|
Short
term borrowings/Term loans |
500,000 |
6,000,000 |
36,183,304 |
16,466,414 |
24,423,799 |
|
Bill
& acceptances payable |
37,644,731 |
37,516,928 |
64,213,859 |
30,783,771 |
16,107,757 |
|
Amounts
owing to holding company |
139,195 |
- |
- |
919,917 |
- |
|
Amounts
owing to related companies |
- |
- |
- |
3,869,537 |
- |
|
Provision
for taxation |
82,253 |
382,244 |
1,209,451 |
1,227,777 |
563,380 |
|
Other
liabilities |
94,723 |
138,988 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
62,840,027 |
74,551,268 |
141,728,837 |
108,115,024 |
73,295,647 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
40,754,707 |
36,274,663 |
34,515,989 |
26,217,561 |
14,781,202 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,398,248 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
29,000,000 |
25,000,000 |
25,000,000 |
5,000,000 |
5,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
29,000,000 |
25,000,000 |
25,000,000 |
5,000,000 |
5,000,000 |
|
Retained
profit/(loss) carried forward |
16,644,603 |
14,843,956 |
12,353,439 |
21,746,648 |
10,391,699 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
16,644,603 |
14,843,956 |
12,353,439 |
21,746,648 |
10,391,699 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,391,699 |
|
Hire
purchase creditors |
- |
- |
- |
- |
6,549 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
- |
- |
- |
6,549 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,398,248 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES
OF FUNDS |
|||||
|
Cash |
12,141,005 |
16,291,267 |
1,115,486 |
1,056,728 |
1,258,611 |
|
Net
Liquid Funds |
(25,503,726) |
(21,225,661) |
(66,924,806) |
(48,669,914) |
(31,754,066) |
|
Net
Liquid Assets |
35,185,734 |
25,727,212 |
9,479,278 |
(19,178,892) |
(9,624,015) |
|
Net
Current Assets/(Liabilities) |
40,754,707 |
36,274,663 |
34,515,989 |
26,217,561 |
14,781,202 |
|
Net
Tangible Assets |
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,398,248 |
|
Net
Monetary Assets |
35,185,734 |
25,727,212 |
9,479,278 |
(19,178,892) |
(9,630,564) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
4,356,479 |
5,638,004 |
14,756,343 |
15,290,325 |
2,217,402 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
4,423,976 |
5,683,092 |
14,814,189 |
15,290,325 |
2,217,402 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
38,144,731 |
43,516,928 |
104,223,596 |
66,193,056 |
57,447,773 |
|
Total
Liabilities |
62,840,027 |
74,551,268 |
141,728,837 |
108,115,024 |
73,302,196 |
|
Total
Assets |
108,484,630 |
114,395,224 |
179,082,276 |
134,861,672 |
88,693,895 |
|
Net
Assets |
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,398,248 |
|
Net
Assets Backing |
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,391,699 |
|
Shareholders'
Funds |
45,644,603 |
39,843,956 |
37,353,439 |
26,746,648 |
15,391,699 |
|
Total
Share Capital |
29,000,000 |
25,000,000 |
25,000,000 |
5,000,000 |
5,000,000 |
|
Total
Reserves |
16,644,603 |
14,843,956 |
12,353,439 |
21,746,648 |
10,391,699 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.19 |
0.22 |
0.01 |
0.01 |
0.02 |
|
Liquid
Ratio |
1.56 |
1.35 |
1.07 |
0.82 |
0.87 |
|
Current
Ratio |
1.65 |
1.49 |
1.24 |
1.24 |
1.20 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
3 |
5 |
7 |
14 |
16 |
|
Debtors
Ratio |
27 |
28 |
28 |
22 |
40 |
|
Creditors
Ratio |
11 |
13 |
9 |
10 |
10 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.84 |
1.09 |
2.79 |
2.47 |
3.73 |
|
Liabilities
Ratio |
1.38 |
1.87 |
3.79 |
4.04 |
4.76 |
|
Times
Interest Earned Ratio |
1.73 |
2.25 |
5.15 |
4.50 |
1.77 |
|
Assets
Backing Ratio |
1.57 |
1.59 |
1.49 |
5.35 |
3.08 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.25 |
0.41 |
0.88 |
1.00 |
0.17 |
|
Net
Profit Margin |
0.25 |
0.33 |
0.79 |
0.96 |
0.08 |
|
Return
On Net Assets |
9.54 |
14.15 |
39.50 |
57.17 |
14.40 |
|
Return
On Capital Employed |
9.54 |
14.15 |
35.83 |
33.47 |
6.86 |
|
Return
On Shareholders' Funds/Equity |
3.94 |
6.25 |
28.40 |
42.45 |
2.91 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
1.89 |
0.00 |
7.83 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.