MIRA INFORM REPORT

Report No. :	356626
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	TONG TEIK PTE LTD
Registered Office :	1, Temasek Avenue, 16-01, Millenia Tower, 039192
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	29.04.1998
Com. Reg. No.:	199802094-D
Legal Form :	Private Limited
Line of Business :	The Subject is engaged in wholesale of rubber, commodities and others.
No. of Employee :	35

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

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 
24,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 24,000,000.00 

SALES

:

USD 786,021,637 [2014]

NET WORTH

:

USD 42,126,545 [2014]

STAFF STRENGTH

:

35 [2015]

BANKER (S)

:

BNP PARIBAS ING BANK N.V. THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED ABN AMRO BANK N.V. STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

NO COMPLAINTS

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 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
29/12/2015	SGD 8,500,000.00 & USD 24,000,000.00

The major shareholder(s) of the Subject are shown as follows :

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
RCMA GROUP PTE. LTD. [SGD 8,500,000 ; USD 24,000,000]	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	Status	(%)	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

DIRECTORS

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	:	RICARDO CHEUNG WOON FAI
Address	:	1, NEWTON ROAD, 08-01, NEWTON ONE, 307943, SINGAPORE.
IC / PP No	:	S2737810B
Nationality	:	AUSTRALIAN
Date of Appointment	:	02/11/2015

DIRECTOR 3

Name Of Subject	:	FELIX YEO SOO HIN
Address	:	11, JALAN BATU, 08-138, 431011, SINGAPORE.
IC / PP No	:	S1790012I
Nationality	:	SINGAPOREAN
Date of Appointment	:	05/11/2012

DIRECTOR 4

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 5

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 6

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

MANAGEMENT

1)	Name of Subject	:	CHRISTOPHER MICHAEL PARDEY
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHIN LI YUEN
	IC / PP No	:	S7702690H
	Address	:	174, PEMIMPIN PLACE, CORAL PARK, 576135, SINGAPORE.

BANKING

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

ENCUMBRANCE (S)

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.	-	Unsatisfied
C201413767	05/12/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201413769	05/12/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201506159	28/05/2015	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	USD 360,000,000.00
C201506258	28/05/2015	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	USD 360,000,000.00	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 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	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

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 

CURRENT INVESTIGATION

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	:	1, TEMASEK AVENUE, 16-01, MILLENIA TOWER,039192,SINGAPORE
Current Address	:	1, TEMASEK AVENUE, 16-01, MILLENIA TOWER, 039192, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	3.99%	]
Return on Net Assets	:	Acceptable	[	10.89%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	6 Days	]
Debtor Ratio	:	Favourable	[	21 Days	]
Creditors Ratio	:	Favourable	[	7 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	[	1.25 Times	]
Current Ratio	:	Unfavourable	[	1.37 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	:	Unfavourable	[	1.76 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 turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 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 : POOR

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 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 satisfactory reputation in the market. It should have received supports from its regular customers. The Subject is a large entity with strong capital position of SGD 8,500,000 & USD 24,000,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is 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. 

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. 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 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 42,126,545, 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.

TONG TEIK PTE LTD

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
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	786,021,637	720,226,675	758,851,674	1,347,868,453	1,188,124,448
Other Income	1,786,586	1,443,200	1,330,894	780,603	333,898
	----------------	----------------	----------------	----------------	----------------
Total Turnover	787,808,223	721,669,875	760,182,568	1,348,649,056	1,188,458,346
Costs of Goods Sold	(772,026,581)	(708,632,716)	(745,377,386)	(1,325,935,166)	(1,167,345,374)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	15,781,642	13,037,159	14,805,182	22,713,890	21,112,972
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,932,284	1,835,744	3,136,184	11,893,183	11,889,714
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,932,284	1,835,744	3,136,184	11,893,183	11,889,714
Taxation	(250,342)	(35,097)	(645,667)	(1,286,392)	(534,765)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,681,942	1,800,647	2,490,517	10,606,791	11,354,949
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	16,644,603	14,843,956	12,353,439	21,746,648	10,391,699
	----------------	----------------	----------------	----------------	----------------
As restated	16,644,603	14,843,956	12,353,439	21,746,648	10,391,699
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	18,326,545	16,644,603	14,843,956	32,353,439	21,746,648
DIVIDENDS - Ordinary (paid & proposed)	(5,200,000)	-	-	(20,000,000)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	13,126,545	16,644,603	14,843,956	12,353,439	21,746,648
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	-	-	829,856
Lease interest	-	-	-	-	154
Term loan / Borrowing	-	-	825,624	1,347,654	347,194
Trust receipts	-	-	1,143,303	600,019	470,872
Others	2,656,968	2,520,735	532,893	915,487	1,752,535
	----------------	----------------	----------------	----------------	----------------
	2,656,968	2,520,735	2,501,820	2,863,160	3,400,611
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	144,353	67,497	45,088	57,846	-
AMORTIZATION	203,194	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
	347,547	67,497	45,088	57,846	-
	=============	=============	=============	=============

BALANCE SHEET

TONG TEIK PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	560,403	589,269	268,666	86,823	79,087
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	4,300,788	4,300,627	3,300,627	2,750,627	450,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,300,788	4,300,627	3,300,627	2,750,627	450,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	4,861,191	4,889,896	3,569,293	2,837,450	529,087
Short term quoted/unquoted investments	12,363,511	7,215,992	-	-	-
Stocks	12,378,056	5,460,029	10,547,451	25,036,711	45,396,453
Trade debtors	44,231,284	42,446,783	59,029,825	103,425,345	72,766,589
Other debtors, deposits & prepayments	1,861,528	2,551,370	961,225	472,119	818,987
Amount due from holding company	-	-	132,863	1,150,000	-
Amount due from subsidiary companies	11,158,391	30,337,123	23,863,300	39,570,469	-
Amount due from related companies	25,480,833	3,283,367	-	13,345	4,792,345
Cash & bank balances	24,756,486	12,141,005	16,291,267	1,115,486	1,056,728
Others	5,586,696	7,266,113	-	5,461,351	9,501,483
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	137,816,785	110,701,782	110,825,931	176,244,826	134,332,585
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	142,677,976	115,591,678	114,395,224	179,082,276	134,861,672
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	15,001,767	19,329,963	27,462,918	32,635,281	32,306,430
Other creditors & accruals	5,092,274	5,049,162	3,050,190	3,660,509	3,598,307
Bank overdraft	-	-	-	3,826,433	18,942,871
Short term borrowings/Term loans	73,986,200	500,000	6,000,000	36,183,304	16,466,414
Bill & acceptances payable	-	37,644,731	37,516,928	64,213,859	30,783,771
Amounts owing to holding company	38,293	139,195	-	-	919,917
Amounts owing to subsidiary companies	3,694	-	-	-	-
Amounts owing to related companies	-	-	-	-	3,869,537
Provision for taxation	264,796	82,253	382,244	1,209,451	1,227,777
Other liabilities	6,164,407	7,201,771	138,988	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	100,551,431	69,947,075	74,551,268	141,728,837	108,115,024
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	37,265,354	40,754,707	36,274,663	34,515,989	26,217,561
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	29,000,000	29,000,000	25,000,000	25,000,000	5,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	29,000,000	29,000,000	25,000,000	25,000,000	5,000,000
Retained profit/(loss) carried forward	13,126,545	16,644,603	14,843,956	12,353,439	21,746,648
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	13,126,545	16,644,603	14,843,956	12,353,439	21,746,648
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
	----------------	----------------	----------------	----------------	----------------
	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TONG TEIK PTE LTD

TYPES OF FUNDS
Cash	24,756,486	12,141,005	16,291,267	1,115,486	1,056,728
Net Liquid Funds	24,756,486	(25,503,726)	(21,225,661)	(66,924,806)	(48,669,914)
Net Liquid Assets	24,887,298	35,294,678	25,727,212	9,479,278	(19,178,892)
Net Current Assets/(Liabilities)	37,265,354	40,754,707	36,274,663	34,515,989	26,217,561
Net Tangible Assets	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
Net Monetary Assets	24,887,298	35,294,678	25,727,212	9,479,278	(19,178,892)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	4,589,252	4,356,479	5,638,004	14,756,343	15,290,325
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	4,936,799	4,423,976	5,683,092	14,814,189	15,290,325
BALANCE SHEET ITEMS
Total Borrowings	73,986,200	38,144,731	43,516,928	104,223,596	66,193,056
Total Liabilities	100,551,431	69,947,075	74,551,268	141,728,837	108,115,024
Total Assets	142,677,976	115,591,678	114,395,224	179,082,276	134,861,672
Net Assets	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
Net Assets Backing	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
Shareholders' Funds	42,126,545	45,644,603	39,843,956	37,353,439	26,746,648
Total Share Capital	29,000,000	29,000,000	25,000,000	25,000,000	5,000,000
Total Reserves	13,126,545	16,644,603	14,843,956	12,353,439	21,746,648
LIQUIDITY (Times)
Cash Ratio	0.25	0.17	0.22	0.01	0.01
Liquid Ratio	1.25	1.50	1.35	1.07	0.82
Current Ratio	1.37	1.58	1.49	1.24	1.24
WORKING CAPITAL CONTROL (Days)
Stock Ratio	6	3	5	7	14
Debtors Ratio	21	22	28	28	22
Creditors Ratio	7	10	13	9	10
SOLVENCY RATIOS (Times)
Gearing Ratio	1.76	0.84	1.09	2.79	2.47
Liabilities Ratio	2.39	1.53	1.87	3.79	4.04
Times Interest Earned Ratio	1.73	1.73	2.25	5.15	4.50
Assets Backing Ratio	1.45	1.57	1.59	1.49	5.35
PERFORMANCE RATIO (%)
Operating Profit Margin	0.25	0.25	0.41	0.88	1.00
Net Profit Margin	0.21	0.25	0.33	0.79	0.96
Return On Net Assets	10.89	9.54	14.15	39.50	57.17
Return On Capital Employed	10.89	9.54	14.15	35.83	33.47
Return On Shareholders' Funds/Equity	3.99	3.94	6.25	28.40	42.45
Dividend Pay Out Ratio (Times)	3.09	0	0	1.89	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85
SGD	1	Rs.47.01

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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%)

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