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Balance Sheet

Safhi International Pte Ltd


As at 31 December 2017

31 Dec 2017 31 Dec 2016

Assets

Bank
Bank Maybank (SGD) $6,159.18 $5,302.43 Note:
Bank UOB (EURO) $2,951.39 $559.56 1_x000D
Note:
Bank UOB (SGD) $34,430.87 $2,403.52 Note:
_
1_x000D
Bank UOB (USD) $133,626.67 Note:
$61,107.97 1_x000D
_
DBS Bank (SGD) $889.83 2_x000D
_
$1,222.84 Note:
DBS Bank (USD) $1,982.91 _
2_x000D
Note:
$1,982.91 1_x000D
May Bank (USD) $54,177.66 2_x000D
$8,007.93 _
Total Bank $234,218.51 _
$80,587.16 Note:
2_x000D
Current Assets _
Accounts Receivable $1,856,362.67 $5,987,369.98
Advance to Supplier $3,017,001.04
Contra Account for payment $0.09 $0.00
Deposit Paid $3,711.04 $0.00
Total Current Assets $4,877,074.84 $5,987,369.98

Total Assets $5,111,293.35 $6,067,957.14

Liabilities

Current Liabilities
Accounts Payable $1,039.28 $2,217,366.91 Note:
Accruals $23,052.00 $23,052.00 1_x000D
Advance from Customer $1,760,000.00 $0.00 _
Loan from Director $62,746.21 $362,455.84
Tax Provision $6,357.68 $6,357.68
UOB Facilcity (USD) $2,307,518.27 $2,589,209.52
Total Current Liabilities $4,160,713.44 $5,198,441.95

Total Liabilities $4,160,713.44 $5,198,441.95

Net Assets $950,579.91 $869,515.19

Equity
Current Year Earnings $81,064.70 $37,107.19
Retained Earnings $624,146.19 $587,039.00
Share Capital $245,369.00 $245,369.00
Total Equity $950,579.89 $869,515.19

Notes:
1: Figures converted into United States Dollar using the following
rates:_x000D_
0.833439 EUR Euro per USD. Rate provided by XE.com on 31 Dec
2017._x000D_
1.33733 SGD Singapore Dollar per USD. Rate provided by XE.com on 31
Dec 2017.
2: Figures converted into United States Dollar using the following
rates:_x000D_
0.950615 EUR Euro per USD. Rate provided by XE.com on 31 Dec
2016._x000D_
1.44745 SGD Singapore Dollar per USD. Rate provided by XE.com on 31
Dec 2016.
Profit & Loss
Safhi International Pte Ltd
1 January 2017 to 31 December 2017

31 Dec 17 31 Dec 16

Income
Freight income $561,209.63 $29,706.33
Insurance income $606.28 $2,837.91
Other Income (Tester, Machine...) $188,145.00 $0.00
Spare-part Revenue $4,573,054.10 $0.00
Trade - Commission $103,891.83 $17,568.22
Vehicle income $775,994.79 $803,404.00
Total Income $6,202,901.63 $853,516.46

Less Cost of Sales


Freight Cost $575,627.43 $18,187.73
Other COGS (Tester, Machine...) $188,145.00 $0.00
Spare-part Cost $4,280,039.72 $0.00
Vehicle cost $762,509.79 $787,185.00
Total Cost of Sales $5,806,321.94 $805,372.73

Gross Profit $396,579.69 $48,143.73

Plus Other Income


Interest Income $153.42 $53.27
Non-Trade Commission $76,714.95 $166,189.68
Other Income $0.00 $38,724.89
Total Other Income $76,868.37 $204,967.84

Less Operating Expenses


Consulting & Accounting $99,879.28 $7,807.75
Entertainment $81,827.33 $385.90
Finance cost-Bank Charges $7,402.10 $6,267.03
Finance cost-Bank facility expense $83.44 $10,000.00
Finance cost-Interest late fee $0.00 $1,537.58
Finance cost-LC charge $140,710.98 $114,194.23
Foreign Currency Gains and Losses -$14,642.05 $4,641.84
General Expenses $2,588.96 $309.33
Insurance cost $1,400.18 $3,093.72
Interest Expense $27.13 $0.00
Office Rental $12,000.00 $12,000.00
Software expense $0.00 $1,456.23
Staff cost-Director Salary $48,000.00 $40,655.89
Staff Welfare $33.50 $0.00
Tax Fees $0.00 $361.00
Telephone & Internet $13,072.51 $13,293.88
Total Operating Expenses $392,383.36 $216,004.38

Net Profit $81,064.70 $37,107.19


Note Cash and Bank by Currency

Bank Original Ex Rate USD Equiv.


Bank Maybank (SGD) 8,236.85 1.34 6,159.18
Bank UOB (EURO) 2,459.80 0.83 2,951.39
Bank UOB (SGD) 46,045.43 1.34 34,430.87
Bank UOB (USD) 133,626.67 1.00 133,626.67
DBS Bank (SGD) 1,190.00 1.34 889.83
DBS Bank (USD) 1,982.91 1.00 1,982.91
May Bank (USD) 54,177.66 1.00 54,177.66
Total Bank 234,218.51

Note UOB Facility

LC No / TR
Supplier Name LC Date Due Date
No.
Mobis 1CMIL037243 18-Sep-17 16-Jan-18
Hanwha 1CMIL038068 22-Sep-17 17-Jan-18
Ssangyong 1CMIL039760 29-Sep-17 19-Jan-18
Peugeot 1CMIL041899 13-Oct-17 12-Feb-18
Hanwha 1CMIL044641 27-Oct-17 22-Feb-18
Hanwha 1CMIL045094 30-Oct-17 23-Feb-18
CHECK

1.00

Invoice Number Full Amount


1CMLC607531 13,382.66
HWC-SSS-170811-1 440,000.00
2017AMM2S0004 37,675.86
310717-8 419,771.30
HWC-SSS-170929-Q 577,531.44
HWC-SSS-170929-Y 819,157.00
2,307,518.26 1
Aged Receivables
Safhi International Pte Ltd
December 2017

Invoice Number Reference Current November October

SSS Motors Industry


20 Sep 2017 INV-2017-072
25 Oct 2017 INV-2017-085 Univen-Deposit $21,045.40
27 Oct 2017 INV-2017-088 GTT-MY-1710-1 $5,790.75
15 Nov 2017 INV-2017-094 M7K00175 $21,213.85
31 Dec 2017 INV-2017-115 IV1701137 $674.30
Total SSS Motors Industry $674.30 $21,213.85 $26,836.15

Super Global Advanced Enterprise Co., Ltd


23 Nov 2017 INV-2017-097 MAISON-01 $24,492.69
19 Dec 2017 INV-2017-109 N1704646 $17,158.28
Total Super Global Advanced Enterprise Co., Ltd $17,158.28 $24,492.69 $0.00

Super Seven Stars Co., Ltd


12 Dec 2017 INV-2017-107 92992 $1,838.45
29 Dec 2017 INV-2017-113 Bourget#5,6 $5,791.19
29 Dec 2017 INV-2017-114 MAGESH-01 $2,275.01
31 Dec 2017 INV-2017-117 $116.50
Total Super Seven Stars Co., Ltd $10,021.15 $0.00 $0.00

Total Receivables $27,853.73 $45,706.54 $26,836.15


1.5004% 2.4622% 1.4456%

Advance from Customer Transactions


Safhi International Pte Ltd
From 1 Jan 2017 to 31 Dec 2017

Date Type Transaction Reference Debit

31/12/2016 Opening Balance

31/07/2017 PAY Prepayment: Super Seven Stars Co., Ltd - Advance from
27/10/2017 PAY Prepayment: Super Seven Stars Co., Ltd - Advance from
19/12/2017 PAY Prepayment: Super Seven Stars Co., Ltd - Advance from
21/12/2017 PAY Prepayment: Super Seven Stars Co., Ltd - Advance from
Total
31/12/2017 Closing Balance
CHECK

September Older Total

$1,755,966.25

$1,755,966.25 $0.00 $1,804,690.55

$0.00 $0.00 $41,650.97

$0.00 $0.00 $10,021.15

$1,755,966.25 $0.00 $1,856,362.67 1


94.5918% 0.0%

Credit

$0.00

$400,000.00
$160,000.00
$700,000.00
$500,000.00
$1,760,000.00
$1,760,000.00 1
Aged Payables
Safhi International Pte Ltd
December 2017
Advance to Supplier
Current November October

Automobiles Peugeot
7 Dec 2017 - 041017-9 -$735,872.69
28 Dec 2017 - 041017-10 -$2,272,903.00
Total Automobiles Peugeot -$3,008,775.69 $0.00 $0.00

Hoi Weng Kay


30 Nov 2017 - OFFICE2018-01 -$1,869.40
Total Hoi Weng Kay $0.00 -$1,869.40 $0.00

Offix Pte Ltd


13 Dec 2017 - BD170459AL.SAFHI(R9) -$6,355.95
Total Offix Pte Ltd -$6,355.95 $0.00 $0.00

Total Advance to Supplier -$3,015,131.64 -$1,869.40 $0.00

I-Secure Solution
19 Dec 2017 - A175496 $1,039.28
Total I-Secure Solution $1,039.28 $0.00 $0.00

Total Payable $1,039.28 $0.00 $0.00

Notes:
1: Figures converted into United States Dollar using the following rates:_x000D_
0.833439 EUR Euro per USD. Rate provided by XE.com on 31 Dec 2017._x000D_
1.33733 SGD Singapore Dollar per USD. Rate provided by XE.com on 31 Dec 2017.
CHECK
Ltd

-$3,017,001.04
September Older Total

Note:
1_x000D
Note:
$0.00 _
$0.00 -$3,008,775.69 1_x000D
_

Note:
$0.00 $0.00 -$1,869.40 1_x000D
_

Note:
$0.00 $0.00 -$6,355.95 1_x000D
_

$0.00 $0.00 -$3,017,001.04


1

Note:
$0.00 $0.00 $1,039.28 1_x000D
_
$0.00 $0.00 $1,039.28 1

_
17.