|
|
REGISTRATION NO.
|
:
|
201133236-D
|
|
COMPANY NAME
|
:
|
RHODIUM RESOURCES PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
15/11/2011
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1, PHILLIP STREET, 16-00, ROYAL ONE PHILLIP, 048692, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
1 PHILLIP STREET, 16-00, ROYAL ONE PHILLIP, 048692, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-62399388
|
|
FAX.NO.
|
:
|
65-64380946
|
|
EMAIL
|
:
|
INFO@RHODIUMRESOURCES.COM
|
|
CONTACT PERSON
|
:
|
CHEAM HING LEE ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF COAL, STEEL, IRON, SCRAPS
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
23,038,580.00 ORDINARY SHARE, OF A VALUE OF SGD 25,182,980.00
|
|
|
|
|
SALES
|
:
|
USD 330,214,957 [2014]
|
|
NET WORTH
|
:
|
USD 22,043,792 [2014]
|
|
|
|
|
STAFF STRENGTH
|
:
|
20 [2014]
|
|
BANKER (S)
|
:
|
|
ABN AMRO
BANK N.V.
DBS BANK LTD
RAIFFEISEN BANK INTERNATIONAL AG
UNITED OVERSEAS BANK LIMITED
BNP PARIBAS
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
OVERSEA-CHINESE BANKING CORPORATION LIMITED
CITIBANK N.A.
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
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) trading of
coal, steel, iron, scraps.
Share Capital History
|
Date
|
Issue & Paid Up Capital
|
|
03/12/2014
|
SGD 25,182,980.00
|
The major shareholder(s) of the Subject are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
LANFORD (ASIA) LIMITED
|
OMC CHAMBERS, WICKHAMS CAY I, ROAD TOWN, TORTOLA, VIRGIN ISLANDS,
BRITISH.
|
T11UF4996
|
23,038,580.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
23,038,580.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
SINGAPORE
|
RHODIUM INTERNATIONAL TRADING PTE LTD
|
100.00
|
28/02/2014
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject
|
:
|
CHEAM HING LEE
|
|
Address
|
:
|
33, ROCHESTER DRIVE, 35-02, THE ROCHESTER, 138638, ROCHESTER,
SINGAPORE.
|
|
IC / PP No
|
:
|
S1345146Z
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
15/11/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
KONERU SRINIVAS
|
|
Address
|
:
|
1005, CHASEWOOD TRL, ALPHARETTA, GA, 30005-8876, UNITED STATES.
|
|
IC / PP No
|
:
|
479671143
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
AMERICAN
|
|
Date of Appointment
|
:
|
05/08/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
CHEAM HING LEE
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
KPMG LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
YEO HWEE SHENG
|
|
IC / PP No
|
:
|
S7225017F
|
|
|
|
|
|
Address
|
:
|
25, TELOK BLANGAH CRESCENT, 19-77, 090025, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
ABN AMRO BANK N.V.
|
|
|
|
|
|
|
|
|
|
3)
|
Name
|
:
|
RAIFFEISEN BANK INTERNATIONAL AG
|
|
|
|
|
|
|
|
|
|
4)
|
Name
|
:
|
UNITED OVERSEAS BANK LIMITED
|
|
|
|
|
|
|
|
|
|
6)
|
Name
|
:
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
7)
|
Name
|
:
|
OVERSEA-CHINESE BANKING CORPORATION LIMITED
|
|
|
|
|
|
|
|
|
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
C201202804
|
14/03/2012
|
N/A
|
ABN AMRO BANK BHD
|
-
|
Unsatisfied
|
|
C201206576
|
18/06/2012
|
N/A
|
UNITED OVERSEAS BANK LIMITED
|
-
|
Unsatisfied
|
|
C201206581
|
18/06/2012
|
N/A
|
UNITED OVERSEAS BANK LIMITED
|
-
|
Unsatisfied
|
|
C201206895
|
25/06/2012
|
N/A
|
DBS BANK LTD
|
-
|
Unsatisfied
|
|
C201207059
|
27/06/2012
|
N/A
|
RAIFFEISEN BANK INTERNATIONAL AG
|
-
|
Unsatisfied
|
|
C201304848
|
08/04/2013
|
N/A
|
BNP PARIBAS
|
-
|
Unsatisfied
|
|
C201306635
|
15/05/2013
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201402860
|
19/03/2014
|
N/A
|
CIMB BANK BERHAD
|
-
|
Unsatisfied
|
|
C201402868
|
19/03/2014
|
N/A
|
CIMB BANK BERHAD
|
-
|
Unsatisfied
|
|
C201402872
|
19/03/2014
|
N/A
|
CIMB BANK BERHAD
|
-
|
Unsatisfied
|
|
C201403983
|
22/04/2014
|
N/A
|
OVERSEA-CHINESE BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201404254
|
29/04/2014
|
N/A
|
DBS BANK LTD.
|
-
|
Unsatisfied
|
|
C201404264
|
29/04/2014
|
N/A
|
CIMB BANK BERHAD
|
-
|
Unsatisfied
|
|
C201405752
|
10/06/2014
|
N/A
|
CITIBANK N.A.
|
-
|
Unsatisfied
|
|
C201405757
|
10/06/2014
|
N/A
|
CITIBANK N.A.
|
-
|
Unsatisfied
|
|
C201408389
|
07/08/2014
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
Unsatisfied
|
|
C201408393
|
07/08/2014
|
N/A
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
|
-
|
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.
|
|
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
WORLDWIDE
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
COAL, STEEL, IRON, SCRAPS
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2014
|
2012
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
20
|
10
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of coal,
steel, iron, scraps.
The Subject is an international commodity trading house.
The Subject is engaged in the trading of thermal & coking coal, steel,
scrap and iron ore.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-62399388
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
1 PHILLIP STREET, 16-00, ROYAL ONE PHILLIP,048692 SINGAPORE
|
|
Current Address
|
:
|
1 PHILLIP STREET, 16-00, ROYAL ONE PHILLIP, 048692, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
438.24%
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
605.63%
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
7.81%
|
]
|
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
21.06%
|
]
|
|
|
|
|
|
|
|
|
|
The increase in turnover could be due to the Subject adopting an aggressive
marketing strategy.The higher profit could be attributed to the increase in
turnover. The unfavourable return on shareholders' funds could indicate
that the Subject was inefficient in utilising its assets to generate
returns.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
73 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
26 Days
|
]
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The high debtors' ratio could indicate that the
Subject was weak in its credit control. However, the Subject could also
giving longer credit periods to its customers in order to boost its sales
or to capture / retain its market share. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.28 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.28 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
|
[
|
1.63 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
2.02 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 was highly geared, thus it had a high financial risk.
The Subject was dependent on loans to finance its business needs. In times
of economic downturn and / or high interest rate, the Subject will become
less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. 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's gearing level was high and its going
concern will be in doubt if there is no injection of additional shareholders'
funds in times of economic downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : LIMITED
|
|
|
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 2011, the Subject is a Private Limited company, focusing on
trading of coal, steel, iron, scraps. 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. Presently, the issued and paid up capital of the Subject stands
at SGD 25,182,980. The Subject have a strong support from its shareholder.
Over the years, 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 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.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. 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 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. The high gearing ratio clearly implied that the
Subject was supported by more debt than equity. Thus, the Subject is
exposed to high financial risk. Given a positive net worth standing at USD
22,043,792, the Subject should be able to maintain its business in the near
terms.
Without a strong assets backing, the Subject may face difficulties in
getting loans for its future expansion and continued growth .
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms.
In view of the above, we recommend credit be granted to the Subject with
close monitoring.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
RHODIUM RESOURCES PTE. LTD.
|
|
Financial Year End
|
2014-02-28
|
2013-02-28
|
|
Months
|
12
|
15
|
|
Consolidated Account
|
GROUP
|
GROUP
|
|
Audited Account
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
|
|
|
|
TURNOVER
|
330,214,957
|
61,351,439
|
|
Other Income
|
942,006
|
1,534,000
|
|
----------------
|
----------------
|
|
Total Turnover
|
331,156,963
|
62,885,439
|
|
Costs of Goods Sold
|
(322,412,641)
|
(59,961,527)
|
|
----------------
|
----------------
|
|
Gross Profit
|
8,744,322
|
2,923,912
|
|
----------------
|
----------------
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
1,805,189
|
255,828
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
1,805,189
|
255,828
|
|
Taxation
|
(201,678)
|
(20,426)
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
1,603,511
|
235,402
|
|
Minority interests
|
117,298
|
-
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
1,720,809
|
235,402
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
1,720,809
|
235,402
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously reported
|
235,402
|
-
|
|
----------------
|
----------------
|
|
As restated
|
235,402
|
-
|
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,956,211
|
235,402
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
1,956,211
|
235,402
|
|
=============
|
=============
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
Others
|
2,887,625
|
340,194
|
|
----------------
|
----------------
|
|
2,887,625
|
340,194
|
|
=============
|
=============
|
|
RHODIUM RESOURCES PTE. LTD.
|
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
520,362
|
88,452
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
520,362
|
88,452
|
|
|
|
|
Trade debtors
|
66,016,627
|
20,628,139
|
|
Other debtors, deposits & prepayments
|
25,134,565
|
610,871
|
|
Cash & bank balances
|
7,042,698
|
810,534
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
98,193,890
|
22,049,544
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
98,714,252
|
22,137,996
|
|
=============
|
=============
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
23,011,617
|
6,169,340
|
|
Other creditors & accruals
|
8,742,723
|
1,426,215
|
|
Hire purchase & lease creditors
|
53,963
|
-
|
|
Short term borrowings/Term loans
|
10,000,000
|
-
|
|
Other borrowings
|
484,458
|
5,679,183
|
|
Bill & acceptances payable
|
33,653,822
|
-
|
|
Interest payable
|
279,925
|
27,430
|
|
Amounts owing to holding company
|
-
|
600,000
|
|
Provision for taxation
|
207,550
|
20,426
|
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
76,434,058
|
13,922,594
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
21,759,832
|
8,126,950
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
22,280,194
|
8,215,402
|
|
=============
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
20,000,000
|
7,980,000
|
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
20,000,000
|
7,980,000
|
|
|
|
|
Exchange equalisation/fluctuation reserve
|
(5,121)
|
-
|
|
Retained profit/(loss) carried forward
|
1,956,211
|
235,402
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
1,951,090
|
235,402
|
|
|
|
|
MINORITY INTEREST
|
92,702
|
-
|
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
22,043,792
|
8,215,402
|
|
|
|
|
Lease obligations
|
236,402
|
-
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
236,402
|
-
|
|
----------------
|
----------------
|
|
22,280,194
|
8,215,402
|
|
=============
|
=============
|
|
|
|
|
RHODIUM RESOURCES PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
7,042,698
|
810,534
|
|
Net Liquid Funds
|
(26,611,124)
|
810,534
|
|
Net Liquid Assets
|
21,759,832
|
8,126,950
|
|
Net Current Assets/(Liabilities)
|
21,759,832
|
8,126,950
|
|
Net Tangible Assets
|
22,280,194
|
8,215,402
|
|
Net Monetary Assets
|
21,523,430
|
8,126,950
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
44,428,645
|
5,679,183
|
|
Total Liabilities
|
76,670,460
|
13,922,594
|
|
Total Assets
|
98,714,252
|
22,137,996
|
|
Net Assets
|
22,280,194
|
8,215,402
|
|
Net Assets Backing
|
22,043,792
|
8,215,402
|
|
Shareholders' Funds
|
22,043,792
|
8,215,402
|
|
Total Share Capital
|
20,000,000
|
7,980,000
|
|
Total Reserves
|
1,951,090
|
235,402
|
|
LIQUIDITY (Times)
|
|
|
|
Cash Ratio
|
0.09
|
0.06
|
|
Liquid Ratio
|
1.28
|
1.58
|
|
Current Ratio
|
1.28
|
1.58
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
0
|
0
|
|
Debtors Ratio
|
73
|
123
|
|
Creditors Ratio
|
26
|
38
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
2.02
|
0.69
|
|
Liabilities Ratio
|
3.48
|
1.69
|
|
Times Interest Earned Ratio
|
1.63
|
1.75
|
|
Assets Backing Ratio
|
1.11
|
1.03
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
0.55
|
0.42
|
|
Net Profit Margin
|
0.52
|
0.38
|
|
Return On Net Assets
|
21.06
|
7.25
|
|
Return On Capital Employed
|
20.92
|
7.25
|
|
Return On Shareholders' Funds/Equity
|
7.81
|
2.87
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|