|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
122317-U
|
|
COMPANY NAME
|
:
|
PERKHIDMATAN KARGO TUMPATAN SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
25/06/1984
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
BATU 3 1/2, PULAU GADONG, 75200 MELAKA, MELAKA, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
3 1/2 MILES, PULAU GADONG, 75250 MELAKA, MELAKA, MALAYSIA.
|
|
TEL.NO.
|
:
|
06-3357285
|
|
FAX.NO.
|
:
|
06-3357301
|
|
CONTACT PERSON
|
:
|
LIOW CHYE HOCK ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
519
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING IN THE FEED MILLS, FOOD STUFF AND RELATED PRODUCTS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR
2,000,016.00 DIVIDED INTO
ORDINARY SHARES 1,000,008 CASH AND 1,000,008 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 24,224,212 [2007]
|
|
NET WORTH
|
:
|
MYR 3,362,063 [2007]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
45 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
LOW
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
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 in the feed
mills, food stuff and 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
|
|
KILANG MEMPROSES BARANG-BARANG TEMPATAN SDN BHD
|
BATU 3 1/2, PULAU GADONG, 75200 MELAKA, MELAKA, MALAYSIA.
|
29134
|
995,000.00
|
|
MS.LILY ONG
|
17, TAMAN ASEAN, BATU 3 1/2, JALAN MALIM, 75250 MELAKA, MELAKA,
MALAYSIA.
|
460602-04-5044
0856887
|
320,000.00
|
|
LIM LIAN KWE
|
S 208, FRINZA COURT, LOT 1500, JALAN ABDUL SAMAD, 80100 JOHOR BAHRU,
JOHOR, MALAYSIA.
|
0060122
|
80,000.00
|
|
L.P.H. REALTY SDN BHD
|
100-G, JALAN KESIDANG 2/24, LORONG PANDAN, 75200 MELAKA, MELAKA,
MALAYSIA.
|
113489
|
60,008.00
|
|
LIM SIAK CHIEW SDN BHD
|
311 A, TAMAN MELAKA RAYA, 75000 MELAKA, MELAKA, MALAYSIA.
|
50056
|
60,000.00
|
|
MS. CHAN SOON MEE
|
295-G, JALAN ASEAN 5, TAMAN ASEAN, JALAN MALIM, 75250 MELAKA,
MELAKA, MALAYSIA.
|
540310-10-6060
4574680
|
43,752.00
|
|
LIM YONG POH
|
25, TAMAN ASEAN, MALIM, 75250 MELAKA, MELAKA, MALAYSIA.
|
1053881E
|
40,000.00
|
|
MR. LOW ENG GUAN +
|
9, JALAN SERI MANGGA, TAMAN SRI MANGGA, SECTION 1, 75250 MELAKA,
MELAKA, MALAYSIA.
|
510826-10-5707
4131665
|
40,000.00
|
|
MR. CHEW KAI CHUAN
|
53, JALAN NAKHODA, TAMAN RATNA, 13050 BUTTERWORTH, PULAU PINANG,
MALAYSIA.
|
510904-01-5185
8154643
|
40,000.00
|
|
MR. ZULKIFLI BIN HASSAN
|
352-D, TAMAN BUNGA RAYA, BUKIT BERUANG, 75450 AIR KEROH, MELAKA,
MALAYSIA.
|
550315-04-5315
4758717
|
33,334.00
|
|
MR.BERNARD ONG CHIN YONG
|
17, TAMAN ASEAN, MALIM, 75250 MELAKA, MELAKA, MALAYSIA.
|
681026-04-5087
A1126059
|
33,333.00
|
|
DATIN HAJJAH FATIMAH BTE AHMAD +
|
C-5035, KLEBANG BESAR, 75200 MELAKA, MELAKA, MALAYSIA.
|
380515-04-5038
3046963
|
27,084.00
|
|
REMAINING SHAREHOLDERS
|
|
|
227,505.00
|
|
|
|
|
---------------
|
|
|
|
|
2,000,016.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. ONG BOON BEE @ ONG MUN MEE
|
|
Address
|
:
|
17, TAMAN ASEAN, JALAN MALIM, 75250 MELAKA, MELAKA, MALAYSIA.
|
|
IC / PP No
|
:
|
0189749
|
|
New IC No
|
:
|
441226-04-5177
|
|
Date of Birth
|
:
|
26/12/1944
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
20/08/1984
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. LIOW CHYE HOCK
|
|
Address
|
:
|
295G JALAN ASEAN 5, TAMAN ASEAN, MALIM, 75250 MELAKA, MELAKA,
MALAYSIA.
|
|
IC / PP No
|
:
|
4679130
|
|
New IC No
|
:
|
541113-04-5005
|
|
Date of Birth
|
:
|
13/11/1954
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
28/05/2008
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MS. LIM SIEW CHOO
|
|
Address
|
:
|
19-F, JALAN LORONG BACANG 2, 75300 MELAKA, MELAKA, MALAYSIA.
|
|
IC / PP No
|
:
|
5546810
|
|
New IC No
|
:
|
590403-04-5194
|
|
Date of Birth
|
:
|
03/04/1959
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
29/05/2007
|
DIRECTOR 4
|
Name Of Subject
|
:
|
DATIN HAJJAH FATIMAH BTE AHMAD
|
|
Address
|
:
|
C-5035, KLEBANG BESAR, 75200 MELAKA, MELAKA, MALAYSIA.
|
|
IC / PP No
|
:
|
3046963
|
|
New IC No
|
:
|
380515-04-5038
|
|
Date of Birth
|
:
|
15/05/1938
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
10/07/1996
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. LOW ENG GUAN
|
|
Address
|
:
|
9, JALAN SERI MANGGA, TAMAN SRI MANGGA, SECTION 1, 75250 MELAKA,
MELAKA, MALAYSIA.
|
|
IC / PP No
|
:
|
4131665
|
|
New IC No
|
:
|
510826-10-5707
|
|
Date of Birth
|
:
|
26/08/1951
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
07/11/1986
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LIOW CHYE HOCK
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
ONG CHEE GOON
|
|
|
Position
|
:
|
ACCOUNT MANAGER
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
O L YEO & CO
|
|
Auditor' Address
|
:
|
50, JALAN TOKONG, 75200 MELAKA, MELAKA, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. LIOW CHYE HOCK
|
|
|
IC / PP No
|
:
|
4679130
|
|
|
New IC No
|
:
|
541113-04-5005
|
|
|
Address
|
:
|
295G JALAN ASEAN 5, TAMAN ASEAN, MALIM, 75250 MELAKA, MELAKA,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
BANGKOK BANK 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
|
:
|
05/04/1990
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM2,500,000.00
|
|
Description Of Property Affected
|
:
|
|
GM 28 LOT 2052, MK TG KELING DIST MELAKA TENGAH, MELAKA
|
|
|
Name & Address Of Chargee
|
:
|
|
BANGKOK BANK LTD
|
|
105 JALAN TUN
H S LEE, 50000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
Form 40 Dated 09/04/1990
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
22/07/2008
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
Form 40 Dated
|
|
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
|
:
|
INDIA,THAILAND
|
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
|
:
|
100%
|
|
Domestic Markets
|
:
|
PENINSULAR MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,CASH
|
OPERATIONS
|
Goods Traded
|
:
|
|
FEED MILLS, FOOD STUFF AND RELATED PRODUCTS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
CIBA (MALAYSIA) SDN BHD
|
|
FELDA AGRICULTURAL SERVICES SDN BHD
|
|
INTERCHEM-TOYO SDN BHD
|
|
SANDVIK MINING AND CONSTRUCTION (M) SDN BHD
|
|
SEMPURNA IMPEX SDN BHD
|
|
|
|
|
|
|
Ownership of
premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
2005
|
2004
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
45
|
45
|
44
|
47
|
40
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading in the feed
mills, food stuff and related products.
According to the SC. its sales capacity is based on its customers orders and requirements.
Its has a warehouse at its same premises to keep its materials and products.
Its also informed us the SC providing a transportation services to delivered
the goods to its customers.
According to the SC. its repack its products into small and big quantity
based on its customers requirements before sell to its customers.
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
|
:
|
063357285
|
|
Current Telephone Number
|
:
|
06-3357285
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
3 1/2 PULAU GODONG, 75200 MALACA
|
|
Current Address
|
:
|
3 1/2 MILES,
PULAU GADONG, 75250 MELAKA, MELAKA, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with the SC's Account Dept, Ms Lim. She kindly
provided us som information pertaining on the SC and its related services and
operations.
FINANCIAL
COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2005 - 2007
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2005 - 2007
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
5.51%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
22.00%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The dip in profit could be due to the stiff market
competition which reduced the SC's profit margin. The unfavourable return on
shareholders' funds and net assets could indicate that the SC's management
was inefficient in utilising its assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
23 Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
116 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
14 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 SC
had a favourable creditors' ratio as evidenced by its favourable collection
days. The SC could be taking advantage of the cash discounts and also wanting
to maintain goodwill with its creditors.
Liquidity:
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.25 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.49 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Unfavourable
|
[
|
1.69 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.17 Times
|
]
|
The SC's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. The SC was lowly geared
thus it had a low financial risk. The SC was mainly financed by its
shareholders' funds and internally generated funds. In times of economic
slowdown / downturn, the SC being a lowly geared company, will be able to
compete better than those companies which are highly geared in the same
industry.
Overall Accessment:
The SC recorded
lower profits as its turnover showed a erratic trend. The SC's management was
unable to control its costs efficiently as its profit showed a downward
trend. The SC was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the SC should be able to repay its short term obligations. If there
is a fall in the SC's profit or any increase in interest rate, the SC may not
be able to generate sufficient cash-flow to service its interest. The SC as a
lowly geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations.
Overall financial condition of the SC : LIMITED
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
|
|
519 : Other Wholesale
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
The country's retail sector has moderated in the face of higher fuel and
electricity prices and the outlook for the industry remains murky as inflation
catches up with consumer sentiment and retailing costs.
|
|
According to Retail Group Malaysia (RGM), survey was being conducted shows
that retail sales may grow 7% in 2008, slowing from last year's 12.8% pace
that was the fastest since 1992. Sales gained 6.9% in the first six months
from a year earlier. Besides, the industry report shows that the industry
sales for the first six months (1H) grew 6.9% year-on-year, even as the
rising price of energy and food took a big bite out of consumers' disposable
income. But with inflation hitting 7.7% and 8.5% in June and July,
respectively, it was unclear whether the 6.9% rate growth could be
sustained.
|
|
Retailers may not as gung-ho as before but the outlook is still optimistic
for certain categories such as pharmaceuticals and those in the supermarket
business - the essentials. But areas such as fashion are still suffering.
|
|
We believe retail sales performance remains sluggish amidst the rising
costs of living. The energy and food crises during the middle of the year
had affected the average Malaysian consumer. Retail growth is expected to
be maintained through 2H08, and estimates 7% retail growth for the entire
year.
|
|
Prime Minister Datuk Seri Abdullah Ahmad Badawi raised petrol prices by 41%
in June as he sought to contain the government's fuel subsidy bill amid
soaring crude oil costs. A 5.6% cut in the petrol price and budget measures
such as tax cuts and free electricity for the poor announced last month
won't be enough to revive spending.
|
|
According to Budget 2009, it did not introduce direct measures to boost
consumer spending. Although the government has introduced plenty of
incentives to lessen Malaysians' financial burden, they do not encourage
higher retail spending.
|
|
Retailers were only now beginning to feel the pinch of the hike in energy
prices, which might translate into a slower growth rate for 2H08. More
importantly, the sudden hike in prices had dampened consumer sentiment.
Public messages from the government and the media telling Malaysians to
spend less will also affect retailers
|
|
However, Malaysia Savings Sale at the end of the year would inject some
excitement into the retail industry, and enable the local industry to
compete with regional retailers. Besides, the year-end sale is expected to
help boost numbers leading into 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
BASIS
COMMENTS
|
Established in 1984, the SC is a private limited company with core business
in the trading of the feed mills, food stuff and related products. With
over 2 decades of experience in the business, the SC has fairly rich
experiences in the business and has achieved a certain market share.
Moreover, with an issued and paid up capital of RM2 million and strong
shareholders' backing, the SC has the ability to further expand its
business in the future.
|
|
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.
Currently, the SC has a total work force of 45 employees and its business
operations are considered stable.
|
|
In 2007, the SC's turnover increased from RM20.07 million in 2006 to
RM24.22 million. However, its pre-tax profit dropped to RM327,350. Return
on shareholders' funds of the SC is relatively low, indicating that the SC
did not generate an acceptable amount of profits based on its existing
shareholders' funds. The SC managed to maintain an adequate liquidity
level, indicating that the SC has the ability to meet its financial
obligations. Being a lowly geared company, the SC is exposed to low
financial risk as it is mainly dependent on its internal funds to finance
its business needs.
|
|
Our investigation revealed that the SC sources 60% of its products locally
while the rest are obtained from overseas suppliers. As an export-oriented
company and being involved in import activities, the SC is exposed to
foreign exchange risk.
|
|
Based on our historical financial data, we concluded that the SC's pattern
of payment habit is good. This implies good credit control and the SC could
be taking advantage of the cash discounts while maintaining a good
reputation with its creditors.
|
|
The industry shows an upward trend and this trend is likely to sustain in
the near future. With the promising outlook of the industry performance,
the SC business potential should be favourable. The SC however faces
moderate business risk as it has to compete with many well established
players in the same field.
|
|
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.
|
|
PERKHIDMATAN
KARGO TUMPATAN SDN BHD
|
|
For The Year
Ended 31-08-2007
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
TURNOVER
|
24,224,212
|
2,066,393
|
21,218,893
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
327,350
|
366,172
|
357,553
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
327,350
|
366,172
|
357,553
|
|
Taxation
|
<142,056>
|
<111,653>
|
<89,746>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
185,294
|
------------
254,519
|
------------
267,807
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
185,294
|
------------
254,519
|
------------
267,807
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
185,294
|
------------
254,519
|
------------
267,807
|
|
As previous reported
|
1,351,955
|
1,183,837
|
916,030
|
|
|
|
|
|
|
As restated
|
------------
1,351,955
|
------------
1,183,837
|
------------
916,030
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,537,249
|
1,438,356
|
1,183,837
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed)
|
<175,202>
|
<86,401>
|
-
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,362,047
==========
|
------------
1,351,955
==========
|
------------
1,183,837
==========
|
|
RETAINED BY: The Company
|
1,362,047
|
1,351,955
|
1,183,837
|
|
|
|
|
|
|
|
------------
1,362,047
==========
|
------------
1,351,955
==========
|
------------
1,183,837
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
|
|
|
|
|
Bank overdraft
|
41,686
|
54,935
|
53,498
|
|
|
|
|
|
|
Hire purchase
|
34,348
|
5,677
|
17,206
|
|
|
|
|
|
|
Interest on trust receipts
|
399,781
|
349,280
|
374,524
|
|
|
|
|
|
|
|
------------
475,815
==========
|
------------
409,892
==========
|
------------
445,228
==========
|
BALANCE SHEET
|
PERKHIDMATAN
KARGO TUMPATAN SDN BHD
|
|
As At
31-08-2007
|
|
|
|
|
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
557,840
|
807,180
|
659,979
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
900
|
1,200
|
2,350
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
900
|
------------
1,200
|
------------
2,350
|
|
TOTAL LONG TERM ASSETS
|
------------
558,740
|
------------
808,380
|
------------
662,329
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
1,505,618
|
1,724,232
|
985,072
|
|
|
|
|
|
|
|
|
Trade debtors
|
7,704,575
|
7,816,754
|
8,846,659
|
|
|
Other debtors, deposits & prepayments
|
86,194
|
69,827
|
69,002
|
|
|
Short term deposits
|
20,000
|
20,000
|
20,000
|
|
|
Cash & bank balances
|
74,304
|
76,868
|
55,860
|
|
TOTAL CURRENT ASSETS
|
------------
9,390,691
|
------------
9,707,681
|
------------
9,976,593
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
929,830
|
1,843,326
|
2,417,813
|
|
|
Other creditors & accruals
|
191,876
|
135,938
|
204,237
|
|
|
Hire purchase & lease creditors
|
83,973
|
76,268
|
98,667
|
|
|
Bank overdraft
|
203,757
|
653,600
|
693,733
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
4,834,887
|
4,034,803
|
3,974,111
|
|
|
|
|
|
|
|
|
Provision for taxation
|
54,121
|
47,258
|
66,508
|
|
TOTAL CURRENT LIABILITIES
|
------------
6,298,444
|
------------
6,791,193
|
------------
7,455,069
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
3,092,247
|
------------
2,916,488
|
------------
2,521,524
|
|
TOTAL NET ASSETS
|
------------
3,650,987
==========
|
------------
3,724,868
==========
|
------------
3,183,853
==========
|
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
2,000,016
|
2,000,016
|
2,000,016
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
2,000,016
|
------------
2,000,016
|
------------
2,000,016
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
1,362,047
|
1,351,955
|
1,183,837
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
1,362,047
|
------------
1,351,955
|
------------
1,183,837
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
3,362,063
|
------------
3,351,971
|
------------
3,183,853
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
Hire purchase creditors
|
288,924
|
372,897
|
-
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
288,924
|
------------
372,897
|
------------
-
|
|
|
------------
|
------------
|
------------
|
|
|
3,650,987
|
3,724,868
|
3,183,853
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
PERKHIDMATAN
KARGO TUMPATAN SDN BHD
|
|
As At
31-08-2007
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
94,304
|
96,868
|
75,860
|
|
|
Net Liquid Funds
|
<109,453>
|
<556,732>
|
<617,873>
|
|
|
Net Liquid Assets
|
1,586,629
|
1,192,256
|
1,536,452
|
|
|
Net Current Assets/(Liabilities)
|
3,092,247
|
2,916,488
|
2,521,524
|
|
|
Net Tangible Assets
|
3,650,987
|
3,724,868
|
3,183,853
|
|
|
Net Monetary Assets
|
1,297,705
|
819,359
|
1,536,452
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
576,654
|
1,102,765
|
792,400
|
|
|
Total Liabilities
|
6,587,368
|
7,164,090
|
7,455,069
|
|
|
Total Assets
|
9,949,431
|
10,516,061
|
10,638,922
|
|
|
Net Assets
|
3,650,987
|
3,724,868
|
3,183,853
|
|
|
Net Assets Backing
|
3,362,063
|
3,351,971
|
3,183,853
|
|
|
Shareholders" Funds
|
3,362,063
|
3,351,971
|
3,183,853
|
|
|
Total Share Capital
|
2,000,016
|
2,000,016
|
2,000,016
|
|
|
Total Reserves
|
1,362,047
|
1,351,955
|
1,183,837
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.01
|
0.01
|
0.01
|
|
|
Liquid Ratio
|
1.25
|
1.18
|
1.21
|
|
|
Current Ratio
|
1.49
|
1.43
|
1.34
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
23
|
305
|
17
|
|
|
Debtors Ratio
|
116
|
1381
|
152
|
|
|
Creditors Ratio
|
14
|
326
|
42
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.17
|
0.33
|
0.25
|
|
|
Liabilities Ratio
|
1.96
|
2.14
|
2.34
|
|
|
Times Interest Earned Ratio
|
1.69
|
1.89
|
1.80
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
1.35
|
17.72
|
1.69
|
|
|
Net Profit Margin
|
0.76
|
12.32
|
1.26
|
|
|
Return On Net Assets
|
22.00
|
20.83
|
25.21
|
|
|
Return On Capital Employed
|
20.39
|
17.42
|
20.19
|
|
|
Return On Shareholders' Funds/Equity
|
5.51
|
7.59
|
8.41
|
|
|
Dividend Pay Out Ratio (Times)
|
0.95
|
0.34
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
