$RECT
Rectitude Holdings Ltd.

2024 Q1 Form 20-F Financial Statement

#000101376224001694 Filed on July 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2024 2023 Q1
Revenue $30.69M $37.64M
YoY Change -18.47%
Cost Of Revenue $19.77M $25.50M
YoY Change -22.47%
Gross Profit $10.92M $12.14M
YoY Change -10.09%
Gross Profit Margin 35.57% 32.25%
Selling, General & Admin $7.769M $7.274M
YoY Change 6.8%
% of Gross Profit 71.17% 59.92%
Research & Development $56.69K $83.68K
YoY Change -32.26%
% of Gross Profit 0.52% 0.69%
Depreciation & Amortization $397.8K $266.6K
YoY Change -26.35%
% of Gross Profit 3.64% 2.2%
Operating Expenses $7.826M $7.358M
YoY Change 6.36%
Operating Profit $3.090M $4.783M
YoY Change -35.4%
Interest Expense -$140.6K
YoY Change
% of Operating Profit -2.94%
Other Income/Expense, Net -$11.89K $154.6K
YoY Change -182.67%
Pretax Income $3.078M $4.797M
YoY Change -35.84%
Income Tax $587.9K $870.3K
% Of Pretax Income 19.1% 18.14%
Net Earnings $2.490M $3.927M
YoY Change -36.59%
Net Earnings / Revenue 8.11% 10.43%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share $0.27 $0.27
COMMON SHARES
Basic Shares Outstanding 12.50M shares 12.50M shares
Diluted Shares Outstanding 12.50M shares

Balance Sheet

Concept 2024 Q1 2024 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.574M 2.433M sgds
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $4.638M 5.782M sgds
Prepaid Expenses
Receivables $8.540M 10.92M sgds
Other Receivables $369.1K 431.1K sgds
Total Short-Term Assets $17.55M 19.78M sgds
YoY Change -11.31%
LONG-TERM ASSETS
Property, Plant & Equipment $4.313M 6.113M sgds
YoY Change -29.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.841M 8.915M sgds
YoY Change -12.05%
TOTAL ASSETS
Total Short-Term Assets $17.55M 19.78M sgds
Total Long-Term Assets $7.841M 8.915M sgds
Total Assets $25.39M 28.70M sgds
YoY Change -11.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.780M 6.671M sgds
YoY Change -28.34%
Accrued Expenses $1.580M 426.7K sgds
YoY Change 270.31%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $444.4K 381.1K sgds
YoY Change 16.62%
Total Short-Term Liabilities $9.413M 11.60M sgds
YoY Change -18.88%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.150M 5.863M sgds
YoY Change -12.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.413M 11.60M sgds
Total Long-Term Liabilities $5.150M 5.863M sgds
Total Liabilities $14.56M 17.47M sgds
YoY Change -16.63%
SHAREHOLDERS EQUITY
Retained Earnings $8.316M 7.851M sgds
YoY Change 5.93%
Common Stock $1.250K 1.707K sgds
YoY Change -26.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.82M 11.23M sgds
YoY Change
Total Liabilities & Shareholders Equity $25.39M 28.70M sgds
YoY Change -11.54%

Cashflow Statement

Concept 2024 Q1 2024 2023 Q1
OPERATING ACTIVITIES
Net Income $2.490M $3.927M
YoY Change -36.59%
Depreciation, Depletion And Amortization $397.8K $266.6K
YoY Change -26.35%
Cash From Operating Activities $3.117M $1.174M
YoY Change -13.59%
INVESTING ACTIVITIES
Capital Expenditures $174.7K $3.470K
YoY Change 1188.91%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$170.9K -$3.480K
YoY Change 1198.51%
FINANCING ACTIVITIES
Cash Dividend Paid $1.484M
YoY Change 29.06%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.177M -929.1K
YoY Change -5.48%
NET CHANGE
Cash From Operating Activities $3.117M 1.174M
Cash From Investing Activities -$170.9K -3.480K
Cash From Financing Activities -$2.177M -929.1K
Net Change In Cash $768.9K 241.4K
YoY Change -40.44%
FREE CASH FLOW
Cash From Operating Activities $3.117M $1.174M
Capital Expenditures $174.7K $3.470K
Free Cash Flow $2.942M $1.171M
YoY Change -18.13%

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CY2024 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 — NATURE OF BUSINESS AND ORGANIZATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rectitude Holdings Ltd (the “Company” or “Rectitude”) was incorporated as an exempted limited liability company under the laws of the Cayman Islands on June 1, 2023. The Company, through its wholly-owned subsidiaries (collectively, the “Group”), primarily engages wholesale and supply of safety products in Singapore. The Company is principally engaged in investment holding. As at the date of this report, subsidiaries of the Company include the following entities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Entity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of<span style="text-decoration:underline"><br/> </span>incorporation</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Place of<span style="text-decoration:underline"><br/> </span>incorporation</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Ownership</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal activities</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: left; text-indent: -10pt; padding-left: 10pt">Rectitude Pte. Ltd. (“RPL”)</td><td style="width: 1%"> </td> <td style="width: 18%; text-align: center">December 26, 1997</td><td style="width: 1%"> </td> <td style="width: 9%; text-align: center">Singapore</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 30%; text-align: left">Wholesale of safety products</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Alturan Supplies Pte. Ltd. (“ALS”)</td><td> </td> <td style="text-align: center">September 15, 2009</td><td> </td> <td style="text-align: center">Singapore</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Supply of safety products</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">P.T.H. Pte. Ltd. (“PTH”)</td><td> </td> <td style="text-align: center">November 3, 2008</td><td> </td> <td style="text-align: center">Singapore</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">Supply of safety products</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 3, 2024, the Company completed its group reorganization (the “Reorganization”) of entities under the common control of its existing shareholders, who collectively owned all the equity interests of RPL, ALS and PTH. The existing shareholders entered into a share swap arrangement with the Company, in which, Mr Zhang Jian and Ms Xu Yukai (collectively “Mr and Mrs Zhang”), Mr Chin Fook Onn, Mr Huang Dong and SOCC Technologies Pte. Ltd., transfer their existing 3,300,000 ordinary shares in RPL, ALS and PTH to the Company, in exchange for 12,499,000 ordinary shares in the Company. The Company issued 12,499,000 ordinary shares on January 2, 2024. The economic interests for Mr and Mrs Zhang, Mr Chin Fook Onn, Mr Huang Dong and SOCC Technologies Pte. Ltd. remain materially the same before and after the Reorganization.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the Company and its subsidiaries were under the same control of the shareholders and their entire equity interests were also ultimately held by the shareholders immediately prior to the Reorganization, the consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows are prepared on the basis as if the Reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company. The ordinary shares of the Company are presented on a retroactive basis to reflect the Reorganization completed on January 3, 2024.</p>
CY2024 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, management evaluates estimates, including but not limited to, those related to provision for allowance for expected credit losses for accounts receivable, provision for inventories write-down, impairment assessment of long-lived assets, fair value of financial instrument and incremental borrowing rate of operating leases. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of the Company’s assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates. Actual results may differ from these estimates.</p>
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CY2024 us-gaap Inventory Write Down
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CY2024 us-gaap Revenues Net Of Interest Expense
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CY2024 us-gaap Selling And Marketing Expense
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CY2024 us-gaap Selling And Marketing Expense
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CY2024 us-gaap Research And Development Expense
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CY2024 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024 us-gaap Number Of Reportable Segments
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CY2024 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2024 rect Operating Lease Modifications
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CY2023 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2024 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2024 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2022 us-gaap Rental Income Nonoperating
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CY2024 us-gaap Rental Income Nonoperating
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CY2024 us-gaap Unrealized Gain Loss On Investments
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CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q1 us-gaap Long Term Loans From Bank
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CY2024Q1 us-gaap Long Term Loans From Bank
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2024Q1 rect Long Term Debt Maturityy Amount
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2024 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2024 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Finance Lease Liability Noncurrent
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379481 sgd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
281619 usd
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
212274 sgd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
253062 sgd
CY2024 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
219170 sgd
CY2024 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
162649 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
34919 sgd
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
41225 sgd
CY2024 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
80461 sgd
CY2024 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
59711 usd
CY2022 us-gaap Lease Cost
LeaseCost
247193 sgd
CY2023 us-gaap Lease Cost
LeaseCost
294287 sgd
CY2024 us-gaap Lease Cost
LeaseCost
299631 sgd
CY2024 us-gaap Lease Cost
LeaseCost
222360 usd
CY2024 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
17000 sgd
CY2024 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
13000 usd
CY2023Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
sgd
CY2024Q1 rect Amount Due To Shareholders
AmountDueToShareholders
sgd
CY2024Q1 rect Amount Due To Shareholders
AmountDueToShareholders
usd
CY2024Q1 rect Amount Due To A Directors
AmountDueToADirectors
sgd
CY2024Q1 rect Amount Due To A Directors
AmountDueToADirectors
usd
CY2024Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
sgd
CY2024Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
usd
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
sgd
CY2024Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
sgd
CY2024Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12500000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12500000 shares
CY2024 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12500000 shares
CY2024 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12500000 shares
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2024 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2024 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2022 rect Operating Lease Modifications
OperatingLeaseModifications
sgd
CY2022 rect Property Plant And Equipment Writeoff
PropertyPlantAndEquipmentWriteoff
sgd
CY2024 rect Property Plant And Equipment Writeoff
PropertyPlantAndEquipmentWriteoff
sgd
CY2024 rect Property Plant And Equipment Writeoff
PropertyPlantAndEquipmentWriteoff
usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
sgd
CY2024 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
sgd
CY2024 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
usd
CY2024 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
sgd
CY2024 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
CY2022 rect Deferred Ipo Expenses
DeferredIPOExpenses
sgd
CY2023 rect Deferred Ipo Expenses
DeferredIPOExpenses
sgd
CY2023Q1 us-gaap Grants Receivable
GrantsReceivable
sgd
CY2024Q1 us-gaap Grants Receivable
GrantsReceivable
sgd
CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
sgd
CY2024 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
sgd
CY2024 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
sgd
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
sgd
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
sgd
CY2023 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
sgd
CY2023Q1 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
sgd
CY2024 dei Amendment Flag
AmendmentFlag
false
CY2024 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2024 dei Entity Central Index Key
EntityCentralIndexKey
0001995116

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