MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
YONG LEE CHAN SDN BHD |
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Registered Office : |
10b, Jalan Maju, |
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Country : |
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Financials (as on) : |
31.08.2005 |
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Date of Incorporation : |
18/09/1979 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading in Sundry Goods and Food Product |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
* Adopted abbreviations : SC - Subject Company ( the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
COMPANY NAME : YONG LEE CHAN SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 18/09/1979
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 10B, JALAN MAJU,
BUSINESS ADDRESS :
83000
BATU PAHAT,
TEL NO : 07 - 4286888
FAX NO : 07 - 4286678
CONTACT PERSON : LIM KEAR CHIEW (MANAGING DIRECTOR)
INDUSTRY CODE : 51239
51231
PRINCIPAL ACTIVITY : TRADING IN SUNDRY GOODS AND FOOD
PRODUCT
AUTHORISED CAPITAL : MYR5,000,000.00 DIVIDED INTO ORDINARY
SHARE
5,000,000
OF MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR1,500,000.00 DIVIDED INTO ORDINARY
SHARE 759,779
CASH
AND 740,221 OTHERWISE OF MYR1.00 EACH.
SALES : MYR52,781,670 [2005]
NET WORTH : MYR4,265,433 [2005]
STAFF STRENGTH : 55
[2007]
BANKER (S) : MALAYAN BANKING BHD
: RHB BANK BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : LIMITED
PAYMENT : N/A
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : AVERAGE GROWTH
HISTORY / BACKGROUND
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act,
1965 and the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) trading in sundry
goods and food product.
The SC is not listed on
The SC is not qualified to be one of the Top Corporate Performers in the
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
MR. LIM SIANG HWE + 5A, JALAN RESAK,
BATU
PAHAT,
MR. LIM KEAR CHIEW + 5A, JALAN RESAK,
BATU
PAHAT,
MR. LIM AH MOY 13A & 14A, PARIT RAJA, 83000 BATU PAHAT, 8274231 25,000
--------------------
1,500,000
===========
+
Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. LIM SIANG HWE
Address : 5A, JALAN RESAK,
IC / PP No. : A2145810
New IC No : 720406-01-6375
Date of Birth : 06/04/1972
Nationality : MALAYSIAN CHINESE
Date of Appointment : 15/11/1993
DIRECTOR 2
Name of Subject : MR. LIM KEAR CHIEW
Address : 5A, JALAN RESAK,
IC / PP No. : 0720965
New IC No : 240714-71-5343
Date of Birth : 14/07/1924
Nationality : MALAYSIAN CHINESE
Date of Appointment : 18/09/1979
MANAGEMENT
1) Name of Subject : LIM
KEAR CHIEW
Position : MANAGING DIRECTOR
2) Name of Subject : LIM
SIANG HWE
Position : FINANCE DIRECTOR
AUDITOR
Auditor : K H LIM & CO
Auditors' Address : 10A, JALAN MAJU,
COMPANY SECRETARY
1) Company Secretary : MS.
PHAN LI CHING
IC / PP No. : A1576514
New IC No. : 700517-01-5246
Address : 66, JALAN MAJU 1,
Date of Appointment : 15/06/2005
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN
BANKING BHD
2) Banker Name : RHB
BANK BHD
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 15 Jun 1982
Description of Charge : CHARGE
Amount Secured : RM 200,000.00
Description of Property Affected : EMR 4856,
JOHOR\r\nG17136
& 12757,
PENGGARAM,
DIST BT PAHAT, JOHOR\r\nJOHOR
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
Form 40 Dated 19 Aug 1982
Registered and Numbered 1 (BK 182/5) In
The Register of Charges
ENCUMBRANCE 2
Date of Creation : 30 Oct 1984
Description of Charge : CHARGE
Amount Secured : RM 170,000.00
Description of Property Affected : G26250
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
32E
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 02 Mar 1985
Registered and Numbered 2 (BK 182/5) In
The Register of Charges
ENCUMBRANCE 3
Date of Creation : 20 Dec 1984
Description of Charge : CHARGE
Amount Secured : RM 50,000.00
Description of Property Affected : G17136 & 12757,
PENGGARAM\r\nEMR
4856,
DIST
BT PAHAT, JOHOR
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
32E
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 27 May 1985
Registered and Numbered 3 (BK 182/5) In
The Register of Charges
ENCUMBRANCE 4
Date of Creation : 05 Apr 1986
Description of Charge : CHARGE
Amount Secured : RM 50,000.00
Description of Property Affected : GM 193,
JOHOR
Name & Address of Chargee : ARAB-MALAYSIAN FINANCE BHD
BANGUNAN
ARAB-MALAYSIAN, 55 JALAN RAJA CHULAN,
22ND
FLR, 50200
Form 40 Dated 06 Jul 1987
Registered and Numbered 4 In The
Register of Charges
ENCUMBRANCE 5
Date of Creation : 15 Oct 1991
Description of Charge : CHARGE
Amount Secured : RM 608,000.00
Description of Property Affected : CT 2646
JOHOR
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
89
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 19 Feb 1992
Registered and Numbered 8 In The
Register of Charges
ENCUMBRANCE 6
Date of Creation : 20 Mar 1995
Description of Charge : 2ND CHARGE
Amount Secured : RM 2,650,000.00
Description of Property Affected : CT 2646
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
89
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 12 Apr 1995
Registered and Numbered 12 In The
Register of Charges
ENCUMBRANCE 7
Date of Creation : 20 Mar 1995
Description of Charge : 3RD CHARGE
Amount Secured : RM 2,650,000.00
Description of Property Affected : G26250
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
89
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 12 Apr 1995
Registered and Numbered 13 In The
Register of Charges
ENCUMBRANCE 8
Date of Creation : 20 Mar 1995
Description of Charge : 5TH CHARGE
Amount Secured : RM 2,650,000.00
Description of Property Affected : EMR 4856
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
89
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 12 Apr 1995
Registered and Numbered 14 In The
Register of Charges
ENCUMBRANCE 9
Date of Creation : 20 Mar 1995
Description of Charge : 5TH CHARGE
Amount Secured : RM 2,650,000.00
Description of Property Affected : G29885
Name & Address of Chargee : UNITED MALAYAN BANKING CORPN BHD
89
JALAN RAHMAT, 83000 BATU PAHAT,
Form 40 Dated 12 Apr 1995
Registered and Numbered 15 In The
Register of Charges
ENCUMBRANCE 10
Date of Creation : 10 Apr 2002
Description of Charge : 5TH CHARGE
Amount Secured : RM 2,000,000.00
Description of Property Affected : G30195
Name & Address of Chargee : RHB BANK BHD
Form 40 Dated
Registered and Numbered 21 In The
Register of Charges
ENCUMBRANCE 11
Date of Creation : 26 Jan 2004
Description of Charge : N/A
Amount Secured : RM 2,900,000.00
Description of Property Affected : N/A
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 22 In The
Register of Charges
ENCUMBRANCE 12
Date of Creation : 26 Jan 2004
Description of Charge : 1ST CHARGE
Amount Secured : RM 250,000.00
Description of Property Affected : HS(M) 425 MLO 1032, MK MINYAK BEKU
IX, DIST BT PAHAT, JOHOR
Name & Address of Chargee : MALAYAN BANKING BHD
Form 40 Dated
Registered and Numbered 23 In The
Register of Charges
LEGAL CHECK AGAINST
THE SC
* A check has been
conducted in our databank against the SC whether the subject has been
involved in any litigation.
Our databank consists of 99% of the wound up companies in
back dated since 1900.
No legal action was found in our databank.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES Percentage : 80%
Overseas : YES Percentage : 20%
Import Countries :
CLIENTELE
Local : YES Percentage : 70%
Domestic Markets : PENINSULAR
Overseas : YES Percentage : 30%
Export Market :
Credit Term : 30 DAYS.
Payment Mode : CASH , CHEQUES.
Type of Customer : SUPERMARKET , HYPERMARKET , GROCERY
STORE .
The SC's clients are mostly from local area and it only give credit
terms for long term clients.
OPERATIONS
Goods Traded : SUNDRY GOODS, FOOD PRODUCTS
Award : EXCELLENCE
SERVICE QUALITY OF
ENTREPRENEUR
EXCELLENCE AWARD Year : 2004
Competitor(s) : LUN HENG SDN BHD
MAGRI
FOODS SDN BHD
SUSHI
KIN SDN BHD
A
CLOUET & CO (
KEONGCO
Total Number of Employees :
YEAR 2007 2006
GROUP N/A N/A
COMPANY 55 50
Branch : NO
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's
(BERNAMA) database, but no latest development was noted in our
investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 07-4286888
Match : N/A
Address Provided By Client : LOT 4743 AND 4/44 3 1/2 MILES JALAN
TANJONG
LABOH
8300 BATU PAHAT JOHOR
Current Address :
LABOH,
83000 BATU PAHAT,
Match : NO
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with one of the SC's staff, Ms. Yong. She
revealed some relevant information on the SC.
FINANCIAL COMMENTS
The financial summary of the SC in Year 2005 showed that it was
financially LIMITED. Return on shareholders' funds of the SC is relatively low,
indicating that the SC did not generate an acceptable amount of profits based
on its existing shareholders' funds. Due to its weak liquidity position, the SC
will be faced with problems in meeting all its short term obligations if no
short term loan is obtained or additional capital injected into the SC. The SC
has high liabilities ratio and it may face financial difficulties if no
additional capital is injected.
Overall financial condition of the SC: LIMITED
COMMENTS
Incorporated in 1979 as a private limited company, the SC is principally
engaged in the trading of sundry goods and food products. With an issued and
paid up capital of RM1.5 million contributed by 3 individual shareholders, the
SC does not have a strong shareholders' backing. However, its long presence in
the industry has given the SC an edge when competing in the industry.
With over 27 years of experience in the business, the SC has developed a
wide and stable clientele base both locally and internationally. Apart from
supplying to the local clients, the SC has penetrated into the global market.
At present, exports comprise approximately 30% of the SC's revenues. With its
wider market segments, the SC's business risk is well diversified. With a
workforce of 55 employees, the SC's management is led by its Managing Director,
Lim Kear Chiew.
During the financial year 2005, the SC's turnover and pre-tax profit
stood at RM52,781,670 and RM428,739 respectively. Return on shareholders' funds
of the SC is relatively low, indicating that the SC did not generate an
acceptable amount of profits based on its existing shareholders' funds.
Besides, the SC is in weak liquidity position with its current liabilities well
exceeding its current assets. Hence, it may face working capital deficiency in
meeting its short term financial obligations. Moreover, the high liabilities
ratio has placed the SC at high financial risk. Overall, the SC's financial
standing is limited.
Investigation revealed that 80% of the SC's products are sourced from
local market and the remaining 20% are imported from
In view of the rising population and higher propensity to consume,
demand for food products are on the rise. Hence, the SC's future prospect
remains bright.
Based on the above condition, we recommend credit be granted to the SC
with monitoring.
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT AND LOSS ACCOUNT
YONG
LEE CHAN SDN BHD
31-August-2005
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Turnover 52,781,670.00
Operating
Revenue 0.00
----------------------------
Profit
/ (Loss) Before Tax 428,739.00
----------------------------
Profit
/ (Loss) After Tax 323,632.00
Extraordinary
Item 0.00
Minority
Interest 0.00
----------------------------
Profit/(Loss)
Attributable to Shareholders 323,632.00
----------------------------
Prior
Period Adjustment 0.00
Net
Dividend 0.00
Transferred
To/From Reserved 0.00
Others 0.00
----------------------------
Unappropriated
Profit/(Loss) Brought Forward 2,441,801.00
----------------------------
Unappropriated
Profit/(Loss) Carried Forward 2,765,433.00
================
BALANCE SHEET
YONG
LEE CHAN SDN BHD
31-August-2005
Consolidated Accounts : No
UnQualified
Reports : Yes
RM
Fixed
Assets 7,737,416.00
Total
Investment 0.00
Amount
Owing By 0.00
Current
Assets 9,786,513.00
Intangible
Assets 0.00
Other
Assets <
523,979.00 >
----------------------------
Total
Assets 16,999,950.00
================
Working
Capital <
2,948,004.00 >
Issued Capital 1,500,000.00
Paid
Up Capital 1,500,000.00
Share
Premium & Reserved 0.00
Unappropriated
Profit/(Loss) 2,765,433.00
----------------------------
Shareholder's
Fund/Equity 4,265,433.00
----------------------------
Current
Liabilities 12,734,517.00
Amount
Owing To 0.00
Long-term
and Deferred Liabilities 0.00
Share
Application Account 0.00
Minority
Interest 0.00
----------------------------
Total
Equity Liability 16,999,950.00
================
Contingent
Liabilities 0.00
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)