|
|
REGISTRATION NO.
|
:
|
199205671-Z
|
|
COMPANY NAME
|
:
|
OAKWELL ENGINEERING INTERNATIONAL PTE LTD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
21/10/1992
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
8, ALJUNIED AVENUE 3, OAKWELL BUILDING, 389933, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
NO 8 ALJUNIED AVENUE 3, OAKWELL BUILDING, 389933, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-67428000
|
|
FAX.NO.
|
:
|
65-67423000
|
|
WEB SITE
|
:
|
WWW.OAKWELL.COM.SG
|
|
CONTACT PERSON
|
:
|
CHEANG CHEE LEONG ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF INDUSTRIAL AND ELECTRICAL EQUIPMENTS
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
5,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,100,000.00
|
|
|
|
|
SALES
|
:
|
SGD 20,050,277 [2013]
|
|
NET WORTH
|
:
|
SGD 8,417,102 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
40 [2015]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
SGD 366,087 (USD 281,000)
|
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
industrial and electrical equipments.
Share Capital History
|
Date
|
Issue & Paid Up Capital
|
|
09/02/2015
|
SGD 5,100,000.00
|
The major shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
OAKWELL DISTRIBUTION (S) PTE. LTD.
|
8, ALJUNIED AVENUE 3 , OAKWELL BUILDING, 389933, SINGAPORE.
|
201314690Z
|
5,100,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
5,100,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. CHEANG CHEE LEONG
|
|
Address
|
:
|
48, JALAN ANGGERIK VANDA, 31/168, KOTA KEMUNING, 40460 SHAH ALAM,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A28062948
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
06/01/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
LOW BENG TIN
|
|
Address
|
:
|
14, LICHI AVENUE, SENNETT ESTATE, 348788, SINGAPORE.
|
|
IC / PP No
|
:
|
S0118242J
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of Appointment
|
:
|
18/11/1992
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHEANG CHEE LEONG
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
MAZARS LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
DERICK LIM CHIEN JOO
|
|
IC / PP No
|
:
|
S7029891J
|
|
|
|
|
|
Address
|
:
|
25, ELIAS ROAD, 10-10, RIS GRANDEUR, 519931, SINGAPORE.
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
STANDARD CHARTERED BANK
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C200605681
|
24/08/2006
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
Unsatisfied
|
|
C200605682
|
24/08/2006
|
N/A
|
STANDARD CHARTERED BANK
|
-
|
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
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
X
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
INDUSTRIAL AND ELECTRICAL EQUIPMENTS
|
|
Total Number of Employees:
|
|
YEAR
|
2015
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
40
|
|
|
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of
industrial and electrical equipments.
The Subject is engaged in the distribution of firefighting systems and equipments
for the military, oil and gas, petrochemical, chemical, marine, utilities,
and environmental sectors.
It includes
Cable glands, jointing and terminating
Computerised cable marking system
Electrical switchgears, MCC
Elographic Touch systems
Explosion-proof All-in-One ruggedized PC
Explosion-proof electrical bulk materials
Heat tracing cables
Identification, bar coding and printing systems
Industrial/marine IEC/NEC power, control
Intrinsically safe barriers and signal isolators
Navigation aids and solar cells
CURRENT INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-67428000
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
NO 8 ALTUNIED AVE 3 DAK VE BUILDING SINGAPORE 389933
|
|
Current Address
|
:
|
NO 8 ALJUNIED AVENUE 3, OAKWELL BUILDING, 389933, SINGAPORE.
|
|
Match
|
:
|
NO
|
Other Investigations
On 5th February 2015 we contacted one of the staff from the Subject and she
provided some information.
The address provided is as per stated in the report.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
5.96%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
3.61%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The Subject's profit fell sharply because
of the high operating costs incurred. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
20 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
138 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
77 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The Subject's debtors
ratio was high. The Subject should tighten its credit control and improve
its collection period. The unfavourable creditors' ratio could be due to
the Subject taking advantage of the credit granted by its suppliers.
However this may affect the goodwill between the Subject and its suppliers
and the Subject may inadvertently have to pay more for its future supplies.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
2.29 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.50 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
|
:
|
Favourable
|
[
|
1,308.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. 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. With the favourable interest cover, the
Subject could be able to service all the accrued interest without facing
any difficulties. 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 : FAIR
|
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators :
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
|
Population (Million)
|
4.98
|
5.08
|
5.18
|
5.31
|
5.40
|
|
Gross Domestic Products ( % )
|
(0.8)
|
14.5
|
4.9
|
1.3
|
3.7
|
|
Consumer Price Index
|
0.6
|
2.8
|
5.2
|
4.6
|
2.4
|
|
Total Imports (Million)
|
356,299.3
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
|
Total Exports (Million)
|
391,118.1
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
|
|
|
|
|
|
|
|
Unemployment Rate (%)
|
3.2
|
2.2
|
2.1
|
2.0
|
1.9
|
|
Tourist Arrival (Million)
|
9.68
|
11.64
|
13.17
|
14.49
|
15.46
|
|
Hotel Occupancy Rate (%)
|
75.8
|
85.6
|
86.5
|
86.4
|
86.3
|
|
Cellular Phone Subscriber (Million)
|
1.37
|
1.43
|
1.50
|
1.52
|
1.97
|
|
|
|
|
|
|
|
|
Registration of New Companies (No.)
|
26,414
|
29,798
|
32,317
|
31,892
|
37,288
|
|
Registration of New Companies (%)
|
4.3
|
12.8
|
8.5
|
(1.3)
|
9.8
|
|
Liquidation of Companies (No.)
|
22,393
|
15,126
|
19,005
|
17,218
|
17,369
|
|
Liquidation of Companies (%)
|
113.4
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
|
|
|
|
|
|
|
|
Registration of New Businesses (No.)
|
26,876
|
23,978
|
23,494
|
24,788
|
22,893
|
|
Registration of New Businesses (%)
|
8.15
|
(10.78)
|
2.02
|
5.51
|
1.70
|
|
Liquidation of Businesses (No.)
|
23,552
|
24,211
|
23,005
|
22,489
|
22,598
|
|
Liquidation of Businesses (%)
|
11.4
|
2.8
|
(5)
|
(2.2)
|
0.5
|
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.)
|
2,058
|
1,537
|
1,527
|
1,748
|
1,992
|
|
Bankruptcy Orders (%)
|
(11.5)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
|
Bankruptcy Discharges (No.)
|
3,056
|
2,252
|
1,391
|
1,881
|
2,584
|
|
Bankruptcy Discharges (%)
|
103.7
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of Principal Crops
|
3.25
|
(0.48)
|
4.25
|
3.64
|
-
|
|
Fish Supply & Wholesale
|
(1.93)
|
(10.5)
|
12.10
|
(0.5)
|
-
|
|
|
|
|
|
|
|
|
Manufacturing *
|
71.5
|
92.8
|
100.0
|
100.3
|
102.0
|
|
Food, Beverages & Tobacco
|
90.4
|
96.4
|
100.0
|
103.5
|
103.5
|
|
Textiles
|
145.9
|
122.1
|
100.0
|
104.0
|
87.1
|
|
Wearing Apparel
|
211.0
|
123.3
|
100.0
|
92.1
|
77.8
|
|
Leather Products & Footwear
|
79.5
|
81.8
|
100.0
|
98.6
|
109.8
|
|
Wood & Wood Products
|
101.4
|
104.0
|
100.0
|
95.5
|
107.4
|
|
Paper & Paper Products
|
95.4
|
106.1
|
100.0
|
97.4
|
103.2
|
|
Printing & Media
|
100.9
|
103.5
|
100.0
|
93.0
|
86.1
|
|
Crude Oil Refineries
|
96.4
|
95.6
|
100.0
|
99.4
|
93.5
|
|
Chemical & Chemical Products
|
80.3
|
97.6
|
100.0
|
100.5
|
104.1
|
|
Pharmaceutical Products
|
49.1
|
75.3
|
100.0
|
109.7
|
107.2
|
|
Rubber & Plastic Products
|
101.2
|
112.3
|
100.0
|
96.5
|
92.9
|
|
Non-metallic Mineral
|
91.9
|
92.5
|
100.0
|
98.2
|
97.6
|
|
Basic Metals
|
92.6
|
102.2
|
100.0
|
90.6
|
76.5
|
|
Fabricated Metal Products
|
90.8
|
103.6
|
100.0
|
104.3
|
105.1
|
|
Machinery & Equipment
|
57.3
|
78.5
|
100.0
|
112.9
|
114.5
|
|
Electrical Machinery
|
86.8
|
124.1
|
100.0
|
99.3
|
108.5
|
|
Electronic Components
|
85.2
|
113.6
|
100.0
|
90.6
|
94.3
|
|
Transport Equipment
|
96.0
|
94.0
|
100.0
|
106.3
|
107.5
|
|
|
|
|
|
|
|
|
Construction
|
(36.9)
|
14.20
|
20.50
|
28.70
|
-
|
|
Real Estate
|
1.4
|
21.3
|
25.4
|
31.9
|
-
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity, Gas & Water
|
1.70
|
4.00
|
7.00
|
6.30
|
-
|
|
Transport, Storage & Communication
|
3.90
|
12.80
|
7.40
|
5.30
|
-
|
|
Finance & Insurance
|
(16.4)
|
(0.4)
|
8.90
|
0.50
|
-
|
|
Government Services
|
4.50
|
9.70
|
6.90
|
6.00
|
-
|
|
Education Services
|
0.10
|
(0.9)
|
(1.4)
|
0.30
|
-
|
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100)
|
|
|
|
|
|
INDUSTRY
ANALYSIS
|
INDUSTRY :
|
TRADING
|
|
|
|
|
The wholesale and retail trade sectors have expanded by 2.0% in the
third quarter of 2014, extending the 1.8 per cent growth in the previous quarter.
In 2013, the wholesale and retail sector expanded by 5.0%, after declining
by 1.4% the year before. Growth of the sector was driven by the wholesale
trade segment.
|
|
|
The domestic wholesale trade index has increased by 3.2% in the
fourth quarter of 2013, moderating from the 6.6% growth in the previous
quarter. The slower growth was due to a decline in the sales of furniture
and household equipment (-12%) and petroleum and petroleum products
(-0.6%). For the full year, the domestic wholesale trade index grew by 5.2%
reversing the 2.2% decline in 2012. On the other hand, the foreign
wholesale trade index has increased by a slower pace of 5.6% in the fourth
quarter, compared to the 7.7% expansion in the preceding quarter. The
slowdown was due to a fall in the sales of telecommunication equipment and
computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full
year, the growth of the foreign wholesale trade index moderated slightly to
8.6% from 9.1% in the previous year.
|
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor
vehicles, retail sales volume increased by 0.4%, a slower pace of expansion
as compared to the 1.6% gain in the preceding quarter. The sales volume of
motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32%
decline in the previous quarter. Meanwhile, the sales of several
discretionary items also fell in the fourth quarter of 2013. For instance,
the sales of telecommunications apparatus and computers fell by 12%, while
the sales of furniture and household equipment declined by 5.4%.
|
|
|
For the full year, retail sales volume contracted by 4.3%, a reversal
from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail
sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012.
Watches and jewellery recorded the largest increase (11%) in sales in 2013,
followed by optical goods and book (3%) and medical goods and toiletries
(3%). By contrast, the sales of telecommunications apparatus and computer
(-7.3%), furniture and household equipment (-4.2%) and petrol service
stations (-1.4) declined in 2013.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1992, the Subject is a Private Limited company, focusing on
trading of industrial and electrical equipments. The Subject has been in business
for over two decades. It has built up a strong clientele base and
satisfactory reputation will enable the Subject to further enhance its
business in the near term. The Subject is expected to enjoy a stable market
shares. We noted that the issued and paid up capital of the Subject stands
at SGD 5,100,000. Having strong support from its shareholder 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 40 employees in its
business operations. Overall, we regard that the Subject's management
capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the Subject.
Financially, the Subject registered a higher turnover compared to previous
year. However, its profits showed a reverse trend. The lower profit
achieved was a result of higher operating cost and increased competition.
The Subject has generated an unfavourable return on shareholders' funds
indicating that the management was inefficient in utilising its funds to
generate return. The Subject is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. Being a zero
geared company, the Subject virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business. Given a positive
net worth standing at SGD 8,417,102, the Subject should be able to maintain
its business in the near terms.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources.
The Subject's overall payment habit is fair and this clearly implied a weak
credit control of the Subject.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
Financial Year End
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
SGD
|
SGD
|
SGD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
20,050,277
|
19,990,219
|
21,025,505
|
15,733,574
|
10,617,349
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
20,050,277
|
19,990,219
|
21,025,505
|
15,733,574
|
10,617,349
|
|
Costs of Goods Sold
|
(17,517,960)
|
(15,523,562)
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
2,532,317
|
4,466,657
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
303,225
|
1,488,740
|
1,168,230
|
229,651
|
224,293
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
303,225
|
1,488,740
|
1,168,230
|
229,651
|
224,293
|
|
Taxation
|
198,517
|
(193,404)
|
(121,984)
|
(12,046)
|
80,649
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
501,742
|
1,295,336
|
1,046,246
|
217,605
|
304,942
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
2,815,360
|
1,520,024
|
473,778
|
-
|
(304,942)
|
|
Prior year adjustment
|
-
|
-
|
-
|
256,173
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
2,815,360
|
1,520,024
|
473,778
|
256,173
|
(304,942)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
3,317,102
|
2,815,360
|
1,520,024
|
473,778
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
3,317,102
|
2,815,360
|
1,520,024
|
473,778
|
-
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Term loan / Borrowing
|
232
|
2,054
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
232
|
2,054
|
-
|
-
|
-
|
|
=============
|
=============
|
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
79,940
|
105,342
|
572,913
|
495,276
|
511,307
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary companies
|
254,340
|
704,340
|
-
|
-
|
-
|
|
Deferred assets
|
26,514
|
32,717
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
280,854
|
737,057
|
-
|
-
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
360,794
|
842,399
|
572,913
|
495,276
|
511,307
|
|
|
|
|
|
|
|
Stocks
|
1,121,029
|
1,414,991
|
-
|
-
|
-
|
|
Trade debtors
|
7,604,122
|
7,111,428
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
296,855
|
139,974
|
-
|
-
|
-
|
|
Amount due from holding company
|
2,307,407
|
13,033
|
-
|
-
|
-
|
|
Amount due from subsidiary companies
|
34,381
|
27,137
|
-
|
-
|
-
|
|
Amount due from related companies
|
3,000
|
215,302
|
-
|
-
|
-
|
|
Cash & bank balances
|
2,071,340
|
3,592,005
|
-
|
-
|
-
|
|
Amount owing by customer
|
-
|
3,373
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
13,438,134
|
12,517,243
|
21,756,249
|
19,955,083
|
19,236,739
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
13,798,928
|
13,359,642
|
22,329,162
|
20,450,359
|
19,748,046
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
3,684,931
|
1,162,161
|
-
|
-
|
-
|
|
Other creditors & accruals
|
583,974
|
501,246
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
334,460
|
2,687,535
|
-
|
-
|
-
|
|
Amounts owing to subsidiary companies
|
8,049
|
1,098
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
24,148
|
167,243
|
-
|
-
|
-
|
|
Provision for taxation
|
12,092
|
216,812
|
-
|
-
|
-
|
|
Other liabilities
|
734,172
|
708,187
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
5,381,826
|
5,444,282
|
15,709,138
|
14,876,581
|
19,391,873
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
8,056,308
|
7,072,961
|
6,047,111
|
5,078,502
|
(155,134)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
5,100,000
|
5,100,000
|
5,100,000
|
5,100,000
|
5,100,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
5,100,000
|
5,100,000
|
5,100,000
|
5,100,000
|
5,100,000
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
3,317,102
|
2,815,360
|
1,520,024
|
473,778
|
0
|
|
Others
|
-
|
-
|
-
|
0
|
(4,743,827)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
3,317,102
|
2,815,360
|
1,520,024
|
473,778
|
(4,743,827)
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
-
|
-
|
0
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
2,071,340
|
3,592,005
|
-
|
-
|
-
|
|
Net Liquid Funds
|
2,071,340
|
3,592,005
|
-
|
-
|
-
|
|
Net Liquid Assets
|
6,935,279
|
5,657,970
|
6,047,111
|
5,078,502
|
(155,134)
|
|
Net Current Assets/(Liabilities)
|
8,056,308
|
7,072,961
|
6,047,111
|
5,078,502
|
(155,134)
|
|
Net Tangible Assets
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
Net Monetary Assets
|
6,935,279
|
5,657,970
|
6,047,111
|
5,078,502
|
(155,134)
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
-
|
-
|
-
|
|
Total Liabilities
|
5,381,826
|
5,444,282
|
15,709,138
|
14,876,581
|
19,391,873
|
|
Total Assets
|
13,798,928
|
13,359,642
|
22,329,162
|
20,450,359
|
19,748,046
|
|
Net Assets
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
Net Assets Backing
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
Shareholders' Funds
|
8,417,102
|
7,915,360
|
6,620,024
|
5,573,778
|
356,173
|
|
Total Share Capital
|
5,100,000
|
5,100,000
|
5,100,000
|
5,100,000
|
5,100,000
|
|
Total Reserves
|
3,317,102
|
2,815,360
|
1,520,024
|
473,778
|
(4,743,827)
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.38
|
0.66
|
-
|
-
|
-
|
|
Liquid Ratio
|
2.29
|
2.04
|
-
|
-
|
-
|
|
Current Ratio
|
2.50
|
2.30
|
1.38
|
1.34
|
0.99
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
20
|
26
|
-
|
-
|
-
|
|
Debtors Ratio
|
138
|
130
|
-
|
-
|
-
|
|
Creditors Ratio
|
77
|
27
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Liabilities Ratio
|
0.64
|
0.69
|
2.37
|
2.67
|
54.45
|
|
Times Interest Earned Ratio
|
1,308.00
|
725.80
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
1.65
|
1.55
|
1.30
|
1.09
|
0.07
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
1.51
|
7.45
|
5.56
|
1.46
|
2.11
|
|
Net Profit Margin
|
2.50
|
6.48
|
4.98
|
1.38
|
2.87
|
|
Return On Net Assets
|
3.61
|
18.83
|
17.65
|
4.12
|
62.97
|
|
Return On Capital Employed
|
3.61
|
18.83
|
17.65
|
4.12
|
62.97
|
|
Return On Shareholders' Funds/Equity
|
5.96
|
16.36
|
15.80
|
3.90
|
85.62
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|