In the Matter of. The Companies Act (Chapter 50) And. In the Matter of

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Betty Long
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1 In the Matter of The Companies Act (Chapter 50) And In the Matter of GEO MEGA RESOURCES PTE. LTD. Reg No K (In Creditors Voluntary Liquidation) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 308 of the Companies Act, Cap. 50, the Final Meeting of the Company and the creditors will be held at 1 Gateway Drive, Westgate Tower #07-01 Singapore , on the 1 st day of July 2016 at 3:00 pm for the purposes of having an account laid before the meeting showing the manner in which the winding-up has been conducted and the property of the Company disposed of and hearing any explanation that may be given by the Liquidators. Dated this 1 st day of June 2016 Tee Wey Lih Liquidator c/o Acres Advisory Private Limited 1 Gateway Drive #07-01 Westgate Tower Singapore Proxies : 1) A member entitled to attend at the above meeting is entitled to appoint a proxy to attend in his stead. A proxy need not be a member of the Company. 2) Creditors may either attend in person or by proxy. 3) To be valid, a proxy must be deposited at the office of the Liquidators not later than 4 p.m. on the day before the meeting.

2 GEO MEGA RESOURCES PTE. LTD. Reg No K (In Creditors Voluntary Liquidation) PROXY FORM *I/We (name) of (address), being a *member/creditor, hereby appoint (name of proxy) of (address) as *my/our proxy at the Final Meeting of the Company and its creditors, to be held on the 1 st day of July 2016 at 3.00 p.m. Signed this day of (month & year) Signature & Company Stamp (if applicable)... Signature of witness Address *Delete where inapplicable

3 IN THE MATTER OF THE COMPANIES ACT (CHAPTER 50) AND IN THE MATTER OF GEO MEGA RESOURCES PTE. LTD. (IN CREDITORS VOLUNTARY LIQUIDATION) REG NO K FINAL REPORT AS AT 1 JULY BACKGROUND 1.1 Geo Mega Resources Pte. Ltd. (in Liquidation) ( the Company ) was incorporated on 18 June Based on the Company s business profile, its principal activities were those of food and beverage services, catering service and restaurant and in trading of commodities and energy related services. Prior to liquidation, the Company s primary business was that of a restaurant. 1.2 Based on the Company s business profile, the following individuals are shareholders and directors of the Company: Name Director Shareholdings Shen Weijun Appointed 18 June % Zhang Ming Appointed 18 June % 1.3 On 5 June 2015, it was resolved that the Company be placed under provisional liquidation by reasons of its liabilities and Mr. Tee Wey Lih be appointed as Provisional Liquidator of the Company. Subsequent to the creditors and members meeting held on 3 July 2015, the Company be placed under liquidation and Mr. Tee Wey Lih appointed Liquidator of the Company. 1.4 The contents of this report is based on the following information: Statement of Affairs of the Company as at 2 July 2015; Company s Business Profile as at 8 July 2015; Final Accounts of the Company as at 31 May 2015; Other records and documents of the Company; and Interviews and explanations obtained from director, Mr. Frank Zhang and vendors of the Company.

4 PAGE 2 2. ASSETS AND LIABILITIES OF THE COMPANY 2.1 Set out below is a summary of the Company s assets and liabilities as at 2 July 2015, to the best of knowledge of the director, Mr. Zhang Ming: Net Book Value S$ Estimated Realizable Value S$ ASSETS CHARGED Motor Vehicle 224, ,000 ASSETS NOT CHARGED Sundry Debtor - Deposit 206,733 - Cash at Bank Plants and equipment as detailed in inventory 44,576 - Other Assets 390,716 - Total Estimated Realizable Assets 867, Amounts owing and secured by charge (216,350) (216,350) Preferential Creditors (132,177) (132,177) Estimated Amount Available for Unsecured Creditors 518,647 (348,314) Unsecured Creditors (3,760,265) (3,760,265) Estimated Deficiency / Surplus (3,241,618) (4,108,579) 2.2 ASSETS Assets Charged - Motor Vehicle The Company purchased a Mercedes Benz Model S350 (SKB8087G) in 2011 via hire purchase loan with Malayan Banking Berhad ( Maybank ); the loan amounted to $337,300. When the Company was placed under liquidation, the outstanding loan amount was $238,360. Subsequent to commencement of liquidation, the Liquidator notified Maybank on the appointment of liquidator and Maybank requested to re-possess the vehicle. The Liquidator enquired with second hand car dealers and understand that the vehicle would fetch approximately $170,000. As the amount due to Maybank is much higher than the value of the vehicle and all proceeds from the sale of the vehicle would have to re-pay Maybank first, the Liquidator agreed to allow Maybank to repossess the vehicle on 1 July Based on the statement of account dated 20 August 2015 furnished by Maybank, the vehicle was sold for a sum of $161,999. It is likely that Maybank will look towards the director, Mr. Zhang Ming to recover their losses as he is the guarantor to the facilities Sundry Debtor Based on the statement of affairs dated 2 July 2015, there is an outstanding loan of $206,733 from the shareholder, Mr. Shen Wei Jun. Based on the Company s existing records (FY2015), the amount due from Mr. Shen incurred before However, the Liquidator could not determine the nature of the debt and there were no supporting documents as the Company s records prior to 2014 were missing.

5 PAGE 3 On the Company s missing records, the director advised that documents prior to 2014 were stored in the premises at 69 Boat Quay. Due to rental arrears, the landlord had locked up the premises prior to liquidation. Based on the correspondence between the landlord and the Company, the Liquidator noted that the landlord had sent numerous notices to the Company to remove their properties before the premises were locked up. However, the Company only managed to secure calendar year 2014 and 2015 records. The Liquidator suspected that the records would have been disposed by the landlord or the new tenant. Subsequent to commencement of liquidation, the Liquidator sent registered letters to Mr. Shen s registered address in China but the letters were returned. The Liquidator enquired with the director, Mr. Zhang Ming in relation to Mr. Shen s residence address but he advised that he was only aware of Mr. Shen old address. Further, Mr. Zhang Ming advised that he also could not reach Mr. Shen and Mr. Shen had not returned to Singapore since December The Liquidator has previously highlighted in his letter to creditors on 15 November 2015, the lack of information regarding the claim against Mr. Shen. Further, Mr Shen is based in China making recovery of the debt highly remote. In view of the above circumstances and that there are no funds remaining in the Company for the Liquidator to pursue further actions, the Liquidator has no alternative but to drop the claims against Mr. Shen Cash at Bank The Liquidator recovered a total sum of S$1, from the Company s bank accounts with United Overseas Bank Limited Plants and Equipment & Other Assets Plant and Equipment pertained to the equipment at the premises at 69 Boat Quay. Other assets comprise mainly building improvements ($309,166), furniture and fixtures ($15,836) and deposit for rental and utility ($56,304). The director opined that there is no realizable value to the equipment, furniture, fixture and renovation and the premises had been re-possessed by the landlord prior to liquidation. After liquidation commenced, the Liquidator has visited the premises with a view to recover any balance assets. The Liquidator understand that the premises has been rented to a new tenant and the premises have been cleared for renovation. In relation to the rental and utility deposits, the Liquidator noted that the Company was several months in arrears to the vendors, accordingly, no recovery was made on the deposits.

6 PAGE LIABILITIES Amount owing and secured by charge This liability arose from the hire purchase loan with Maybank relating to the motor vehicle purchased by the Company. (Refer to paragraph for information) Preferential Creditors Preferential creditors comprise employees who are claiming for their outstanding wages ($95,278) and Central Provisional Fund Board ($36,900), claiming for the outstanding Central Provisional Fund Board payments. The Liquidator has received proof of debt amounting to $27,984 from employees and $31,269 from the Central Provisional Fund Board Unsecured Creditors Unsecured creditors comprise mainly trade creditors, suppliers and amount due from director, Mr. Zhang Ming (who has been funding the business). The liabilities amounted to $3,760,265. The Liquidator s office has received proof of debt amounting to $605,036. No payments were made to any creditors as realization from the Company s assets were not sufficient to defray the cost of administration and disbursements. 3. COST OF ADMINISTRATION 3.1 The total time cost for the administration of the winding up amounted to $26,925. Bulk of the time incurred was for: Investigation into the amount due from Mr. Shen Weijun Correspondence with landlord to locate the missing documents and the Company s assets Preparation of IR8A for employees to the Inland Revenue Authority of Singapore 3.2 As at 1 July 2016, the company has incurred disbursements amount to $4,536. Bulk of the disbursement was for advertising of the notices. Set out below is a summary of the disbursements: Disbursements (excluding GST) S$ Advertisement 3,605 ACRA Filing Fee 200 Oath Fee 60 Printing & Stationary 180 Meeting Venue 202 Transportation Costs 150 Storage & Transport of Records 138 4, The Liquidator will look towards the director to recover the time cost and disbursements.

7 PAGE 5 4. FINAL STATEMENT OF ACCOUNTS 4.1 Set out below is a summary of receipts and payments for the period from 3 July 2015 to 1 July 2016: Summary of Receipts and Payments S$ Receipts Cash at Bank 1,030 Payments Disbursements (1,030) A sum of $1,030 was recovered from the Company s assets. The funds was used to defray part of the Liquidator disbursements which amounted to $4, CONCLUSION 5.1 The Liquidator has completed all enquires pertaining to the administration of the winding up of the Company. To the best of our knowledge, all assets that could be realised have been realised and all liabilities have been settled; accordingly all affairs of the Company have been resolved. The Liquidator will proceed to conclude the liquidation Tee Wey Lih Liquidator

COMPANIES ACT Section 484 / Section 388 & 390 STATEMENT OF AFFAIRS (WINDING UP BY COURT/RECEIVERSHIP) (Name of company)

COMPANIES ACT *Section 484 / *Section 388 & 390 STATEMENT OF AFFAIRS (*WINDING UP BY COURT/*RECEIVERSHIP) (Name of company) 10 cm 15 cm COMPANIES ACT 2016 *Section 484 / *Section 388 & 390 STATEMENT OF AFFAIRS (*WINDING UP BY COURT/*RECEIVERSHIP) (Name of company) Statement of Assets and Liabilities as at the day of.., 20..