|
|
REGISTRATION NO.
|
:
|
200610270-R
|
|
COMPANY NAME
|
:
|
JOHN DEERE ASIA (SINGAPORE) PRIVATE LIMITED
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
13/07/2006
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
438, ALEXANDRA ROAD, 06-02, ALEXANDRA POINT, 119958, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
438, ALEXANDRA ROAD, 06-02/03 ALEXANDRA POINT, 119958, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-68798800
|
|
FAX.NO.
|
:
|
65-62783763
|
|
CONTACT PERSON
|
:
|
GANESH JAYARAM ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
WHOLESALE OF AGRICULTURAL MACHINERY, EQUIPMENT
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
15,664,006.00 ORDINARY SHARE, OF A VALUE OF SGD 15,664,006.00
|
|
|
|
|
SALES
|
:
|
USD 250,928,314 [2013]
|
|
NET WORTH
|
:
|
USD 137,551,095 [2013]
|
|
|
|
|
STAFF STRENGTH
|
:
|
60 [2015]
|
|
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 agricultural machinery, equipment.
The immediate
holding company of the Subject is JOHN DEERE NEDERLAND B.V., a company
incorporated in NETHERLANDS.
Share Capital
History
|
Date
|
Issue & Paid Up Capital
|
|
02/03/2015
|
SGD 15,664,006.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
JOHN DEERE NEDERLAND B.V.
|
ENERGIESTRAAT 16, 5961PT HORST, NETHERLANDS.
|
T09UF1641
|
15,664,006.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
15,664,006.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's
int
erest in other
companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
SOUTH KOREA
|
JOHN DEERE PTY LTD
|
100.00
|
31/10/2013
|
|
|
|
|
|
|
INDIA
|
JOHN DEERE INDIA PRIVATE LIMITED
|
100.00
|
31/10/2013
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject
|
:
|
STEVEN NOEL OWENSON
|
|
Address
|
:
|
25, OXLEY WALK, 03-24, BELLE VUE RESIDENCES, 238595, SINGAPORE.
|
|
IC / PP No
|
:
|
G3080394P
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of Appointment
|
:
|
01/09/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MICHAEL LYNN GAUSE
|
|
Address
|
:
|
6821, WELLINGTON PLACE, 80108, UNITED STATES.
|
|
IC / PP No
|
:
|
426902428
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of Appointment
|
:
|
01/12/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
GANESH JAYARAM
|
|
Address
|
:
|
5325, 54TH AVENUE COURT, BETTENDORF IA 52722, UNITED STATES.
|
|
IC / PP No
|
:
|
420008257
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of Appointment
|
:
|
01/04/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
CRISPUS LEE SOON GUAN
|
|
Address
|
:
|
656B, JURONG WEST STREET 61, 13-303, 642656, SINGAPORE.
|
|
IC / PP No
|
:
|
S1291273J
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
14/09/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject
|
:
|
JASON L AMBROSON
|
|
Address
|
:
|
5151, TAYLOR AVENUE, BETTENDORF, IA, 52722, UNITED STATES.
|
|
IC / PP No
|
:
|
488908071
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of Appointment
|
:
|
01/09/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
GANESH JAYARAM
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
DELOITTE & TOUCHE LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
SACHIN VISHNUPANT MURUMKAR
|
|
IC / PP No
|
:
|
G5410919P
|
|
|
|
|
|
Address
|
:
|
6, ALEXANDRA VIEW, 03-05, THE METROPOLITAN CONDOMINIUM, 158746,
SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
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.
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
|
:
|
AGRICULTURAL MACHINERY, EQUIPMENT
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2015
|
2014
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
60
|
60
|
|
|
|
|
|
|
|
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of
agricultural machinery, equipment.
From tractors and engines to construction, forestry and turf care equipment,
the Subject provides equipment, tools, technology and services that fit the
needs of its customers.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-68798800
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
NO. 06 - 02 / 03 ALEXANDRA POINT 438 ALEXANDRA ROAD, SINGAPORE 119958
SINGAPORE
|
|
Current Address
|
:
|
438, ALEXANDRA ROAD, 06-02/03 ALEXANDRA POINT, 119958, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 27th February 2015 we contacted one of the staff from the Subject and she provided
some information.
The Subject refused to disclose its bankers.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
56.39%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
57.80%
|
]
|
|
|
|
|
|
|
|
|
|
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. Generally the Subject was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the
Subject's management was efficient in utilising the assets to generate
returns.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
25 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
7 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
88 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 unfavourable creditors' ratio could be due to the
Subject taking advantage of the credit granted by its suppliers. However
this may affect the goodwill between the Subject and its suppliers and the
Subject may inadvertently have to pay more for its future supplies.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
2.53 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.80 Times
|
]
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they
fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
38.82 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject 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. With the favourable interest cover, the Subject
could be able to service all the accrued interest without facing any
difficulties. 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 2006, the Subject is a Private Limited company, focusing on
wholesale of agricultural machinery, equipment. 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. With an issued and
paid up capital of SGD 15,664,006 and strong backing from its holding
company, the Subject enjoys timely financial assistance should the needs
arise. These favourable conditions has minimised its risk in the industry
compared to other players.
Investigation revealed, 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.
Despite the lower turnover, the Subject's pre-tax profit have increased
compared to the previous year. The higher profit could be due to better control
of its operating costs and efficiency in utilising its resources. 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 137,551,095, 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.
In view of the above favourable condition, we recommend credit be proceeded
to the Subject with favourable term.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
Financial Year End
|
2013-10-31
|
2012-10-31
|
2011-10-31
|
2010-10-31
|
2009-10-31
|
|
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
|
USD
|
USD
|
SGD
|
SGD
|
SGD
|
|
|
|
|
|
|
|
TURNOVER
|
250,928,314
|
329,553,561
|
321,572,512
|
261,014,672
|
223,782,487
|
|
Other Income
|
82,912,059
|
1,160,398
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
333,840,373
|
330,713,959
|
321,572,512
|
261,014,672
|
223,782,487
|
|
Costs of Goods Sold
|
(228,863,775)
|
(288,019,821)
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
104,976,598
|
42,694,138
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
77,461,848
|
11,025,531
|
31,018,444
|
14,724,147
|
12,592,310
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
77,461,848
|
11,025,531
|
31,018,444
|
14,724,147
|
12,592,310
|
|
Taxation
|
99,301
|
(1,429,619)
|
(1,019,504)
|
(1,060,338)
|
(1,621,016)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
77,561,149
|
9,595,912
|
29,998,940
|
13,663,809
|
10,971,294
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
49,417,920
|
39,822,008
|
29,370,794
|
15,706,985
|
4,735,691
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
49,417,920
|
39,822,008
|
29,370,794
|
15,706,985
|
4,735,691
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
126,979,069
|
49,417,920
|
59,369,734
|
29,370,794
|
15,706,985
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
126,979,069
|
49,417,920
|
59,369,734
|
29,370,794
|
15,706,985
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
2,048,348
|
2,057,158
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
2,048,348
|
2,057,158
|
-
|
-
|
-
|
|
=============
|
=============
|
|
|
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
742,243
|
228,286
|
4,062,571
|
2,624,395
|
403,989
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Subsidiary companies
|
2
|
2
|
-
|
-
|
-
|
|
Associated companies
|
175,585
|
159,505
|
-
|
-
|
-
|
|
Investments
|
19,808,674
|
10,760,861
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
19,984,261
|
10,920,368
|
-
|
-
|
-
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
20,726,504
|
11,148,654
|
4,062,571
|
2,624,395
|
403,989
|
|
|
|
|
|
|
|
Stocks
|
17,107,618
|
23,077,600
|
-
|
-
|
-
|
|
Trade debtors
|
4,736,236
|
9,328,547
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
154,871,684
|
86,788,733
|
-
|
-
|
-
|
|
Cash & bank balances
|
5,131,127
|
9,446,579
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
181,846,665
|
128,641,459
|
92,497,318
|
47,986,563
|
46,226,526
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
202,573,169
|
139,790,113
|
96,559,889
|
50,610,958
|
46,630,515
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
54,905,135
|
74,817,053
|
-
|
-
|
-
|
|
Other creditors & accruals
|
10,034,229
|
3,848,706
|
-
|
-
|
-
|
|
Provision for taxation
|
82,710
|
1,122,408
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
65,022,074
|
79,788,167
|
46,165,855
|
24,774,391
|
14,535,625
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
116,824,591
|
48,853,292
|
46,331,463
|
23,212,172
|
31,690,901
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
137,551,095
|
60,001,946
|
50,394,034
|
25,836,567
|
32,094,890
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
10,000,000
|
10,000,000
|
15,664,006
|
15,664,006
|
15,664,006
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
10,000,000
|
10,000,000
|
15,664,006
|
15,664,006
|
15,664,006
|
|
|
|
|
|
|
|
Capital reserve
|
572,026
|
572,026
|
-
|
-
|
-
|
|
Retained profit/(loss) carried forward
|
126,979,069
|
49,417,920
|
59,369,734
|
29,370,794
|
15,706,985
|
|
Others
|
-
|
-
|
(24,639,706)
|
(19,224,809)
|
723,899
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
127,551,095
|
49,989,946
|
34,730,028
|
10,145,985
|
16,430,884
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
137,551,095
|
59,989,946
|
50,394,034
|
25,809,991
|
32,094,890
|
|
|
|
|
|
|
|
Deferred taxation
|
-
|
12,000
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
-
|
12,000
|
-
|
26,576
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
137,551,095
|
60,001,946
|
50,394,034
|
25,836,567
|
32,094,890
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
5,131,127
|
9,446,579
|
-
|
-
|
-
|
|
Net Liquid Funds
|
5,131,127
|
9,446,579
|
-
|
-
|
-
|
|
Net Liquid Assets
|
99,716,973
|
25,775,692
|
46,331,463
|
23,212,172
|
31,690,901
|
|
Net Current Assets/(Liabilities)
|
116,824,591
|
48,853,292
|
46,331,463
|
23,212,172
|
31,690,901
|
|
Net Tangible Assets
|
137,551,095
|
60,001,946
|
50,394,034
|
25,836,567
|
32,094,890
|
|
Net Monetary Assets
|
99,716,973
|
25,763,692
|
46,331,463
|
23,185,596
|
31,690,901
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
-
|
-
|
-
|
|
Total Liabilities
|
65,022,074
|
79,800,167
|
46,165,855
|
24,800,967
|
14,535,625
|
|
Total Assets
|
202,573,169
|
139,790,113
|
96,559,889
|
50,610,958
|
46,630,515
|
|
Net Assets
|
137,551,095
|
60,001,946
|
50,394,034
|
25,836,567
|
32,094,890
|
|
Net Assets Backing
|
137,551,095
|
59,989,946
|
50,394,034
|
25,809,991
|
32,094,890
|
|
Shareholders' Funds
|
137,551,095
|
59,989,946
|
50,394,034
|
25,809,991
|
32,094,890
|
|
Total Share Capital
|
10,000,000
|
10,000,000
|
15,664,006
|
15,664,006
|
15,664,006
|
|
Total Reserves
|
127,551,095
|
49,989,946
|
34,730,028
|
10,145,985
|
16,430,884
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.08
|
0.12
|
-
|
-
|
-
|
|
Liquid Ratio
|
2.53
|
1.32
|
-
|
-
|
-
|
|
Current Ratio
|
2.80
|
1.61
|
2.00
|
1.94
|
3.18
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
25
|
26
|
-
|
-
|
-
|
|
Debtors Ratio
|
7
|
10
|
-
|
-
|
-
|
|
Creditors Ratio
|
88
|
95
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Liabilities Ratio
|
0.47
|
1.33
|
0.92
|
0.96
|
0.45
|
|
Times Interest Earned Ratio
|
38.82
|
6.36
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
13.76
|
6.00
|
3.22
|
1.65
|
2.05
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
30.87
|
3.35
|
9.65
|
5.64
|
5.63
|
|
Net Profit Margin
|
30.91
|
2.91
|
9.33
|
5.23
|
4.90
|
|
Return On Net Assets
|
57.80
|
21.80
|
61.55
|
56.99
|
39.23
|
|
Return On Capital Employed
|
57.80
|
21.80
|
61.55
|
56.99
|
39.23
|
|
Return On Shareholders' Funds/Equity
|
56.39
|
16.00
|
59.53
|
52.94
|
34.18
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|