|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
200702780-Z
|
|
COMPANY NAME
|
:
|
ASCUS INTERNATIONAL (S) PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
15/02/2007
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
10, ANSON ROAD, 16-03, INTERNATIONAL PLAZA, 079903, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
111, NORTH BRIDGE ROAD, 05-14 PENINSULA PLAZA, 179098, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-94506688
|
|
FAX.NO.
|
:
|
65-67220763
|
|
CONTACT PERSON
|
:
|
GOH ANN CHUAN ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF MEDICAL AND PHARMACEUTICAL PRODUCTS
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
|
|
|
|
|
SALES
|
:
|
USD 16,485,393 [2014]
|
|
NET WORTH
|
:
|
USD 2,335,318 [2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
3 [2015]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY
/ BACKGROUND
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) trading of medical and
pharmaceutical products.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
03/07/2015
|
SGD 1,000,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
GOH ANN CHUAN +
|
34, WARINGIN PARK, SIN CHUAN GARDEN, 416345, SINGAPORE.
|
S1621960F
|
301,161.00
|
30.12
|
|
YASH VENILAL SANGHAVI +
|
301, ANAND NAVYUG SOC, N.S ROAD, 5, J.V.P.D SCHEME, VILE PARLE (W),
3RD FLOOR, 40056, MUMBAI, INDIA.
|
F8520045
|
80.00
|
0.01
|
|
SATYAN PHARMACEUTICALS PVT. LTD.
|
2-ABC, ACME PLAZA, 2ND FLOOR, ABOVE INDUSIND BANK, ANDHERI-KURIA ROAD,
MUMBAI-400059, INDIA.
|
011196
|
698,759.00
|
69.88
|
|
|
|
---------------
|
------
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
SHACHI YESHEWANT SANGHAVI
|
|
Address
|
:
|
301, ANAND NAVYUG SOC, N.S ROAD 5, J.V.P.D SCHEME, VILE PARLE (W),
400056, MUMBAI, INDIA.
|
|
IC / PP No
|
:
|
F5093096
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
01/04/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
LIM EONG
|
|
Address
|
:
|
3, LORONG LEW LIAN, 09-60, 531003, SINGAPORE.
|
|
IC / PP No
|
:
|
S1481558I
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
19/02/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
GOH CHIN CHIN @ WU ZHENZHEN
|
|
Address
|
:
|
621, JURONG WEST STREET, 65, 08-460, 640621, SINGAPORE.
|
|
IC / PP No
|
:
|
S7314089G
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
19/02/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
SATYEN YESHWANT SANGHAVI
|
|
Address
|
:
|
301, ANAND NAVYUG SOC, N.S ROAD, 5, J.V.P.D SCHEME, VILE PARLE (W),
400056, MUMBAI, INDIA.
|
|
IC / PP No
|
:
|
F6113423
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
01/04/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
YASH VENILAL SANGHAVI
|
|
Address
|
:
|
301, ANAND NAVYUG SOC, N.S ROAD, 5, J.V.P.D SCHEME, VILE PARLE (W), 3RD
FLOOR, 40056, MUMBAI, INDIA.
|
|
IC / PP No
|
:
|
F8520045
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
19/03/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of Subject
|
:
|
GOH ANN CHUAN
|
|
Address
|
:
|
34, WARINGIN PARK, SIN CHUAN GARDEN, 416345, SINGAPORE.
|
|
IC / PP No
|
:
|
S1621960F
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
21/04/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
GOH ANN CHUAN
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
WONG MAN CHUNG & ASSOCIATES
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
PHANG SOOK FUI
|
|
IC / PP No
|
:
|
S7771675J
|
|
|
|
|
|
Address
|
:
|
10, ANSON ROAD, 16-03, INTERNATIONAL PLAZA, 079903, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C200908595
|
24/12/2009
|
N/A
|
CITIBANK N.A.
|
-
|
Unsatisfied
|
|
C201505490
|
12/05/2015
|
N/A
|
MALAYAN BANKING BERHAD
|
-
|
Unsatisfied
|
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Subject refused to disclose its clientele.
OPERATIONS
|
Goods Traded
|
:
|
|
MEDICAL & PHARMACEUTICAL PRODUCT
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2015
|
2014
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
3
|
3
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of medical
and pharmaceutical products.
The product will be distribute to hospital, clinic, and pharmacy.
CURRENT
INVESTIGATION
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-94506688
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
111, NORTH BRIDGE ROAD, #05-14 PENINSULA PLAZA,179098,SINGAPORE
|
|
Current Address
|
:
|
111, NORTH BRIDGE ROAD, 05-14 PENINSULA PLAZA, 179098, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 3rd July 2015 we contacted one of the staff from the Subject and she only
provided limited information on the Subject.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2010 - 2014
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2010 - 2014
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
14.42%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
23.22%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to
the increase in turnover. The Subject's management had generated acceptable
return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
86 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
3 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 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
|
[
|
1.67 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.68 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they
fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
2.99 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest payment.
The Subject 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 :
|
|
|
|
|
|
|
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject was in good liquidity
position with its total current liabilities well covered by its total
current assets. With its current net assets, the Subject should be able to
repay its short term obligations. If there is a fall in the Subject's
profit or any increase in interest rate, the Subject may not be able to
generate sufficient cash-flow to service its interest. The Subject 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 2007, the Subject is a Private Limited company, focusing on
trading of medical and pharmaceutical 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 SGD 1,000,000 allows the Subject to expand its business more
comfortably. With a strong backing from its shareholder, the Subject enjoys
timely financial assistance should the needs arise.
Being a small company, the Subject's business operation is supported by 3
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. Return on shareholders' funds of
the Subject was at an acceptable range 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
2,335,318, the Subject should be able to maintain its business in the near
terms.
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
Financial Year End
|
2014-12-31
|
2013-12-31
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
|
TURNOVER
|
16,485,393
|
13,132,980
|
15,817,363
|
17,397,587
|
12,269,964
|
|
Other Income
|
367,018
|
36,688
|
9,754
|
454
|
333
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
16,852,411
|
13,169,668
|
15,827,117
|
17,398,041
|
12,270,297
|
|
Costs of Goods Sold
|
(15,731,316)
|
(12,603,983)
|
(15,088,875)
|
(16,257,223)
|
(11,429,062)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
1,121,095
|
565,685
|
738,242
|
1,140,818
|
841,235
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
360,690
|
19,461
|
(54,900)
|
538,363
|
236,827
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
360,690
|
19,461
|
(54,900)
|
538,363
|
236,827
|
|
Taxation
|
(23,966)
|
-
|
228
|
(68,205)
|
(20,184)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
336,724
|
19,461
|
(54,672)
|
470,158
|
216,643
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
1,405,070
|
1,385,609
|
1,461,746
|
1,501,588
|
1,299,945
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
1,405,070
|
1,385,609
|
1,461,746
|
1,501,588
|
1,299,945
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,741,794
|
1,405,070
|
1,407,074
|
1,971,746
|
1,516,588
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
(75,000)
|
-
|
(21,465)
|
(510,000)
|
(15,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,666,794
|
1,405,070
|
1,385,609
|
1,461,746
|
1,501,588
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
181,463
|
120,114
|
545,706
|
125,801
|
67,424
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
181,463
|
120,114
|
545,706
|
125,801
|
67,424
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
DEPRECIATION (as per notes to P&L)
|
1,051
|
445
|
1,519
|
1,522
|
1,517
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
1,051
|
445
|
1,519
|
1,522
|
1,517
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
4,268
|
1,280
|
661
|
1,405
|
2,927
|
|
|
|
|
|
|
|
Investments
|
350,000
|
350,000
|
350,000
|
300,000
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
350,000
|
350,000
|
350,000
|
300,000
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
354,268
|
351,280
|
350,661
|
301,405
|
2,927
|
|
|
|
|
|
|
|
Stocks
|
42,050
|
65,550
|
219,520
|
322,530
|
138,880
|
|
Trade debtors
|
3,899,323
|
1,953,715
|
1,999,891
|
5,036,991
|
3,338,479
|
|
Other debtors, deposits & prepayments
|
9,424
|
12,083
|
7,994
|
38,114
|
3,559
|
|
Short term deposits
|
806,393
|
805,243
|
803,742
|
-
|
-
|
|
Amount due from related companies
|
7,486
|
7,486
|
7,486
|
3,891
|
-
|
|
Amount due from director
|
-
|
-
|
-
|
-
|
30,093
|
|
Cash & bank balances
|
123,462
|
108,089
|
222,429
|
1,482,651
|
425,110
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
4,888,138
|
2,952,166
|
3,261,062
|
6,884,177
|
3,936,121
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
5,242,406
|
3,303,446
|
3,611,723
|
7,185,582
|
3,939,048
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
117,626
|
-
|
185,561
|
785,401
|
258,151
|
|
Other creditors & accruals
|
105,537
|
5,705
|
20,345
|
176,530
|
108,319
|
|
Amounts owing to director
|
-
|
-
|
-
|
6,500
|
-
|
|
Provision for taxation
|
23,966
|
-
|
-
|
71,689
|
20,334
|
|
Other liabilities
|
2,659,959
|
1,224,147
|
1,351,684
|
4,014,964
|
1,381,753
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
2,907,088
|
1,229,852
|
1,557,590
|
5,055,084
|
1,768,557
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
1,981,050
|
1,722,314
|
1,703,472
|
1,829,093
|
2,167,564
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,498
|
2,170,491
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
668,524
|
668,524
|
668,524
|
668,524
|
668,524
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
668,524
|
668,524
|
668,524
|
668,524
|
668,524
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
1,666,794
|
1,405,070
|
1,385,609
|
1,461,746
|
1,501,588
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,666,794
|
1,405,070
|
1,385,609
|
1,461,746
|
1,501,588
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,270
|
2,170,112
|
|
|
|
|
|
|
|
Deferred taxation
|
-
|
-
|
-
|
228
|
379
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
-
|
-
|
228
|
379
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,498
|
2,170,491
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
929,855
|
913,332
|
1,026,171
|
1,482,651
|
425,110
|
|
Net Liquid Funds
|
929,855
|
913,332
|
1,026,171
|
1,482,651
|
425,110
|
|
Net Liquid Assets
|
1,939,000
|
1,656,764
|
1,483,952
|
1,506,563
|
2,028,684
|
|
Net Current Assets/(Liabilities)
|
1,981,050
|
1,722,314
|
1,703,472
|
1,829,093
|
2,167,564
|
|
Net Tangible Assets
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,498
|
2,170,491
|
|
Net Monetary Assets
|
1,939,000
|
1,656,764
|
1,483,952
|
1,506,335
|
2,028,305
|
|
PROFIT & LOSS ITEMS
|
|
|
|
|
|
|
Earnings Before Interest & Tax (EBIT)
|
542,153
|
139,575
|
490,806
|
664,164
|
304,251
|
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA)
|
543,204
|
140,020
|
492,325
|
665,686
|
305,768
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
0
|
0
|
0
|
|
Total Liabilities
|
2,907,088
|
1,229,852
|
1,557,590
|
5,055,312
|
1,768,936
|
|
Total Assets
|
5,242,406
|
3,303,446
|
3,611,723
|
7,185,582
|
3,939,048
|
|
Net Assets
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,498
|
2,170,491
|
|
Net Assets Backing
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,270
|
2,170,112
|
|
Shareholders' Funds
|
2,335,318
|
2,073,594
|
2,054,133
|
2,130,270
|
2,170,112
|
|
Total Share Capital
|
668,524
|
668,524
|
668,524
|
668,524
|
668,524
|
|
Total Reserves
|
1,666,794
|
1,405,070
|
1,385,609
|
1,461,746
|
1,501,588
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.32
|
0.74
|
0.66
|
0.29
|
0.24
|
|
Liquid Ratio
|
1.67
|
2.35
|
1.95
|
1.30
|
2.15
|
|
Current Ratio
|
1.68
|
2.40
|
2.09
|
1.36
|
2.23
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
1
|
2
|
5
|
7
|
4
|
|
Debtors Ratio
|
86
|
54
|
46
|
106
|
99
|
|
Creditors Ratio
|
3
|
0
|
4
|
18
|
8
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Liabilities Ratio
|
1.24
|
0.59
|
0.76
|
2.37
|
0.82
|
|
Times Interest Earned Ratio
|
2.99
|
1.16
|
0.90
|
5.28
|
4.51
|
|
Assets Backing Ratio
|
3.49
|
3.10
|
3.07
|
3.19
|
3.25
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
2.19
|
0.15
|
(0.35)
|
3.09
|
1.93
|
|
Net Profit Margin
|
2.04
|
0.15
|
(0.35)
|
2.70
|
1.77
|
|
Return On Net Assets
|
23.22
|
6.73
|
23.89
|
31.17
|
14.02
|
|
Return On Capital Employed
|
23.22
|
6.73
|
23.89
|
31.17
|
14.02
|
|
Return On Shareholders' Funds/Equity
|
14.42
|
0.94
|
(2.66)
|
22.07
|
9.98
|
|
Dividend Pay Out Ratio (Times)
|
0.22
|
0.00
|
0.39
|
1.08
|
0.07
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
0
|
|