|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
25736/89-S
|
|
COMPANY NAME
|
:
|
HOMCO MARKETING
|
|
COMMENCEMENT DATE
|
:
|
01/06/1989
|
|
|
|
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EXPIRY DATE
|
:
|
N/A
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BUSINESS CONSTITUTION
|
:
|
SOLE PROPRIETORSHIP
|
|
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|
|
|
BUSINESS ADDRESS
|
:
|
16F, LORONG ELLIS, 10 JALAN ELLIS, 93300 KUCHING, SARAWAK, MALAYSIA.
|
|
TEL.NO.
|
:
|
082-427172
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|
FAX.NO.
|
:
|
082-246254
|
|
CONTACT PERSON
|
:
|
SIM MONG YONG ( OWNER )
|
|
|
|
|
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INDUSTRY CODE
|
:
|
5222
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF FOOD INGREDIENTS
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
2 [2008]
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|
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LITIGATION
|
:
|
CLEAR
|
|
|
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PAYMENT
|
:
|
N/A
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MANAGEMENT CAPABILITY
|
:
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WEAK
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|
|
|
|
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COMMERCIAL RISK
|
:
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HIGH
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
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:
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SATISFACTORY
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|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY
/ BACKGROUND
The SC commenced its business on 01/06/1989 as a SOLE PROPRIETORSHIP.
The SC is a sole proprietorship, that is, it has a single owner whose liabilities
are unlimited. In case the SC is unable to meet all its obligations, the
creditors can claim on the owner's personal assets. The sole proprietorship
ceases upon the death of the owner or any time at the discretion of the
owner. The ownership is non-transferable. Under the law, the SC has to file
in its information with Registrar of Business but it is not required to file
in its financial statements.
The SC is principally engaged in the (as a / as an) trading of food
ingredients.
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 owner of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MR. SIM MONG YONG
|
5 & 6 WISMA PHOENIX, JALAN SONG THIAN CHEOK, GROUND FLOOR, ,
93000 KUCHING, SARAWAK, MALAYSIA.
|
641128-13-5087
K0044348
|
100.00
|
|
|
|
|
---------------
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|
|
100.00
|
|
|
|
|
============
|
+ Also Director
OWNERS
OWNER(S) 1
|
Name Of Subject
|
:
|
MR. SIM MONG YONG
|
|
Address
|
:
|
5 & 6 WISMA PHOENIX, JALAN SONG THIAN CHEOK, GROUND FLOOR, 93000
KUCHING, SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K0044348
|
|
New IC No
|
:
|
641128-13-5087
|
|
Date of Birth
|
:
|
28/11/1964
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/06/1989
|
|
Shareholding
|
:
|
100%
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
SIM MONG YONG
|
|
|
Position
|
:
|
OWNER
|
AUDITOR
No Auditor found in our databank
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s). No
adverse record was found during our investigation.
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.
PAYMENT
RECORD
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
|
|
Overseas
|
:
|
YES
|
|
|
Import Countries
|
:
|
EUROPE,UNITED STATES,ASIA
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,CASH
|
|
Type of Customer
|
:
|
FOOD MANUFACTURERS
|
|
|
|
|
|
|
|
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OPERATIONS
|
Goods Traded
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
BB ENTERPRISE
|
|
M.A.P. ENTERPRISE
|
|
TONG DE HANG VEGETARIAN FOOD SUPPLIER
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
2
|
1
|
1
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of food
ingredients.
The SC sells food ingredients mainly for bakeries, biscuit manufacturers and
others.
The SC sellls a wide range of ingredients for various food manufacturers.
The SC mainly imports the ingredients.
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
|
:
|
082-427172
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
16F, LORONG ELLIS, 10 JALAN ELLIS, 93300 KUCHING, SARAWAK.
|
|
Current Address
|
:
|
16F, LORONG ELLIS, 10 JALAN ELLIS, 93300 KUCHING, SARAWAK, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC. The SC refused to provide any information on the SC's business
expiry License date.
FINANCIAL
COMMENTS
We are unable to
comment on the SC financial position as the SC is not required by the law to
file its financial statement in the Registrar of Business.
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
|
6.0
|
|
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
|
|
5222 : Retail sale of other foodstuffs
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
|
|
|
|
|
Agricultural output will be further boosted by the projected increase in
food production resulting from the various incentives and development
programmes mounted by the government to reduce the high food import bill as
well as to raise farmers' income through diversification into high value
food crops and farming, including aquaculture, floriculture and cultivation
of medicinal plants.
|
|
During the January to November 2007, domestic food manufacturing surged by
7.9%. The food and beverage sector remains dynamic with the opening of new
international and local food chains and outlets throughout the country. The
industry's potential has also attracted the interest of investors in
hospitality-linked companies including the introduction of a new budget
hotel chain patterned after the concept of budget airlines.
|
|
Agricultural produces for food is one of the main thrusts of the Government
towards country's self-sufficiency, and also as a major contributor to the country's
development. The objective is expected to be achieved through concerted
efforts to reduce food imports and fully utilise the nation's resources.
Imports of meat products currently stand at about RM2 billion annually.
|
|
In addition, turning Malaysia into a halal food hub is still on the agenda,
which partly supports the positive outlook on the domestic food industry;
this is a niche market that is not seen to be vulnerable to the effects of
an economic slowdown in the US. Meanwhile, another area that has
experienced growth and is poised to expand further this year is the
processing and preservation of fish and fish products.
|
|
The Government has identified the processed food industry as one of the
major growth sectors of the economy under the Ninth Malaysia Plan (9MP).
Under the 9MP, the food commodities subsector is expected to grow at an
average rate of 7.6% per annum through improvements in efficiency and
productivity as well as expansion in hectarage. Exports of food commodities
will be increased to achieve a positive food trade balance. The production
of 'padi' will be increased to meet the target of self-sufficiency level of
90%. The production of fruits will be undertaken on a large-scale in the
fruit production zones using the cluster development approach and
concentrating on nine fruit species which have export potential. The
production of vegetables will focus on high value varieties for local
consumption and selected export markets. The Green Book Programme to
promote cultivation of food crops at the community level will be
reactivated.
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The Government has approved an allocation of RM11.4 billion representing an
increase of 70% compared with the Eighth Plan allocation for the sector.
Among the objectives of the plan are large-scale commercial farming and
greater application of modern technology and ICT to produce higher
value-added processed food and food products.
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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
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OVERALL INDUSTRY OUTLOOK : Average Growth
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BASIS
COMMENTS
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Established in 1989 as a sole proproetorship, the SC is principally engaged
in the trading of food ingredients mainly for bakeries, biscuit
manufacturers and others. With almost 2 decades of experience in the
business, the SC has fairly rich experiences in the business and has
achieved a certain market share. The SC's business is quite stable.
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The SC's business operations are predominantly in Malaysia especially for
food manufacturers. As such, any adverse developments in the economic environment
and uncertainties in Malaysia could materially and adversely affect the
business prospects of the SC. Its business risk is high compared to the
export oriented company. Under the control of its owner, Sim Mong Yong, and
assisted with only 2 employees in the operation, the SC's management
capability is considered as weak.
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As the SC registered as a sole proprietorship, its financial statement is
no available for analysis. As such, we are unable to ascertain the SC's
financial health. The SC's ability to meet its obligations is very much
dependent on the owner's financial strength.
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To reduce the risk of component shortages, the SC sources its raw materials
locally and imported from overseas countries such as Europe, US and Asia
countries. Thus, it is subjected to the currency fluctuation risk.
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Based on our databank, the SC is clear from any litigation case.
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The industry remains robust with continuing strong global demand for its products.
There is no doubt that the food industry is growing, in tandem with the
rising population. However, being a small company, the SC faces fierce
competition from others well established company.
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During our investigation, we have tried to obtain the SC's business expiry
license date. However, they refused to provide any information on its
business expiry license date. In view of this, we regard granting credit to
the SC to be quite risky. Hence, credit is not recommended.
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