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Gudami International 2007 Annual Report.pdf

Gudami International 2007 Annual Report

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GUDAMI INTERNATIONAL PTE. LTD.
(Incorporated in the Republic of Singapore)
CORPORATE DATA
Board Of Directors : Chang, Chung-Ling
Chew Bee Choo
Secretary : Kaliyaperumal S/O K Jayaram
Registered Office : 63 Robinson Road #05-20
Afro Asia Building
Singapore 068894
Auditors : HAJAMAIDEEN & CO.
100 Jalan Sultan #09-06
Sultan Plaza
Singapore 199001
9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
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GUDAMI INTERNATIONAL PTE. LTD.
(Incorporated in the Republic of Singapore)
REPORT OF THE DIRECTORS
The directors present this annual report to the members together with the audited financial
statements of the company for the year ended 31st March 2007.
DIRECTORS
The directors holding office at the date of this report are :
CHANG, CHUNG-LING
CHEW BEE CHOO
ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES OR
DEBENTURES
Neither at the end of nor at any time during the financial year was the company a party to
any arrangement whose object is to enable the directors of the company to acquire benefits
by means of the acquisition of shares in or debentures of the company or any other body
corporate.
DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES
The directors holding office at the end of the financial year and their interests in the share
capital of the company as recorded in the register of directors’ shareholdings kept by the
company under Section 164 of the Companies Act, Cap. 50 are as follows :
Share capital
Name of directors At beginning of the year At end of the year
---------------------------------------------- -------------------------------- ------------------------
CHEW BEE CHOO 1 1
CHANG, CHUNG-LING 1,999,999 1,999,999
DIRECTORS’ CONTRACTUAL BENEFITS
Except as disclosed in the financial statements, since the end of the previous financial year,
no director has received or become entitled to receive a benefit by reason of a contract
made by the company or by a related corporation with the director or with a firm in which he
is a member or with a company in which he has a substantial financial interest.
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9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
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9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
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GUDAMI INTERNATIONAL PTE. LTD.
(Incorporated in the Republic of Singapore)
BALANCE SHEET AS AT 31ST MARCH 2007
2007 2006
Note
ASSETS S$ S$
Non-current assets
Plant and equipment 2c & 3 212 3
Investments 9 43,009,135 24,927,588
Current assets
Trade advances 10 284,531,599 21,732,736
Trade receivables 21,707,012 156,637,040
Other receivables 42,402,346 -
Stock 2 (d) 578,606 10,727,445
Due from a director related company 4 - 958,915
Due from a director 6 - 14,000
Other deposit 100 -
Fixed deposits and others 9,000,000 -
Cash and cash equivalents 5 10,260,903 2,416,285
368,480,566 192,486,421
Current liabilities
Loan from an overseas bank 11 342,000,000 32,940,000
Trade payables 46,021,376 95,680,255
Other payables 19,362,886 86,588,113
Accrued expenses 24,900 8,400
Due to a director 6 28,832 25,011
Due to a director related company 4 1,784,460 -
Provision for income tax 7 15,927 9,773
409,238,381 215,251,552
Net current (liabilities) / assets (40,757,815) (22,765,131)
Net assets 2,251,532 2,162,460
EQUITY
Capital and reserves
Share capital 8 2,000,000 2,000,000
Retained profit 251,532 162,460
2,251,532 2,162,460
(The annexed notes form an integral part of and should be read in conjunction with these
financial statements)
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Gudami International 2007 Annual Report.pdf

  • 2. 2 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) CORPORATE DATA Board Of Directors : Chang, Chung-Ling Chew Bee Choo Secretary : Kaliyaperumal S/O K Jayaram Registered Office : 63 Robinson Road #05-20 Afro Asia Building Singapore 068894 Auditors : HAJAMAIDEEN & CO. 100 Jalan Sultan #09-06 Sultan Plaza Singapore 199001 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 3. 3 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) REPORT OF THE DIRECTORS The directors present this annual report to the members together with the audited financial statements of the company for the year ended 31st March 2007. DIRECTORS The directors holding office at the date of this report are : CHANG, CHUNG-LING CHEW BEE CHOO ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES OR DEBENTURES Neither at the end of nor at any time during the financial year was the company a party to any arrangement whose object is to enable the directors of the company to acquire benefits by means of the acquisition of shares in or debentures of the company or any other body corporate. DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES The directors holding office at the end of the financial year and their interests in the share capital of the company as recorded in the register of directors’ shareholdings kept by the company under Section 164 of the Companies Act, Cap. 50 are as follows : Share capital Name of directors At beginning of the year At end of the year ---------------------------------------------- -------------------------------- ------------------------ CHEW BEE CHOO 1 1 CHANG, CHUNG-LING 1,999,999 1,999,999 DIRECTORS’ CONTRACTUAL BENEFITS Except as disclosed in the financial statements, since the end of the previous financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the company or by a related corporation with the director or with a firm in which he is a member or with a company in which he has a substantial financial interest. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 6. 6 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) BALANCE SHEET AS AT 31ST MARCH 2007 2007 2006 Note ASSETS S$ S$ Non-current assets Plant and equipment 2c & 3 212 3 Investments 9 43,009,135 24,927,588 Current assets Trade advances 10 284,531,599 21,732,736 Trade receivables 21,707,012 156,637,040 Other receivables 42,402,346 - Stock 2 (d) 578,606 10,727,445 Due from a director related company 4 - 958,915 Due from a director 6 - 14,000 Other deposit 100 - Fixed deposits and others 9,000,000 - Cash and cash equivalents 5 10,260,903 2,416,285 368,480,566 192,486,421 Current liabilities Loan from an overseas bank 11 342,000,000 32,940,000 Trade payables 46,021,376 95,680,255 Other payables 19,362,886 86,588,113 Accrued expenses 24,900 8,400 Due to a director 6 28,832 25,011 Due to a director related company 4 1,784,460 - Provision for income tax 7 15,927 9,773 409,238,381 215,251,552 Net current (liabilities) / assets (40,757,815) (22,765,131) Net assets 2,251,532 2,162,460 EQUITY Capital and reserves Share capital 8 2,000,000 2,000,000 Retained profit 251,532 162,460 2,251,532 2,162,460 (The annexed notes form an integral part of and should be read in conjunction with these financial statements) 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 7. 7 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2007 NOTE 2007 2006 S$ S$ Revenue 12 171,914,200 397,647,711 Cost of sales 171,434,466 397,585,193 Gross profit 479,734 62,518 Other operating income 1,970,624 2,036,621 2,450,358 2,099,139 Depreciation 2c & 3 (7,864) - Staff cost (337,141) (277,122) Other operating expenses (367,804) (147,162) Profit from operations 1,737,549 1,674,855 Finance cost (1,639,690) (1,603,445) 97,859 71,410 Income tax expense (9,286) (6,641) Profit after tax 88,573 64,769 Prior year adjustment - Over provision of tax previous year 499 - Profit after adjustment 89,072 64,769 (The annexed notes form an integral part of and should be read in conjunction with these financial statements) 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 8. 8 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2007 Share Capital Retained Profit Total Balance at 1 April 2005 2,000,000 97,691 2,097,691 Net profit for the year - 64,769 64,769 Balance at 31 March 2006 2,000,000 162,460 2,162,460 Balance at 1 April 2006 2,000,000 162,460 2,162,460 Net profit for the year - 89,072 89,072 Balance at 31 March 2007 2,000,000 251,532 2,251,532 (The annexed notes form an integral part of and should be read in conjunction with these financial statements) 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 9. 9 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2007 2007 2006 S$ S$ Cash flows from operating activities Profit before taxation 97,859 71,410 Adjustments for: Depreciation for plant and equipment 7,864 - ---------------- ---------------- Operating profit before working capital changes 105,723 71,410 Working capital changes:- Loans and advances (262,798,863) (16,088,252) Trade receivables 134,930,028 90,290,770 Other receivables (42,402,346) - Fixed deposit (9,000,000) - Other deposit (100) - Stock 10,148,839 (9,669,045) Due from a director related company 958,915 134,545 Due from a director 14,000 (14,000) Trade payables (49,658,879) (119,198,985) Other payables (67,225,227) 75,645,475 Due to a director 3,821 24,511 Due to a director related company 1,784,460 - Accrued expenses 16,500 2,500 ---------------- ---------------- Cash from / (used in) operations (283,123,129) 21,198,929 Income tax paid (2,633) (3,218) ---------------- ---------------- Net Cash from operating activities (283,125,762 21,195,711 ========= ========= Cash flows from investing activities Investments (18,081,547) (13,772,520) Plant and equipment (8,073) - ----------------- ----------------- Net Cash from investing activities (18,089,620) (13,772,520) ========== ========= Cash flow from financing activities Loan from a foreign bank 309,060,000 (5,400,000) ---------------- ---------------- Net Cash from financing activities 309,060,000 (5,400,000) ========= ========= Increase / (Decrease) in cash and cash equivalents 7,844,618 2,023,191 Cash and cash equivalents at the beginning of the year 2,416,285 393,094 ---------------- ---------------- Cash and cash equivalents at the end of the year 10,260,903 2,416,285 ========= ========= (The annexed notes form an integral part of and should be read in conjunction with these financial statements) 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 10. 10 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) (These notes form an integral part of and should be read in conjunction with the accompanying accounts.) NOTES TO THE ACCOUNTS - 31ST MARCH 2007 1. GENERAL The financial statements of the company for the year ended 31st March 2007 were authorised for issue in accordance with a resolution of the directors on the date of the Statement By Directors. The company is incorporated in Singapore and its registered office is at 63 Robinson Road #05-20, Afro Asia Building, Singapore 068894. The principal activities of the company are those of general importers and exporters. The number of employees including directors in the company as at 31st March 2007 was 8 (2006 : 6) 2. SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (FRS) as required by the Companies Act. (b) Basis of accounting The accounts expressed in Singapore Dollars have been prepared on a going concern basis and in accordance with the historical cost convention. (c) Plant and equipment and depreciation All items of plant and equipment are initially recorded at cost. All assets are stated at historical cost less accumulated depreciation. Depreciation is calculated on the straight line method so as to write off the cost of the plant and equipment over their estimated useful lives as follows. Plant and equipment No of years Computer 1 Office equipment 3 Fully depreciated fixed assets are retained in the accounts until they no longer in use. (d) Stock Stock is stated at the lower of cost and net realisable value on the specific identification basis. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 11. 11 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) (e) Foreign currency transactions Assets and liabilities in foreign currencies are translated into Singapore dollars at an uniform exchange rates. Transactions in foreign currencies during the year are also reflected at uniform rates @1.80 per US$ which is above the prevailing rates ruling on the transaction dates and is not in accordance with FRS 21. All exchange adjustments are reflected in the profit and loss account. (f) Income tax The tax expense is determined on the basis of tax effect accounting using the liability method and is applied to all significant timing differences. Deferred tax benefits are not recognised unless there is reasonable expectation of their realisation. (g) Trade and other receivables Trade and other receivables are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. All known bad debts are written off and specific provision is made for those debts, which are considered to be doubtful. (h) Impairment of assets The carrying amounts of company’s non-current assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash- generating unit exceeds its recoverable amount. The recoverable amount is the higher of an asset’s net selling price and value in use. The net selling price is the amount obtainable from the sale of an asset in an arm’s length transaction. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if it is not possible, for the cash-generating unit to which the asset belongs. An impairment loss is reversed if there has been a change in the estimate used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. A reversal of an impairment loss in respect of assets carried at revalued amount is recognised in the same way as a revaluation increase. All other reversals of impairment losses are recognised in the profit and loss account. (i) Cash and cash equivalents Cash and cash equivalents comprise cash in hand and bank balances. (j) Trade payables Trade payables are carried at cost which are the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the company. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 12. 12 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) (k) Provisions Provisions are recognised when the Company has a present legal and constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. (k) Director - related companies These are enterprises which have at least a director in common with the company and whereby significant influence is exercised. (m) Income recognition Income recognised upon sale and export of goods. (n) Share Capital Ordinary share capital is recognised at the fair value of the consideration received by the Company. (o) Employee benefits Defined contribution plan Contributions to defined contribution plans are recognised as an expense in the profit and loss account in the same financial year as the employment that give rise to the contributions. Employee leave entitlement Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. (p) Operating leases Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item are classified as operating leases. Operating lease payments are recognised as an expense in the profit and loss account on a straight- line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis. (q) Financial instruments Financial instruments carried on the balance sheet include cash and bank balances, trade debtors and trade creditors, other debtors and creditors, amount due to directors and borrowings. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 13. 13 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) 3. PLANT AND EQUIPMENT Furniture & fittings Computer Office equipment Total $ $ $ $ Cost At 01/04/2006 379 8,949 1,818 11,146 Additions 314 7,759 - 8,073 - - - - At 31/03/2007 693 16,708 1,818 19,219 Accumulated depreciation At 01/04/2006 378 8,948 1,817 11,143 Depreciation for the year 105 7,759 - 7,864 Disposals - - - - At 31/03/2007 483 16,707 1,817 19,007 Depreciation for the year 2006 - - - - NET BOOK VALUE At 31/03/2007 210 1 1 212 At 31/03/2006 1 1 1 3 4. DUE FROM/TO A DIRECTOR RELATED COMPANY This is amount due by a director related company, unsecured, interest free and has no fixed term of repayment. 2007 2006 Due from: S$ S$ Non-Trade - 958,915 Due to: Non-Trade 1,784,460 - 5. CASH AND CASH EQUIVALENTS Cash in hand 304 112 Bank balance 10,260,599 2,416,173 10,260,903 2,416,285 6. DUE FROM / TO A DIRECTOR This is non-trade, unsecured, interest-free and without fixed term of repayment. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 14. 14 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) 7. PROVISION FOR INCOME TAX 2007 2006 S$ S$ Balance b/d 6,641 3,132 Current year provision 9,286 6,641 15,927 9,773 Profit before taxation 97,859 71,410 Tax at statutory rate of 20% 19,572 14,282 Singapore statutory stepped income exemption (10,286) (7,641) Others (rounding off provision) - - 9,286 6,641 Income tax provision is obtained by applying standard corporate tax rate @ 20% after disallowing inadmissible expenses and taking into account the tax exemption on chargeable income for year of assessment 2007. 8. SHARE CAPITAL 2007 2006 S$ S$ Issued and paid-up share capital 2,000,000 2,000,000 9. INVESTMENTS i) Represents 4,446,000 equity shares (includes 2,223,000 bonus shares issued on 10th February 2007 in Gujarat Adani Port Limited) of Indian. Rs. 10/- each (2006 – Indian Rs. 2/- each) in Mundra Port Special Economic Zone (Formerly Adani Port Limited), a company incorporated in India. (For 2006- 11,115,000 equity shares of Indian Rupees 2/- each in Adani Port Limited, a company incorporated in India.). ii) Investment in Lotus Global Investments Limited, a company incorporated in Hong Kong of 103,433 units (2006 - 76,514 units), . unit price US$ 171.0934 (2006 - unit price US$100) for a market value of US$ 17,696,703.64,( 2006 -US$8,350,737.96. 10. TRADE ADVANCES Trade advances are amount received from overseas customers against future sales. 11. LOAN FROM AN OVERSEAS BANK Loan from Deutsche Bank, Switzerland for an amount of US$ 190,000,000 contract dated 27th February 2007. The term of facility shall expire on 28th February 2010 @ interest rate of 5.43% per annum. As at 31.03.2007 no outstanding loan from ICICI Bank UK Limited, London branch. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 15. 15 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) 12. REVENUE 2007 2006 S$ S$ Revenue from general imports and exports 171,914,200 397,647,711 13. OPERATING PROFIT The above is arrived at: After charging:- Auditor’s remuneration 9,000 7,500 Depreciation 7,864 - Directors’ remuneration 75,000 120,500 Exchange loss 147,089 82,753 14. FINANCIAL INSTRUMENTS The company does not have any written financial risk management policies and guidelines. The company does not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates and foreign exchange. The company’s exposure to financial risks associated with financial instruments held in the ordinary course of business include: a) Price risk (i) Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The company operates and sells its products in several countries other than Singapore and translated in foreign currencies including United States Dollars. As a result, the company is exposed to movements in foreign currencies exchange rates. However, the company does not use any financial derivatives such as foreign currency forward contracts, foreign currency options or swaps for hedging purposes. (ii) Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The company has no interest bearing financial instruments, hence, is not exposed to any movements in market interest rates. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974
  • 16. 16 GUDAMI INTERNATIONAL PTE. LTD. (Incorporated in the Republic of Singapore) (iii) Market risk Market risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices whether those changes are caused by factors specific to the individual security or its issuer or factors affecting all securities traded in the market. The company does not hold any quoted or marketable financial instrument, hence, is not exposed to any movements in market prices. (iv) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The company has no significant concentrations of credit risk. Cash is held with financial institutions of good standing/ established financial institutions/ reputable financial institutions. (v) Liquidity risk Liquidity or funding risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The company ensures that there are adequate funds to meet all its obligations in a timely and cost-effective manner. The company maintains sufficient level of cash and cash equivalents and has available adequate amount to meet its working capital requirements. (vi) Cash flow risk Cash flow risk is the risk that future cash flows associated with a monetary financial instrument will fluctuate in amount. The company is not exposed to any cash flows risk as it does not have any monetary financial instruments with variable interest rates. (vii) Net fair value of financial assets and liabilities The carrying amounts of the financial assets and financial liabilities in the financial statements approximate their fair value. 9e5d2864b46a8ca5c07cf38840011970ea1e5b56b6ea89a1003b0e0ce774b974