|
EXECUTIVE
SUMMARY
|
REGISTRATION
NO.
|
:
|
200414243-H
|
|
COMPANY NAME
|
:
|
GOLD MATRIX
RESOURCES PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
02/11/2004
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
101, CECIL
STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
101, CECIL
STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-64911100
|
|
FAX.NO.
|
:
|
65-62200400
|
|
EMAIL
|
:
|
GMR@GOLDMATRIXRESOURCES.COM
|
|
WEB SITE
|
:
|
WWW.GOLDMATRIXRESOURCES.COM
|
|
CONTACT PERSON
|
:
|
LIM SAI BENG (
DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
METAL
|
|
|
|
|
ISSUED AND PAID
UP CAPITAL
|
:
|
14,104,203.00
ORDINARY SHARE, OF A VALUE OF SGD 14,104,203.00
|
|
|
|
|
SALES
|
:
|
USD
684,027,968 [2014]
|
|
NET WORTH
|
:
|
USD 27,635,485
[2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
15 [2015]
|
|
BANKER (S)
|
:
|
|
INDIAN OVERSEAS
BANK
BANK OF INDIA
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
AXIS BANK LIMITED SINGAPORE BRANCH
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
N/A
|
|
CURRENCY
EXPOSURE
|
:
|
N/A
|
|
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) trading of metal.
The immediate
holding company of the Subject is SINO INVESTMENT GLOBAL LIMITED, a company
incorporated in VIRGIN ISLANDS, BRITISH.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
28/07/2015
|
SGD 14,104,203.00
|
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
SINO INVESTMENT GLOBAL LIMITED
|
PALM GROVE HOUSE, P.O. BOX 438, ROAD TOWN, TORTOLA, VIRGIN ISLANDS,
BRITISH.
|
T05UF2059
|
14,104,203.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
14,104,203.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest
in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
THAILAND
|
GOLD MATRIX RECYCLING (THAILAND) CO. LTD
|
100.00
|
31/03/2014
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
LIM SAI BENG
|
|
Address
|
:
|
20, DOVER CRESCENT, 12-314, 130020, SINGAPORE.
|
|
IC / PP No
|
:
|
S0307980E
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
11/07/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. PINAKI RATH
|
|
Address
|
:
|
130, TANJONG RHU ROAD, 17-09, PEBBLE BAY, 436918, SINGAPORE.
|
|
IC / PP No
|
:
|
S6960871Z
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
30/08/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LIM SAI BENG
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
PINAKI RATH
|
|
Position
|
:
|
MANAGING DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
MGI N RAJAN ASSOCIATES
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
SERLINA NG MUI CHENG
|
|
IC / PP No
|
:
|
S7922641F
|
|
|
|
|
|
Address
|
:
|
602A, PUNGGOL CENTRAL, 15-672, 821602, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
INDIAN OVERSEAS BANK
|
|
|
|
|
|
|
|
|
|
3)
|
Name
|
:
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
AXIS BANK LIMITED SINGAPORE BRANCH
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C200601594
|
10/03/2006
|
N/A
|
INDIAN OVERSEAS BANK
|
-
|
Unsatisfied
|
|
C200604511
|
11/07/2006
|
N/A
|
INDIAN OVERSEAS BANK
|
-
|
Unsatisfied
|
|
C200708725
|
16/10/2007
|
N/A
|
BANK OF INDIA
|
-
|
Unsatisfied
|
|
C200708741
|
16/10/2007
|
N/A
|
BANK OF INDIA
|
-
|
Unsatisfied
|
|
C200801557
|
11/02/2008
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C200801558
|
11/02/2008
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201005957
|
13/07/2010
|
N/A
|
INDIAN OVERSEAS BANK
|
-
|
Unsatisfied
|
|
C201012305
|
17/12/2010
|
N/A
|
AXIS BANK LIMITED SINGAPORE BRANCH
|
-
|
Unsatisfied
|
|
C201012306
|
17/12/2010
|
N/A
|
AXIS BANK LIMITED SINGAPORE BRANCH
|
-
|
Unsatisfied
|
|
C201103262
|
16/03/2011
|
N/A
|
AXIS BANK LIMITED SINGAPORE BRANCH
|
-
|
Unsatisfied
|
|
C201103266
|
16/03/2011
|
N/A
|
AXIS BANK LIMITED SINGAPORE BRANCH
|
-
|
Unsatisfied
|
|
C201114910
|
25/11/2011
|
N/A
|
DBS BANK LTD.
|
-
|
Unsatisfied
|
|
C201114915
|
25/11/2011
|
N/A
|
DBS BANK LTD.
|
-
|
Unsatisfied
|
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
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The staff from the 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
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The staff from the registered office refused to disclose the Subject's
clientele.
OPERATIONS
|
Total Number of Employees:
|
|
YEAR
|
2015
|
2014
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
15
|
15
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of metal.
The Subject carry on the business of trading in the base metals such as nickel,
copper, lead, tin, zink and aluminium.
The Subject also sell some minerals, ferro alloys and scrap metals.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
6564911100
|
|
Current Telephone Number
|
:
|
65-64911100
|
|
Match
|
:
|
YES
|
|
|
|
|
Address Provided by Client
|
:
|
101, CECIL
STREET, 25-12, TONG ENG BUILDING,069533,SINGAPORE
|
|
Current Address
|
:
|
101, CECIL STREET,
25-12, TONG ENG BUILDING, 069533, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
We contacted one of the staff from the registered office and she provided
limited information.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2010 - 2014
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2010 - 2014
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
8.38%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
24.88%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the
years.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
|
[
|
19 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
18 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
28 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
|
:
|
Acceptable
|
[
|
0.93 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.27 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate
that the Subject's working capital was slightly deficient. The Subject will
have to improve its liquidity position either by obtaining short term
financing or increase its paid up capital so that it can meet all its short
term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
1.56 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.77 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. The Subject was highly geared, thus it had a high financial risk.
The Subject was dependent on loans to finance its business needs. In times
of economic downturn and / or high interest rate, the Subject will become
less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the Subject's turnover had increased, its profits had
declined over the same corresponding period. This could be due to the
stiffer market competition and / or higher operating costs which lowered
the Subject's profit margin. The Subject's liquidity was at an acceptable
range. If the Subject is able to obtain further short term financing, it
should be able to meet all 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 level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
Overall financial condition of the
Subject : LIMITED
|
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators :
|
2010
|
2011
|
2012
|
2013
|
2014
|
|
|
|
|
|
|
|
|
Population (Million)
|
5.08
|
5.18
|
5.31
|
5.40
|
5.47
|
|
Gross Domestic Products ( % )
|
14.5
|
4.9
|
1.3
|
3.7
|
(3.5)
|
|
Consumer Price Index
|
2.8
|
5.2
|
4.6
|
2.4
|
2.4
|
|
Total Imports (Million)
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
463,779.1
|
|
Total Exports (Million)
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
518,922.7
|
|
|
|
|
|
|
|
|
Unemployment Rate (%)
|
2.2
|
2.1
|
2.0
|
1.9
|
1.9
|
|
Tourist Arrival (Million)
|
11.64
|
13.17
|
14.49
|
15.46
|
15.01
|
|
Hotel Occupancy Rate (%)
|
85.6
|
86.5
|
86.4
|
86.3
|
85.5
|
|
Cellular Phone Subscriber (Million)
|
1.43
|
1.50
|
1.52
|
1.97
|
1.98
|
|
|
|
|
|
|
|
|
Registration of New Companies (No.)
|
29,798
|
32,317
|
31,892
|
37,288
|
41,589
|
|
Registration of New Companies (%)
|
12.8
|
8.5
|
(1.3)
|
9.8
|
11.5
|
|
Liquidation of Companies (No.)
|
15,126
|
19,005
|
17,218
|
17,369
|
18,767
|
|
Liquidation of Companies (%)
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
8.0
|
|
|
|
|
|
|
|
|
Registration of New Businesses (No.)
|
23,978
|
23,494
|
24,788
|
22,893
|
35,773
|
|
Registration of New Businesses (%)
|
(10.78)
|
2.02
|
5.51
|
1.70
|
56.30
|
|
Liquidation of Businesses (No.)
|
24,211
|
23,005
|
22,489
|
22,598
|
22,098
|
|
Liquidation of Businesses (%)
|
2.8
|
(5)
|
(2.2)
|
0.5
|
(2.2)
|
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.)
|
1,537
|
1,527
|
1,748
|
1,992
|
1,757
|
|
Bankruptcy Orders (%)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
(11.8)
|
|
Bankruptcy Discharges (No.)
|
2,252
|
1,391
|
1,881
|
2,584
|
3,546
|
|
Bankruptcy Discharges (%)
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
37.2
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of Principal Crops
|
(0.48)
|
4.25
|
3.64
|
-
|
|
|
Fish Supply & Wholesale
|
(10.5)
|
12.10
|
(0.5)
|
-
|
2.80
|
|
|
|
|
|
|
|
|
Manufacturing *
|
92.8
|
100.0
|
100.3
|
102.0
|
|
|
Food, Beverages & Tobacco
|
96.4
|
100.0
|
103.5
|
103.5
|
105.0
|
|
Textiles
|
122.1
|
100.0
|
104.0
|
87.1
|
74.9
|
|
Wearing Apparel
|
123.3
|
100.0
|
92.1
|
77.8
|
49.5
|
|
Leather Products & Footwear
|
81.8
|
100.0
|
98.6
|
109.8
|
95.9
|
|
Wood & Wood Products
|
104.0
|
100.0
|
95.5
|
107.4
|
112.0
|
|
Paper & Paper Products
|
106.1
|
100.0
|
97.4
|
103.2
|
103.4
|
|
Printing & Media
|
103.5
|
100.0
|
93.0
|
86.1
|
80.3
|
|
Crude Oil Refineries
|
95.6
|
100.0
|
99.4
|
93.5
|
85.6
|
|
Chemical & Chemical Products
|
97.6
|
100.0
|
100.5
|
104.1
|
114.0
|
|
Pharmaceutical Products
|
75.3
|
100.0
|
109.7
|
107.2
|
115.7
|
|
Rubber & Plastic Products
|
112.3
|
100.0
|
96.5
|
92.9
|
92.8
|
|
Non-metallic Mineral
|
92.5
|
100.0
|
98.2
|
97.6
|
82.2
|
|
Basic Metals
|
102.2
|
100.0
|
90.6
|
76.5
|
98.3
|
|
Fabricated Metal Products
|
103.6
|
100.0
|
104.3
|
105.1
|
105.1
|
|
Machinery & Equipment
|
78.5
|
100.0
|
112.9
|
114.5
|
124.0
|
|
Electrical Machinery
|
124.1
|
100.0
|
99.3
|
108.5
|
121.3
|
|
Electronic Components
|
113.6
|
100.0
|
90.6
|
94.3
|
95.0
|
|
Transport Equipment
|
94.0
|
100.0
|
106.3
|
107.5
|
103.2
|
|
|
|
|
|
|
|
|
Construction
|
14.20
|
20.50
|
28.70
|
-
|
22.00
|
|
Real Estate
|
21.3
|
25.4
|
31.9
|
-
|
145.1
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity, Gas & Water
|
4.00
|
7.00
|
6.30
|
-
|
|
|
Transport, Storage & Communication
|
12.80
|
7.40
|
5.30
|
-
|
14.20
|
|
Finance & Insurance
|
(0.4)
|
8.90
|
0.50
|
-
|
6.00
|
|
Government Services
|
9.70
|
6.90
|
6.00
|
-
|
|
|
Education Services
|
(0.9)
|
(1.4)
|
0.30
|
-
|
5.98
|
|
|
|
|
|
|
|
|
* 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
2004, the Subject is a Private Limited company, focusing on trading of
metal. 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.
With an issued and paid up capital of SGD 14,104,203 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.
Being a small company, the Subject's business operation is supported by 15
employees. Overall, we regard that the Subject's management capability is
average. This indicates that the Subject has greater potential to improve
its business performance and raising income for the Subject.
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 managed to maintain an adequate liquidity level,
indicating that the Subject has the ability to meet its financial
obligations. The high gearing ratio clearly implied that the Subject was
supported by more debt than equity. Thus, the Subject is exposed to high
financial risk. Given a positive net worth standing at USD 27,635,485, 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.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
Financial Year End
|
2014-03-31
|
2013-03-31
|
2012-03-31
|
2011-03-31
|
2010-03-31
|
|
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
|
SUMMARY
|
SUMMARY
|
|
Currency
|
USD
|
USD
|
USD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
684,027,968
|
610,634,060
|
578,009,178
|
581,997,786
|
314,568,338
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
684,027,968
|
610,634,060
|
578,009,178
|
581,997,786
|
314,568,338
|
|
Costs of Goods Sold
|
(679,360,746)
|
(603,209,877)
|
(569,506,246)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
4,667,222
|
7,424,183
|
8,502,932
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
2,562,365
|
4,195,837
|
4,188,200
|
5,811,847
|
2,570,136
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
2,562,365
|
4,195,837
|
4,188,200
|
5,811,847
|
2,570,136
|
|
Taxation
|
(245,342)
|
(453,803)
|
(431,546)
|
(580,274)
|
(295,455)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
2,317,023
|
3,742,034
|
3,756,654
|
5,231,573
|
2,274,681
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
15,305,904
|
11,563,870
|
7,807,216
|
3,215,148
|
940,467
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
15,305,904
|
11,563,870
|
7,807,216
|
3,215,148
|
940,467
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
17,622,927
|
15,305,904
|
11,563,870
|
8,446,721
|
3,215,148
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
17,622,927
|
15,305,904
|
11,563,870
|
8,446,721
|
3,215,148
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Lease interest
|
13,142
|
3,823
|
-
|
-
|
-
|
|
Others
|
4,595,860
|
3,918,678
|
4,881,605
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
4,609,002
|
3,922,501
|
4,881,605
|
-
|
-
|
|
=============
|
=============
|
=============
|
-
|
-
|
|
|
|
|
|
|
|
DEPRECIATION (as per notes to P&L)
|
161,557
|
155,006
|
97,661
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
161,557
|
155,006
|
97,661
|
-
|
-
|
|
=============
|
=============
|
=============
|
|
|
PROFIT
AND LOSS ACCOUNT
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
672,077
|
769,726
|
357,421
|
42,317,918
|
710,045
|
|
|
|
|
|
|
|
Investments
|
5,000
|
-
|
-
|
-
|
-
|
|
Others
|
-
|
12,000,000
|
24,000,000
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
5,000
|
12,000,000
|
24,000,000
|
-
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
677,077
|
12,769,726
|
24,357,421
|
42,317,918
|
710,045
|
|
|
|
|
|
|
|
Stocks
|
35,232,256
|
21,508,143
|
19,110,471
|
-
|
-
|
|
Trade debtors
|
32,877,260
|
28,153,584
|
48,236,156
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
281,766
|
116,023
|
144,465
|
-
|
-
|
|
Short term deposits
|
12,112,921
|
16,577,982
|
13,411,056
|
-
|
-
|
|
Amount due from holding company
|
6,880,527
|
13,909,323
|
-
|
-
|
-
|
|
Cash & bank balances
|
1,265,539
|
3,150,247
|
5,908,914
|
-
|
-
|
|
Others
|
44,604,275
|
39,688,471
|
41,671,634
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
133,254,544
|
123,103,773
|
128,482,696
|
216,004,883
|
88,364,935
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
133,931,621
|
135,873,499
|
152,840,117
|
258,322,801
|
89,074,980
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
52,151,304
|
49,780,706
|
52,390,863
|
-
|
-
|
|
Other creditors & accruals
|
287,496
|
834,979
|
286,466
|
-
|
-
|
|
Hire purchase & lease creditors
|
46,185
|
41,899
|
-
|
-
|
-
|
|
Bank overdraft
|
-
|
43,101
|
-
|
-
|
-
|
|
Short term borrowings/Term loans
|
10,925,376
|
10,557,400
|
11,200,000
|
-
|
-
|
|
Other borrowings
|
21,260,923
|
22,041,180
|
43,742,987
|
-
|
-
|
|
Deposits from customers
|
834,364
|
96,705
|
361,116
|
-
|
-
|
|
Bill & acceptances payable
|
15,478,539
|
12,465,078
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
28,630
|
11,563
|
22,707
|
-
|
-
|
|
Amounts owing to director
|
480,000
|
647,000
|
584,000
|
-
|
-
|
|
Provision for taxation
|
310,143
|
436,467
|
429,889
|
-
|
-
|
|
Other liabilities
|
3,300,410
|
2,228,797
|
1,386,309
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
105,103,370
|
99,184,875
|
110,404,337
|
185,092,188
|
80,583,538
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
28,151,174
|
23,918,898
|
18,078,359
|
30,912,695
|
7,781,397
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
28,828,251
|
36,688,624
|
42,435,780
|
73,230,613
|
8,491,442
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
10,012,558
|
10,012,558
|
10,012,558
|
14,104,203
|
14,104,203
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
10,012,558
|
10,012,558
|
10,012,558
|
14,104,203
|
14,104,203
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
17,622,927
|
15,305,904
|
11,563,870
|
8,446,721
|
3,215,148
|
|
Others
|
-
|
-
|
-
|
-
|
(8,858,500)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
17,622,927
|
15,305,904
|
11,563,870
|
8,446,721
|
(5,643,352)
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
27,635,485
|
25,318,462
|
21,576,428
|
22,550,924
|
8,460,851
|
|
|
|
|
|
|
|
Long term loans
|
815,552
|
10,944,552
|
20,859,352
|
-
|
-
|
|
Lease obligations
|
377,214
|
425,610
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
1,192,766
|
11,370,162
|
20,859,352
|
50,679,689
|
30,591
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
28,828,251
|
36,688,624
|
42,435,780
|
73,230,613
|
8,491,442
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
13,378,460
|
19,728,229
|
19,319,970
|
-
|
-
|
|
Net Liquid Funds
|
(2,100,079)
|
7,220,050
|
19,319,970
|
-
|
-
|
|
Net Liquid Assets
|
(7,081,082)
|
2,410,755
|
(1,032,112)
|
30,912,695
|
7,781,397
|
|
Net Current Assets/(Liabilities)
|
28,151,174
|
23,918,898
|
18,078,359
|
30,912,695
|
7,781,397
|
|
Net Tangible Assets
|
28,828,251
|
36,688,624
|
42,435,780
|
73,230,613
|
8,491,442
|
|
Net Monetary Assets
|
(8,273,848)
|
(8,959,407)
|
(21,891,464)
|
(19,766,994)
|
7,750,806
|
|
PROFIT & LOSS ITEMS
|
|
|
|
|
|
|
Earnings Before Interest & Tax (EBIT)
|
7,171,367
|
8,118,338
|
9,069,805
|
-
|
-
|
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA)
|
7,332,924
|
8,273,344
|
9,167,466
|
-
|
-
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
48,903,789
|
56,518,820
|
75,802,339
|
-
|
-
|
|
Total Liabilities
|
106,296,136
|
110,555,037
|
131,263,689
|
235,771,877
|
80,614,129
|
|
Total Assets
|
133,931,621
|
135,873,499
|
152,840,117
|
258,322,801
|
89,074,980
|
|
Net Assets
|
28,828,251
|
36,688,624
|
42,435,780
|
73,230,613
|
8,491,442
|
|
Net Assets Backing
|
27,635,485
|
25,318,462
|
21,576,428
|
22,550,924
|
8,460,851
|
|
Shareholders' Funds
|
27,635,485
|
25,318,462
|
21,576,428
|
22,550,924
|
8,460,851
|
|
Total Share Capital
|
10,012,558
|
10,012,558
|
10,012,558
|
14,104,203
|
14,104,203
|
|
Total Reserves
|
17,622,927
|
15,305,904
|
11,563,870
|
8,446,721
|
(5,643,352)
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.13
|
0.20
|
0.17
|
-
|
-
|
|
Liquid Ratio
|
0.93
|
1.02
|
0.99
|
-
|
-
|
|
Current Ratio
|
1.27
|
1.24
|
1.16
|
1.17
|
1.10
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
19
|
13
|
12
|
-
|
-
|
|
Debtors Ratio
|
18
|
17
|
30
|
-
|
-
|
|
Creditors Ratio
|
28
|
30
|
34
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
1.77
|
2.23
|
3.51
|
-
|
-
|
|
Liabilities Ratio
|
3.85
|
4.37
|
6.08
|
10.46
|
9.53
|
|
Times Interest Earned Ratio
|
1.56
|
2.07
|
1.86
|
-
|
-
|
|
Assets Backing Ratio
|
2.88
|
3.66
|
4.24
|
5.19
|
0.60
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
0.37
|
0.69
|
0.72
|
1.00
|
0.82
|
|
Net Profit Margin
|
0.34
|
0.61
|
0.65
|
0.90
|
0.72
|
|
Return On Net Assets
|
24.88
|
22.13
|
21.37
|
7.94
|
30.27
|
|
Return On Capital Employed
|
24.84
|
22.08
|
21.37
|
7.94
|
30.27
|
|
Return On Shareholders' Funds/Equity
|
8.38
|
14.78
|
17.41
|
23.20
|
26.88
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
|
|
|