Continue my hectic schedule where in sept I had to cover innoXX 3 days and had a business review in langkawi. I had to during the weekends conduct house viewing which burnt my weekends.
Unfortunately I believe I just miss the window to sell the property , it was v quiet during July the ghost period and the stock market dived due to the Greek potential default problems.
My maid also went back in aug for HR, and we got a new p maid, who does things vv slow ( take 1 HR to wash dishes), and my young boy (1+) don't want her. He wants us parents to bath, pat him to sleep, wash hands/legs, change clothed etc. This transition was rather difficult.
As expected, my work suffered, and overlook for promotion again (4yrs).
My portfolio has also suffered. Portfolio down 22%, where talison was cut by half within 3 months. I was deliberating cutting loss, but did not do so. In a bear market, risky assets will drop a lot.
I took profit in 2 of best co, Visa (after the debit charge ruling) - although I sort of regretted it . And APB at 29 as it shot up v high from 18.
I cut loss in infineon as I believe cyclically the co had its margins at a v high level.(9.8) after which it slide to 6.9 in a matter of 2 months.
I bought CBI when it was dropping from 40 to 30,in a month and then fr 32 to 28,, I entered in albeit a small amount and contra at 31.
From that on , I was about 60% vested and 40% cash. I invested another 10% SCI 3.28 ( learnt my lesson) the last bear market to buy big caps.
And looking to buy further .I also bought M n Cht for my parents 40%
Wednesday, October 5, 2011
Thursday, August 4, 2011
3 down 2 to go
As of now
1) MR lor ! Finally finished my 10 cycle, so it means no more struggling for my 2.4 km IPPT, which I feel is really taking a toll on my aging body.
2) InXX ½ Done. Finalised SP agreement for InXX, to be completed in 6 months (May to Oct). It is really taking too much of my time. There in the morning, evening. Now I am trying not to go back during weekends.
3) Finally after finding all the documents to explain the disposal of Assets& Liabilities, the officer processed the SO (by 5 months). Yeah !
4)PV ½ Done. I manage to get into PV with some help from my . Will do 1 year reading for young children which I feel is a very good thing to do
Left to sell the house, and complete the S&P by end October (3 more months – still need to get a secretary/maybe moving), and complete the PV by next year (starting 29th July).
Also settled getting our new maid as our current maid wanted to leave. She was a very great help during these 2 years and we could depend on her to take care of the little one, and also cook for both families at the same time. We wanted her to stay another year but her husband wanted her to go back and her mum wanted her to go back (as she felt her husband she work not her). We tried to increase her pay to 470, but to no avail.
Also my car aircon is spoilt. When we went for check up at Mazda center, they discovered that the alternator is spoilt as well (the battery light was on). They tried to charge 1900- 1300 (after discount). So I went to Sin Hwee Motor (they charge me 660, and change my aircon pipe 65).
1) MR lor ! Finally finished my 10 cycle, so it means no more struggling for my 2.4 km IPPT, which I feel is really taking a toll on my aging body.
2) InXX ½ Done. Finalised SP agreement for InXX, to be completed in 6 months (May to Oct). It is really taking too much of my time. There in the morning, evening. Now I am trying not to go back during weekends.
3) Finally after finding all the documents to explain the disposal of Assets& Liabilities, the officer processed the SO (by 5 months). Yeah !
4)PV ½ Done. I manage to get into PV with some help from my . Will do 1 year reading for young children which I feel is a very good thing to do
Left to sell the house, and complete the S&P by end October (3 more months – still need to get a secretary/maybe moving), and complete the PV by next year (starting 29th July).
Also settled getting our new maid as our current maid wanted to leave. She was a very great help during these 2 years and we could depend on her to take care of the little one, and also cook for both families at the same time. We wanted her to stay another year but her husband wanted her to go back and her mum wanted her to go back (as she felt her husband she work not her). We tried to increase her pay to 470, but to no avail.
Also my car aircon is spoilt. When we went for check up at Mazda center, they discovered that the alternator is spoilt as well (the battery light was on). They tried to charge 1900- 1300 (after discount). So I went to Sin Hwee Motor (they charge me 660, and change my aircon pipe 65).
Monday, August 1, 2011
Should I take over my Dad business and next step
Aug 2011
I have been delibrating whether I should take over my Dad's business. I am really stretched to the max to the extend I am thinking of whether to stop my own job. Anyway this is what I have considered
- My Dad's business annual turnover has deterioated from 1 Mio in 2007 to 600-700k last 2 years. My Uncle told me this and I agree with him, unless turnover is 3 Mio and above, there is a big opportunity cost to do so
- I don't have the strong domain knowledge of my dad's business (Precision engineering - carbide blanks/rods/diamond wheels)
- I can ease into Sales & Marketing, but my strength's s in business analsing and with the investment I have, I should concentrate my time & efforts on this
I have decided to continue with my present job & extra time for share investment and to find a potential buyer for my Dad's business (won't be easy).
And I have to do it fast. Why ? There are too many risks (for eg. my dad surbordinate to hankie pankie with the inventory / risk that my dad surbirdinate leave => after which the value of the company is almost zero as he is the one doing the operations of the job now/ surbordinate jump ship/ unmotivated), and monthly business may drop.
What's next : Super busy again
Dad's business
- power of attorney
- getting ready executive summary (need to get investment merits)
- look for investors
- continue to chase for payment; The last 2.5 months, I have managed to reduce accounts outstanding by 20+%. (did not expect that either) that from 390K to 304K. (about 12 K was errenous accounting - already paid like SuperU/HH). And I hope to reduce this by another 30K at least. 270K
- his dormant business have to get it settled wtih another shareholder, otherwise will be paying 2K+ for audit etc yearly ($$ wasted)
- Invoice paper
My property
- choose lightings
- choose curtains
- miscellaneous (confirming with designer + hanger)
Others
- get payment for mortage introducing fee
- help my mum/sis with reno + hospital bed/wheelchair etc/ medical checkup etc
I have been delibrating whether I should take over my Dad's business. I am really stretched to the max to the extend I am thinking of whether to stop my own job. Anyway this is what I have considered
- My Dad's business annual turnover has deterioated from 1 Mio in 2007 to 600-700k last 2 years. My Uncle told me this and I agree with him, unless turnover is 3 Mio and above, there is a big opportunity cost to do so
- I don't have the strong domain knowledge of my dad's business (Precision engineering - carbide blanks/rods/diamond wheels)
- I can ease into Sales & Marketing, but my strength's s in business analsing and with the investment I have, I should concentrate my time & efforts on this
I have decided to continue with my present job & extra time for share investment and to find a potential buyer for my Dad's business (won't be easy).
And I have to do it fast. Why ? There are too many risks (for eg. my dad surbordinate to hankie pankie with the inventory / risk that my dad surbirdinate leave => after which the value of the company is almost zero as he is the one doing the operations of the job now/ surbordinate jump ship/ unmotivated), and monthly business may drop.
What's next : Super busy again
Dad's business
- power of attorney
- getting ready executive summary (need to get investment merits)
- look for investors
- continue to chase for payment; The last 2.5 months, I have managed to reduce accounts outstanding by 20+%. (did not expect that either) that from 390K to 304K. (about 12 K was errenous accounting - already paid like SuperU/HH). And I hope to reduce this by another 30K at least. 270K
- his dormant business have to get it settled wtih another shareholder, otherwise will be paying 2K+ for audit etc yearly ($$ wasted)
- Invoice paper
My property
- choose lightings
- choose curtains
- miscellaneous (confirming with designer + hanger)
Others
- get payment for mortage introducing fee
- help my mum/sis with reno + hospital bed/wheelchair etc/ medical checkup etc
Tuesday, July 19, 2011
Damm why doesn’t it just die itself
I have been feeling very frustrated recently, to the point that I do not want to talk to my parents.
Besides this live company Inno, there is another dormant company ASE which has been giving me many headaches recently.
In mid-April, there was an email sent by ACRA to file its annual return by end April. When I checked it, it has not filed for 3 years since 2008.
So what the heck, I went to find out who its Accounts are, and from the last Audit report, the Auditor told me that they are only the Auditor, they are not the secretary nor the Accountant. They just brush me aside and say that just get an accountant next to ACRA to do it in International Plaza.
Later on when I called ACRA, they told me I have to file for 3 years and using XBL(?) system.
Ok then, when I looked at the reports, there is actually not much transactions (mainly FD interest). So I tried to do it myself using excel.
After awhile, I called ACRA again. This time the officer advised me that for every year I filed, I will get a penalty, so why not get it striked off ?
I discuss with my father, and told him to make a offer to AZJPN as we have already inform him of our intentions 1 year ago. The poor market and business sustaining losses since the start of the decade 2004 as more and more companies shift their base to China. Luckily within 1 month they accepted the offer.
I already had the experience of using Inno for the forms for the Transfer of Shares, so I retyped out the paper documents and got all Directors to sign (including my Uncle and Ishi (had to go all the way to Tuas). The difference is one is transfer of shares person & the other a company entity, also the company address is different, therefore I had to rewrite some of the documents to include a company chop, and certify that the company address had changed.
After this I sent the transfer forms to AZJPN by registered mail. In 2-3 weeks I receive them back with the signature and company chop.
So I proceeded to transfer the shares (as my Dad is the secretary) and when to IRAS website to get the e-stamp (Stamp duty).
My father meanwhile had wanted to hold the bank account as there was significant amount of A/R not received yet. However all these A/R were dated 2004 and earlier. I was v angry with my Dad. Here I am trying to clean up all the mess, yet he is still persistent trying to make things difficult as it is. I told me, if this was so important, he should have done it much earlier since 2004/2005. He wanted to get a lawyer to draft a letter to this customers. However first this will impact current business, secondly the accounts may already be paid back (from my experience of Inno where many accounts were not clean), thirdly it is going to be hard to get to get back the money after so long. I convince him that no way am I going to handle his already, I am already stretched to the limit !
Next I went to the bank to withdraw all cash/FD in my Father’s name. Now to close the account, it requires another signature from 2 directors. So I had to go to Bukit Timah to get my Uncle’s signature again, and to the bank another time to get it done.
Finally at end June, I applied for strike off. I thought I had settled another thing but 5 days later, the officer told me to account for all Ass&Lia disposal.
What the heck ! Now I have to hunt who the Accountant is / search through tons of paper to find all of these, and to make it worse even if we write off the Assets (taking a significant losses), we still had to account for the Liabilites.
Besides this live company Inno, there is another dormant company ASE which has been giving me many headaches recently.
In mid-April, there was an email sent by ACRA to file its annual return by end April. When I checked it, it has not filed for 3 years since 2008.
So what the heck, I went to find out who its Accounts are, and from the last Audit report, the Auditor told me that they are only the Auditor, they are not the secretary nor the Accountant. They just brush me aside and say that just get an accountant next to ACRA to do it in International Plaza.
Later on when I called ACRA, they told me I have to file for 3 years and using XBL(?) system.
Ok then, when I looked at the reports, there is actually not much transactions (mainly FD interest). So I tried to do it myself using excel.
After awhile, I called ACRA again. This time the officer advised me that for every year I filed, I will get a penalty, so why not get it striked off ?
I discuss with my father, and told him to make a offer to AZJPN as we have already inform him of our intentions 1 year ago. The poor market and business sustaining losses since the start of the decade 2004 as more and more companies shift their base to China. Luckily within 1 month they accepted the offer.
I already had the experience of using Inno for the forms for the Transfer of Shares, so I retyped out the paper documents and got all Directors to sign (including my Uncle and Ishi (had to go all the way to Tuas). The difference is one is transfer of shares person & the other a company entity, also the company address is different, therefore I had to rewrite some of the documents to include a company chop, and certify that the company address had changed.
After this I sent the transfer forms to AZJPN by registered mail. In 2-3 weeks I receive them back with the signature and company chop.
So I proceeded to transfer the shares (as my Dad is the secretary) and when to IRAS website to get the e-stamp (Stamp duty).
My father meanwhile had wanted to hold the bank account as there was significant amount of A/R not received yet. However all these A/R were dated 2004 and earlier. I was v angry with my Dad. Here I am trying to clean up all the mess, yet he is still persistent trying to make things difficult as it is. I told me, if this was so important, he should have done it much earlier since 2004/2005. He wanted to get a lawyer to draft a letter to this customers. However first this will impact current business, secondly the accounts may already be paid back (from my experience of Inno where many accounts were not clean), thirdly it is going to be hard to get to get back the money after so long. I convince him that no way am I going to handle his already, I am already stretched to the limit !
Next I went to the bank to withdraw all cash/FD in my Father’s name. Now to close the account, it requires another signature from 2 directors. So I had to go to Bukit Timah to get my Uncle’s signature again, and to the bank another time to get it done.
Finally at end June, I applied for strike off. I thought I had settled another thing but 5 days later, the officer told me to account for all Ass&Lia disposal.
What the heck ! Now I have to hunt who the Accountant is / search through tons of paper to find all of these, and to make it worse even if we write off the Assets (taking a significant losses), we still had to account for the Liabilites.
Sunday, June 26, 2011
June update
Continue to remain X busy.
Personal -
1) had to settle my mom's maid (the first one did not want to come last minute, the 2nd Myammese failed the English test 3 times, finally settled on a transfer maid) - Wk2 Tuesday Eve
2) had to settle my Dad's car which gave alot of trouble of late. The power steering hardened and was spoilt, and had to be changed $1100 , many pipes have to be changed as they were leaking oil , timer belt (400) , workmanship (400), altogether ard 3000. The mechanic from Hock Hwa suggested taking out the engine to repair it. And the total bill went up to $4000
3) had to settle my son's parental volunteer in Kong Hwa School. It is extremely competitve now adays with even doing a PV, u need to go for interview. (30 applicants out of 100). After not qualifying for the interview, we had to find many other ways to get inside.
Business -
1) In the process of closing up ASE.
- Changed the ACRA shareholding structure, submitted Estamp (Share Transfer). (Wk1Fri leave)
- Sat AM went to the bank with my Dad, but was told I needed the Company Stamp, Board Resolution (2 sign to close the bank acc), meanwhile got the forms signed and changed signature
- (had to go all the way to my Uncle's house to get the signature for the board resolution (Wk2 Tues Eve)
- Closed the bank account (Wk2 Wed AM leave)
- In the process of setting up the Bank Dividend template
- Next strike off the Company
I can really be a part time corporate secretary
2) Innom
Still wasting lots of time on it.
Wk 1 took 3 half day leave to cover N went he went for KL Business trip
Wk 2 had to struggle the whole week to get the pricelist of rods updated, took WK2 Mon AM leave & Wed AM leave
Next have to get the Plunger Questionaire done
Next FY closing and getting in a sec
Property - after trying to hold garage sale a few weeks, I started to advertise and sell the property. Times are not too good and there were little offers. Will update in another month.
Share -
1) Actually bought some Camdemco as I felt the Uranium crisis was overdone, but cut loss the following Monday when Merkel came out to announce phasing out of Nuclear plants. Was actually very stupid as I still do not have time to do comprehensive study. PE was still v high >20, so should not have gone it yet. Prior to the Japanaese EQ the Uranium sector was overvalued
2)Bought some Infineon as I wanted exposure to the new Smart Grid, EV, High Energy Costs play. It is ard 13 PE with cash about 20% its equity. But I have to becareful of gross margins (assumption that it continues to hold) as now we seem to be on the high of Business Cycle
3)Portfoilio down 10% , need to get rid of unwanted work! and concentrate what I do best
4)EV is slow to pick up, but estimate is 2013 where
Personal -
1) had to settle my mom's maid (the first one did not want to come last minute, the 2nd Myammese failed the English test 3 times, finally settled on a transfer maid) - Wk2 Tuesday Eve
2) had to settle my Dad's car which gave alot of trouble of late. The power steering hardened and was spoilt, and had to be changed $1100 , many pipes have to be changed as they were leaking oil , timer belt (400) , workmanship (400), altogether ard 3000. The mechanic from Hock Hwa suggested taking out the engine to repair it. And the total bill went up to $4000
3) had to settle my son's parental volunteer in Kong Hwa School. It is extremely competitve now adays with even doing a PV, u need to go for interview. (30 applicants out of 100). After not qualifying for the interview, we had to find many other ways to get inside.
Business -
1) In the process of closing up ASE.
- Changed the ACRA shareholding structure, submitted Estamp (Share Transfer). (Wk1Fri leave)
- Sat AM went to the bank with my Dad, but was told I needed the Company Stamp, Board Resolution (2 sign to close the bank acc), meanwhile got the forms signed and changed signature
- (had to go all the way to my Uncle's house to get the signature for the board resolution (Wk2 Tues Eve)
- Closed the bank account (Wk2 Wed AM leave)
- In the process of setting up the Bank Dividend template
- Next strike off the Company
I can really be a part time corporate secretary
2) Innom
Still wasting lots of time on it.
Wk 1 took 3 half day leave to cover N went he went for KL Business trip
Wk 2 had to struggle the whole week to get the pricelist of rods updated, took WK2 Mon AM leave & Wed AM leave
Next have to get the Plunger Questionaire done
Next FY closing and getting in a sec
Property - after trying to hold garage sale a few weeks, I started to advertise and sell the property. Times are not too good and there were little offers. Will update in another month.
Share -
1) Actually bought some Camdemco as I felt the Uranium crisis was overdone, but cut loss the following Monday when Merkel came out to announce phasing out of Nuclear plants. Was actually very stupid as I still do not have time to do comprehensive study. PE was still v high >20, so should not have gone it yet. Prior to the Japanaese EQ the Uranium sector was overvalued
2)Bought some Infineon as I wanted exposure to the new Smart Grid, EV, High Energy Costs play. It is ard 13 PE with cash about 20% its equity. But I have to becareful of gross margins (assumption that it continues to hold) as now we seem to be on the high of Business Cycle
3)Portfoilio down 10% , need to get rid of unwanted work! and concentrate what I do best
4)EV is slow to pick up, but estimate is 2013 where
Tuesday, May 17, 2011
The fastest year I have ever had
In May - Finally hit a milestone which was a relief - Manage to sell the company. Finish the 1st Share Transfer/Director Appt.& subsequent Bank A/C opening.
Next -
Company - Send Form C to Acct, Bank in A/C , collect $ from Carb/Skill/ Ikeda , source for carpet, Printer
Buy maid ticket (now her mother doesn't want her to work 1 more year)
Advertise for the house, sell the house
AS Enterprise (Do up the Share Transfer forms from the PB template, got Ishida to sign and Registered Post to Japan)
Staring June I Have to concentrate on my own career & and finally have some time ofr my Investment which has been horrible of late.
Next -
Company - Send Form C to Acct, Bank in A/C , collect $ from Carb/Skill/ Ikeda , source for carpet, Printer
Buy maid ticket (now her mother doesn't want her to work 1 more year)
Advertise for the house, sell the house
AS Enterprise (Do up the Share Transfer forms from the PB template, got Ishida to sign and Registered Post to Japan)
Staring June I Have to concentrate on my own career & and finally have some time ofr my Investment which has been horrible of late.
Tuesday, May 10, 2011
FY2011 Investment May
I had restructered my portfolio abit to be more link to the upsurge of commoditity prices. However I let go of JJG, which was lucky as it was just before the sell-off. My investment temperement right now is not really in the right frame of mind now as I seem to be buying on the high side.
My portfolio changes -
1) I sold off most of my Talison in January around 6+ and bought back at 5+ and 4+ as the valuations was becoming streteched.
2) I also sold of Western Uranium (due to the Japanese Disaster).
3) I sold Lithium One at 1.66 in January and bought back at 1.3 and resold it at 1.79. I then bought back at 1.7, albeit a small quantity
4) I bought more of People's Food, Cerebos and added Stamford Land.
5) I also sold off Singholdings at 36 cents but bought back at 32 cents, also selling Hock Lian Seng as it had been rather long since they have new orders. Both counters I sold off after our Singapore Government introduced new stricter property rules. Eg. you can only loan 60% if you still have a housing loan.
6) I sold of Spindex as the company could not cope with the drop in USD exchange rate and it was likely to worsen. As of now USD/SGD has further dropped to 1.23.
7) I also sold of Super to take profit and valuations was getting expensive and trimmed down Boustead as the contracts was not coming in, and due to the write off at Libya.
Current May Portfolio
1 People Food
2 Talisum Lithium
3 Stamford Land
4 Visa
5 Cerebos Pacific
6 Boustead
7 APB
8 Lithium One
9 Sing Holdings
10 Hour Glass
11 SMRT
12 MTQ
13 Soup Res
14 Techcomp
15 Lee KT
16 TNR Gold
17 Celestial
YTD down by 8%. Invested 71% 29% cash.
There are a few things which I am still monitoring to put cash into good use as now cash is really rubbish. Commodiites will be interesting, however with the raising of margin limits to flush out speculators, there might be further drops. Lithium / Natural Gas / Industrial Conglomerate plays are looking promising.
And yes, for the very first time, my name appeared on the Annual Report of a listed company. This may or may not be a good thing, let's see how things play out :)
My portfolio changes -
1) I sold off most of my Talison in January around 6+ and bought back at 5+ and 4+ as the valuations was becoming streteched.
2) I also sold of Western Uranium (due to the Japanese Disaster).
3) I sold Lithium One at 1.66 in January and bought back at 1.3 and resold it at 1.79. I then bought back at 1.7, albeit a small quantity
4) I bought more of People's Food, Cerebos and added Stamford Land.
5) I also sold off Singholdings at 36 cents but bought back at 32 cents, also selling Hock Lian Seng as it had been rather long since they have new orders. Both counters I sold off after our Singapore Government introduced new stricter property rules. Eg. you can only loan 60% if you still have a housing loan.
6) I sold of Spindex as the company could not cope with the drop in USD exchange rate and it was likely to worsen. As of now USD/SGD has further dropped to 1.23.
7) I also sold of Super to take profit and valuations was getting expensive and trimmed down Boustead as the contracts was not coming in, and due to the write off at Libya.
Current May Portfolio
1 People Food
2 Talisum Lithium
3 Stamford Land
4 Visa
5 Cerebos Pacific
6 Boustead
7 APB
8 Lithium One
9 Sing Holdings
10 Hour Glass
11 SMRT
12 MTQ
13 Soup Res
14 Techcomp
15 Lee KT
16 TNR Gold
17 Celestial
YTD down by 8%. Invested 71% 29% cash.
There are a few things which I am still monitoring to put cash into good use as now cash is really rubbish. Commodiites will be interesting, however with the raising of margin limits to flush out speculators, there might be further drops. Lithium / Natural Gas / Industrial Conglomerate plays are looking promising.
And yes, for the very first time, my name appeared on the Annual Report of a listed company. This may or may not be a good thing, let's see how things play out :)
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