|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
199803243-N
|
|
COMPANY NAME
|
:
|
TSF BUILDING CONSTRUCTION PTE LTD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
03/07/1998
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
EXEMPT PRIVATE
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1024, YISHUN INDUSTRIAL PARK A, 02-39, 768763, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
1024, YISHUN INDUSTRIAL PARK A, 02-39, 768763, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-67536388
|
|
FAX.NO.
|
:
|
65-67536288
|
|
WEB SITE
|
:
|
WWW.TSF.COM.SG
|
|
CONTACT PERSON
|
:
|
ONG ( STAFF )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
CONSTRUCTION
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
1,800,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,800,000.00
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
STAFF STRENGTH
|
:
|
20 [2015]
|
|
BANKER (S)
|
:
|
|
OVERSEA-CHINESE BANKING CORPORATION LIMITED
|
|
|
|
LITIGATION
|
:
|
TRACED
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY
/ BACKGROUND
The Subject is an exempt private company whose shares are not held by any
corporate body and has no more than 20 shareholders who are all natural
persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company
with an annual turnover of less than SGD5 million are exempted from statutory
auditing requirements. Instead of filing audited annual accounts, the Subject
has to file in a document duly signed by its director in charge of its
finance and the company secretary stating that the Subject is able to meet
all its obligations as and when they fall due. The Subject is not required to
have their accounts audited. However, the Subject will prepare unaudited
accounts for purposes of AGMs and filing with Registry Office if it is unable
to meet all its obligations as and when they fall due .
The Subject is principally engaged in the (as a / as an) construction.
Share Capital History
|
Date
|
Issue & Paid Up Capital
|
|
25/06/2015
|
SGD 1,800,000.00
|
The major shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
TAI SEE FUUI +
|
439, YISHUN AVENUE 11, 09-418, 760439, SINGAPORE.
|
S2625737I
|
1,560,000.00
|
86.67
|
|
MARY FOO +
|
416, YISHUN AVENUE 11, 05-367, 760416, SINGAPORE.
|
S2634805F
|
120,000.00
|
6.67
|
|
KOH ENG HWA +
|
338, TAMPINES STREET 33, 06-200, 520338, SINGAPORE.
|
S1642680F
|
120,000.00
|
6.67
|
|
|
|
---------------
|
------
|
|
|
|
1,800,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
TAN TONG LEONG
|
|
Address
|
:
|
102, JALAN DUSUN, 16-03, 320102, SINGAPORE.
|
|
IC / PP No
|
:
|
S1491996A
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
06/07/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MARY FOO
|
|
Address
|
:
|
416, YISHUN AVENUE 11, 05-367, 760416, SINGAPORE.
|
|
IC / PP No
|
:
|
S2634805F
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
20/07/2002
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
KOH ENG HWA
|
|
Address
|
:
|
338, TAMPINES STREET 33, 06-200, 520338, SINGAPORE.
|
|
IC / PP No
|
:
|
S1642680F
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
21/07/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
TAI SEE FUUI
|
|
Address
|
:
|
439, YISHUN AVENUE 11, 09-418, 760439, SINGAPORE.
|
|
IC / PP No
|
:
|
S2625737I
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
29/02/2000
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
ONG
|
|
Position
|
:
|
STAFF
|
AUDITOR
|
Auditor
|
:
|
WSC PARTNERSHIP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
TAI SEE FUUI
|
|
IC / PP No
|
:
|
S2625737I
|
|
|
|
|
|
Address
|
:
|
439, YISHUN AVENUE 11, 09-418, 760439, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
OVERSEA-CHINESE BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201409238
|
28/08/2014
|
N/A
|
OVERSEA-CHINESE BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201409240
|
28/08/2014
|
N/A
|
OVERSEA-CHINESE BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION
|
|
|
|
|
Code No
|
:
|
99
|
Case No
|
:
|
3045
|
|
|
|
|
|
|
Year
|
:
|
2008
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
DISTRICT COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
22/09/2008
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
K RAVINTHERAN
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
KR.0920.08.B
|
|
|
|
|
|
|
|
|
|
Solicitor Firm
|
:
|
K RAVI LAW CORPORATION
|
|
|
|
|
|
|
Plaintiff
|
:
|
MD ROBIUL ISLAM MAULANA ABDUR ROUF
|
|
|
|
|
Defendants
|
:
|
|
TSF BUILDING CONSTRUCTION PTE LTD (199803243)
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
90000
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
SGD
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
TORT-NEGLIGENCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
99
|
Case No
|
:
|
3572
|
|
|
|
|
|
|
Year
|
:
|
2010
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
DISTRICT COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
25/10/2010
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
CS.1948.09.GN.M
|
|
|
|
|
|
|
|
|
|
Solicitor Firm
|
:
|
CHARAN & CO
|
|
|
|
|
|
|
Plaintiff
|
:
|
ALI AKBAR AZAHAR ALI FAKIR
|
|
|
|
|
Defendants
|
:
|
|
TSF BUILDING CONSTRUCTION PTE LTD (199803243)
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
85000
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
SGD
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
TORT-NEGLIGENCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Code No
|
:
|
99
|
Case No
|
:
|
860
|
|
|
|
|
|
|
Year
|
:
|
2015
|
Place
|
:
|
SINGAPORE
|
|
|
|
|
|
|
Court
|
:
|
DISTRICT COURT
|
|
|
|
|
|
|
|
|
|
Date Filed
|
:
|
24/03/2015
|
|
|
|
|
|
|
|
|
|
Solicitor
|
:
|
HOH CHIN CHA
|
|
|
|
|
|
|
|
|
|
Solicitor Ref
|
:
|
20140070368PI/H.TT
|
|
|
|
|
|
|
|
|
|
Solicitor Firm
|
:
|
HOH LAW CORPORATION
|
|
|
|
|
|
|
Plaintiff
|
:
|
ISLAM MD AL
|
|
|
|
|
Defendants
|
:
|
|
TSF BUILDING CONSTRUCTION PTE LTD (199803243)
|
|
|
|
|
|
|
|
Remark
|
:
|
NEGLIGENCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No winding up petition was found in our databank
|
|
|
|
PAYMENT
RECORD
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
PROGRESSIVE PAYMENTS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Total Number of Employees:
|
|
YEAR
|
2015
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
20
|
|
|
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) construction.
The Subject is a local builder with provides buildings development. civil
engineering, metal scafolding and training in Singapore.
The Subject has grown to become one of the leading main contractor for
bunglows, residential properties and factories development.
The Subject has achieved General Builder Class 1 License from Building and
Construction Authority (BCA), that allow them to undertake public project of
unlimited value.
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
6753 6388
|
|
Current Telephone Number
|
:
|
65-67536388
|
|
Match
|
:
|
YES
|
|
|
|
|
Address Provided by Client
|
:
|
BLK 1024 YISHUN INDUSTRIAL PARK A, #0239 SINGAPORE
|
|
Current Address
|
:
|
1024, YISHUN INDUSTRIAL PARK A, 02-39, 768763, SINGAPORE.
|
|
Match
|
:
|
NO
|
|
|
|
|
We have contacted the Subject's Accountant and its Company Secretary for
the latest financial accounts. However they have rejected our request in
view of the confidentiality of the documents.
|
|
Other Investigations
On 25th June 2015 we contacted one of the staff from the Subject and he
provided some information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
The Subject is a private exempt company which does not need to file
in its accounts with the Registrar of Companies for the information of the
public. Therefore, we are not able to comment on the Subject's financial
performance.
|
|
|
|
|
|
|
|
|
Overall financial condition of the
Subject : N/A
|
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 :
|
CONSTRUCTION
|
|
|
|
|
For the whole of 2013, the sector expanded by 5.9%, slower than the growth
of 8.6% in the previous year. Total construction output increased by 5.4%
on the back of robust private and public residential building activities.
Besides, total construction demand increased by 17% to $36 billion in 2013,
setting a new record high. The increase was driven by robust construction
demand from the public sector.
|
|
|
Public sector construction demand rose by 56% to $15 billion in
2013. The increase was supported by a ramp-up of public-housing developments
and significant increase in civil engineering construction demand on
account of the award of various Thomson MRT Line contracts. Besides,
despite a slight drop of 1.1%, total private sector construction demand
remained relatively strong at $21 billion. Demand was fuelled by
residential developments, where contracts awarded increased by 15% to reach
$9.8 billion in 2013, the highest on record. Besides, civil engineering
construction demand contracted by 45% due to the high base in 2012. However,
the value of civil engineering contracts awarded in 2013 was still higher
than that achieved between 2009 and 2011, supported largely by the
construction of major utilities and berth facilities.
|
|
|
In 2013, construction output has increased by 5.4% to reach $33
billion, surpassing the previous peak of $32 billion in 2012. Growth was
underpinned by strong on-site construction activities for public and
private residential, private industrial and civil engineering developments.
Total construction output in 2014 is projected to rise to between $34
billion and $36 billion, supported by record high levels of contracts
awarded in 2013 and continued robust on-site activities from the high
levels of demand since 2011.
|
|
|
Public sector construction output reached $12 billion in 2013,
comparable to that achieved in 2012, supported largely by an increase in
onsite construction activities for public housing (18%) and institutional
and other building (4.7%) projects. Some of the major institutional
building projects under construction included the Singapore University of
Technology and Design (SUTD) Campus Phase 1, Ng Teng Fong Hospital,
National Heart Centre, National Art Gallery and Victoria Concert Hall.
Additionally, even though civil engineering construction output has
contracted by 9.6% in 2013, progress payments remained robust at $4.8
billion, supported by new rail construction such as the Downtown Line
Stages 2 & 3 as well as other infrastructure projects like Tuas West Extension
and Marina Coastal Expressway.
|
|
|
Private sector construction output expanded by 8.3% to $21 billion
in 2013, underpinned by growth across all development types. In particular,
robust growth in on-site construction activities for residential
developments (13%) and civil engineering (14%) projects supported overall
output growth.
|
|
|
BCA forecasts total construction demand in 2014 to be between $31
billion and $38 billion. Demand from the public sector is expected to
strengthen to between $19 billion and $22 billion, contributing close to
60% of projected total construction demand. The boost to overall demand is
likely to come from stronger institutional and civil engineering
construction works. At the same time, private sector demand is projected to
soften to between $12 billion and $16 billion, due to the anticipated
reduction in residential construction demand as property market sentiments
remain subdued following the various property cooling measures.
|
|
|
Furthermore, BMI continues to expect construction and infrastructure
growth in Singapore to moderate over the 2014-2020 period. Real growth for
the construction sector is forecast to slow from 5.9% in 2014 to3.0% in
2019, while real growth for the infrastructure sector is expected to fall
from 12.7% in 2014 to 4.0%in 2019. This moderation is primarily due to
declining housing demand, longer construction periods for planned
infrastructure projects and a poor export outlook, which could curb
investment in non-residential buildings.
|
|
|
In September 2014, Singapore's Land Transit Authority (LTA)
announced that Phase 2 of the Mass Rapid Transit (MRT) system's Downtown
Line would open ahead of schedule in Q116. The project had previously been
delayed by financial troubles at one of its key contractors, and was
expected to come online only by Q216. Phase 2 of the Downtown Line will
include 12 stations, nine of which will be completely new. The project's
total cost is estimated at approximately SGD800mn.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1998, the Subject is an Exempt Private company, focusing on
construction. 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. A paid up capital of SGD 1,800,000 allows the Subject to expand
its business more comfortably. However, the Subject does not have strong
shareholders’ backing. Without a strong shareholders' backing, the
opportunity of the Subject to expand its business is limited.
Investigation revealed that the Subject concentrates only on the local
market. This narrow market segment has placed the Subject at high business
risk and limits its business expansion opportunities. Any adverse changes
to the local economy might have a negative impact on the Subject's business
performance. Being a small company, the Subject's business operation is
supported by 20 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.
As the Subject is registered as an Exempt Private company, it is not
required to file financial statements for public review. As such, we are
unable to ascertain its present financial health.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms.
In view of the above, we only recommend credit be proceeded to the Subject
with guarantee.
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|
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FINANCIAL
ACCOUNT
No latest financial accounts are available at the Registry Office.
|