|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
AS0101111-M
|
|
COMPANY NAME
|
:
|
SOON HOCK
|
|
COMMENCEMENT DATE
|
:
|
01/12/1988
|
|
REGISTRATION DATE
|
:
|
06/12/1988
|
|
EXPIRY DATE
|
:
|
20/04/2013
|
|
BUSINESS CONSTITUTION
|
:
|
PARTNERSHIP
|
|
|
|
|
|
BUSINESS ADDRESS
|
:
|
368, JALAN PADANG LALLANG, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5390854
|
|
FAX.NO.
|
:
|
04-5392412
|
|
CONTACT PERSON
|
:
|
CHEAH SOO HOCK ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51222
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING IN FROZEN FOODS & DRIED FISH
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
20 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
|
|
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY
/ BACKGROUND
The SC commenced its business on 01/12/1988 as a PARTNERSHIP.
The SC is a partnership firm registered under the Business Registration Act.
The partners liabilities are unlimited, that is, if the partnership is not
able to meet its obligations, the partners have to be personally liable for
the debts incurred. The SC's ownership is transferable with consent of the
other partners. The SC as a partnership firm is governed by the Partnership
Act. The SC is not required to file in its financial statements with the
Registry of Business.
The SC is principally engaged in the (as a / as an) trading in frozen foods
& dried fish.
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. CHEAH SOO HOCK
|
48, JALAN PERSIARAN JANGGUS, TAMAN MAKOK, , 14000 BUKIT MERTAJAM,
PULAU PINANG, MALAYSIA.
|
661105-07-5067
A0561150
|
50.00
|
|
MS. CHAN LI LING
|
48, JALAN PERSIARAN JANGGUS, TAMAN MAKOK, , 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
660928-07-5434
A0531614
|
50.00
|
|
|
|
|
---------------
|
|
|
|
|
100.00
|
|
|
|
|
============
|
+ Also Director
OWNERS
OWNER(S) 1
|
Name Of Subject
|
:
|
MR. CHEAH SOO HOCK
|
|
Address
|
:
|
48, JALAN PERSIARAN JANGGUS, TAMAN MAKOK, 14000 BUKIT MERTAJAM,
PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A0561150
|
|
New IC No
|
:
|
661105-07-5067
|
|
Date of Birth
|
:
|
05/11/1966
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/12/1988
|
|
Shareholding
|
:
|
50%
|
OWNER(S) 2
|
Name Of Subject
|
:
|
MS. CHAN LI LING
|
|
Address
|
:
|
48, JALAN PERSIARAN JANGGUS, TAMAN MAKOK, 14000 BUKIT MERTAJAM,
PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A0531614
|
|
New IC No
|
:
|
660928-07-5434
|
|
Date of Birth
|
:
|
28/09/1966
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
23/12/2002
|
|
Shareholding
|
:
|
50%
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHEAH SOO HOCK
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
AUDITOR
No Auditor found in our databank
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING 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
|
Percentage
|
:
|
20%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
80%
|
|
Import Countries
|
:
|
CHINA,INDIA,THAILAND,TAIWAN,SINGAPORE,INDONESIA,ASIA
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
PENINSULAR MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS,AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,CASH
|
|
Type of Customer
|
:
|
WALK IN CUSTOMERS,DEALERS,RETAIL,RESTAURANTS
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
DRIED FISH, FROZEN FISH & OTHERS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
CHIA SONG KOW COLDSTORAGE TRADING CO.
|
|
KUCHING SEA-PRODUCTS CO
|
|
PERNIAGAAN IKAN HUP SENG
|
|
SYARIKAT HUP SENG
|
|
TAN CHAI HENG
|
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2008
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
20
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading in frozen foods
& dried fish.
The SC's products include frozen mutton, chicken, turkey, sea food, dried
fish, onions, garlic and etc.
We were informed that the SC is equipped with cold and chilled storage
facilities to keep the freshness of its products.
In addition the SC provides delivery services to its customers' doorstep.
The SC's sales capacity is not consistent because it depends on the
customer's requirements.
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
|
:
|
006045390854
|
|
Current Telephone Number
|
:
|
04-5390854
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
368 JLN PADANG LALLANG, 14000 BUKIT MERTAJAM, PULAU PINANG.
|
|
Current Address
|
:
|
368, JALAN PADANG LALLANG, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
Other Investigations
We conducted an interview with the SC's Managing Director, Mr Cheah. He
kindly provided us some information pertaining on the SC and its related
services and operations.
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:
|
2005
|
2006
|
2007
|
2008*
|
2009**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
26.13
|
26.64
|
27.17
|
27.73
|
28.31
|
|
Gross Domestic Products ( % )
|
5.3
|
5.8
|
6.3
|
5.0
|
3.5
|
|
Domestic Demand ( % )
|
7.3
|
7.0
|
9.0
|
6.1
|
6.0
|
|
Private Expenditure ( % )
|
9.5
|
7.0
|
8.6
|
6.6
|
6.4
|
|
Consumption ( % )
|
9.2
|
7.1
|
9.0
|
6.8
|
6.5
|
|
Investment ( % )
|
8.5
|
7.0
|
7.1
|
6.2
|
5.8
|
|
Public Expenditure ( % )
|
3.6
|
6.8
|
10.1
|
4.7
|
5.1
|
|
Consumption ( % )
|
5.4
|
5.0
|
10.8
|
5.7
|
4.0
|
|
Investment ( % )
|
1.9
|
8.9
|
9.3
|
3.6
|
6.4
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
99,760
|
108,192
|
100,340
|
115,563
|
126,650
|
|
Government Finance ( MYR Million )
|
<18,684>
|
<19,109>
|
<19,948>
|
<34,462>
|
<28,450>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.8>
|
<3.3>
|
<3.2>
|
<4.8>
|
<4.8>
|
|
Inflation ( % Change in Composite CPI)
|
3.1
|
3.9
|
2.0
|
4.4
|
5.0
|
|
Unemployment Rate
|
3.5
|
3.4
|
3.2
|
3.3
|
3.2
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
266
|
290
|
336
|
388
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
5.13
|
4.21
|
3.04
|
1.91
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.63
|
12.91
|
13.30
|
13.24
|
-
|
|
Average Base Lending Rate ( % )
|
6.00
|
6.61
|
6.72
|
6.72
|
-
|
|
Business Loans Disbursed( % )
|
8.7
|
<2.5>
|
9.1
|
-
|
-
|
|
Foreign Investment ( MYR Million )
|
17,882.9
|
20,228.0
|
33,426.0
|
23,261.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
37,474
|
38,293
|
43,337
|
-
|
-
|
|
Registration of New Companies ( % )
|
<2.9>
|
2.2
|
13.2
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
3,069
|
8,647
|
22,629
|
-
|
-
|
|
Liquidation of Companies ( % )
|
<7.9>
|
181.8
|
161.5
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
193,095
|
216,147
|
227,410
|
-
|
-
|
|
Registration of New Business ( % )
|
2.1
|
11.9
|
5.2
|
-
|
-
|
|
Business Dissolved ( No. )
|
73,355
|
52,879
|
20,431
|
-
|
-
|
|
Business Dissolved ( % )
|
43.0
|
<27.9>
|
<61.4>
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
400.8
|
446.2
|
442.9
|
-
|
-
|
|
Cellular Phone Subscribers ( Million )
|
18.5
|
19.5
|
23.3
|
25.1
|
-
|
|
Tourist Arrival ( Million Persons )
|
16.7
|
17.5
|
20.9
|
21.5
|
-
|
|
Hotel Occupancy Rate ( % )
|
63.6
|
64.8
|
70.0
|
68.0
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
13.9
|
15.4
|
20.1
|
-
|
-
|
|
Bad Cheque Offenders (No.)
|
57,316
|
36,555
|
30,004
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
15,868
|
13,596
|
13,238
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.4>
|
<14.3>
|
<2.6>
|
-
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2005
|
2006
|
2007
|
2008*
|
2009**
|
|
|
|
|
|
|
|
|
Agriculture
|
2.5
|
5.3
|
3.1
|
3.6
|
3.7
|
|
Palm Oil
|
7.1
|
5.8
|
<0.6>
|
7.0
|
-
|
|
Rubber
|
<2.9>
|
12.6
|
1.0
|
<1.1>
|
-
|
|
Forestry & Logging
|
2.0
|
<0.4>
|
2.8
|
<1.5>
|
-
|
|
Fishing
|
<0.4>
|
9.3
|
5.2
|
4.0
|
-
|
|
Other Agriculture
|
3.2
|
5.3
|
7.0
|
5.9
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
563.7
|
516.5
|
487.3
|
393
|
0
|
|
% of Industry Non-Performing Loans
|
1.19
|
1.06
|
1.08
|
0
|
0
|
|
|
|
|
|
|
|
|
Mining
|
0.8
|
<0.4>
|
3.3
|
2.8
|
3.4
|
|
Oil & Gas
|
1.6
|
4.6
|
2.2
|
12.7
|
-
|
|
Other Mining
|
<1.0>
|
5.1
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
68.8
|
55.4
|
42.2
|
36.0
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
5.1
|
7.3
|
3.1
|
4.7
|
4.3
|
|
Exported-oriented Industries
|
3.0
|
11.1
|
<1.9>
|
2.7
|
-
|
|
Electrical & Electronics
|
3.6
|
13.4
|
3.0
|
2.4
|
-
|
|
Rubber Products
|
2.4
|
0.4
|
8.0
|
4.2
|
-
|
|
Wood Products
|
0.9
|
0.7
|
3.3
|
<6.0>
|
-
|
|
Textiles & Apparel
|
<4.4>
|
12.6
|
<10.1>
|
1.9
|
-
|
|
Domestic-oriented Industries
|
6.9
|
5.0
|
5.3
|
9.9
|
-
|
|
Food, Beverages & Tobacco
|
7.7
|
4.8
|
5.6
|
9.5
|
-
|
|
Chemical & Chemical Products
|
6.9
|
1.7
|
9.2
|
1.4
|
-
|
|
Plastic Products
|
18.6
|
21.3
|
<3.6>
|
6.5
|
-
|
|
Iron & Steel
|
<6.7>
|
<6.9>
|
17.5
|
16.8
|
-
|
|
Fabricated Metal Products
|
<7.5>
|
20.0
|
26.2
|
14.7
|
-
|
|
Non-metallic Mineral
|
<6.0>
|
<1.9>
|
6.6
|
8.3
|
-
|
|
Transport Equipment
|
10.4
|
5.3
|
<19.0>
|
27.1
|
-
|
|
Paper & Paper Products
|
4.6
|
4.1
|
14.9
|
8.6
|
-
|
|
Crude Oil Refineries
|
8.2
|
12.1
|
8.6
|
7.8
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,035.6
|
6,181.3
|
6,366.2
|
5,729.4
|
-
|
|
% of Industry Non-Performing Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
<1.6>
|
<0.5>
|
4.6
|
4.0
|
3.1
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,172.7
|
5,527.3
|
5,116.7
|
4,149.8
|
-
|
|
% of Industry Non-Performing Loans
|
10.9
|
11.4
|
11.3
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
6.6
|
7.2
|
9.7
|
7.7
|
6.9
|
|
Electric, Gas & Water
|
5.5
|
5.2
|
4.6
|
5.0
|
4.3
|
|
Transport, Storage & Communication
|
6.3
|
5.2
|
7.6
|
7.8
|
7.3
|
|
Wholesale, Retail, Hotel & Restaurant
|
8.0
|
7.1
|
11.6
|
10.0
|
7.4
|
|
Finance, Insurance & Real Estate
|
7.0
|
7.7
|
10.7
|
9.2
|
8.1
|
|
Government Services
|
7.6
|
9.8
|
4.6
|
8.6
|
4.0
|
|
Other Services
|
5.0
|
4.7
|
5.0
|
5.9
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
8,716.8
|
11,593.2
|
10,207.8
|
8,281.4
|
-
|
|
% of Industry Non-Performing Loans
|
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
|
|
|
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The main thrust of agriculture sector development is to enable the sector to
become one of the major sources of economic growth. Currently, growth in
this sector is contributed mainly by agricultural industrial commodities,
particularly palm oil, rubber and saw logs as well as strong growth in the
fisheries and livestock subsectors. To further boost the agriculture
sector, several initiatives has been undertaken in order to bring it
towards global standards in safety and quality. These include, initiatives
to boost agriculture production under controlled environment, corporate contract
farming, high land crop research and development collaboration and seed
farms. Supply chain initiatives include, setting up two sourcing centres,
two consolidated packaging and processing centres, one distribution centre
as well as the operation of 55 cold trucks.
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The agriculture sector is expected to strengthen 3.6% in 2008 (2007: 2.2),
bolstered by oil palm, other agriculture and livestock sub-sectors.
Implementation of various agriculture programmes with the private sector
taking the lead, such as Permanent Food.,Production Parks,
Agro-Entrepreneur, Contract Farming, National Feedlot Centre and
Aquaculture Industrial Zone, will further enhance the role of agriculture
sector in generating growth. The agriculture sector's share to GDP is estimated
to remain stable at 7.5% in 2008 (2007: 7.6%). Value added of the
agriculture sector expanded strongly by 6.1% for the first half of the year
(January - June 2007: 1.0%), largely attributed to higher palm oil yields.
Other agricultural rainfall in major producing states.
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Value added of other agriculture sub-sector, comprising padi, pineapples,
tobacco, coconut, vegetables, fruits, flowers, tea and pepper improved
further by 3.6% (January - June 2007: 2.2%), due to higher production of
vegetables. Following the implementation of high impact projects and new
incentives for farmers, growth of the other agriculture sub-sector is
projected to increase 4.4% in 2008 (2007: 5.4%). Furthermore, agriculture
programmes, including Integrated Farming and Permanent Food Production
Parks in Selangor, Pahang and Penang, led to higher production of
vegetables. Higher external demand for vegetables and tropical fruits also
contributed to the growth of the sub-sector.
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Malaysia's total exports accelerated to 15.5% (January - June 2007: 1.2%)
in the first six months of 2008, driven by strong exports of commodities
and recovery in the exports of manufactured goods. The overall export
earnings are expected to surge 9.3% in 2008 (2007: 2.7%), supported by
higher earnings from commodity products. The export earnings of
agricultural commodities grew strongly by 31.7% (2007: 22.6%), due to
higher prices and export volumes on the back of strong global demand.
During the first half of the year, export earnings from agricultural
commodities increased 66.5% (January - June 2007: 13.5%).
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Growth in the agriculture sector is envisaged at 3.7% (2008: 3.6%) on
account of the expansion in food production and the sustained growth of palm
oil and rubber. Production of other agriculture sub-sector is expected to
expand strongly at 8.0% (2008: 4.4%) backed by higher output of padi,
fruits and vegetables.
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Projects and programmes to boost agricultural productivity and efficiency
will be accelerated to enable agriculture to become a major source of
economic growth and for the country to be a net food exporter by 2010. To
realise this goal, the agriculture and rural development sector will be
allocated RM3,522 million Focus will be given to further develop and
promote projects identified for their high commercial potential such as the
Aquaculture Industry Zone initiative in Terengganu, Beef Valley Project in
Gemas as well as Permanent Food Production Parks and Contract Farming in
various states. To serve the sector more effectively, agriculture extension
services will be enhanced through a substantial allocation of RM234 million
while access to credit facilities made easier to farmers and firms involved
in commercial agriculture. Meanwhile, Malaysia's reputation as a leading
producer of halal products will be further enhanced through intensive
promotional activities
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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.
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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 : Marginal Growth
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COMMENTS
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Incorporated in 1988, the SC is registered as a partnership and principally
engaged in the trading of frozen foods and dried fish. Having been in the
industry for 20 years, this impressive track record shows that the SC has
been able to keep its business going despite the passing of two decades of
highs and lows in the local economy.
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Information revealed that the SC solely focuses on domestic market rather
than overseas market. We believe that this narrow market segment would
limit the SC's business opportunities and the SC is likely to be affected
by the uncertainties in local economy. However, its long presence in the
market has enabled the SC to gain certain market shares and established
good rapport with its clients. Thus, its business risk is diversified.
Supported by 20 manpower in the operation, the SC's overall management
capability is regarded as average.
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As the SC registered as a partnership, 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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Our investigation revealed that the SC sources only 20% of its products
locally while the rest are obtained from overseas suppliers. This has
reduced its risk in facing shortage of raw materials. As an export-oriented
company and being involved in import activities, the SC is exposed to high
foreign exchange risk.
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The SC is clear of any litigation as it has maintained a good image over
the years.
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The industry has reached its optimum level and is generally stable. The
potential growth for the industry is marginal and it is quite competitive.
It very much depends on the SC's capacity in sustaining its performance in
the market.
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In view of the above, we recommend that credit be proceeded to the SC with
guarantee.
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