EXECUTIVE SUMMARY
|
REGISTRATION
NO.
|
:
|
201131455-N
|
|
COMPANY NAME
|
:
|
VERZONE PTE.
LTD.
|
|
FORMER NAME
|
:
|
VERIZON GLOBAL
PTE. LTD. (08/07/2013)
|
|
INCORPORATION
DATE
|
:
|
21/10/2011
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
16, RAFFLES
QUAY, 27-01B, HONG LEONG BUILDING, 048581, SINGAPORE.
|
|
BUSINESS
ADDRESS
|
:
|
16, RAFFLES
QUAY, 27- 01B, HONG LEONG BUILDING, 048581, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-65570030
|
|
FAX.NO.
|
:
|
65-65570040
|
|
CONTACT PERSON
|
:
|
MANISH AGARWAL
( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
:
|
WHOLESALE OF
CHEMICALS
|
|
|
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
7,483,200.00
ORDINARY SHARE, OF A VALUE OF SGD 8,503,200.00
|
|
|
|
|
SALES
|
:
|
USD
180,880,028 [2014]
|
|
NET WORTH
|
:
|
USD 3,196,342
[2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
7 [2015]
|
|
BANKER (S)
|
|
BNP PARIBAS
DBS BANK LTD
SOCIETE GENERALE
STANDARD CHARTERED BANK
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
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) wholesale of chemicals.
Share Capital
History
|
Date
|
Issue &
Paid Up Capital
|
|
22/04/2015
|
SGD
8,503,200.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. MANISH
AGARWAL +
|
JUMEIRAH PARK
LLC, JPK3VS032, 393-EMIRATES, HILL FIRST, 126689, UNITED ARAB EMIRATES.
|
Z1848875
|
1.00
|
0.00
|
|
GUANGCHIN
LIMITED
|
TMF PLACE,
P.O. BOX 964, ROAD TOWN TORTOLA, VIRGIN ISLANDS, BRITISH.
|
T11UF4260
|
7,483,199.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
7,483,200.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
PRAVEEN
BHATNAGAR
|
|
Address
|
:
|
34, JALAN BUKIT
HO SWEE, 10-850, 160034, SINGAPORE.
|
|
IC / PP No
|
:
|
G3104922P
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of
Appointment
|
:
|
14/11/2014
|
|
Remark
|
:
|
ALTERNATE
DIRECTOR TO MANISH AGARWAL
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
EDMUND TANG
KOON KAY
|
|
Address
|
:
|
125, ARTHUR
ROAD, 10-02, 439829, SINGAPORE.
|
|
IC / PP No
|
:
|
S2667761J
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of
Appointment
|
:
|
01/09/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. MANISH
AGARWAL
|
|
Address
|
:
|
JUMEIRAH PARK
LLC, JPK3VS032, 393-EMIRATES, HILL FIRST, 126689, UNITED ARAB EMIRATES.
|
|
IC / PP No
|
:
|
Z1848875
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
INDIAN
|
|
Date of Appointment
|
:
|
30/11/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of
Subject
|
:
|
MANISH AGARWAL
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
BUSINESS
ASSURANCE
|
|
Auditor'
Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company
Secretary
|
:
|
EDMUND TANG
KOON KAY
|
|
IC / PP No
|
:
|
S2667761J
|
|
|
|
|
|
Address
|
:
|
125, ARTHUR
ROAD, 10-02, 439829, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
3)
|
Name
|
:
|
SOCIETE
GENERALE
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
STANDARD
CHARTERED BANK
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201201360
|
06/02/2012
|
N/A
|
BNP PARIBAS
|
-
|
Unsatisfied
|
|
C201204672
|
27/04/2012
|
N/A
|
SOCIETE
GENERALE
|
-
|
Unsatisfied
|
|
C201204849
|
03/05/2012
|
N/A
|
SOCIETE
GENERALE
|
-
|
Unsatisfied
|
|
C201206644
|
19/06/2012
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201305188
|
16/04/2013
|
N/A
|
STANDARD
CHARTERED BANK
|
-
|
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
|
[
|
X
|
]
|
|
Good 31-60
Days
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Total Number
of Employees:
|
|
YEAR
|
2015
|
2014
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
7
|
7
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of
chemicals.
The Subject sells chemicals.
The Subject sells the chemicals according to its customers' requirements.
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client
|
:
|
6565570030
|
|
Current
Telephone Number
|
:
|
65-65570030
|
|
Match
|
:
|
YES
|
|
|
|
|
Address
Provided by Client
|
:
|
16 RAFFLES QUAY
NO 27- 01B HONG LEONG BUILDING, SINGAPORE - 048581
|
|
Current
Address
|
:
|
16, RAFFLES
QUAY, 27- 01B, HONG LEONG BUILDING, 048581, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 22nd April 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
28.95%
|
]
|
|
|
Return on Net
Assets
|
:
|
Acceptable
|
[
|
13.79%
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
management had generated acceptable return for its shareholders using its
assets.
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
23 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
15 Days
|
]
|
|
|
|
|
|
|
|
|
|
As the Subject
is a service oriented company, the Subject does not need to keep stocks. The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
2.70 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
2.70 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
|
[
|
2.37 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 :
|
|
|
|
|
|
|
|
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 : STABLE
|
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 2011, the Subject is a Private Limited company, focusing on
wholesale of chemicals. The Subject has been in business for less than 5
years and it has slowly been building up contact with its clients while
competing in the industry. However, it has yet to enjoy a stable market
shares as it need to compete many well established players in the same
field. A paid up capital of SGD 8,503,200 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.
From the 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. Being
a small company, the Subject's business operation is supported by 7
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.
The Subject has generated its turnover of USD 180,880,028 and its pre tax
profit of USD 1,052,465. 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 3,196,342, 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.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
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
|
2014-03-31
|
2012-12-31
|
|
Months
|
15
|
14
|
|
Consolidated
Account
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
|
|
|
|
TURNOVER
|
180,880,028
|
71,433,130
|
|
Other Income
|
45,872
|
67,718
|
|
----------------
|
----------------
|
|
Total Turnover
|
180,925,900
|
71,500,848
|
|
Costs of Goods
Sold
|
(177,491,360)
|
(68,815,014)
|
|
----------------
|
----------------
|
|
Gross Profit
|
3,434,540
|
2,685,834
|
|
----------------
|
----------------
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
1,052,465
|
795,513
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
1,052,465
|
795,513
|
|
Taxation
|
(127,191)
|
(86,703)
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER
TAXATION
|
925,274
|
708,810
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously
reported
|
708,810
|
-
|
|
----------------
|
----------------
|
|
As restated
|
708,810
|
-
|
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
1,634,084
|
708,810
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
1,634,084
|
708,810
|
|
=============
|
=============
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L)
|
|
|
|
Others
|
766,859
|
578,895
|
|
----------------
|
----------------
|
|
766,859
|
578,895
|
|
=============
|
=============
|
|
|
|
|
DEPRECIATION
(as per notes to P&L)
|
32,308
|
25,873
|
|
----------------
|
----------------
|
|
32,308
|
25,873
|
|
=============
|
=============
|
BALANCE
SHEET
|
ASSETS
EMPLOYED:
|
|
|
|
FIXED ASSETS
|
42,430
|
85,171
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
42,430
|
85,171
|
|
|
|
|
Trade debtors
|
11,508,163
|
4,817,925
|
|
Other debtors,
deposits & prepayments
|
5,423,904
|
5,039,775
|
|
Short term
deposits
|
200,000
|
834,852
|
|
Cash &
bank balances
|
3,764,231
|
5,340,085
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
20,896,298
|
16,032,637
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
20,938,728
|
16,117,808
|
|
=============
|
=============
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Trade
creditors
|
7,309,369
|
3,686,222
|
|
Other
creditors & accruals
|
278,017
|
73,815
|
|
Provision for
taxation
|
155,000
|
86,703
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
7,742,386
|
3,846,740
|
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
13,153,912
|
12,185,897
|
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
13,196,342
|
12,271,068
|
|
=============
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
1,562,258
|
1,562,258
|
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
1,562,258
|
1,562,258
|
|
|
|
|
Retained
profit/(loss) carried forward
|
1,634,084
|
708,810
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,634,084
|
708,810
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
3,196,342
|
2,271,068
|
|
|
|
|
Others
|
10,000,000
|
10,000,000
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
10,000,000
|
10,000,000
|
|
----------------
|
----------------
|
|
13,196,342
|
12,271,068
|
|
=============
|
=============
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
Cash
|
3,964,231
|
6,174,937
|
|
Net Liquid
Funds
|
3,964,231
|
6,174,937
|
|
Net Liquid
Assets
|
13,153,912
|
12,185,897
|
|
Net Current
Assets/(Liabilities)
|
13,153,912
|
12,185,897
|
|
Net Tangible
Assets
|
13,196,342
|
12,271,068
|
|
Net Monetary
Assets
|
3,153,912
|
2,185,897
|
|
PROFIT &
LOSS ITEMS
|
|
|
|
Earnings
Before Interest & Tax (EBIT)
|
1,819,324
|
1,374,408
|
|
Earnings Before
Interest, Taxes, Depreciation And Amortization (EBITDA)
|
1,851,632
|
1,400,281
|
|
BALANCE SHEET
ITEMS
|
|
|
|
Total
Borrowings
|
0
|
0
|
|
Total
Liabilities
|
17,742,386
|
13,846,740
|
|
Total Assets
|
20,938,728
|
16,117,808
|
|
Net Assets
|
13,196,342
|
12,271,068
|
|
Net Assets
Backing
|
3,196,342
|
2,271,068
|
|
Shareholders'
Funds
|
3,196,342
|
2,271,068
|
|
Total Share
Capital
|
1,562,258
|
1,562,258
|
|
Total Reserves
|
1,634,084
|
708,810
|
|
LIQUIDITY
(Times)
|
|
|
|
Cash Ratio
|
0.51
|
1.61
|
|
Liquid Ratio
|
2.70
|
4.17
|
|
Current Ratio
|
2.70
|
4.17
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
0
|
0
|
|
Debtors Ratio
|
23
|
25
|
|
Creditors
Ratio
|
15
|
20
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
|
Liabilities Ratio
|
5.55
|
6.10
|
|
Times Interest
Earned Ratio
|
2.37
|
2.37
|
|
Assets Backing
Ratio
|
8.45
|
7.85
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
Operating
Profit Margin
|
0.58
|
1.11
|
|
Net Profit
Margin
|
0.51
|
0.99
|
|
Return On Net
Assets
|
13.79
|
11.20
|
|
Return On
Capital Employed
|
13.79
|
11.20
|
|
Return On
Shareholders' Funds/Equity
|
28.95
|
31.21
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
|
agreement
negotiations and, with the nine other ASEAN members, will form the ASEAN
Economic Community in 2015.