MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
TRANSPACIFIC TRADING SDN BHD |
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Registered Office : |
10-36a, Jalan Pandan 2/1, Pandan Jaya, 55100 Kuala Lumpur, Wilayah
Persekutuan |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15/11/2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Water Filters, Water Pumps & related products. |
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
LOCAL NO : 714958-W
COMPANY NAME : TRANSPACIFIC TRADING SDN BHD
FORMER NAME : N/A
INCORPORATION DATE : 15/11/2005
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS : 10-36A, JALAN PANDAN 2/1, PANDAN
JAYA, 55100 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
BUSINESS ADDRESS : 10-36A, JALAN PANDAN 2/1, PANDAN
JAYA, 55100 KUALA
LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
TEL NO : 03 - 92817885
FAX NO : 03 - 92827885
CONTACT PERSON : ONG YOONG AH HENG (MANAGING DIRECTOR)
INDUSTRY CODE : 51591
PRINCIPAL ACTIVITY : TRADING OF WATER FILTERS, WATER PUMPS
& RELATED
PRODUCTS
AUTHORISED CAPITAL : MYR100,000.00 DIVIDED INTO ORDINARY
SHARE 100,000
OF
MYR1.00 EACH.
ISSUED AND PAID UP CAPITAL : MYR2.00 DIVIDED INTO ORDINARY SHARE 2
CASH OF
MYR1.00
EACH.
SALES : MYR1,310,250 [2006]
NET WORTH : MYR283,433 [2006]
STAFF STRENGTH : 2
[2007]
BANKER (S) : MALAYAN BANKING BHD
LITIGATION : CLEAR
FINANCIAL CONDITION : STRONG
PAYMENT : GOOD
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : HIGH
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : DECLINING
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 of water
filters, water pumps & related products.
The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).
The SC is not qualified to be one of the Top Corporate Performers in the
Malaysia 1000 (M1000) publication, a directory jointly published by Companies
Commission of Malaysia (The Registrar Office), Minister of Domestic Trade and
Consumer Affairs and our publication arm, BASIS Publications House Sdn Bhd.
The major shareholder(s) of the SC are shown as follows :
Name Address IC/PP/Loc
No: Shareholding
MS. MARY SONG KIM MOY + 1, JALAN BUNGA MELUR 11A, TAMAN MUDA 10649651 1
CHERAS,
56100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN,
MALAYSIA.
MR. ONG YOONG AH HENG + 1, JALAN BUNGA MELUR 11A, TAMAN MUDA, 10649654 1
CHERAS,
56100 KUALA LUMPUR, WILAYAH 0581564
PERSEKUTUAN,
MALAYSIA.
--------------------
2
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+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MS. MARY SONG KIM MOY
Address : 1, JALAN BUNGA MELUR 11A, TAMAN MUDA
CHERAS, 56100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : N/A
New IC No : 540610-04-5546
Date of Birth : 10/06/1954
Nationality : MALAYSIAN CHINESE
DIRECTOR 2
Name of Subject : MR. ONG YOONG AH HENG
Address : 1, JALAN BUNGA MELUR 11A, TAMAN MUDA,
CHERAS, 56100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : 0581564
New IC No : 481019-08-5535
Date of Birth : 19/10/1948
Nationality : MALAYSIAN CHINESE
DIRECTOR 3
Name of Subject : MR. ONG SYL VIN
Address : 1, JALAN BUNGA MELUR 11A, TAMAN MUDA
CHERAS, 56100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : N/A
New IC No : 780414-10-5567
Date of Birth : 14/04/1978
Nationality : MALAYSIAN CHINESE
DIRECTOR 4
Name of Subject : MS. ONG SYL FYN
Address : 1, JALAN BUNGA MELUR 11A, TAMAN MUDA
CHERAS, 56100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No. : N/A
New IC No : 801118-10-5706
Date of Birth : 18/11/1980
Nationality : MALAYSIAN CHINESE
MANAGEMENT
1) Name of Subject : ONG
YOONG AH HENG
Position : MANAGING DIRECTOR
AUDITOR
Auditor : L H LEE & CO
Auditors' Address : ROOM 301, 368 JALAN PUDU, 3RD FLOOR, 55100
KUALA LUMPUR,
WILAYAH
PERSEKUTUAN, MALAYSIA.
COMPANY SECRETARY
1) Company Secretary : MR.
YEONG TUCK SENG
IC / PP No. : 2911672
New IC No. : 460316-10-5181
Address : 3, JALAN 21/18, SEA PARK, 46300 PETALING JAYA,
SELANGOR,
MALAYSIA.
BANKING
Banking relations are maintained principally with :
1) Banker Name : MALAYAN
BANKING BHD
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
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 Malaysia
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 : NO Percentage : 0
%
Overseas : YES Percentage : 100%
Import Countries : JAPAN, UNITED STATES.
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
OVERALL PAYMENT HABIT
Prompt [ ] Good [ X ] Average [ ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 10%
Domestic Markets : MALAYSIA.
Overseas : YES Percentage : 90%
Export Market : INDIA.
Credit Term : 30 - 60 DAYS.
Payment Mode : LETTER OF CREDIT (LC).
Type of Customer : END USERS.
OPERATIONS
Goods Traded : WATER FILTERS, WATER PUMPS &
RELATED PRODUCTS
Competitor(s) : UMW CORPORATION SDN BHD
TRACTORS
MALAYSIA (1982) SDN BHD
UMW
(EAST MALAYSIA) SDN BHD
DELCOM
SERVICES SDN BHD
MALAYSIAN
INTERNATIONAL TRADING CORPORATION (JAPAN) SDN BHD
Total Number of Employees :
YEAR 2007
GROUP N/A
COMPANY 2
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 : 03-92817885
Match : N/A
Address Provided By Client : 10-36A, JALAN PANDAN 2/1, PANDAN JAYA,
55100
KUALA
LUMPUR
Current Address : 10-36A, JALAN PANDAN 2/1, PANDAN
JAYA, 55100
KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with the SC's Managing Director, Mr Ong. He
furnished us some information on the SC.
FINANCIAL COMMENTS
Only one year account is available for the SC. Without any comparison
with previous year account, our comments on the SC's financial performance is
restricted.
COMMENTS
Incorporated in 2005 as a private limited company, the SC is principally
engaged in trading of water filters, water pumps and related products. The SC
is a private limited company and its shares are held equally by two major
shareholders. As the SC is a newly established company, it has yet to built up
a strong reputation in the market.
Being a small and young company, the SC has slowly been building up
contacts with its customers. We noted that the SC's major income is generated
via the overseas market as 90% of its products are exported to India. Such an
extensive network has well diversified its business risk and the SC is unlikely
to be affected by the uncertainties in the local economy. Currently, there are
only 2 employees in its business operations and the SC is overseen by Managing
Director, Ong Yoong Ah Heng.
During the financial year ended 2006, the SC's turnover and pre-tax
profit stood at RM1.31million and
RM362,109 respectively. Return on shareholders' funds was high,
indicating that the management was efficient in utilising its funds to generate
returns. Besides, the SC has an adequate liquidity position as well. This shows
that the SC would be able to repay all its short term obligations. Being a zero
geared company, the SC faces low financial risk.
Information revealed that all of the SC's supplies are imported from
Japan and United States. Being highly dependent on overseas suppliers and
customers, the SC is subjected to currency fluctuation risk.
Based on our databank, the SC's overall payment habit is good. The SC is
clear of any litigation.
The industry demonstrates a downward trend and the poor performance of
the industry is likely to impair the business performance of the SC. As the SC
faces stiff competition in the market, it is required to adopt more marketing
strategies in order to compete with other well established players in the same
field.
In view of the above and based on our assessment, we recommend credit be
granted to the SC normally.
THE FINANCIAL STATEMENTS WERE
PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
PROFIT
AND LOSS ACCOUNT
For
The Year Ended 31-December-2006
TRANSPACIFIC
TRADING SDN BHD
2006
MYR
TURNOVER 1,310,250
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PROFIT/(LOSS) FROM OPERATIONS 362,109
SHARE OF
PROFITS/(LOSSES) OF ASSOCIATED
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PROFIT/(LOSS)
BEFORE TAXATION 362,109
Taxation <78,678>
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PROFIT/(LOSS)
AFTER TAXATION 283,431
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PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS 283,431
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PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS 283,431
RETAINED
PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
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PROFIT
AVAILABLE FOR APPROPRIATIONS 283,431
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RETAINED
PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 283,431
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RETAINED BY: The Company 283,431
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283,431
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INTEREST
EXPENSE (as per notes to P&L)
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BALANCE SHEET
As
At 31-December-2006
2006
MYR
ASSETS
EMPLOYED:
FIXED ASSETS 5,978
LONG
TERM INVESTMENTS/OTHER ASSETS
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INTANGIBLE
ASSETS
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TOTAL LONG
TERM ASSETS 5,978
CURRENT
ASSETS
Stocks 206,233
Trade debtors 17,400
Items in
transit between head office & branches
Cash &
bank balances 239,992
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TOTAL CURRENT
ASSETS 463,625
CURRENT
LIABILITIES
Trade
creditors 703
Other
creditors & accruals 93,568
Amounts owing
to director 13,221
Provision for
taxation 78,190
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TOTAL CURRENT
LIABILITIES 185,682
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NET CURRENT
ASSETS/(LIABILITIES) 277,943
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TOTAL NET
ASSETS 283,921
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FINANCED
BY:
SHARE CAPITAL
Ordinary share
capital 2
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TOTAL SHARE
CAPITAL 2
RESERVES
Retained
profit/(Accumulated loss) carried
forward 283,431
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TOTAL
RESERVES 283,431
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SHAREHOLDERS'
FUNDS/EQUITY 283,433
LONG TERM
& DEFERRED LIABILITIES & PROVISIONS
Deferred
taxation 488
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TOTAL LONG TERM & DEFERRED
LIABILITIES &
PROVISIONS 488
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283,921
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FINANCIAL RATIOS
As
At 31-December-2006
2006
MYR
TYPES OF
FUNDS
Cash 239,992
Net Liquid
Funds 239,992
Net Liquid
Assets 71,710
Net Current
Assets/(Liabilities) 277,943
Net Tangible
Assets 283,921
Net Monetary
Assets 71,222
BALANCE
SHEET ITEMS
Total
Borrowings 0
Total
Liabilities 186,170
Total Assets 469,603
Net Assets 283,921
Net Assets
Backing 283,433
Shareholders''
Funds 283,433
Total Share
Capital 2
Total
Reserves 283,431
LIQUIDITY
(Times)
Cash Ratio 1.29
Liquid Ratio 1.39
Current Ratio 2.50
WORKING
CAPITAL CONTROL (Days)
Stock Ratio 57
Debtors Ratio 5
Creditors
Ratio 0
SOLVENCY
RATIOS (Times)
Gearing Ratio 0
Liabilities
Ratio 0.66
Times
Interest Earned Ratio 0
PERFORMANCE
RATIO (%)
Operating
Profit Margin 27.64
Net Profit
Margin 21.63
Return On Net
Assets 127.54
Return On
Capital Employed 127.54
Return On
Shareholders'' Funds/Equity 100.00
Dividend Pay
Out Ratio (Times) 0
NOTES
TO ACCOUNTS
Contingent
Liabilities 0
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)