|
|
REGISTRATION
NO.
|
:
|
S77FC2640-L
|
|
COMPANY NAME
|
:
|
EASTMAN CHEMICAL LTD.
|
|
FORMER NAME
|
:
|
EASTMAN
CHEMICAL INTERNATIONAL LTD (31/12/1992)
|
|
INCORPORATION
DATE
|
:
|
11/04/1977
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
FOREIGN
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
24, RAFFLES
PLACE, 15-00, CLIFFORD CENTRE, 048621, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
9TH NORTH
BOUNA VISTA DRIVE # 05-01, METROPOLIS TOWER 1, 138588, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-68313148
|
|
FAX.NO.
|
:
|
65-67344151
|
|
CONTACT PERSON
|
:
|
DAVID AARON
GOLDEN ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF CHEMICALS
AND CHEMICAL PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
USD 200,000.00
|
|
|
|
|
|
|
|
SALES
|
:
|
USD
228,649,195 [2013]
|
|
NET WORTH
|
:
|
USD 5,238,310
[2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
100 [2014]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
GOOD
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
GOOD
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE GROWTH
|
The Subject is principally engaged in the
(as a / as an) trading of chemicals and chemical products.
The immediate
and ultimate holding company of the Subject is EASTMAN CHEMICAL COMPANY, a
company incorporated in UNITED STATES.
Share Capital History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
25/08/2014
|
USD 200,000.00
|
USD 0.00
|
No shareholders was found in our databank
at the time of investigation
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR. DAVID
AARON GOLDEN
|
|
Address
|
:
|
1013, PARHAM
PLACE, KINGSPORT, TN, 37660, UNITED STATES.
|
|
IC / PP No
|
:
|
423869351
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of
Appointment
|
:
|
23/05/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
DAVID AARON
GOLDEN
|
|
Position
|
:
|
DIRECTOR
|
No Auditor found in our databank
|
1)
|
Company
Secretary
|
:
|
ANGELA TEO BEE
LUANG
|
|
IC / PP No
|
:
|
S0017677Z
|
|
|
|
|
|
Address
|
:
|
14, GREENLEAF
DRIVE, BAN GUAN PARK, 279528, SINGAPORE.
|
|
|
|
|
|
Remarks
|
:
|
AGENT
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
SIEW BOON HIM
|
|
IC / PP No
|
:
|
S2143789A
|
|
|
|
|
|
Address
|
:
|
7, MARYMOUNT TERRACE,
05-06, TRESALVEO, 573963, SINGAPORE.
|
|
|
|
|
|
Remarks
|
:
|
AGENT
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
LEGAL
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose any information regarding its trade
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
|
[
|
X
|
]
|
|
Good 31-60
Days
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods
Traded
|
:
|
|
CHEMICALS AND CHEMICAL PRODUCTS
|
|
|
|
|
|
Total
Number of Employees:
|
|
YEAR
|
2014
|
2013
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
100
|
80
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemicals
and chemical products.
The Subject deals with chemicals.
The Subject however refused to disclose further information on its operation.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-68313148
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
9TH NORTH
BOUNA VISTA DRIVE 05-01, METROPOLIS TOWER 1,138588 SINGAPORE
|
|
Current
Address
|
:
|
9TH NORTH
BOUNA VISTA DRIVE # 05-01, METROPOLIS TOWER 1, 138588, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 22nd August 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2011 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Decreased
|
[
|
2011 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Favourable
|
[
|
176.92%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
215.27%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating
turnover reflects the fierce competition among the existing and new market
players.The dip in profit could be due to the stiff market competition
which reduced the Subject's profit margin. Generally the Subject was
profitable. The favourable return on shareholders' funds and return on net
assets indicate that the Subject's management was efficient in utilising
the assets to generate returns.
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
7 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
55 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
2 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
|
[
|
1.03 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.14 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid
ratio of 1 should be maintained by the Subject in order to assure its
creditors of its ability to meet short term obligations and the Subject was
in a good liquidity position. Thus, we believe the Subject is able to meet
all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest
cover was nil as it did not pay any interest during the year. The Subject
had no gearing and hence it had virtually no financial risk. The Subject
was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the Subject, having a zero gearing, will be
able to compete better than those which are highly geared in the same
industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
The Subject recorded
lower profits as its turnover showed a erratic trend. The Subject's
management was unable to control its costs efficiently as its profit showed
a downward trend. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its
business needs. The Subject was a zero gearing company, it was solely
dependant on its shareholders to provide funds to finance its business. The
Subject has good chance of getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
Overall financial
condition of the Subject : STABLE
|
|
|
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators :
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
|
Population
(Million)
|
4.98
|
5.08
|
5.18
|
5.31
|
5.40
|
|
Gross Domestic
Products ( % )
|
(0.8)
|
14.5
|
4.9
|
1.3
|
3.7
|
|
Consumer Price
Index
|
0.6
|
2.8
|
5.2
|
4.6
|
2.4
|
|
Total Imports
(Million)
|
356,299.3
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
|
Total Exports
(Million)
|
391,118.1
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
|
|
|
|
|
|
|
|
Unemployment
Rate (%)
|
3.2
|
2.2
|
2.1
|
2.0
|
1.9
|
|
Tourist
Arrival (Million)
|
9.68
|
11.64
|
13.17
|
14.49
|
15.46
|
|
Hotel
Occupancy Rate (%)
|
75.8
|
85.6
|
86.5
|
86.4
|
86.3
|
|
Cellular Phone
Subscriber (Million)
|
1.37
|
1.43
|
1.50
|
1.52
|
1.97
|
|
|
|
|
|
|
|
|
Registration
of New Companies (No.)
|
26,414
|
29,798
|
32,317
|
31,892
|
37,288
|
|
Registration
of New Companies (%)
|
4.3
|
12.8
|
8.5
|
(1.3)
|
9.8
|
|
Liquidation of
Companies (No.)
|
22,393
|
15,126
|
19,005
|
17,218
|
17,369
|
|
Liquidation of
Companies (%)
|
113.4
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
|
|
|
|
|
|
|
|
Registration
of New Businesses (No.)
|
26,876
|
23,978
|
23,494
|
24,788
|
22,893
|
|
Registration of
New Businesses (%)
|
8.15
|
(10.78)
|
2.02
|
5.51
|
1.70
|
|
Liquidation of
Businesses (No.)
|
23,552
|
24,211
|
23,005
|
22,489
|
22,598
|
|
Liquidation of
Businesses (%)
|
11.4
|
2.8
|
(5)
|
(2.2)
|
0.5
|
|
|
|
|
|
|
|
|
Bankruptcy
Orders (No.)
|
2,058
|
1,537
|
1,527
|
1,748
|
1,992
|
|
Bankruptcy
Orders (%)
|
(11.5)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
|
Bankruptcy
Discharges (No.)
|
3,056
|
2,252
|
1,391
|
1,881
|
2,584
|
|
Bankruptcy
Discharges (%)
|
103.7
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of
Principal Crops
|
3.25
|
(0.48)
|
4.25
|
3.64
|
-
|
|
Fish Supply
& Wholesale
|
(1.93)
|
(10.5)
|
12.10
|
(0.5)
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
*
|
71.5
|
92.8
|
100.0
|
100.3
|
102.0
|
|
Food,
Beverages & Tobacco
|
90.4
|
96.4
|
100.0
|
103.5
|
103.5
|
|
Textiles
|
145.9
|
122.1
|
100.0
|
104.0
|
87.1
|
|
Wearing
Apparel
|
211.0
|
123.3
|
100.0
|
92.1
|
77.8
|
|
Leather
Products & Footwear
|
79.5
|
81.8
|
100.0
|
98.6
|
109.8
|
|
Wood &
Wood Products
|
101.4
|
104.0
|
100.0
|
95.5
|
107.4
|
|
Paper &
Paper Products
|
95.4
|
106.1
|
100.0
|
97.4
|
103.2
|
|
Printing &
Media
|
100.9
|
103.5
|
100.0
|
93.0
|
86.1
|
|
Crude Oil
Refineries
|
96.4
|
95.6
|
100.0
|
99.4
|
93.5
|
|
Chemical &
Chemical Products
|
80.3
|
97.6
|
100.0
|
100.5
|
104.1
|
|
Pharmaceutical
Products
|
49.1
|
75.3
|
100.0
|
109.7
|
107.2
|
|
Rubber &
Plastic Products
|
101.2
|
112.3
|
100.0
|
96.5
|
92.9
|
|
Non-metallic
Mineral
|
91.9
|
92.5
|
100.0
|
98.2
|
97.6
|
|
Basic Metals
|
92.6
|
102.2
|
100.0
|
90.6
|
76.5
|
|
Fabricated
Metal Products
|
90.8
|
103.6
|
100.0
|
104.3
|
105.1
|
|
Machinery
& Equipment
|
57.3
|
78.5
|
100.0
|
112.9
|
114.5
|
|
Electrical
Machinery
|
86.8
|
124.1
|
100.0
|
99.3
|
108.5
|
|
Electronic
Components
|
85.2
|
113.6
|
100.0
|
90.6
|
94.3
|
|
Transport
Equipment
|
96.0
|
94.0
|
100.0
|
106.3
|
107.5
|
|
|
|
|
|
|
|
|
Construction
|
(36.9)
|
14.20
|
20.50
|
28.70
|
-
|
|
Real Estate
|
1.4
|
21.3
|
25.4
|
31.9
|
-
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity,
Gas & Water
|
1.70
|
4.00
|
7.00
|
6.30
|
-
|
|
Transport,
Storage & Communication
|
3.90
|
12.80
|
7.40
|
5.30
|
-
|
|
Finance &
Insurance
|
(16.4)
|
(0.4)
|
8.90
|
0.50
|
-
|
|
Government
Services
|
4.50
|
9.70
|
6.90
|
6.00
|
-
|
|
Education
Services
|
0.10
|
(0.9)
|
(1.4)
|
0.30
|
-
|
|
|
|
|
|
|
|
|
* Based on
Index of Industrial Production (2011 = 100)
|
|
|
|
|
|
|
(Source :
Department of Statistics)
|
|
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
The wholesale
and retail trade sector contracted by 1.5% in the fourth quarter of 2012,
extending the 0.2% decline in the preceding quarter. For the whole of 2012,
the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector
was weighed down primarily by the wholesale trade segment. In 2012, the
wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth
in 2011. Growth of the retail trade segment also moderated to 2.0%, from
3.2% in the year 2011.
|
|
|
The domestic
wholesale trade index grew by 1.2% in the fourth quarter of 2012, an
improvement from the 5.4% decline in the third quarter. This was partly due
to an increase in the sales of chemicals & chemical products and ship
chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in
2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter,
an increase from the 6.6% growth in the third quarter. The expansion was
partly due to resilient sales of petroleum & petroleum products. For
the whole of 2012, the foreign wholesale trade index expanded by 9.1%,
faster than the 4.3% increase in 2011.
|
|
|
In the fourth
quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3%
decline in the third quarter. Excluding motor vehicles, retail sales volume
grew by 0.4%, a slight moderation compared to the 1.5% gain in the third
quarter of 2012. The sales volume of motor vehicles fell by 11% in the
fourth quarter of 2012, after contracting by 6.1% in the third quarter. The
sales of several discretionary items also declined in the fourth quarter.
Besides, the sales of optical goods & books in 2012 fell by 3.6%, while
the sales of telecommunications apparatus & computers declined by 1.4%.
|
|
|
For 2012 as a
whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in
2011. Excluding motor vehicle sales, the increase in retail sales volume
also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries
registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 1977, the Subject is a Foreign company, focusing on trading
of chemicals and chemical products. The Subject has been in business for over
3 decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near term. The
Subject is expected to enjoy a stable market shares.
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. Being a moderate
size company, the Subject has a total workforce of 100 employees in its
business operations. The Subject has a good management capability. Its
capable management team has enabled the Subject to keep its business on
going. Hence, the future prospect of the Subject is bright.
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 a favourable return based on its existing
shareholders' funds which indicated that the management was efficient in
utilising its funds to generate income. The Subject is in good liquidity
position with its current liabilities well covered by it current assets. Hence,
it has sufficient working capital to meet its short term financial
obligations. Being a zero geared company, the Subject virtually has no
financial risk as it is mainly dependent on its internal funds to finance
its business. Given a positive net worth standing at USD 5,238,310, the
Subject should be able to maintain its business in the near terms.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
In view of the above favourable condition, we recommend credit be proceeded
to the Subject with favourable term.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
EASTMAN
CHEMICAL LTD.
|
|
Financial
Year End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
|
Months
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
|
|
|
|
|
TURNOVER
|
228,649,195
|
212,224,505
|
212,637,645
|
|
Other Income
|
2,124,897
|
2,066,675
|
1,563,900
|
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
230,774,092
|
214,291,180
|
214,201,545
|
|
Costs of Goods
Sold
|
(209,511,100)
|
(195,202,805)
|
(195,112,349)
|
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
21,262,992
|
19,088,375
|
19,089,196
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
11,276,522
|
13,032,653
|
9,308,038
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
11,276,522
|
13,032,653
|
9,308,038
|
|
Taxation
|
(2,008,682)
|
(1,983,765)
|
(1,558,974)
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
9,267,840
|
11,048,888
|
7,749,064
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
As previously reported
|
11,049,287
|
7,740,852
|
7,994,671
|
|
----------------
|
----------------
|
----------------
|
|
As restated
|
11,049,287
|
7,740,852
|
7,994,671
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
20,317,127
|
18,789,740
|
15,743,735
|
|
TRANSFER TO
RESERVES - General
|
(15,078,817)
|
(7,740,453)
|
(8,002,883)
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
5,238,310
|
11,049,287
|
7,740,852
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
45,052
|
23,685
|
43,352
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
45,052
|
23,685
|
43,352
|
|
|
|
|
|
Stocks
|
4,144,040
|
5,602,040
|
5,155,741
|
|
Trade debtors
|
34,281,628
|
27,410,341
|
24,410,404
|
|
Amount due
from related companies
|
3,536,030
|
8,683,643
|
41,003,909
|
|
Cash & bank
balances
|
1,969
|
28,185
|
55,510
|
|
Others
|
19,973
|
18,386
|
17,809
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
41,983,640
|
41,742,595
|
70,643,373
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
42,028,692
|
41,766,280
|
70,686,725
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade
creditors
|
935,143
|
314,611
|
240,485
|
|
Other
creditors & accruals
|
900,045
|
1,637,942
|
707,376
|
|
Amounts owing
to holding company
|
20,634,090
|
15,584,841
|
58,888,530
|
|
Amounts owing
to related companies
|
12,407,548
|
11,161,929
|
1,538,352
|
|
Provision for
taxation
|
1,913,556
|
2,017,670
|
1,571,130
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
36,790,382
|
30,716,993
|
62,945,873
|
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
5,193,258
|
11,025,602
|
7,697,500
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
5,238,310
|
11,049,287
|
7,740,852
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
HEAD OFFICE
ACCOUNT
|
5,238,310
|
11,049,287
|
7,740,852
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
5,238,310
|
11,049,287
|
7,740,852
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
5,238,310
|
11,049,287
|
7,740,852
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
1,969
|
28,185
|
55,510
|
|
Net Liquid
Funds
|
1,969
|
28,185
|
55,510
|
|
Net Liquid
Assets
|
1,049,218
|
5,423,562
|
2,541,759
|
|
Net Current Assets/(Liabilities)
|
5,193,258
|
11,025,602
|
7,697,500
|
|
Net Tangible
Assets
|
5,238,310
|
11,049,287
|
7,740,852
|
|
Net Monetary
Assets
|
1,049,218
|
5,423,562
|
2,541,759
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
Total
Borrowings
|
0
|
0
|
0
|
|
Total Liabilities
|
36,790,382
|
30,716,993
|
62,945,873
|
|
Total Assets
|
42,028,692
|
41,766,280
|
70,686,725
|
|
Net Assets
|
5,238,310
|
11,049,287
|
7,740,852
|
|
Net Assets
Backing
|
5,238,310
|
11,049,287
|
7,740,852
|
|
Shareholders'
Funds
|
5,238,310
|
11,049,287
|
7,740,852
|
|
Total Share
Capital
|
0
|
0
|
0
|
|
Total Reserves
|
0
|
0
|
0
|
|
LIQUIDITY
(Times)
|
|
|
|
|
Cash Ratio
|
0.00
|
0.00
|
0.00
|
|
Liquid Ratio
|
1.03
|
1.18
|
1.04
|
|
Current Ratio
|
1.14
|
1.36
|
1.12
|
|
WORKING CAPITAL
CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
7
|
10
|
9
|
|
Debtors Ratio
|
55
|
47
|
42
|
|
Creditors
Ratio
|
2
|
1
|
0
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
7.02
|
2.78
|
8.13
|
|
Times Interest
Earned Ratio
|
0.00
|
0.00
|
0.00
|
|
Assets Backing
Ratio
|
-
|
-
|
-
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
Operating
Profit Margin
|
4.93
|
6.14
|
4.38
|
|
Net Profit
Margin
|
4.05
|
5.21
|
3.64
|
|
Return On Net
Assets
|
215.27
|
117.95
|
120.25
|
|
Return On
Capital Employed
|
215.27
|
117.95
|
120.25
|
|
Return On
Shareholders' Funds/Equity
|
176.92
|
100.00
|
100.11
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
|