|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
598487-D
|
|
COMPANY NAME
|
:
|
SOOI KEONG TRADING SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
11/11/2002
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
50-1, JALAN BUNGA TANJUNG 10, TAMAN MUDA, CHERAS, 56100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
50, 50-1 & 50-2, JALAN BUNGA TANJUNG 10, TAMAN MUDA, CHERAS,
56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-42930028
|
|
FAX.NO.
|
:
|
03-42960028
|
|
CONTACT PERSON
|
:
|
YAP HON CHUNG ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51222
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING IN SEAFOOD AND MEAT PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 100,000 CASH AND 400,000 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 10,537,482 [2006]
|
|
NET WORTH
|
:
|
MYR 773,472 [2006]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
12 [2008]
|
|
BANKER (S)
|
:
|
|
PUBLIC
BANK BHD
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
|
|
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 seafood and
meat 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. YAP SOOI KEONG +
|
17, JALAN 3, TAMAN LEN SEN, CHERAS, 56100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
710518-10-5437
A1865055
|
499,999.00
|
|
MR. YAP HON CHUNG +
|
7, KAMPUNG SETINGGAN, JALAN TAMAN RAJAWALI, JALAN CHERAS, 56100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
790812-14-5985
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. YAP HON CHUNG
|
|
Address
|
:
|
7, KAMPUNG SETINGGAN, JALAN TAMAN RAJAWALI, JALAN CHERAS, 56100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
790812-14-5985
|
|
Date of Birth
|
:
|
12/08/1979
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. YAP SOOI KEONG
|
|
Address
|
:
|
17, JALAN 3, TAMAN LEN SEN, CHERAS, 56100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A1865055
|
|
New IC No
|
:
|
710518-10-5437
|
|
Date of Birth
|
:
|
18/05/1971
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
YAP HON CHUNG
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
S K TEE & CO
|
|
Auditor' Address
|
:
|
8, JALAN NYONYA, PUDU, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. TANG KOK KEE
|
|
|
IC / PP No
|
:
|
2767421
|
|
|
New IC No
|
:
|
450813-10-5239
|
|
|
Address
|
:
|
4A, JALAN 1/9, SECTION 1, BANDAR TEKNOLOGI KAJANG, 43500 SEMENYIH,
SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
|
2)
|
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
|
:
|
14/09/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,900,000.00
|
|
Description Of Property Affected
|
:
|
|
ALL THAT PIECE OF LAND HELD UNDER HSD 98693, PT 5110, KUALA LUMPUR
TOGETHER WITH ONE UNIT OF 3 STOREY SHOP OFFICE
|
|
|
Name & Address Of Chargee
|
:
|
|
UNITED
OVERSEAS BANK (MALAYSIA) BHD
|
|
408-410,
JALAN PUDU, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 22/09/2006
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
14/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of Property Affected
|
:
|
|
1 UNIT 1 1/2 STOREY TERRACE FACTORY KNOWN AS 15, JLN MEWAH 3/3,
HARTA INDUSTRIAL CENTRE, PANDAN MEWAH, 68000 AMPANG, SELANGOR HELD UNDER
HSM 32702 PT 32538, EMPANG, ULU LANGAT, SELANGOR
|
|
|
Name & Address Of Chargee
|
:
|
|
PUBLIC BANK BHD
|
|
275 & 277, JALAN MAHKOTA, TAMAN MALURI,CHERAS, 55100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 24/08/2007
|
|
Registered and Numbered 3 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
|
:
|
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
|
[
|
X
|
]
|
|
|
Fair
|
[
|
|
]
|
|
Poor
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
95%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
15%
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
Type of Customer
|
:
|
END USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
SEAFOOD AND MEAT PRODUCTS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
ASIA MARINE PRODUCTS SDN BHD
|
|
ATLASIC (MALAYSIA) SDN BHD
|
|
HAI KEE HUNG SDN BHD
|
|
THAI CHIA MARKETING SDN BHD
|
|
TROPICAL CONSOLIDATED CORPORATION SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
2005
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
12
|
9
|
9
|
9
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading in seafood and
meat products.
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
|
:
|
03-42930028
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
50, 50-1 & 50-2 JLN BUNGA TG 10, TMN MUDA, CHERAS, 56100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN.
|
|
Current Address
|
:
|
50, 50-1 & 50-2, JALAN BUNGA TANJUNG 10, TAMAN MUDA, CHERAS,
56100 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 Chin. She
furnished us some information on the SC.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
6.97%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
164.02%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
25.45%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
13.21%
|
]
|
The lower turnover could be due to the unfavourable market conditions. The
higher profit could be attributed to the increase in turnover. The SC's
management had generated acceptable return for its shareholders using its
assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
3 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
124 Days
|
]
|
|
Creditors Ratio
|
:
|
Unfavourable
|
[
|
71 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
|
:
|
Acceptable
|
[
|
0.83 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.85 Times
|
]
|
The SC's liquid ratio was slightly low. This could indicate that the SC's
working capital was slightly deficient. The SC will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due.
Solvency
|
Interest Cover
|
:
|
Acceptable
|
[
|
3.25 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
2.94 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:
Due to the
efficient control of its operating costs, the SC was able to remain
profitable despite lower turnover achieved during the year. The SC's
liquidity was at an acceptable range. If the SC is able to obtain further
short term financing, it should be able to meet all its short term
obligations. 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 : FAIR
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
|
6.3
|
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
|
3.4
|
|
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
|
6.0
|
|
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
|
1.8
|
|
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
|
5.5
|
|
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
|
7.7
|
|
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
|
|
51222 : Wholesale of fish and other seafood
|
|
|
|
|
INDUSTRY :
|
AGRICULTURE
|
|
|
|
|
In the agriculture sector, growth is expected to strengthen to 3.4% in year
2008, supported by the recovery in output of major industrial crops, namely
palm oil and rubber. Amidst the biological yield up-cycle of palm trees,
palm oil output is projected to trend higher to 16.25 million tonnes
supported by the recovery in yields. Similarly, output of rubber is
expected to record a positive growth assuming normal weather conditions
would support both yields and tapping activities. The projected high prices
are also expected to stimulate tapping activity during the year, especially
among the smallholders. Growth in the agriculture sector is also likely to
emanate from activity related to food crops, such as livestock and
fisheries, due to improved rearing methods and expansion in deepsea
fishing.
|
|
The Government's continuous efforts to transform the agriculture sector
into an important engine of growth can be seen through various programmes
initiated by respective agencies, including high impact agricultural
projects such as setting up of the National Feedlot Centre and Permanent
Food Production Parks, nurturing agro-entrepreneurs as well as promoting
contract farming. The proposed agriculture related developments in the
Northern Corridor Economic Region (NCER) is envisaged to further boost the
contribution of the agriculture sector to GDP growth.
|
|
The Ninth Malaysia Plan emphasises on New Agriculture which involves large
scale commercial farming, wider application of modern technology,
production of high quality and value added products, application of
biotechnology and ICT. The government has allocated RM11.41 bil which
represents a 70% increase, or additional RM4.7 billion under the Ninth
Malaysia Plan (9MP) to transform the agriculture sector into a modern,
dynamic and competitive sector.
|
|
Export receipts of agriculture commodities for the first half of 2007,
increased 13.6% to RM20,044 million (January-June 2006: 3.8%; RM17,640
million), representing 7.1% of gross exports (January-June 2006: 6.4%).
|
|
Note : The Ninth Malaysia Plan (9MP) was tabled in Parliament on March 31,
2006, is the five-year blueprints within the new National Mission policy
and implementation framework from now until 2010. Malaysia is expected to
see some structural changes and improved performance in the economy.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Mature
|
COMMENTS
|
Established in 2002, the SC is a private limited company with core business
in the trading in seafood and meat products. Throughout its years of
establishment, the SC has slowly been building up contacts with its clients
and competing in the industry. The SC is considered as a medium size
company with issued and paid up capital standing at RM500,000.
|
|
With its continuous expansion, the SC has slowly been expanding its
business operations to overseas countries among Asia. This global move
should have benefited the SC in term of higher earnings and lower its
business risk. However, with around 95% of its income are generated from
the local market, the SC is vulnerable to the changes in the local market.
Headed by its Director, Yap Hon Chung, the SC currently has about 12 staff
in its business operations. The overall management capability of the SC is
considered as average.
|
|
For the financial year ended 2006, the SC's turnover decreased from RM11.33
million to RM10.54 million. Despite the lower turnover, the SC's pre-tax
profit grew 164.02% from RM95,368 to RM251,791. Return on shareholders'
funds of the SC was at an acceptable range which indicated that the
management was efficient in utilising its funds to generate income. The SC
managed to maintain an adequate liquidity level, indicating that the SC has
the ability to meet its financial obligations. Unfortunately, the SC has a
high gearing ratio of 2.94 times which has placed the SC at high financial
risk. Nevertheless, the SC maintain a positive net worth standing at
RM773,472, we believe the SC is able to enhance its business in the near
term.
|
|
Investigation revealed that the SC sources its raw materials from both
local and overseas countries. About 40% of the SC's products are imported
from Asia countries. As a result, the SC is exposed to foreign currency
fluctuation risk.
|
|
Based on our financial historical data, we concluded that the SC's overall
payment habit is average.
|
|
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the SC's growth prospect is very much
depends on its capacity in sustaining its performance in the market.
|
|
Based on the above condition, we recommend a moderate amount of credit be
granted to the SC normally.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
SOOI KEONG TRADING
SDN BHD
|
|
For The Year
Ended 31-December-2006
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
10,537,482
|
11,327,426
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
251,791
|
95,368
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
251,791
|
95,368
|
|
Taxation
|
<54,950>
|
<33,000>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
196,841
|
------------
62,368
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
196,841
|
------------
62,368
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
196,841
|
------------
62,368
|
|
As previous reported
|
76,631
|
14,263
|
|
|
|
|
|
As restated
|
------------
76,631
|
------------
14,263
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
273,472
|
76,631
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
273,472
==========
|
------------
76,631
==========
|
|
RETAINED BY: The Company
|
273,472
|
76,631
|
|
|
|
|
|
|
|
|
|
|
------------
273,472
==========
|
------------
76,631
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Term loan
|
34,665
|
6,795
|
|
Bank overdraft
|
71,520
|
25,880
|
|
|
|
|
|
Hire purchase
|
5,596
|
10,750
|
|
|
|
|
|
|
------------
111,781
==========
|
------------
43,425
==========
|
|
|
|
|
BALANCE SHEET
|
SOOI KEONG
TRADING SDN BHD
|
|
As At
31-December-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
3,448,519
|
941,314
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Development
properties/expenditure
|
22,789
|
-
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
22,789
|
------------
-
|
|
TOTAL LONG TERM ASSETS
|
------------
3,471,308
|
------------
941,314
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
90,392
|
95,988
|
|
|
|
|
|
Trade debtors
|
3,571,993
|
3,845,083
|
|
Other debtors, deposits &
prepayments
|
287,398
|
175,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
30,551
|
14,042
|
|
TOTAL CURRENT ASSETS
|
------------
3,980,334
|
------------
4,130,763
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
2,045,283
|
3,113,037
|
|
Other creditors & accruals
|
788,625
|
465,071
|
|
Hire purchase & lease
creditors
|
10,208
|
31,605
|
|
Bank overdraft
|
74,463
|
80,602
|
|
Short term borrowings/Term
loans
|
213,936
|
70,711
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
876,000
|
-
|
|
|
|
|
|
|
|
|
|
Amounts owing to director
|
627,878
|
413,128
|
|
Provision for taxation
|
63,450
|
8,500
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
4,699,843
|
------------
4,182,654
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<719,509>
|
------------
<51,891>
|
|
TOTAL NET ASSETS
|
------------
2,751,799
==========
|
------------
889,423
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
500,000
|
------------
500,000
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
273,472
|
76,631
|
|
|
|
|
|
TOTAL RESERVES
|
------------
273,472
|
------------
76,631
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
773,472
|
------------
576,631
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
Long term loans
|
1,978,327
|
312,792
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
1,978,327
|
------------
312,792
|
|
|
------------
|
------------
|
|
|
2,751,799
|
889,423
|
|
|
==========
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
SOOI KEONG
TRADING SDN BHD
|
|
As At
31-December-2006
|
|
|
|
|
|
|
2006
|
2005
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
30,551
|
14,042
|
|
Net Liquid Funds
|
<257,848>
|
<137,271>
|
|
Net Liquid Assets
|
<809,901>
|
<147,879>
|
|
Net Current Assets/(Liabilities)
|
<719,509>
|
<51,891>
|
|
Net Tangible Assets
|
2,751,799
|
889,423
|
|
Net Monetary Assets
|
<2,788,228>
|
<460,671>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
2,276,934
|
495,710
|
|
Total Liabilities
|
6,678,170
|
4,495,446
|
|
Total Assets
|
7,451,642
|
5,072,077
|
|
Net Assets
|
2,751,799
|
889,423
|
|
Net Assets Backing
|
773,472
|
576,631
|
|
Shareholders" Funds
|
773,472
|
576,631
|
|
Total Share Capital
|
500,000
|
500,000
|
|
Total Reserves
|
273,472
|
76,631
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.01
|
0
|
|
Liquid Ratio
|
0.83
|
0.96
|
|
Current Ratio
|
0.85
|
0.99
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
3
|
3
|
|
Debtors Ratio
|
124
|
124
|
|
Creditors Ratio
|
71
|
100
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
2.94
|
0.86
|
|
Liabilities Ratio
|
8.63
|
7.80
|
|
Times Interest Earned Ratio
|
3.25
|
3.20
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
2.39
|
0.84
|
|
Net Profit Margin
|
1.87
|
0.55
|
|
Return On Net Assets
|
13.21
|
15.60
|
|
Return On Capital Employed
|
11.92
|
12.94
|
|
Return On Shareholders'
Funds/Equity
|
25.45
|
10.82
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
