|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
637819-V
|
|
COMPANY NAME
|
:
|
NRS GLOBAL PARTNERS SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
23/12/2003
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
47A, JALAN BATAI LAUT 5, KAWASAN 16, TAMAN INTAN, 41300
KLANG, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
30, JALAN 3/146, BANDAR TASIK SELATAN, 57000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-90563881
|
|
FAX.NO.
|
:
|
03-90564881
|
|
EMAIL
|
:
|
info@nrsint.com
|
|
WEB SITE
|
:
|
www.nrsint.com
|
|
CONTACT PERSON
|
:
|
TAN JIAN LOONG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
5191
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF RUBBER LATEX PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP
CAPITAL
|
:
|
MYR 200,000.00
DIVIDED INTO
ORDINARY SHARES 200,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 2,811,796 [2006]
|
|
NET WORTH
|
:
|
MYR 521,987 [2006]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
20 [2008]
|
|
BANKER (S)
|
:
|
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
FAIR
|
|
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 of rubber latex
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
|
|
MR. TAN JIAN LOONG +
|
9, JALAN SS 2/107, 47300 PETALING JAYA, SELANGOR,
MALAYSIA.
|
641230-10-6741
A0039287
|
199,999.00
|
|
MR. CHANG AH KAU
|
51, JALAN SS 5A/16, KELANA JAYA, 47301 PETALING JAYA,
SELANGOR, MALAYSIA.
|
481102-10-5509
1133620
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
200,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MAH MENG KONG
|
|
Address
|
:
|
102, JALAN AWAN JAWA, TAMAN OVERSEAS UNION, BATU 5,
JALAN KLANG LAMA, 58200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4066657
|
|
New IC No
|
:
|
510521-06-5257
|
|
Date of Birth
|
:
|
21/05/1951
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TAN JIAN LOONG
|
|
Address
|
:
|
9, JALAN SS 2/107, 47300 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
A0039287
|
|
New IC No
|
:
|
641230-10-6741
|
|
Date of Birth
|
:
|
30/12/1964
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
23/12/2003
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TAN JIAN LOONG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
LEE TECK LEONG & CO
|
|
Auditor' Address
|
:
|
47, JALAN BATAI LAUT 5, KAWASAN 16, TAMAN INTAN, 41300
KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. LEE KUE LIAN
|
|
|
IC / PP No
|
:
|
6058415
|
|
|
New IC No
|
:
|
601017-10-5524
|
|
|
Address
|
:
|
26, LEBOH RAJAWALI, TAMAN BERKELEY, 41150 KLANG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
UNITED OVERSEAS BANK (MALAYSIA) 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
|
:
|
09/12/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM400,000.00
|
|
Description Of Property Affected
|
:
|
|
HS(D) 72931 PT 3849, MUKIM PETALING, DAERAH KUALA
LUMPUR
|
|
|
Name & Address Of Chargee
|
:
|
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
6, JALAN KENARI 6, BANDAR PUCHONG JAYA, 47100 PUCHONG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 17/12/2004
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
09/12/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM400,000.00
|
|
Description Of Property Affected
|
:
|
|
HS(D) 72931 PT 3849, MUKIM PETALING, DAERAH KUALA
LUMPUR
|
|
|
Name & Address Of Chargee
|
:
|
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
6 JALAN KENARI 5, BANDAR PUCHONG JAYA, 47100 PUCHONG,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 17/12/2004
|
|
Registered and Numbered 2 In The Register of Charges
|
LEGAL
CHECK AGAINST SC
* A check has been conducted in our databank againt 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 databank.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
60%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
40%
|
|
Import Countries
|
:
|
EUROPE,ASIA
|
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
|
[
|
|
]
|
|
Average
|
[
|
|
]
|
|
|
Fair
|
[
|
X
|
]
|
|
Poor
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
80%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
20%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
Type of Customer
|
:
|
END USERS
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
RUBBER LATEX PRODUCTS - CONDOMS, TRANSDUCES PROBE,
LATEX DENTAL DAMS, GLOVES AND OTHERS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
CEPCO TRADING SDN BHD
|
|
CITY MARINE SDN BHD
|
|
ETOWA CORPORATION (M) SDN BHD
|
|
GUNUNG RESOURCES SDN BHD
|
|
VARITRONIX (MALAYSIA) SDN BHD
|
|
|
|
|
|
|
Member(s) /
Affiliate(s)
|
:
|
|
SMI ASSOCIATION OF MALAYSIA
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
2005
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
20
|
13
|
9
|
9
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of rubber latex
products.
The SC offers a wide range of products including condoms, transducer probe,
latex dental dam, gloves, resistance bands & tubes and lubricating jelly.
PROJECTS
No projects found in our databank
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
|
:
|
03-90563881
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO. 30 JALAN 3/146 BANDAR TASIK SELATAN 5700 KUALA
LUMPUR
|
|
Current Address
|
:
|
30, JALAN 3/146, BANDAR TASIK SELATAN, 57000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with the SC's staff from Account Dept, Ms Zira. She
furnished us some information on the SC.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
4.08%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
71.18%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
12.81%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
12.97%
|
]
|
The lower turnover could be due to the unfavourable market conditions. The
SC's profit fell sharply because of the high operating costs incurred. The
SC's management had generated acceptable return for its shareholders using
its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
13 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
86 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
196 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The SC's debtors ratio was high. The
SC should tighten its credit control and improve its collection period. The unfavourable
creditors' ratio could be due to the SC taking advantage of the credit
granted by its suppliers. However this may affect the goodwill between the SC
and its suppliers and the SC may inadvertently have to pay more for its
future supplies.
Liquidity:
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.62 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.66 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital
deficiency. If the SC cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations.
Solvency
|
Interest Cover
|
:
|
Acceptable
|
[
|
3.38 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.57 Times
|
]
|
The SC's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the SC is able to
generate sufficient income to service its interest and repay the loans. The
SC was highly geared, thus it had a high financial risk. The SC was dependent
on loans to finance its business needs. In times of economic downturn and /
or high interest rate, the SC will become less profitable and competitive
than other firms in the same industry, which are lowly geared. This is
because the SC has to service the interest and to repay the loan, which will
erode part of its profits. The profits will fluctuate depending on the SC's
turnover and the interest it needs to pay.
Overall Accessment:
The
SC's performance deteriorated over the years with lower turnover and profit.
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 had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
SC's profit, we do believe the SC is able to generate sufficient cash flow to
service its interest payment. The SC's gearing level was high and its going
concern will be in doubt if there is no injection of additional shareholders'
funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : LIMITED
ECONOMIC
/ INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
25.58
|
26.13
|
26.64
|
27.17
|
27.73
|
|
Gross Domestic Products ( % )
|
7.1
|
5.3
|
5.8
|
6.0
|
6.5
|
|
Domestic Demand ( % )
|
7.5
|
7.3
|
7.0
|
9.0
|
6.8
|
|
Private Expenditure ( % )
|
13.1
|
9.5
|
7.0
|
8.6
|
8.2
|
|
Consumption ( % )
|
10.5
|
9.2
|
7.1
|
9.0
|
7.9
|
|
Investment ( % )
|
25.8
|
8.5
|
7.0
|
7.1
|
9.5
|
|
Public Expenditure ( % )
|
<2.1>
|
3.6
|
6.8
|
10.1
|
3.2
|
|
Consumption ( % )
|
6.0
|
5.4
|
5.0
|
10.8
|
5.5
|
|
Investment ( % )
|
<8.7>
|
1.9
|
8.9
|
9.3
|
0.5
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
80,663
|
99,760
|
108,192
|
99,965
|
99,599
|
|
Government Finance ( MYR Million )
|
<19,419>
|
<18,684>
|
<19,109>
|
<19,948>
|
<20,933>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<4.3>
|
<3.8>
|
<3.3>
|
<3.2>
|
<3.1>
|
|
Inflation ( % Change in Composite CPI)
|
1.4
|
3.1
|
3.9
|
4.0
|
4.0
|
|
Unemployment Rate
|
3.5
|
3.5
|
3.4
|
3.5
|
3.3
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
254
|
266
|
290
|
-
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
13.84
|
13.63
|
12.91
|
-
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
8.46
|
6.74
|
5.41
|
-
|
-
|
|
Average Base Lending Rate ( % )
|
5.99
|
6.00
|
6.61
|
-
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
8.7
|
<2.5>
|
-
|
-
|
|
Foreign Investment ( MYR Million )
|
13,143.9
|
17,882.9
|
20,228.0
|
-
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
38,580
|
37,474
|
38,293
|
-
|
-
|
|
Registration of New Companies ( % )
|
6.8
|
<2.9>
|
2.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
3,334
|
3,069
|
8,647
|
-
|
-
|
|
Liquidation of Companies ( % )
|
<15.8>
|
<7.9>
|
181.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
189,206
|
193,095
|
216,147
|
-
|
-
|
|
Registration of New Business ( % )
|
4.6
|
2.1
|
11.9
|
-
|
-
|
|
Business Dissolved ( No. )
|
51,301
|
73,355
|
52,879
|
-
|
-
|
|
Business Dissolved ( % )
|
7.0
|
43.0
|
<27.9>
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
380.6
|
400.8
|
374.1
|
-
|
-
|
|
Cellular Phone Subscribers ( Million )
|
14.6
|
18.5
|
19.5
|
21.3
|
-
|
|
Tourist Arrival ( Million Persons )
|
15.7
|
16.7
|
17.5
|
20.1
|
-
|
|
Hotel Occupancy Rate ( % )
|
60.8
|
63.6
|
64.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
19.3
|
13.9
|
15.4
|
-
|
-
|
|
Bad Cheque Offenders (No.)
|
70,465
|
57,316
|
36,555
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
16,251
|
15,868
|
13,596
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
31.6
|
<2.4>
|
<14.3>
|
-
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2004
|
2005
|
2006
|
2007*
|
2008**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.0
|
2.5
|
5.3
|
3.1
|
3.5
|
|
Palm Oil
|
3.9
|
7.1
|
5.8
|
<0.6>
|
-
|
|
Rubber
|
16.5
|
<2.9>
|
12.6
|
1.0
|
-
|
|
Forestry & Logging
|
4.3
|
2.0
|
<0.4>
|
2.8
|
-
|
|
Fishing
|
5.5
|
<0.4>
|
9.3
|
5.2
|
-
|
|
Other Agriculture
|
2.4
|
3.2
|
5.3
|
7.0
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
620.3
|
563.7
|
516.5
|
487.3
|
0
|
|
% of Industry Non-Performing Loans
|
1.38
|
1.19
|
1.06
|
1.08
|
0
|
|
|
|
|
|
|
|
|
Mining
|
3.9
|
0.8
|
<0.4>
|
3.3
|
4.0
|
|
Oil & Gas
|
4.5
|
1.6
|
4.6
|
-
|
-
|
|
Other Mining
|
<8.0>
|
<1.0>
|
5.1
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
62.6
|
68.8
|
55.4
|
42.2
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
9.8
|
5.1
|
7.3
|
3.1
|
3.8
|
|
Exported-oriented Industries
|
15.5
|
3.0
|
11.1
|
<1.9>
|
-
|
|
Electrical & Electronics
|
17.8
|
3.6
|
13.4
|
3.0
|
-
|
|
Rubber Products
|
14.8
|
2.4
|
0.4
|
8.0
|
-
|
|
Wood Products
|
12.7
|
0.9
|
0.7
|
3.3
|
-
|
|
Textiles & Apparel
|
<11.7>
|
<4.4>
|
12.6
|
<10.1>
|
-
|
|
Domestic-oriented Industries
|
9.7
|
6.9
|
5.0
|
5.3
|
-
|
|
Food, Beverages & Tobacco
|
3.8
|
7.7
|
4.8
|
5.6
|
-
|
|
Chemical & Chemical Products
|
14.6
|
6.9
|
1.7
|
9.2
|
-
|
|
Plastic Products
|
13.5
|
18.6
|
21.3
|
<3.6>
|
-
|
|
Iron & Steel
|
2.7
|
<6.7>
|
<6.9>
|
17.5
|
-
|
|
Fabricated Metal Products
|
29.2
|
<7.5>
|
20.0
|
26.2
|
-
|
|
Non-metallic Mineral
|
<4.8>
|
<6.0>
|
<1.9>
|
6.6
|
-
|
|
Transport Equipment
|
8.6
|
10.4
|
5.3
|
<19.0>
|
-
|
|
Paper & Paper Products
|
2.3
|
4.6
|
4.1
|
14.9
|
-
|
|
Crude Oil Refineries
|
<2.4>
|
8.2
|
12.1
|
8.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
7,765.4
|
6,035.6
|
6,181.3
|
6,366.2
|
-
|
|
% of Industry Non-Performing Loans
|
17.3
|
12.7
|
12.7
|
14.1
|
-
|
|
|
|
|
|
|
|
|
Construction
|
<1.5>
|
<1.6>
|
<0.5>
|
5.2
|
6.3
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,547.7
|
5,172.7
|
5,527.3
|
5,116.7
|
-
|
|
% of Industry Non-Performing Loans
|
12.4
|
10.9
|
11.4
|
11.3
|
-
|
|
|
|
|
|
|
|
|
Services
|
6.8
|
6.6
|
7.2
|
9.0
|
8.6
|
|
Electric, Gas & Water
|
8.1
|
5.5
|
5.2
|
4.6
|
5.0
|
|
Transport, Storage & Communication
|
8.5
|
6.3
|
5.2
|
7.6
|
7.8
|
|
Wholesale, Retail, Hotel & Restaurant
|
7.1
|
8.0
|
7.1
|
11.6
|
10.0
|
|
Finance, Insurance & Real Estate
|
6.3
|
7.0
|
7.7
|
10.7
|
9.2
|
|
Government Services
|
6.5
|
7.6
|
9.8
|
4.6
|
8.6
|
|
Other Services
|
4.9
|
5.0
|
4.7
|
5.0
|
5.9
|
|
Industry Non-Performing Loans ( MYR Million )
|
8,913.7
|
8,716.8
|
11,593.2
|
10,207.8
|
-
|
|
% of Industry Non-Performing Loans
|
19.9
|
18.4
|
23.9
|
22.6
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
5191 : Other wholesale
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
Retail sales in Malaysia are expected to rise by 6.7% in the first half of
2008 to RM40.5million due to the strong consumer confident sentiment.
According to the Retail Group Malaysia, retail sales were up 8.2% in the
first half of 2007 compared to the same period in 2006. The strong retail
growth is attributed to a strong performing economy, urban migration,
stable employment, an expanding population as well as increasing tourist
arrivals. Besides, increased attention by the government on development
reforms and infrastructure would aid economic activity, despite Malaysia's
real gross domestic products (GDP) growth would slow to 4.8% this year.
|
|
It is undeniable that the Visit Malaysia Year is a success by any measure
as the government has extended the VMT to Aug 31, 2008. The opening of new
mega shopping complexes has spurred domestic retail spending and attracted
greater tourist arrivals.
|
|
Malaysian retailers in the country can look forward to another two years of
robust growth, ringing up sales to the tune of RM69.3 billion in 2008 and
RM74.88 billion in 2009. In 2008, RGM projects another eight per cent
growth due to the uncertain US economy, which makes it too early to reduce
or increase the projection as the situation is still being observed.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS
|
Established in 2003 as a private limited company, the SC is principally
engaged in trading of rubber latex products, including condoms, transducer
probe, latex dental dam and etc. Being a small and young company with a
paid up capital of RM200,000, the SC has slowly been building up contacts
with its customers as it has yet to enjoy a stable market shares in the
industry.
|
|
In an effort to further grow its business, the SC has broaden its reach and
penetrated into the foreign market. We noted that about 20% of its income
is generated via Asia countries. This global approach has enabled the SC
exposes to lower business risk and better growth prospect can be expected.
Currently, the SC is overseen by Managing Director, Tan Jian Loong assisted
by 20 staff in its operations. The SC's overall management capability can
be considered average.
|
|
In 2006, the SC's pre-tax profit dropped dramatically by 71.17% to RM93,838,
given a decrease of its turnover 4.08% to RM2.81million. Return on
shareholders' funds was at an acceptable range, indicating that the
management was efficient in utilising its funds to generate returns.
However, the SC's liquidity ratio was slightly low at 0.62 times which
shows that the SC was not be able to meet its current obligations. Besides,
a high gearing ratio places the SC at high financial risk.
|
|
Apart from sourcing its products locally, 40% of its products are imported
from overseas countries. Being involved in import and export activities,
the SC might be exposed to forex risk and the high operating costs which in
turn may squeeze its profit margin.
|
|
Based on our historical financial data, the SC's overall payment habit is
fair. The SC is clear of any litigation.
|
|
The industry continues to be attractive and its upward trend is likely to
sustain in the near term. With the promising outlook of the industry
performance, this will present more business opportunities for the SC. As
the SC is newly established, it is required to employ aggressive marketing
strategies in order to capture higher market shares and compete with other
well established players.
|
|
In view of the above, we recommend credit be granted to the SC normally.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
NRS GLOBAL
PARTNERS SDN BHD
|
|
For The Year
Ended 31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
2,811,796
|
2,931,513
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
93,838
|
325,598
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
93,838
|
325,598
|
|
Taxation
|
<26,968>
|
<95,838>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
66,870
|
------------
229,760
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
66,870
|
------------
229,760
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
66,870
|
------------
229,760
|
|
As previous reported
|
255,117
|
25,357
|
|
|
|
|
|
As restated
|
------------
255,117
|
------------
25,357
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
321,987
|
255,117
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
321,987
==========
|
------------
255,117
==========
|
|
RETAINED BY: The Company
|
321,987
|
255,117
|
|
|
|
|
|
|
|
|
|
|
------------
321,987
==========
|
------------
255,117
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Term loan
|
23,663
|
19,149
|
|
Bank overdraft
|
15,688
|
18,594
|
|
|
|
|
|
|
------------
39,351
==========
|
------------
37,743
==========
|
|
|
|
|
BALANCE SHEET
|
NRS GLOBAL
PARTNERS SDN BHD
|
|
As At
31-December-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
1,917,162
|
1,594,140
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
1,917,162
|
------------
1,594,140
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
100,482
|
85,550
|
|
|
|
|
|
Trade debtors
|
659,472
|
734,543
|
|
Other debtors,
deposits & prepayments
|
557,033
|
334,987
|
|
Short term deposits
|
159,300
|
183,150
|
|
Amount due from
director
|
83,808
|
-
|
|
Cash & bank
balances
|
117,677
|
104,349
|
|
|
|
|
|
Tax recoverable
|
34,429
|
-
|
|
TOTAL CURRENT ASSETS
|
------------
1,712,201
|
------------
1,442,579
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
1,510,373
|
1,182,544
|
|
Other creditors
& accruals
|
489,333
|
546,904
|
|
Hire purchase &
lease creditors
|
53,797
|
-
|
|
Bank overdraft
|
258,745
|
296,863
|
|
Short term
borrowings/Term loans
|
40,801
|
40,020
|
|
|
|
|
|
Deposits from
customers
|
249,356
|
91,138
|
|
|
|
|
|
Amounts owing to
director
|
-
|
37,477
|
|
Provision for
taxation
|
-
|
40,587
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
2,602,405
|
------------
2,235,533
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<890,204>
|
------------
<792,954>
|
|
TOTAL NET ASSETS
|
------------
1,026,958
==========
|
------------
801,186
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
200,000
|
200,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
200,000
|
------------
200,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
Retain
profit/(Accumulated loss) carried forward
|
321,987
|
255,117
|
|
|
|
|
|
TOTAL RESERVES
|
------------
321,987
|
------------
255,117
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
521,987
|
------------
455,117
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
Long term loans
|
282,211
|
316,829
|
|
|
|
|
|
|
|
|
|
Hire purchase
creditors
|
181,465
|
-
|
|
Deferred taxation
|
41,295
|
29,240
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
504,971
|
------------
346,069
|
|
|
------------
|
------------
|
|
|
1,026,958
|
801,186
|
|
|
==========
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
NRS GLOBAL
PARTNERS SDN BHD
|
|
As At
31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
276,977
|
287,499
|
|
Net Liquid Funds
|
<22,569>
|
<49,384>
|
|
Net Liquid Assets
|
<990,686>
|
<878,504>
|
|
Net Current
Assets/(Liabilities)
|
<890,204>
|
<792,954>
|
|
Net Tangible Assets
|
1,026,958
|
801,186
|
|
Net Monetary Assets
|
<1,495,657>
|
<1,224,573>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
817,019
|
653,712
|
|
Total Liabilities
|
3,107,376
|
2,581,602
|
|
Total Assets
|
3,629,363
|
3,036,719
|
|
Net Assets
|
1,026,958
|
801,186
|
|
Net Assets Backing
|
521,987
|
455,117
|
|
Shareholders"
Funds
|
521,987
|
455,117
|
|
Total Share Capital
|
200,000
|
200,000
|
|
Total Reserves
|
321,987
|
255,117
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.11
|
0.13
|
|
Liquid Ratio
|
0.62
|
0.61
|
|
Current Ratio
|
0.66
|
0.65
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
13
|
11
|
|
Debtors Ratio
|
86
|
91
|
|
Creditors Ratio
|
196
|
147
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
1.57
|
1.44
|
|
Liabilities Ratio
|
5.95
|
5.67
|
|
Times Interest
Earned Ratio
|
3.38
|
9.63
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit
Margin
|
3.34
|
11.11
|
|
Net Profit Margin
|
2.38
|
7.84
|
|
Return On Net Assets
|
12.97
|
45.35
|
|
Return On Capital
Employed
|
9.65
|
31.93
|
|
Return On
Shareholders' Funds/Equity
|
12.81
|
50.48
|
|
Dividend Pay Out
Ratio (Times)
|
0
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0.00
|
85,500.00
|
|
|
|
|
|
