|
|
REGISTRATION NO.
|
:
|
190345-D
|
|
COMPANY NAME
|
:
|
HEAP LEE CHAN TRADING COMPANY SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
04/12/1989
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
395, MUKIM 6, SIMPANG
4, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
395 MUKIM 6, SIMPANG
4, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5392589
|
|
FAX.NO.
|
:
|
04-5392594
|
|
CONTACT PERSON
|
:
|
NG CHENG HOCK ( MANAGING DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
52111
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING IN SUNDRY GOOD
|
|
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 1,900,000.00
DIVIDED INTO
ORDINARY SHARES 1,300,000 CASH AND 600,000 OTHERWISE OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 170,676,891 [2007]
|
|
NET WORTH
|
:
|
MYR 7,341,781 [2007]
|
|
STAFF STRENGTH
|
:
|
20 [2008]
|
|
BANKER (S)
|
:
|
|
EON BANK BHD
RHB BANK BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
GOOD
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
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 sundry good
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. NG CHENG HOCK +
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
600501-07-5211
5907841
|
316,675.00
|
|
MR. NG CHIANG CHONG +
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
620531-07-5499 6782328
|
316,675.00
|
|
MR. NG SENG LEONG @ YIAP SENG LEONG +
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
670819-07-5039
A0773783
|
316,675.00
|
|
MR. NG SENG TIEN @ YEAP SENG TIEN +
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
700611-07-5253
A1590804
|
316,675.00
|
|
MR. NG CHENG GUAN +
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
340506-71-5347
4090001
|
316,650.00
|
|
MS. ONG SIEW HAR +
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
400506-71-5226
7946313
|
316,650.00
|
|
|
|
|
---------------
|
|
|
|
|
1,900,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. NG CHENG GUAN
|
|
Address
|
:
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
4090001
|
|
New IC No
|
:
|
340506-71-5347
|
|
Date of Birth
|
:
|
06/05/1934
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
04/12/1989
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. ONG SIEW HAR
|
|
Address
|
:
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
7946313
|
|
New IC No
|
:
|
400506-71-5226
|
|
Date of Birth
|
:
|
06/05/1940
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. NG CHENG HOCK
|
|
Address
|
:
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
5907841
|
|
New IC No
|
:
|
600501-07-5211
|
|
Date of Birth
|
:
|
01/05/1960
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
05/01/1990
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. NG CHIANG CHONG
|
|
Address
|
:
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
6782328
|
|
New IC No
|
:
|
620531-07-5499
|
|
Date of Birth
|
:
|
31/05/1962
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
05/01/1990
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. NG SENG LEONG @ YIAP SENG LEONG
|
|
Address
|
:
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A0773783
|
|
New IC No
|
:
|
670819-07-5039
|
|
Date of Birth
|
:
|
19/08/1967
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
05/01/1990
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. NG SENG TIEN @ YEAP SENG TIEN
|
|
Address
|
:
|
395, PERMATANG BATU, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A1590804
|
|
New IC No
|
:
|
700611-07-5253
|
|
Date of Birth
|
:
|
11/06/1970
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
05/01/1990
|
|
1)
|
Name of Subject
|
:
|
NG CHENG HOCK
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
NG SENG LEONG
|
|
|
Position
|
:
|
SALES MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
NG LAI KOOI
|
|
|
Position
|
:
|
ACCOUNT MANAGER
|
|
|
|
|
|
|
Auditor
|
:
|
YEAP GEOK LAKE & CO
|
|
Auditor' Address
|
:
|
16, LEBUH CHINA, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MDM. HO SIEW BEE
|
|
|
IC / PP No
|
:
|
S1136428D
|
|
|
Address
|
:
|
17, PINHORN ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. OOI ENG CHOO
|
|
|
IC / PP No
|
:
|
A0531319
|
|
|
New IC No
|
:
|
660911-07-5710
|
|
|
Address
|
:
|
17, JALAN PINHORN, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
|
ENCUMBRANCE 1
|
Date of Creation
|
:
|
22/07/1993
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM2,522,500.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
DEVELOPMENT & COMMERCIAL BANK BHD
|
|
3 LEBUH PENANG, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
Form 40 Dated 07/09/1993
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
22/09/1997
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM622,000.00
|
|
Description Of Property Affected
|
:
|
|
GM12, LOT 369, MK 12, DIST SEBERANG PRAI TENGAH, PULAU PINANG
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 25/10/1997
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
29/03/1998
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
28/02/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
01/12/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM48,868.70
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
EON BANK BHD
|
|
37, TINGKAT KIKIK 7, TAMAN INDERAWASIH, 13600 PERAI, PULAU PINANG,
MALAYSIA.
|
|
|
Form 40 Dated 27/01/2004
|
|
Registered and Numbered 5 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.
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Import Countries
|
:
|
CHINA,INDIA
|
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
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
AS AGREED
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH,CHEQUES
|
|
Type of Customer
|
:
|
SUPERMARKETS,WHOLESALERS
|
|
|
|
|
|
|
|
OPERATIONS
|
|
Goods Traded
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
7-ELEVEN MALAYSIA SDN BHD
|
|
DAVIDS DISTRIBUTION SDN BHD
|
|
IREKA SDN BHD
|
|
MAKRO CASH & CARRY DISTRIBUTION (M) SDN BHD
|
|
SAVERS RETAIL SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
2005
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
20
|
27
|
14
|
14
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading in sundry good.
The SC's products range includes dried chillies, onions, garlics, potatos, ground
nuts, green beans and others.
The SC has warehouse located at the same premises to keep stock and
materials.
Besides that the SC also provide delivery services to the
customers' door step.
No projects found in our databank
We have checked with the Malaysian National News Agency's (BERNAMA) database,
but no latest development was noted in our investigation
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-5392589
|
|
Match
|
:
|
N/A
|
|
Address Provided by Client
|
:
|
395 MUKIM 6, SIMPANG 4, 14000 BUKIT MERTAJAM, PULAU PINANG.
|
|
Current Address
|
:
|
395 MUKIM 6, SIMPANG 4, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
Match
|
:
|
YES
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with Ms Catherine from the SC's Admin Department. She
revealed some information pertaining to the SC
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
2005 - 2007
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2005 - 2007
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
24.00%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
49.66%
|
]
|
The SC's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years. The SC's management
have been efficient in controlling its operating costs. The SC's management
had generated acceptable return for its shareholders using its assets
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
14 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
48 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
18 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be due
to the good credit control measures implemented by the SC. 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
|
:
|
Acceptable
|
[
|
0.82 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.98 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
|
:
|
Unfavourable
|
[
|
2.82 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.05 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:
Generally, the SC's performance has
improved with higher turnover and profit. 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
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
|
6.0
|
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
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
|
52111 : Provision stores
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
Retail sales in Malaysia are expected to rise by 6.7% in the first half of 2008
to RM40.5million due to the strong consumer confident sentiment. According
to the Retail Group Malaysia, retail sales were up 8.2% in the first half
of 2007 compared to the same period in 2006. The strong retail growth is
attributed to a strong performing economy, urban migration, stable
employment, an expanding population as well as increasing tourist arrivals.
Besides, increased attention by the government on development reforms and
infrastructure would aid economic activity, despite Malaysia's real gross
domestic products (GDP) growth would slow to 4.8% this year.
|
|
It is undeniable that the Visit Malaysia Year is a success by any measure
as the government has extended the VMT to Aug 31, 2008. The opening of new
mega shopping complexes has spurred domestic retail spending and attracted
greater tourist arrivals.
|
|
Malaysian retailers in the country can look forward to another two years of
robust growth, ringing up sales to the tune of RM69.3 billion in 2008 and
RM74.88 billion in 2009. In 2008, RGM projects another eight per cent
growth due to the uncertain US economy, which makes it too early to reduce
or increase the projection as the situation is still being observed.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
|
COMMENTS
|
|
|
|
|
|
The SC is principally engaged in the trading in sundry goods such as
potatoes, onions, garlics, nuts, beans and others. Incorporated in 1989,
the SC is registered as a private limited company. Throughout its years of establishment,
the SC should have gained certain market share and acquired a satisfactory
reputation in the market. Presently, the SC has a paid up capital of
RM1.9million. Under the majority control of Ng's family members, the SC's
business position in the market is considered stable.
|
|
Investigation revealed that the SC mainly supplies to the local market.
This narrow market segment limits the SC's business expansion opportunities
and lowers its growth prospects. However, with its stable customer base through
its years of establishment, its business risk is mitigated. The management
of the SC is assisted by 20 staff in the operations and its overall
management capability can be considered good.
|
|
Referring to the latest financial year 2007, the SC has striven to achieve
a high turnover and profitability. Both its turnover and pre-tax profit
have increased compared to the previous year. Its turnover showed an
improvement of 67.33% to RM170.67million whilst its pre-tax profit grew
19.57% from RM1.98million to RM2.37milion. Based on the high profitability,
return on shareholders' funds was high. However, a weak liquidity position
shows that the SC was not be able to repay all its current obligations. Fortunately,
a low gearing ratio places the SC at low financial risk.
|
|
We noted that all of the SC's products are sourced from overseas suppliers.
Being an import-oriented company, the SC is deemed to be exposed to foreign
exchange risk.
|
|
The SC's payment record is average and there is no legal suit against the
SC.
|
|
The industry remains robust with continuing strong demand for its products.
The steady growth in the local economy will further enhance the business activities
and we believe that there will be more business activities available for
the SC. Its long presence in the market should have enabled the SC to
compete with other competitors.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
HEAP LEE CHAN
TRADING COMPANY SDN BHD
|
|
For The Year
Ended 31-March-2007
|
|
|
|
|
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
TURNOVER
|
170,676,891
|
101,998,299
|
75,813,699
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
2,373,889
|
1,985,230
|
582,219
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
2,373,889
|
1,985,230
|
582,219
|
|
Taxation
|
<611,968>
|
<558,170>
|
<158,634>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
1,761,921
|
------------
1,427,060
|
------------
423,585
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
1,761,921
|
------------
1,427,060
|
------------
423,585
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
1,761,921
|
------------
1,427,060
|
------------
423,585
|
|
As previous reported
|
3,679,860
|
2,252,800
|
1,829,215
|
|
|
|
|
|
|
As restated
|
------------
3,679,860
|
------------
2,252,800
|
------------
1,829,215
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
5,441,781
|
3,679,860
|
2,252,800
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
5,441,781
==========
|
------------
3,679,860
==========
|
------------
2,252,800
==========
|
|
RETAINED BY: The Company
|
5,441,781
|
3,679,860
|
2,252,800
|
|
|
------------
5,441,781
==========
|
------------
3,679,860
==========
|
------------
2,252,800
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Bank overdraft
|
24,981
|
11,573
|
57,327
|
|
Hire purchase
|
8,798
|
5,340
|
2,526
|
|
Interest on trust receipts
|
1,273,198
|
743,444
|
356,478
|
|
|
------------
1,306,977
==========
|
------------
760,357
==========
|
------------
416,331
==========
|
|
HEAP LEE CHAN
TRADING COMPANY SDN BHD
|
|
As At
31-March-2007
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
2,083,149
|
2,091,516
|
2,027,167
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
Unit trust investment
|
6,113,612
|
-
|
-
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
6,113,612
|
------------
-
|
------------
-
|
|
TOTAL LONG TERM ASSETS
|
------------
8,196,761
|
------------
2,091,516
|
------------
2,027,167
|
|
CURRENT ASSETS
|
|
|
|
|
Stocks
|
6,340,132
|
4,170,893
|
1,826,361
|
|
Trade debtors
|
22,347,060
|
15,721,702
|
11,773,274
|
|
Other debtors, deposits &
prepayments
|
455,813
|
434,915
|
425,326
|
|
Short term deposits
|
54,507
|
52,567
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from director
|
234,136
|
176,112
|
208,687
|
|
Cash & bank balances
|
9,606,614
|
6,567,895
|
2,787,548
|
|
Others (please specify)
|
-
|
-
|
160,160
|
|
TOTAL CURRENT ASSETS
|
------------
39,038,262
|
------------
27,124,084
|
------------
17,181,356
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
8,300,324
|
-
|
-
|
|
Other creditors & accruals
|
8,496
|
-
|
362,632
|
|
Hire purchase & lease
creditors
|
150,840
|
130,012
|
90,004
|
|
Bank overdraft
|
130,076
|
11,340
|
48,962
|
|
Bill & acceptances payable
|
30,922,000
|
22,845,000
|
13,994,028
|
|
Amounts owing to director
|
219,326
|
292,255
|
405,209
|
|
Provision for taxation
|
55,973
|
82,426
|
-
|
|
provisions and accruals
|
36,096
|
31,216
|
34,686
|
|
deposit received
|
-
|
101,885
|
-
|
|
TOTAL CURRENT LIABILITIES
|
------------
39,823,131
|
------------
23,494,134
|
------------
14,935,521
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<784,869>
|
------------
3,629,950
|
------------
2,245,835
|
|
TOTAL NET ASSETS
|
------------
7,411,892
==========
|
------------
5,721,466
==========
|
------------
4,273,002
==========
|
|
FINANCED BY:
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
1,900,000
|
1,900,000
|
1,900,000
|
|
TOTAL SHARE CAPITAL
|
------------
1,900,000
|
------------
1,900,000
|
------------
1,900,000
|
|
RESERVES
|
|
|
|
|
Retain profit/(Accumulated loss)
carried forward
|
5,441,781
|
3,679,860
|
2,252,800
|
|
TOTAL RESERVES
|
------------
5,441,781
|
------------
3,679,860
|
------------
2,252,800
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
7,341,781
|
------------
5,579,860
|
------------
4,152,800
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
Hire purchase creditors
|
49,981
|
119,149
|
95,829
|
|
Deferred taxation
|
20,130
|
22,457
|
24,373
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
70,111
|
------------
141,606
|
------------
120,202
|
|
|
------------
|
------------
|
------------
|
|
|
7,411,892
|
5,721,466
|
4,273,002
|
|
|
==========
|
==========
|
==========
|
|
HEAP LEE CHAN
TRADING COMPANY SDN BHD
|
|
As At
31-March-2007
|
|
|
2007
|
2006
|
2005
|
|
|
MYR
|
MYR
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
9,661,121
|
6,620,462
|
2,787,548
|
|
Net Liquid Funds
|
9,531,045
|
6,609,122
|
2,738,586
|
|
Net Liquid Assets
|
<7,125,001>
|
<540,943>
|
419,474
|
|
Net Current Assets/(Liabilities)
|
<784,869>
|
3,629,950
|
2,245,835
|
|
Net Tangible Assets
|
7,411,892
|
5,721,466
|
4,273,002
|
|
Net Monetary Assets
|
<7,195,112>
|
<682,549>
|
299,272
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
330,897
|
260,501
|
234,795
|
|
Total Liabilities
|
39,893,242
|
23,635,740
|
15,055,723
|
|
Total Assets
|
47,235,023
|
29,215,600
|
19,208,523
|
|
Net Assets
|
7,411,892
|
5,721,466
|
4,273,002
|
|
Net Assets Backing
|
7,341,781
|
5,579,860
|
4,152,800
|
|
Shareholders" Funds
|
7,341,781
|
5,579,860
|
4,152,800
|
|
Total Share Capital
|
1,900,000
|
1,900,000
|
1,900,000
|
|
Total Reserves
|
5,441,781
|
3,679,860
|
2,252,800
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.24
|
0.28
|
0.19
|
|
Liquid Ratio
|
0.82
|
0.98
|
1.03
|
|
Current Ratio
|
0.98
|
1.15
|
1.15
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
14
|
15
|
9
|
|
Debtors Ratio
|
48
|
56
|
57
|
|
Creditors Ratio
|
18
|
0
|
0
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.05
|
0.05
|
0.06
|
|
Liabilities Ratio
|
5.43
|
4.24
|
3.63
|
|
Times Interest Earned Ratio
|
2.82
|
3.61
|
2.40
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
1.39
|
1.95
|
0.77
|
|
Net Profit Margin
|
1.03
|
1.40
|
0.56
|
|
Return On Net Assets
|
49.66
|
47.99
|
23.37
|
|
Return On Capital Employed
|
47.85
|
46.83
|
22.63
|
|
Return On Shareholders'
Funds/Equity
|
24.00
|
25.58
|
10.20
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
26,000.00
|
23,000.00
|
21,000.00
|
|
