|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
199409088-N
|
|
COMPANY NAME
|
:
|
DUHA ASUKA SERVICES PTE LTD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
12/12/1994
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
701, GEYLANG ROAD, 04-04, TEAMBUILD CENTRE, 389687, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
34 KIAN TECK ROAD, 628780, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62621221
|
|
FAX.NO.
|
:
|
65-62642122
|
|
CONTACT PERSON
|
:
|
NG TECK SONG JOHN MR ( MANAGING DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
COLOUR PRINTING SERVICES
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
40,000.00 ORDINARY SHARE, OF A VALUE OF SGD 40,000.00
|
|
|
|
|
SALES
|
:
|
SGD 5,357,646 [2013]
|
|
NET WORTH
|
:
|
SGD (163,490) [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
WEAK
|
|
|
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL 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) colour printing services.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
29/05/2015
|
SGD 40,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
JOHN MR NG TECK SONG +
|
8, BALMORAL ROAD, 06-01, BALMORAL 8, 259792, SINGAPORE.
|
S0183998E
|
20,000.00
|
50.00
|
|
DUHA COLOR SERVICES LIMITED
|
360, MAIN STREET, WINNIPEG MB R3C 4GI, 30TH FLOOR, CANADA.
|
S94UF0662
|
20,000.00
|
50.00
|
|
|
|
---------------
|
------
|
|
|
|
40,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
EMERIC J DUHA
|
|
Address
|
:
|
750, BRADFORD STREET WINNIPEG M, R3H ON3, CANADA.
|
|
IC / PP No
|
:
|
TD177500
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CANADIAN
|
|
Date of Appointment
|
:
|
27/02/1995
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
CATHERINE OW SAU KUEN
|
|
Address
|
:
|
11, SIMEI STREET 4, 09-05, SIMEI GREEN CONDOMINIUM, 529866,
SINGAPORE.
|
|
IC / PP No
|
:
|
S0123520F
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
18/06/2001
|
|
Remark
|
:
|
ALTERNATE DIRECTOR TO NG TECK SONG JOHN MR
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
JOHN MR NG TECK SONG
|
|
Address
|
:
|
8, BALMORAL ROAD, 06-01, BALMORAL 8, 259792, SINGAPORE.
|
|
IC / PP No
|
:
|
S0183998E
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
27/02/1995
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
NG TECK SONG JOHN MR
|
|
Position
|
:
|
MANAGING DIRECTOR, MANAGING DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
BOB ENG & PARTNERS
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
BOO HNG LENG
|
|
IC / PP No
|
:
|
S7702604E
|
|
|
|
|
|
Address
|
:
|
116A, RIVERVALE DRIVE, 17-08, 541116, 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
|
:
|
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
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Subject refused to disclose its clientele.
OPERATIONS
Other Information:
The Subject is principally engaged in the (as a / as an) colour printing
services.
The Subject is engaged in the graphic designing, colour matching and printing
services.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
65 6262 1221
|
|
Current Telephone Number
|
:
|
65-62621221
|
|
Match
|
:
|
YES
|
|
|
|
|
Address Provided by Client
|
:
|
34 KIAN TECK ROAD, SINGAPORE 628780
|
|
Current Address
|
:
|
34 KIAN TECK ROAD, 628780, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 28th May 2015 we contacted one of the staff from the Subject and he provided
some information.
He refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
98.39%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
98.39%
|
]
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.Higher losses before tax during the year could be
due to the higher operating costs incurred. Although the Subject's returns
showed positive figures it is not reflective of the true situation. The
Subject incurred losses during the year and its shareholders' funds have
turned red. The positive returns on shareholders' funds is the result of
losses divided by negative shareholders' funds. The Subject's management
was inefficient in utilising the assets to generate returns.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
4 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
21 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
2 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The favourable
debtors' days could be due to the good credit control measures implemented
by the Subject. The Subject had a favourable creditors' ratio where the
Subject could be taking advantage of the cash discounts and also wanting to
maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Acceptable
|
[
|
0.91 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.93 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate
that the Subject's working capital was slightly deficient. The Subject will
have to improve its liquidity position either by obtaining short term
financing or increase its paid up capital so that it can meet all its short
term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared
in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The Subject's losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its market
share due to its competitors. The Subject's liquidity was at an acceptable
range. If the Subject is able to obtain further short term financing, it
should be able to meet all 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 : POOR
|
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 :
|
ECONOMY
|
|
|
|
|
The Ministry of Trade and Industry (MTI) announced that it expects
the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in
2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9%
growth in 2012. This was mainly due to strong growth in the services
producing industries, particularly the finance & insurance, as well as
wholesale & retail trade sectors.
|
|
|
In 2013, all sectors contributed positively to growth. Finance &
insurance was the largest contributor (1.2 percentage-points), followed by
wholesale & retail trade (0.8 percentage-points) and business services
(0.6 percentage-points). Growth in the manufacturing sector was improved by
1.7%, on the back of strong growth in the electronics and transport
engineering clusters. By contrast, growth in the construction sector
moderated to 5.9%, from 8.6% in 2012.
|
|
|
Growth in the services producing industries picked up to 5.3% in
2013, from 2.0% in 2012. This was mainly due to stronger growth in the
finance & insurance and wholesale & retail trade sectors. The
finance & insurance sector grew by 11%, up from 1.3% in the previous
year. The wholesale & retail trade sector has expanded by 5.0%, after
declining by 1.4% the year before.
|
|
|
For the whole of 2013, growth in total demand was 3.1%, similar to
the pace of growth in 2012. External demand was the key contributor to total
demand growth, accounting for 2.7 percentage-points, or almost 90%, of the
increase. External demand grew at a faster pace of 3.6%, compared to the
1.4% growth in 2012. This was supported mainly by growth in the exports of
machinery & transport equipment, miscellaneous manufactures, and
transport services. Total domestic demand rose by a modest 1.7%, following
the 8.6% increase in 2012. The slower growth in total domestic demand was
primarily due to the decline in gross fixed capital formation (GFCF).
|
|
|
For the full year, total consumption expenditure grew by 4.4% in
2013, faster than the 2.8% growth in 2012. Public consumption expenditure
increased by 11%, a strong rebound from the 1.9% decline in 2012. Private
consumption expenditure recorded gains of 2.7%, moderating from the 4.1%
increase in the preceding year.
|
|
|
Furthermore, in the first three quarters of 2014, the Singapore
economy grew by 3.3% on a year-on-year basis. For the rest of the year,
growth is expected to ease slightly on a year-on-year basis, in line with a
projected slowdown in the global economy. Externally-oriented sectors such
as the manufacturing and transportation & storage sectors are likely to
slow, whereas growth in the construction sector will continue to be weighed
down by the weakness in private sector construction activities. On the
other hand, domestically-oriented sectors like business services are likely
to remain resilient.
|
|
|
Additionally, the labour market in Singapore is expected to remain tight
in 2015, with low unemployment and rising vacancy rates. Against this
global and domestic backdrop, the growth outlook for the Singapore economy
remains modest. In tandem with the expected pick-up in external demand,
externally-oriented sectors such as manufacturing, wholesale trade and
finance & insurance are likely to provide support to growth. While some
domestically-oriented sectors such as businesses services are expected to
remain resilient, labour-intensive ones like construction, retail and food
services may see their growth weighed down by labour constraints.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1994, the Subject is a Private Limited company, focusing on
colour printing services. 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
40,000, the Subject may face difficulties in its attempt to further expand
its business in the future. Thus, the Subject should put more efforts on
its business to gain higher market share while competing aggressively in
the market.
Overall, we regard that the Subject's management capability is weak.
Without capable management, the Subject is unlikely to be successful and
often contribute to unacceptable levels of accountability. Weak management
can affect productivity, profitability, sales growth and ultimately can
result in the failure of a business.
Despite the higher turnover, the Subject suffered pre-tax losses which
reflected a highly competitive business environment. 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 managed to maintain an adequate liquidity level, indicating that
the Subject has the ability to meet its 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. The Subject's
unfavourable financial performance over the years has wiped out its
shareholders' funds to a deficit of SGD -163,490. Therefore, the Subject as
a going concern is much dependent on its ability to generate sufficient
cash flow and obtain additional financing to meet its future obligations.
Without a strong assets backing, the Subject may face difficulties in
getting loans for its future expansion and continued growth .
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 has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the Subject's future performance is very much
depend on its marketing strategies in order to retain its position in the
market.
Based on the above unfavourable condition, we regard granting credit to the
Subject to be quite risky. Hence, credit is not recommended.
|
|
|
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
|
5,357,646
|
4,881,914
|
5,805,562
|
3,327,491
|
3,463,154
|
|
Other Income
|
106,122
|
42,813
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
5,463,768
|
4,924,727
|
5,805,562
|
3,327,491
|
3,463,154
|
|
Costs of Goods Sold
|
(4,821,741)
|
(4,215,113)
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
642,027
|
709,614
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
(160,854)
|
(50,309)
|
-
|
-
|
133,944
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
(160,854)
|
(50,309)
|
-
|
-
|
133,944
|
|
Taxation
|
-
|
-
|
0
|
0
|
(11,000)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
(160,854)
|
(50,309)
|
-
|
-
|
122,944
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
(42,636)
|
7,673
|
7,673
|
7,673
|
(115,271)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
(42,636)
|
7,673
|
7,673
|
7,673
|
(115,271)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
(203,490)
|
(42,636)
|
7,673
|
7,673
|
7,673
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
(203,490)
|
(42,636)
|
7,673
|
7,673
|
7,673
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
-
|
-
|
0
|
0
|
0
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
-
|
-
|
0
|
0
|
0
|
|
|
|
|
|
|
|
Stocks
|
61,748
|
118,323
|
-
|
-
|
-
|
|
Trade debtors
|
314,486
|
317,322
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
1,100
|
-
|
-
|
-
|
-
|
|
Amount due from related companies
|
553,184
|
225,253
|
-
|
-
|
-
|
|
Cash & bank balances
|
841,660
|
334,765
|
-
|
-
|
-
|
|
Amount owing by shareholders
|
466,846
|
255,060
|
-
|
-
|
-
|
|
Others
|
41
|
5,000
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
2,239,065
|
1,255,723
|
2,830,368
|
1,556,921
|
1,444,252
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
2,239,065
|
1,255,723
|
2,830,368
|
1,556,921
|
1,444,252
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
25,291
|
8,696
|
-
|
-
|
-
|
|
Other creditors & accruals
|
57,154
|
62,180
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
2,320,110
|
1,187,483
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
2,402,555
|
1,258,359
|
2,782,695
|
1,462,211
|
1,281,308
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
40,000
|
40,000
|
40,000
|
40,000
|
40,000
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
40,000
|
40,000
|
40,000
|
40,000
|
40,000
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
(203,490)
|
(42,636)
|
7,673
|
7,673
|
7,673
|
|
Others
|
-
|
-
|
0
|
0
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
(203,490)
|
(42,636)
|
7,673
|
54,710
|
122,944
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
-
|
0
|
0
|
0
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
841,660
|
334,765
|
-
|
-
|
-
|
|
Net Liquid Funds
|
841,660
|
334,765
|
-
|
-
|
-
|
|
Net Liquid Assets
|
(225,238)
|
(120,959)
|
47,673
|
94,710
|
162,944
|
|
Net Current Assets/(Liabilities)
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
Net Tangible Assets
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
Net Monetary Assets
|
(225,238)
|
(120,959)
|
47,673
|
94,710
|
162,944
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
-
|
-
|
-
|
|
Total Liabilities
|
2,402,555
|
1,258,359
|
2,782,695
|
1,462,211
|
1,281,308
|
|
Total Assets
|
2,239,065
|
1,255,723
|
2,830,368
|
1,556,921
|
1,444,252
|
|
Net Assets
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
Net Assets Backing
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
Shareholders' Funds
|
(163,490)
|
(2,636)
|
47,673
|
94,710
|
162,944
|
|
Total Share Capital
|
40,000
|
40,000
|
40,000
|
40,000
|
40,000
|
|
Total Reserves
|
(203,490)
|
(42,636)
|
7,673
|
54,710
|
122,944
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.35
|
0.27
|
-
|
-
|
-
|
|
Liquid Ratio
|
0.91
|
0.90
|
-
|
-
|
-
|
|
Current Ratio
|
0.93
|
1.00
|
1.02
|
1.06
|
1.13
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
4
|
9
|
-
|
-
|
-
|
|
Debtors Ratio
|
21
|
24
|
-
|
-
|
-
|
|
Creditors Ratio
|
2
|
1
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Liabilities Ratio
|
(14.70)
|
(477.37)
|
58.37
|
15.44
|
7.86
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
(4.09)
|
(0.07)
|
1.19
|
2.37
|
4.07
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
(3.00)
|
(1.03)
|
-
|
-
|
3.87
|
|
Net Profit Margin
|
(3.00)
|
(1.03)
|
-
|
-
|
3.55
|
|
Return On Net Assets
|
98.39
|
1,908.54
|
-
|
-
|
82.20
|
|
Return On Capital Employed
|
98.39
|
1,908.54
|
-
|
-
|
82.20
|
|
Return On Shareholders' Funds/Equity
|
98.39
|
1,908.54
|
-
|
-
|
75.45
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|