|
|
REGISTRATION
NO.
|
:
|
200404296-G
|
|
COMPANY NAME
|
:
|
TLA SPORTS
PTE. LTD.
|
|
FORMER NAME
|
:
|
TLA (SPORTS
EQUIPMENT) PTE. LTD. (05/05/2004)
|
|
INCORPORATION
DATE
|
:
|
08/04/2004
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
73, BUKIT
TIMAH ROAD, 01-01, REX HOUSE, 229832, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
73, BUKIT
TIMAH ROAD, 01-01, REX HOUSE, 229832, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-68820988
|
|
FAX.NO.
|
:
|
65-68820932
|
|
CONTACT PERSON
|
:
|
MICHAEL KOH
KOW TEE ( MANAGING DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
WHOLESALE OF
SPORTING GOODS AND EQUIPMENT
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
100,000.00 ORDINARY
SHARE, OF A VALUE OF SGD 100,000.00
|
|
|
|
|
SALES
|
:
|
USD
464,815,176 [2014]
|
|
NET WORTH
|
:
|
USD 34,751,709
[2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
BANKER (S)
|
:
|
|
INDUSTRIAL
& COMMERCIAL BANK LTD
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY
OUTLOOK
|
:
|
AVERAGE GROWTH
|
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 sporting goods and
equipment.
The immediate
holding company of the Subject is TEX LINE ASSOCIATES PTE LTD, a company
incorporated in SINGAPORE.
Share Capital
History
|
Date
|
Issue &
Paid Up Capital
|
|
27/02/2015
|
SGD 100,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
TEX LINE
ASSOCIATES PTE LTD
|
73 BUKIT TIMAH
ROAD , 01 - 01 REX HOUSE, 229832, SINGAPORE.
|
198905457K
|
100,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
100,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
CHINA
|
TLA SPORTS
(SHENZHEN) PTE. LTD.
|
100.00
|
31/03/2014
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
SIM KIM CHOON
|
|
Address
|
:
|
1D, LYNWOOD
GROVE, ONE LYNWOOD, 358679, SINGAPORE.
|
|
IC / PP No
|
:
|
S0018165Z
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
08/04/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. MICHAEL
KOH KOW TEE
|
|
Address
|
:
|
201, OCEAN
DRIVE, 06-05 , THE AZURE, 098584, SINGAPORE.
|
|
IC / PP No
|
:
|
S0018917J
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
08/04/2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
MICHAEL KOH
KOW TEE
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
ERNST &
YOUNG LLP
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
CHAN FANNY
|
|
IC / PP No
|
:
|
S1581535C
|
|
|
|
|
|
Address
|
:
|
866, TAMPINES STREET,
83, 02-225, 520866, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
INDUSTRIAL
& COMMERCIAL BANK LTD
|
|
|
|
|
|
|
|
|
|
2)
|
Name
|
:
|
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LTD
|
|
|
|
|
|
|
|
|
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.
|
|
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its suppliers information.
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
|
[
|
X
|
]
|
|
|
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
|
:
|
|
SPORTS
EQUIPMENT AND RELATED PRODUCTS
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2012
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
1,000
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of
sporting goods and equipment.
The Subject's principal activities are those of provision of sourcing and buying
services for sports equipment, products and related articles of all
descriptions.
Background (holding company):
Tex line associates pte ltd (tla) is a service-oriented organization that
provides complete and comprehensive apparel sourcing & supply chain
management.
The Subject's main business is to source products for their customers,
organise the shipping and qc inspections and keep their customers up to date
with the latest developments.
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
65-68820988
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address
Provided by Client
|
:
|
NO. 73 BUKIT TIMAH
ROAD # 02-01 REX HOUSE SINGAPORE - 229832 SINGAPORE
|
|
Current
Address
|
:
|
73, BUKIT
TIMAH ROAD, 01-01, REX HOUSE, 229832, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
Other
Investigations
On 25th February 2015 we contacted one of the staff from the Subject and she
provided some information.
She refused to disclose the Subject's number of employees.
The Subject had shifted from the address provided.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2010 - 2014
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
2010 - 2014
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
26.27%
|
]
|
|
|
Return on Net
Assets
|
:
|
Acceptable
|
[
|
29.18%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The Subject's management
have been efficient in controlling its operating costs. The Subject's
management had generated acceptable return for its shareholders using its
assets.
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
33 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
55 Days
|
]
|
|
|
|
|
|
|
|
|
|
As the Subject
is a service oriented company, the Subject does not need to keep 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
|
[
|
1.38 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.38 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 :
|
|
|
|
|
|
|
|
Generally, the
Subject's performance has improved with higher turnover and profit. 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 : 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 :
|
TRADING
|
|
|
|
|
The wholesale
and retail trade sectors have expanded by 2.0% in the third quarter of
2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the
wholesale and retail sector expanded by 5.0%, after declining by 1.4% the
year before. Growth of the sector was driven by the wholesale trade
segment.
|
|
|
The domestic
wholesale trade index has increased by 3.2% in the fourth quarter of 2013,
moderating from the 6.6% growth in the previous quarter. The slower growth
was due to a decline in the sales of furniture and household equipment
(-12%) and petroleum and petroleum products (-0.6%). For the full year, the
domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in
2012. On the other hand, the foreign wholesale trade index has increased by
a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion
in the preceding quarter. The slowdown was due to a fall in the sales of
telecommunication equipment and computer (-3.8%) and petroleum and
petroleum products (-2.5%). For the full year, the growth of the foreign
wholesale trade index moderated slightly to 8.6% from 9.1% in the previous
year.
|
|
|
In the fourth quarter
of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in
the previous quarter. Excluding motor vehicles, retail sales volume
increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain
in the preceding quarter. The sales volume of motor vehicles fell by 33% in
the fourth quarter of 2013, extending the 32% decline in the previous
quarter. Meanwhile, the sales of several discretionary items also fell in
the fourth quarter of 2013. For instance, the sales of telecommunications
apparatus and computers fell by 12%, while the sales of furniture and
household equipment declined by 5.4%.
|
|
|
For the full
year, retail sales volume contracted by 4.3%, a reversal from the 1.3%
expansion in 2012. Excluding motor vehicle sales, the retail sales volume
grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and
jewellery recorded the largest increase (11%) in sales in 2013, followed by
optical goods and book (3%) and medical goods and toiletries (3%). By
contrast, the sales of telecommunications apparatus and computer (-7.3%),
furniture and household equipment (-4.2%) and petrol service stations
(-1.4) declined in 2013.
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 2004, the Subject is a Private Limited company, focusing on
wholesale of sporting goods and equipment. Having been in the industry for
over a decade, the Subject has achieved a certain market share and has built
up a satisfactory reputation in the market. It should have received
supports from its regular customers. With an issued and paid up capital of
SGD 100,000 and strong backing from its holding company, the Subject has
the ability to further expand its business in the future compared to other
corporation.
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. 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 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 34,751,709, 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 payment habit is average. With its adequate working capital,
the Subject should be able to pay its short term debts.
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.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
Financial Year
End
|
2014-03-31
|
2013-03-31
|
2012-03-31
|
2011-03-31
|
2010-03-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
|
TURNOVER
|
464,815,176
|
443,443,953
|
347,117,459
|
267,917,430
|
224,010,354
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
464,815,176
|
443,443,953
|
347,117,459
|
267,917,430
|
224,010,354
|
|
Costs of Goods
Sold
|
(449,238,421)
|
(429,252,188)
|
(335,991,972)
|
(259,034,055)
|
(216,443,351)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
15,576,755
|
14,191,765
|
11,125,487
|
8,883,375
|
7,567,003
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
10,141,917
|
8,818,189
|
6,460,302
|
4,094,819
|
3,601,674
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
10,141,917
|
8,818,189
|
6,460,302
|
4,094,819
|
3,601,674
|
|
Taxation
|
(1,014,192)
|
(869,647)
|
(602,489)
|
(486,513)
|
(360,148)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
9,127,725
|
7,948,542
|
5,857,813
|
3,608,306
|
3,241,526
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
25,563,852
|
17,615,310
|
11,757,497
|
8,149,191
|
6,407,665
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
25,563,852
|
17,615,310
|
11,757,497
|
8,149,191
|
6,407,665
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
34,691,577
|
25,563,852
|
17,615,310
|
11,757,497
|
9,649,191
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
-
|
-
|
-
|
-
|
(1,500,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
34,691,577
|
25,563,852
|
17,615,310
|
11,757,497
|
8,149,191
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
3,897
|
5,516
|
7,441
|
9,366
|
7,963
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary
companies
|
2
|
2
|
2
|
2
|
2
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
2
|
2
|
2
|
2
|
2
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
3,899
|
5,518
|
7,443
|
9,368
|
7,965
|
|
|
|
|
|
|
|
Trade debtors
|
41,647,693
|
29,417,205
|
18,972,812
|
-
|
-
|
|
Other debtors,
deposits & prepayments
|
-
|
1,708
|
1,578
|
314
|
4,283
|
|
Amount due
from holding company
|
57,508,587
|
49,483,585
|
42,754,724
|
13,084,225
|
9,168,968
|
|
Amount due from
subsidiary companies
|
449,066
|
440,286
|
167,729
|
-
|
80,096
|
|
Amount due
from related companies
|
792
|
758
|
27,793
|
2,311
|
926
|
|
Cash &
bank balances
|
25,973,861
|
6,835,780
|
1,963,666
|
216,210
|
201,133
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
125,579,999
|
86,179,322
|
63,888,302
|
13,303,060
|
9,455,406
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
125,583,898
|
86,184,840
|
63,895,745
|
13,312,428
|
9,463,371
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
67,948,299
|
42,323,983
|
43,374,371
|
-
|
-
|
|
Other
creditors & accruals
|
4,325,978
|
3,752,756
|
1,934,390
|
974,723
|
817,979
|
|
Amounts owing
to holding company
|
17,272,870
|
13,329,728
|
-
|
-
|
-
|
|
Amounts owing
to subsidiary companies
|
155,522
|
205,869
|
270,542
|
-
|
-
|
|
Amounts owing
to related companies
|
202,185
|
179,814
|
161,360
|
122,764
|
143,340
|
|
Provision for
taxation
|
927,335
|
768,706
|
479,640
|
397,312
|
292,729
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
90,832,189
|
60,560,856
|
46,220,303
|
1,494,799
|
1,254,048
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
34,747,810
|
25,618,466
|
17,667,999
|
11,808,261
|
8,201,358
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
60,132
|
60,132
|
60,132
|
60,132
|
60,132
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
60,132
|
60,132
|
60,132
|
60,132
|
60,132
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
34,691,577
|
25,563,852
|
17,615,310
|
11,757,497
|
8,149,191
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
34,691,577
|
25,563,852
|
17,615,310
|
11,757,497
|
8,149,191
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
25,973,861
|
6,835,780
|
1,963,666
|
216,210
|
201,133
|
|
Net Liquid
Funds
|
25,973,861
|
6,835,780
|
1,963,666
|
216,210
|
201,133
|
|
Net Liquid
Assets
|
34,747,810
|
25,618,466
|
17,667,999
|
11,808,261
|
8,201,358
|
|
Net Current
Assets/(Liabilities)
|
34,747,810
|
25,618,466
|
17,667,999
|
11,808,261
|
8,201,358
|
|
Net Tangible
Assets
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
Net Monetary
Assets
|
34,747,810
|
25,618,466
|
17,667,999
|
11,808,261
|
8,201,358
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total
Liabilities
|
90,832,189
|
60,560,856
|
46,220,303
|
1,494,799
|
1,254,048
|
|
Total Assets
|
125,583,898
|
86,184,840
|
63,895,745
|
13,312,428
|
9,463,371
|
|
Net Assets
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
Net Assets
Backing
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
Shareholders'
Funds
|
34,751,709
|
25,623,984
|
17,675,442
|
11,817,629
|
8,209,323
|
|
Total Share
Capital
|
60,132
|
60,132
|
60,132
|
60,132
|
60,132
|
|
Total Reserves
|
34,691,577
|
25,563,852
|
17,615,310
|
11,757,497
|
8,149,191
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.29
|
0.11
|
0.04
|
0.14
|
0.16
|
|
Liquid Ratio
|
1.38
|
1.42
|
1.38
|
8.90
|
7.54
|
|
Current Ratio
|
1.38
|
1.42
|
1.38
|
8.90
|
7.54
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
0
|
0
|
0
|
|
Debtors Ratio
|
33
|
24
|
20
|
0
|
0
|
|
Creditors
Ratio
|
55
|
36
|
47
|
0
|
0
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
2.61
|
2.36
|
2.61
|
0.13
|
0.15
|
|
Times Interest
Earned Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Assets Backing
Ratio
|
577.92
|
426.13
|
293.94
|
196.53
|
136.52
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
2.18
|
1.99
|
1.86
|
1.53
|
1.61
|
|
Net Profit
Margin
|
1.96
|
1.79
|
1.69
|
1.35
|
1.45
|
|
Return On Net
Assets
|
29.18
|
34.41
|
36.55
|
34.65
|
43.87
|
|
Return On
Capital Employed
|
29.18
|
34.41
|
36.55
|
34.65
|
43.87
|
|
Return On Shareholders'
Funds/Equity
|
26.27
|
31.02
|
33.14
|
30.53
|
39.49
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
0.46
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
0
|
|