|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
200616181-D
|
|
COMPANY NAME
|
:
|
PHOENIX SOLAR PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
31/10/2006
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
209 SYED ALWI ROAD, 207742, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
209, SYED ALWI ROAD, 207742, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-65119339
|
|
FAX.NO.
|
:
|
65-65119333
|
|
CONTACT PERSON
|
:
|
CHRISTOPHE INGLIN ( MANAGING DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
ENVIRONMENTAL ENGINEERING SERVICES, TRADING OF SOLAR ENERGY PRODUCTS
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
13,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,300,000.00
|
|
|
|
|
SALES
|
:
|
USD 46,938,378 [2013]
|
|
NET WORTH
|
:
|
USD 9,240,131 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
30 [2015]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD 5,408,000
|
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) environmental
engineering services, trading of solar energy products.
The ultimate holding company of the Subject is PHOENIX SALOAR AG, a
company incorporated in GERMANY.
Share Capital History
|
Date
|
Issue & Paid Up Capital
|
|
09/02/2015
|
USD 1,300,000.00
|
The major shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. CHRISTOPHE INGLIN +
|
57, DUNBAR WALK, FRANKEL ESTATE, 459359, SINGAPORE.
|
S2686210H
|
1,638.00
|
12.60
|
|
CHEE YEEN YEE +
|
137, SUNSET WAY 10-21, CLEMENTI PARK, 597159, SINGAPORE.
|
S7277349G
|
806.00
|
6.20
|
|
HO CHEE MING +
|
APT BLK 337 SEMBAWANG CRESENT, SINGAPORE 750337, SINGAPORE.
|
S1827888Z
|
806.00
|
6.20
|
|
PHOENIX SOLAR AKTIENGESELLSCHAFT
|
HIRSCHBERGSTRASSE 8, D-85254, SULZEMOOS, GERMANY.
|
T08UF1292
|
9,750.00
|
75.00
|
|
|
|
---------------
|
------
|
|
|
|
13,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
OLAF LABER
|
|
Address
|
:
|
EISENBAHNSTR. 96, D-63303, DREIEICH, GERMANY.
|
|
IC / PP No
|
:
|
C5PHJ389N
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
DUTCH
|
|
Date of Appointment
|
:
|
19/09/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
DANIEL HUGH MURRAY CAMERON
|
|
Address
|
:
|
AUWEG 10C, 85748, GARCHING, GERMANY.
|
|
IC / PP No
|
:
|
705539221
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
BRITISH
|
|
Date of Appointment
|
:
|
08/01/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MANFRED HOCHLEITNER
|
|
Address
|
:
|
HIRSCHBERGSTRAE 8, D-85254, SULZEMOOS, GERMANY.
|
|
IC / PP No
|
:
|
841153201
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
GERMAN
|
|
Date of Appointment
|
:
|
20/06/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
CHEE YEEN YEE
|
|
Address
|
:
|
137, SUNSET WAY 10-21, CLEMENTI PARK, 597159, SINGAPORE.
|
|
IC / PP No
|
:
|
S7277349G
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
31/10/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
HO CHEE MING
|
|
Address
|
:
|
APT BLK 337 SEMBAWANG CRESENT, SINGAPORE 750337, SINGAPORE.
|
|
IC / PP No
|
:
|
S1827888Z
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
31/10/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. CHRISTOPHE INGLIN
|
|
Address
|
:
|
57, DUNBAR WALK, FRANKEL ESTATE, 459359, SINGAPORE.
|
|
IC / PP No
|
:
|
S2686210H
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
23/02/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHRISTOPHE INGLIN
|
|
Position
|
:
|
MANAGING DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
SEOW E-LIN ELAINE
|
|
IC / PP No
|
:
|
S7503875E
|
|
|
|
|
|
Address
|
:
|
110A, SIXTH AVENUE, GARLICK PARK, 276508, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
SOLAR ENERGY PRODUCTS
|
|
|
|
|
Services
|
:
|
ENVIRONMENTAL ENGINEERING SERVICES
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2015
|
2014
|
2013
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
30
|
30
|
30
|
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) environmental engineering
services, trading of solar energy products.
The Subject belongs to the Pheonixsolar group of companies.
The Subject's management team has over 40 years of combined experience in the
PV and renewable energy sector, knowledge which gives them a leading edge
when providing innovative solar energy products and solutions to meet their
clients' long term needs.
The Subject sells a selected portfolio of modules, inverters, mounting
systems and accessories.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-65119339
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
209, SYED ALWI ROAD,207742 SINGAPORE
|
|
Current Address
|
:
|
209, SYED ALWI ROAD, 207742, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other Investigations
On 5th February 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
65.03%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
71.10%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The management had succeeded in turning the
Subject into a profit making company. The profit could be due to better
control of its operating costs and efficiency in utilising its resources.
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
|
[
|
11 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
12 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
13 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
|
[
|
2.50 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.79 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
|
[
|
456.17 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.03 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 was lowly geared
thus it had a low financial risk. The Subject was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the Subject being a lowly geared company, will be able
to compete better than those companies which are highly geared in the same
industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The Subject's turnover showed a volatile trend but its losses were
lower when compared to the previous corresponding period. This could
suggest that the Subject was more efficient in its operating cost control
and was more competitive. 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 as a lowly geared company, will be more secured compared to
those highly geared companies. It has the ability to meet all its long term
obligations.
|
|
|
|
|
|
|
|
|
Overall financial condition of the
Subject : STRONG
|
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 2006, the Subject is a Private Limited company, focusing on
environmental engineering services, trading of solar energy products.
Having been in business for more than 5 years, the Subject has established a
remarkable clientele base for itself which has contributed to its business
growth. A paid up capital of USD 1,300,000 and 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. Being a small
company, the Subject's business operation is supported by 30 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.
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. Based on the higher profitability,
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 lowly geared company, the Subject is exposed to low
financial risk as it is mainly dependent on its internal funds to finance
its business needs. Given a positive net worth standing at USD 9,240,131,
the Subject should be able to maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. 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.
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.
|
|
|
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
|
FULL
|
SUMMARY
|
SUMMARY
|
|
Currency
|
USD
|
USD
|
USD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
46,938,378
|
11,986,698
|
44,243,325
|
3,463,399
|
7,417,745
|
|
Other Income
|
54,668
|
7,094
|
2,426
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
46,993,046
|
11,993,792
|
44,245,751
|
3,463,399
|
7,417,745
|
|
Costs of Goods Sold
|
(37,015,020)
|
(9,829,574)
|
(37,654,193)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
9,978,026
|
2,164,218
|
6,591,558
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
6,555,350
|
(1,031,366)
|
4,404,098
|
85,658
|
782,298
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
6,555,350
|
(1,031,366)
|
4,404,098
|
85,658
|
782,298
|
|
Taxation
|
(546,810)
|
10,813
|
(557,959)
|
27,272
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
6,008,540
|
(1,020,553)
|
3,846,139
|
112,929
|
782,298
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
2,731,591
|
3,752,144
|
(93,995)
|
400,870
|
(381,428)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
2,731,591
|
3,752,144
|
(93,995)
|
400,870
|
(381,428)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
8,740,131
|
2,731,591
|
3,752,144
|
513,799
|
400,870
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
8,740,131
|
2,731,591
|
3,752,144
|
513,799
|
400,870
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
Loan from directors
|
14,402
|
34,779
|
3,876
|
-
|
-
|
|
Loan from holding company
|
-
|
-
|
36,418
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
14,402
|
34,779
|
40,294
|
-
|
-
|
|
=============
|
=============
|
=============
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
205,280
|
41,457
|
35,839
|
113,161
|
7,874
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary companies
|
47,874
|
47,874
|
127,184
|
-
|
-
|
|
Loans & advances - non-current
|
79,310
|
79,310
|
-
|
-
|
-
|
|
Deferred assets
|
-
|
-
|
5,104
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
127,184
|
127,184
|
132,288
|
-
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
332,464
|
168,641
|
168,127
|
113,161
|
7,874
|
|
|
|
|
|
|
|
Stocks
|
1,460,769
|
689,066
|
5,213,905
|
-
|
-
|
|
Trade debtors
|
1,582,111
|
1,550,593
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
4,130,431
|
105,342
|
2,096,423
|
-
|
-
|
|
Amount due from holding company
|
424,759
|
117,649
|
10,317
|
-
|
-
|
|
Amount due from subsidiary companies
|
1,343,517
|
157,050
|
235,600
|
-
|
-
|
|
Amount due from related companies
|
597,941
|
-
|
-
|
-
|
-
|
|
Cash & bank balances
|
2,258,249
|
1,413,726
|
492,839
|
-
|
-
|
|
Amount owing by customer
|
43,719
|
126,569
|
541,417
|
-
|
-
|
|
Others
|
2,032,395
|
751,691
|
2,209,223
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
13,873,891
|
4,911,686
|
10,799,724
|
3,978,431
|
5,977,654
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
14,206,355
|
5,080,327
|
10,967,851
|
4,091,592
|
5,985,528
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
1,356,250
|
601,944
|
3,172,448
|
-
|
-
|
|
Other creditors & accruals
|
2,244,735
|
320,002
|
1,247,324
|
-
|
-
|
|
Other borrowings
|
323,146
|
335,429
|
-
|
-
|
-
|
|
Amounts owing to holding company
|
447,072
|
570,820
|
1,438,857
|
-
|
-
|
|
Amounts owing to subsidiary companies
|
35,264
|
7,124
|
-
|
-
|
-
|
|
Amounts owing to director
|
12,947
|
13,417
|
315,565
|
-
|
-
|
|
Provision for taxation
|
546,810
|
-
|
541,513
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
4,966,224
|
1,848,736
|
6,715,707
|
3,577,792
|
5,584,658
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
8,907,667
|
3,062,950
|
4,084,017
|
400,638
|
392,996
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
9,240,131
|
3,231,591
|
4,252,144
|
513,799
|
400,870
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
500,000
|
0
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
500,000
|
500,000
|
500,000
|
0
|
0
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
8,740,131
|
2,731,591
|
3,752,144
|
513,799
|
400,870
|
|
Others
|
-
|
-
|
-
|
0
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
8,740,131
|
2,731,591
|
3,752,144
|
513,799
|
400,870
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
9,240,131
|
3,231,591
|
4,252,144
|
513,799
|
400,870
|
|
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
-
|
-
|
0
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
9,240,131
|
3,231,591
|
4,252,144
|
513,799
|
400,870
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
2,258,249
|
1,413,726
|
492,839
|
-
|
-
|
|
Net Liquid Funds
|
2,258,249
|
1,413,726
|
492,839
|
-
|
-
|
|
Net Liquid Assets
|
7,446,898
|
2,373,884
|
(1,129,888)
|
400,639
|
392,996
|
|
Net Current Assets/(Liabilities)
|
8,907,667
|
3,062,950
|
4,084,017
|
400,639
|
392,996
|
|
Net Tangible Assets
|
9,240,131
|
3,231,591
|
4,252,144
|
513,799
|
400,870
|
|
Net Monetary Assets
|
7,446,898
|
2,373,884
|
(1,129,888)
|
400,639
|
392,996
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
323,146
|
335,429
|
0
|
-
|
-
|
|
Total Liabilities
|
4,966,224
|
1,848,736
|
6,715,707
|
3,577,792
|
5,584,658
|
|
Total Assets
|
14,206,355
|
5,080,327
|
10,967,851
|
4,091,592
|
5,985,528
|
|
Net Assets
|
9,240,131
|
3,231,591
|
4,252,144
|
513,799
|
400,870
|
|
Net Assets Backing
|
9,240,131
|
3,231,591
|
4,252,144
|
513,800
|
400,870
|
|
Shareholders' Funds
|
9,240,131
|
3,231,591
|
4,252,144
|
513,799
|
400,870
|
|
Total Share Capital
|
500,000
|
500,000
|
500,000
|
-
|
-
|
|
Total Reserves
|
8,740,131
|
2,731,591
|
3,752,144
|
513,799
|
400,870
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.45
|
0.76
|
0.07
|
-
|
-
|
|
Liquid Ratio
|
2.50
|
2.28
|
0.83
|
-
|
-
|
|
Current Ratio
|
2.79
|
2.66
|
1.61
|
1.11
|
1.07
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
11
|
21
|
43
|
-
|
-
|
|
Debtors Ratio
|
12
|
47
|
0
|
-
|
-
|
|
Creditors Ratio
|
13
|
22
|
31
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.03
|
0.10
|
0.00
|
-
|
-
|
|
Liabilities Ratio
|
0.54
|
0.57
|
1.58
|
6.96
|
13.93
|
|
Times Interest Earned Ratio
|
456.17
|
(28.65)
|
110.30
|
-
|
-
|
|
Assets Backing Ratio
|
18.48
|
6.46
|
8.50
|
-
|
-
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
13.97
|
(8.60)
|
9.95
|
2.47
|
10.55
|
|
Net Profit Margin
|
12.80
|
(8.51)
|
8.69
|
3.26
|
10.55
|
|
Return On Net Assets
|
71.10
|
(30.84)
|
104.52
|
16.67
|
195.15
|
|
Return On Capital Employed
|
71.10
|
(30.84)
|
104.52
|
16.67
|
195.15
|
|
Return On Shareholders' Funds/Equity
|
65.03
|
(31.58)
|
90.45
|
21.98
|
195.15
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
|
|
|