MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
KEONGCO MALAYSIA SDN BHD |
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Registered Office : |
Lot 680, Local Industrial Estate, Pengkalan Chepa, 16100 Kota
Bharu,Kelantan |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.07.1988 |
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Com. Reg. No.: |
171699-M |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesaling and Importing of Culinary Foods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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EXECUTIVE SUMMARY
REGISTRATION NO. : 171699-M COMPANY NAME : KEONGCO MALAYSIA SDN BHD FORMER NAME : N/A INCORPORATION DATE : 04/07/1988 COMPANY STATUS : EXIST LEGAL STATUS : PRIVATE LIMITED LISTED STATUS : NO REGISTERED ADDRESS : LOT 680, LOCAL INDUSTRIAL ESTATE, PENGKALAN CHEPA, 16100 KOTA BHARU, KELANTAN, MALAYSIA. BUSINESS ADDRESS : LOT 8920, JALAN BESAR, TELOK GONG, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. TEL.NO. : 03-31343388 FAX.NO. : 03-31343588/3584 EMAIL : admin@keongco.com.my WEB SITE : http://keongco.com.my CONTACT PERSON : LEE SU KIANG ( MANAGING DIRECTOR ) INDUSTRY CODE : 51239 PRINCIPAL ACTIVITY : WHOLESALING AND IMPORTING OF CULINARY FOODS AUTHORISED CAPITAL : MYR 5,000,000.00
DIVIDED INTO ISSUED AND PAID UP CAPITAL:MYR 2,800,000.00
DIVIDED INTO 1.00 EACH. SALES : MYR 162,934,896 [2006] NET WORTH : MYR 10,166,416 [2006] M1000 OVERALL RANKING : 793[2005] M1000 INDUSTRY RANKING : 62[2005] STAFF STRENGTH : 182 [2008] BANKER (S) : MALAYAN BANKING BHD LITIGATION : CLEAR FINANCIAL CONDITION : FAIR PAYMENT : AVERAGE MANAGEMENT CAPABILITY : AVERAGE COMMERCIAL RISK : MODERATE CURRENCY EXPOSURE : MODERATE GENERAL REPUTATION : GOOD INDUSTRY OUTLOOK : STRONG GROWTH HISTORY / BACKGROUND
The SC is principally engaged
in the (as a / as an) wholesaling and importing of culinary foods. The SC is 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. According to the Malaysia 1000 publication, the SC's ranking are as follows: YEAR 2005 OVERALL RANKING 793 INDUSTRY RANKING 62
The major shareholder(s) of the SC are shown as follows :
+ Also Director The SC interest in other companies (Subsidiaries/Associates) are shown as follow : Local No Company (%) As At 256992 CENTRAL EIGHT (M) SDN BHD 100 31/12/2006
DIRECTORS DIRECTOR 1 Name Of Subject : MR. LEE SOO HEAN Address : LOT 680, LOCAL INDUSTRIAL ESTATE, PENGKALAN CHEPA, 16100 KOTA BHARU, KELANTAN, MALAYSIA. IC / PP No : 4391371 New IC No : 521220-07-5041 Date of Birth : 20/12/1952 Nationality : MALAYSIAN CHINESE Date of Appointment : 25/08/1988 DIRECTOR 2 Name Of Subject : MR. LEE SU KIANG Address : LOT 680, LOCAL INDUSTRIAL ESTATE, PENGKALAN CHEPA, 16100 KOTA BHARU, KELANTAN, MALAYSIA. IC / PP No : 4818443 New IC No : 550617-07-5077 Date of Birth : 17/06/1955 Nationality : MALAYSIAN CHINESE Date of Appointment : 31/05/1990 DIRECTOR 3 Name Of Subject : MR. LEE SOO EONG Address : LOT 680, LOCAL INDUSTRIAL ESTATE, PENGKALAN CHEPA, 16100 KOTA BHARU, KELANTAN, MALAYSIA. IC / PP No : 5470336 New IC No : 580926-07-5123 Date of Birth : 26/09/1958 Nationality : MALAYSIAN CHINESE Date of Appointment : 11/04/1996 DIRECTOR 4 Name Of Subject : MS. KOK SIEW CHEN Address : LOT 680, LOCAL INDUSTRIAL ESTATE, PENGKALAN CHEPA, 16100 KOTA BHARU, KELANTAN, MALAYSIA. IC / PP No : 6009267 New IC No : 601005-03-5100 Date of Birth : 05/10/1960 Nationality : MALAYSIAN CHINESE Date of Appointment : 01/04/1995 DIRECTOR 5 Name Of Subject : MS. TAN SORK ENG Address : LOT 680, LOCAL INDUSTRIAL ESTATE, PENGKALAN CHEPA, 16100 KOTA BHARU, KELANTAN, MALAYSIA. IC / PP No : 6255921 New IC No : 610826-07-5008 Date of Birth : 26/08/1961 Nationality : MALAYSIAN CHINESE Date of Appointment : 01/03/2002 Remark : ALT DIR TO LEE SOO EONG DIRECTOR 6 Name Of Subject : MS. KOK SHY YUNN Address : 17 LORONG BATU NILAM 6D, BANDAR BUKIT TINGGI, 41200 KLANG, SELANGOR, MALAYSIA. New IC No : 740417-03-5238 Date of Birth : 17/04/1974 Nationality : MALAYSIAN CHINESE Date of Appointment : 10/08/2003 Remark : ALT DIR TO KOK SIEW CHEN MANAGEMENT
1) Name of Subject : LEE SU KIANG Position : MANAGING DIRECTOR
2) Name of Subject : GAN CHEE CHYE Position : ACCOUNT MANAGER
3) Name of Subject : ROBIN PHUA Position : SALES MANAGER
4) Name of Subject : CHIN BUI KHEN Position : CHIEF OPERATING OFFICER
AUDITOR Auditor : CHUA & CHU Auditor' Address : 3893D, JALAN HAMZAH, 15050 KOTA BHARU, KELANTAN, MALAYSIA.
COMPANY SECRETARIES 1) Company Secretary : MR. TAN SIEW CHIN IC / PP No : 5150508 New IC No : 570522-03-6145 Address : PT 505, JALAN KUJID 1, DESA KUJID, PANJI, 16100 KOTA BHARU, KELANTAN, MALAYSIA. Date of Appointment : 18/06/1995
BANKING
1) Name : MALAYAN BANKING BHD
The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation. ENCUMBRANCE (S)
LEGAL CHECK AGAINST SC
No winding up petition was found in our databank. PAYMENT RECORD
SOURCES OF RAW MATERIALS: Local : YES Percentage : 40% Overseas : YES Percentage : 60% Import Countries : CHINA,MYANMAR,EUROPE
OVERALL PAYMENT HABIT Prompt [ ] Good [ ] Average [ X ] Fair [ ] Poor [ ] CLIENTELE Local : YES Domestic Markets : MALAYSIA Overseas : YES Export Market : CHINA, TAIWAN, THAILAND, BRUNEI DARUSSALAM, INDONESIA, SINGAPORE, INDIA Credit Term : 30 - 60 DAYS Payment Mode : CHEQUES,TELEGRAPHIC TRANSFER (TT) Type of Customer : GROCERY STORES,DEALERS,END USERS,SUPERMARKETS OPERATIONS Goods Traded : GARLIC, ONION, DRIED CHILLIES AND OTHER CULINARY FOODS Ownership of premises : OWNED
Total Number of Employees: YEAR 2008 2007 2006 2005 2004 GROUP N/A N/A N/A N/A N/A COMPANY 182 185 185 222 240
Other Information:
The SC sells a wide range of products which includes: Core Products - White garlic, smoked garlic, onions, shallots, potatoes. Beans and Pulses - Green mung beans, black eye beans, red beans, chick peas, soya beans, dhal, white millet, cashew nut, pistachios. Spices - Cinnamon stick, cumin seeds, coriander seeds, black/white pepper, star anise, dried chili, clove, fennel seeds, ginger, fenugreek seeds, turmeric finger, cardamom, tamarind, candle nut, long pepper, grain, rice, sugar, corn, barley, wheat flour, soya meal. Miscellaneous -
Groundnuts, sesame seeds, raisin, corn flour, jaggery powder, chili powder. Besides that the
SC also has a dry warehouse located at the same premises to keep stocks. RECENT DEVELOPMENT
CURRENT INVESTIGATION Latest fresh investigations carried out on the SC indicated that : Telephone Number Provided By Client : 0060331343388/3588 Current Telephone Number : 03-31343388 Match : YES Address Provided by Client : LOT 8920 JALAN BESAR TELOK GOANG 42000 PORT KLANG SELANGORE DARUL EHSAN Current Address : LOT 8920, JALAN BESAR, TELOK GONG, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. Match : YES Latest Financial Accounts : YES Other Investigations
FINANCIAL COMMENTS Profitability: Turnover : Erratic [ 2004 - 2006 ] Profit/(Loss) Before Tax : Increased [ 2004 - 2006 ] Return on Shareholder Funds : Unfavourable [ 6.89% ] Return on Net Assets : Acceptable [ 26.30% ]
Stock Ratio : Favourable [ 21 Days ] Debtors Ratio : Favourable [ 48 Days ] Creditors Ratio : Favourable [ 16 Days ]
Liquid Ratio : Acceptable [ 0.89 Times ] Current Ratio : Unfavourable [ 1.11 Times ]
Interest Cover : Unfavourable [ 1.58 Times ] Gearing Ratio : Favourable [ 0.36 Times ]
Overall Accessment: Although the turnover was
erratic, the SC had maintained a steady growth in its profit. This indicate the
management's efficiency in controlling its costs and profitability. 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. 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. ECONOMIC / INDUSTRY OUTLOOK Major Economic
Indicators: 2004 2005 2006 2007* 2008** Population ( Million) 25.58 26.13 26.64 27.17 27.73 Gross Domestic
Products ( % ) 7.1 5.3 5.8 6.0 6.5 Domestic Demand ( % ) 7.5 7.3 7.0 9.0 6.8 Private Expenditure (
% ) 13.1 9.5 7.0 8.6 8.2 Consumption ( % ) 10.5 9.2 7.1 9.0 7.9 Investment ( % ) 25.8 8.5 7.0 7.1 9.5 Public Expenditure (
% ) <2.1> 3.6 6.8 10.1 3.2 Consumption ( % ) 6.0 5.4 5.0 10.8 5.5 Investment ( % ) <8.7> 1.9 8.9 9.3 0.5 Balance of Trade ( MYR Million ) 80,663 99,760 108,192 99,965 99,599 Government Finance ( MYR Million ) <19,419> <18,684> <19,109> <19,948> <20,933> Government Finance to
GDP / Fiscal Deficit ( % ) <4.3> <3.8> <3.3> <3.2> <3.1> Inflation ( % Change in Composite CPI) 1.4 3.1 3.9 4.0 4.0 Unemployment Rate 3.5 3.5 3.4 3.5 3.3 Net International Reserves ( MYR Billion ) 254 266 290 - - Average Risk-Weighted Capital Adequacy Ratio ( % ) 13.84 13.63 12.91 - - Average 3 Months of
Non-performing Loans ( % ) 8.46 6.74 5.41 - - Average Base Lending Rate ( % ) 5.99 6.00 6.61 - - Business Loans Disbursed( % ) 10.5 8.7 <2.5> - - Foreign Investment ( MYR Million ) 13,143.9 17,882.9 20,228.0 - - Consumer Loans ( % ) - - - - - Registration of New
Companies ( No. ) 38,580 37,474 38,293 - - Registration of New Companies ( % ) 6.8 <2.9> 2.2 - - Liquidation of
Companies ( No. ) 3,334 3,069 8,647 - - Liquidation of Companies ( % ) <15.8> <7.9> 181.8 - - Registration of New
Business ( No. ) 189,206 193,095 216,147 - - Registration of New Business ( % ) 4.6 2.1 11.9 - - Business Dissolved (
No. ) 51,301 73,355 52,879 - - Business Dissolved ( % ) 7.0 43.0 <27.9> - - Sales of New Passenger Cars (' 000 Unit ) 380.6 400.8 374.1 - - Cellular Phone Subscribers ( Million ) 14.6 18.5 19.5 21.3 - Tourist Arrival ( Million Persons ) 15.7 16.7 17.5 20.1 - Hotel Occupancy Rate ( % ) 60.8 63.6 64.8 - - Credit Cards Spending ( % ) 19.3 13.9 15.4 - - Bad Cheque Offenders (No.) 70,465 57,316 36,555 - - Individual Bankruptcy ( No.) 16,251 15,868 13,596 - - Individual Bankruptcy ( % ) 31.6 <2.4> <14.3> - -
INDUSTRIES ( % of
Growth ): 2004 2005 2006 2007* 2008** Agriculture 5.0 2.5 5.3 3.1 3.5 Palm Oil 3.9 7.1 5.8 <0.6> - Rubber 16.5 <2.9> 12.6 1.0 - Forestry & Logging 4.3 2.0 <0.4> 2.8 - Fishing 5.5 <0.4> 9.3 5.2 - Other Agriculture 2.4 3.2 5.3 7.0 - Industry
Non-Performing Loans ( MYR Million ) 620.3 563.7 516.5 487.3 0 % of Industry
Non-Performing Loans 1.38 1.19 1.06 1.08 0 Mining 3.9 0.8 <0.4> 3.3 4.0 Oil & Gas 4.5 1.6 4.6 - - Other Mining <8.0> <1.0> 5.1 - - Industry
Non-performing Loans ( MYR Million ) 62.6 68.8 55.4 42.2 - % of Industry
Non-performing Loans 0.1 0.1 0.1 0.1 - Manufacturing # 9.8 5.1 7.3 3.1 3.8 Exported-oriented
Industries 15.5 3.0 11.1 <1.9> - Electrical & Electronics 17.8 3.6 13.4 3.0 - Rubber Products 14.8 2.4 0.4 8.0 - Wood Products 12.7 0.9 0.7 3.3 - Textiles & Apparel <11.7> <4.4> 12.6 <10.1> - Domestic-oriented
Industries 9.7 6.9 5.0 5.3 - Food, Beverages & Tobacco 3.8 7.7 4.8 5.6 - Chemical & Chemical Products 14.6 6.9 1.7 9.2 - Plastic Products 13.5 18.6 21.3 <3.6> - Iron & Steel 2.7 <6.7> <6.9> 17.5 - Fabricated Metal Products 29.2 <7.5> 20.0 26.2 - Non-metallic Mineral <4.8> <6.0> <1.9> 6.6 - Transport Equipment 8.6 10.4 5.3 <19.0> - Paper & Paper Products 2.3 4.6 4.1 14.9 - Crude Oil Refineries <2.4> 8.2 12.1 8.6 - Industry
Non-Performing Loans ( MYR Million ) 7,765.4 6,035.6 6,181.3 6,366.2 - % of Industry
Non-Performing Loans 17.3 12.7 12.7 14.1 - Construction <1.5> <1.6> <0.5> 5.2 6.3 Industry Non-Performing
Loans ( MYR Million ) 5,547.7 5,172.7 5,527.3 5,116.7 - % of Industry
Non-Performing Loans 12.4 10.9 11.4 11.3 - Services 6.8 6.6 7.2 9.0 8.6 Electric, Gas & Water 8.1 5.5 5.2 4.6 5.0 Transport, Storage & Communication 8.5 6.3 5.2 7.6 7.8 Wholesale, Retail, Hotel & Restaurant 7.1 8.0 7.1 11.6 10.0 Finance, Insurance & Real Estate 6.3 7.0 7.7 10.7 9.2 Government Services 6.5 7.6 9.8 4.6 8.6 Other Services 4.9 5.0 4.7 5.0 5.9 Industry
Non-Performing Loans ( MYR Million ) 8,913.7 8,716.8 11,593.2 10,207.8 - % of Industry
Non-Performing Loans 19.9 18.4 23.9 22.6 - * Estimate / Preliminary ** Forecast # Based On Manufacturing Production Index
INDUSTRY COMMENTS MSIC CODE 51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin and related products,cooking oil, tinned food, etc INDUSTRY : FOOD & BEVERAGES
OVERALL INDUSTRY OUTLOOK : Strong Growth COMMENTS
PROFIT AND LOSS
ACCOUNT
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD. KEONGCO
MALAYSIA SDN BHD For The Year Ended 31-December-2006
BALANCE SHEET
KEONGCO
MALAYSIA SDN BHD As At 31-December-2006
FINANCIAL RATIOS
KEONGCO
MALAYSIA SDN BHD As At 31-December-2006
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)