|
|
REGISTRATION NO.
|
:
|
336991-M
|
|
COMPANY NAME
|
:
|
THYE SHEN HUNG SDN BHD
|
|
FORMER NAME
|
:
|
IRAMA SEPAKAT SDN BHD (08/01/2007)
|
|
INCORPORATION DATE
|
:
|
22/03/1995
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
PLOT 11, PT 36, MUKIM 14, TAPAK INDUSTRI BUKIT MINYAK, 14000 BUKIT
MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
2248, PLOT 11, LRG IKS, BKT MINYAK 2, TMN IKS, BKT MINYAK, 14100
SIMPANG AMPAT, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5076423
|
|
FAX.NO.
|
:
|
04-5076422
|
|
CONTACT PERSON
|
:
|
TAN SOON HENG ( DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
51239
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF AGRICULTURAL FOODSTUFF
|
|
AUTHORISED CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 800,000.00
DIVIDED INTO
ORDINARY SHARES 800,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 7,312,368 [2007]
|
|
NET WORTH
|
:
|
MYR 1,161,173 [2007]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
15 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG 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 of agricultural foodstuff
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. TAN KIM EYAM +
|
1 LINTANG INDAH 2, TAMAN BUKIT INDAH, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
520219-07-5437
42693599
|
176,000.00
|
|
MR. TAN KIM ANG +
|
31 TINGKAT INDAH 2, TAMAN BUKIT INDAH, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
531007-07-5375
4521551
|
160,000.00
|
|
MR. TAN KIM HOCK +
|
2052, MUKIM 9, JALAN BERAPIT, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
550701-07-5379
4872677
|
136,000.00
|
|
MR. TAN SOON HENG +
|
2052, MUKIM 9, JALAN BERAPIT, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
570724-07-5185
5393787
|
136,000.00
|
|
MR. TAN SOON SENG +
|
12 LORONG MARKISAH 7, TAMAN MARKISAH, 14100 SIMPANG AMPAT, PULAU
PINANG, MALAYSIA.
|
600517-07-5267
5910348
|
116,000.00
|
|
MR. TAN KEAT KHENG
|
1, LINTANG INDAH 2, TAMAN BUKIT INDAH, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
770626-07-6287
A3701508
|
56,000.00
|
|
MS. TAN LI HEANG
|
12, LORONG MARKISAH 7, TAMAN MARKISAH, 14100 SIMPANG AMPAT, PULAU
PINANG, MALAYSIA.
|
630213-02-5786
7016085
|
20,000.00
|
|
|
|
|
---------------
|
|
|
|
|
800,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. TAN SOON SENG
|
|
Address
|
:
|
12 LORONG MARKISAH 7, TAMAN MARKISAH, 14100 SIMPANG AMPAT, PULAU
PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
5910348
|
|
New IC No
|
:
|
600517-07-5267
|
|
Date of Birth
|
:
|
17/05/1960
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TAN KIM HOCK
|
|
Address
|
:
|
2052, MUKIM 9, JALAN BERAPIT, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
4872677
|
|
New IC No
|
:
|
550701-07-5379
|
|
Date of Birth
|
:
|
01/07/1956
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. TAN SOON HENG
|
|
Address
|
:
|
2052, MUKIM 9, JALAN BERAPIT, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
5393787
|
|
New IC No
|
:
|
570724-07-5185
|
|
Date of Birth
|
:
|
24/07/1957
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
25/05/1999
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. TAN KIM ANG
|
|
Address
|
:
|
31 TINGKAT INDAH 2, TAMAN BUKIT INDAH, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
4521551
|
|
New IC No
|
:
|
531007-07-5375
|
|
Date of Birth
|
:
|
07/01/1953
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MR. TAN KIM EYAM
|
|
Address
|
:
|
1 LINTANG INDAH 2, TAMAN BUKIT INDAH, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
42693599
|
|
New IC No
|
:
|
520219-07-5437
|
|
Date of Birth
|
:
|
19/02/1952
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
25/05/1999
|
|
1)
|
Name of Subject
|
:
|
TAN SOON HENG
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
LLTC
|
|
Auditor' Address
|
:
|
29B, LORONG PS 1, BANDAR PERDA, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MS. KEE BEE AI
|
|
|
IC / PP No
|
:
|
5324307
|
|
|
New IC No
|
:
|
570124-07-5798
|
|
|
Address
|
:
|
17, PERSIARAN KOTA PERMAI 2, TAMAN KOTA PERMAI, 14000 BUKIT
MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
|
Date of Appointment
|
:
|
25/08/1998
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
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
|
:
|
23/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,000,000.00
|
|
Description Of Property Affected
|
:
|
|
1ST PARTY 2ND LEGAL CHARGE OF LAND HELD UNDER HSD 25100 (FORMERLY KNOWN
AS HSD 2426, LOT 7710, MK 14, SEBERANG PERAI TENGAH, PULAU PINANG
TOGETHER WITH THE BUILDING TO BE ERECTED THEREON
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
G133 & 135, MEDAN KIKIK 1, TAMAN INDERAWASIH, 13600 PERAI, PULAU
PINANG, MALAYSIA.
|
|
|
Form 40 Dated
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
23/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,560,000.00
|
|
Description Of Property Affected
|
:
|
|
1ST PARTY 2ND LEGAL CHARGE OF LAND HELD UNDER HSD 25100 (FORMERLY
KNOWN AS HSD 2426, LOT 7710, MK 14, SEBERANG PERAI TENGAH, PULAU PINANG
TOGETHER WITH THE BUILDING TO BE ERECTED THEREON
|
|
|
Name & Address Of Chargee
|
:
|
|
MALAYAN BANKING BHD
|
|
G133 & 135, MEDAN KIKIK 1, TAMAN INDERAWASIH, 13600 PERAI,
PULAU PINANG, MALAYSIA.
|
|
|
Form 40 Dated 23/09/2007
|
|
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.
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
|
|
Overseas
|
:
|
YES
|
|
|
Import Countries
|
:
|
ASIA,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
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),CASH
|
|
Type of Customer
|
:
|
DEALERS
|
|
|
|
|
|
|
|
The SC only gives credit terms to its long-term customers.
OPERATIONS
|
|
Goods Traded
|
:
|
|
RICE, FLOUR, AGRICULTURAL FOODSTUFF
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
A CLOUET & COMPANY (KUALA LUMPUR) SDN BHD
|
|
HARPERS TRADING (MALAYSIA) SDN BHD
|
|
LUN HENG SDN BHD
|
|
MAGRI FOODS SDN BHD
|
|
SUSHI KIN SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
15
|
6
|
12
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of agricultural
foodstuff.
The SC supplies all kinds of fast moving foodstuff such as rice, flour,
noodles, onions, chilies and others.
The SC keeps stock of the products.
The SC is also able to repack the goods according to its customers'
requirements.
The SC sells various brands of products sourced from both local and
international suppliers.
PROJECTS
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
|
:
|
0060172725411
|
|
Current Telephone Number
|
:
|
04-5076423
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
2248, PLOT 11 LORONG 1KS BKT MNYAK 2 TMN LKS BKT MINYAK 14100
SEBERANG PARAL PENANG
|
|
Current Address
|
:
|
2248, PLOT 11, LRG IKS, BKT MINYAK 2, TMN IKS, BKT MINYAK, 14100
SIMPANG AMPAT, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other
Investigations
We contacted one of the Senior staff from the Finance
Department. She provided some information on the SC.
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
3.51%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
37.48%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
15.20%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
20.94%
|
]
|
The lower turnover could be due to the unfavourable market conditions. The higher
profit could be attributed to the increase in turnover. The SC's management
had generated acceptable return for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
50 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
45 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
51 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
|
:
|
Unfavourable
|
[
|
0.70 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.37 Times
|
]
|
A low liquid ratio means that the SC may be facing working capital deficiency.
If the SC cannot obtain additional financing or injection of fresh capital,
it may face difficulties in meeting its short term obligations
Solvency
|
Interest Cover
|
:
|
Acceptable
|
[
|
9.11 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.02 Times
|
]
|
The SC's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the SC is able to
generate sufficient income to service its interest and repay the loans. 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:
Due to the efficient control of its operating costs, the
SC was able to remain profitable despite lower turnover achieved during the
year. Due to its weak liquidity position, the SC will be faced with problems
in meeting all its short term obligations if no short term loan is obtained
or additional capital injected into the SC. The SC had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
SC's profit, we do believe the SC is able to generate sufficient cash flow to
service its interest payment. 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
|
|
|
51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin
and related products,cooking oil, tinned food, etc
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
Food production is seen to expand further with the Government's policy to
reduce the food import bill and promote self-sufficiency by 2010 through expansion
of idle lands and mechanization of farming methods as well as promotion of
good farming practices. Areas of activity that will boost this sector
include aquaculture, deep-sea fishing, floriculture as well as herbs
cultivation.
|
|
Output of the food products industry grew significantly by 12.7%
(January-June 2006: 1.1%). This was driven by higher output in processing
and preserving of fish and fish products, which grew by 27.1% in tandem
with increased marine fish landings. In addition, the robust growth of food
products was also supported by increased output of dairy (16.0%) and grain
mill products (7.0%), in particular, rice milling which increased 17.7%,
benefiting from higher production of paddy. Meanwhile, other food products,
particularly, sugar refinery and biscuit products also registered
double-digit growth ranging between 23.0% and 25.0%.
|
|
Export receipts of food products increased by 15.9% (RM5,268 million) while
beverages 106.5% (RM580 million) as a result of continuous efforts by
manufacturers to attain quality assurance and accreditation for Malaysia's
food and beverages products.
|
|
The Government has identified the processed food industry as one of the
major growth sectors of the economy under the Ninth Malaysia Plan (9MP). Under
the 9MP, the food commodities subsector is expected to grow at an average
rate of 7.6% per annum through improvements in efficiency and productivity
as well as expansion in hectarage. Exports of food commodities will be
increased to achieve a positive food trade balance. The production of
'padi' will be increased to meet the target of self-sufficiency level of
90%. The production of fruits will be undertaken on a large-scale in the
fruit production zones using the cluster development approach and concentrating
on nine fruit species which have export potential. The production of
vegetables will focus on high value varieties for local consumption and
selected export markets. The Green Book Programme to promote cultivation of
food crops at the community level will be reactivated.
|
|
The Government has approved an allocation of RM11.4 billion representing an
increase of 70% compared with the Eighth Plan allocation for the sector.
Among the objectives of the plan are large-scale commercial farming and greater
application of modern technology and ICT to produce higher value-added
processed food and food products.
|
|
Production of 'halal' food will be further promoted to take advantage of
the vast potential of the 'halal' export market. This will include
processing and packaging of meat, fisheries and other food-based products.
In addition, Malaysia will be developed as the centre for the certification
of 'halal' products and the Jabatan Kemajuan Islam Malaysia (JAKIM) 'halal'
certification will be promoted worldwide. Concerted efforts to develop
Malaysia as world halal hub to capture new markets worldwide would provide
impetus for further growth of the local food industry.
|
|
The market for convenience and functional foods is expected to grow rapidly
in view of the changing consumption patterns and greater awareness of
healthy lifestyles. In this regard, the production and supply of
ready-to-use seafood, livestock products and vegetable-based convenience
food will be promoted as new areas of investment. Palm oil and cocoa-based
food ingredients will be further developed in terms of products range and
quality. The better performance in the food products industry was also due
to greater efforts undertaken by the industry to keep pace with advancement
in technology.
|
|
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.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
|
|
|
COMMENTS
|
Founded 1995, the SC is a private limited company, focusing on trading in agricultural
foodstuff such as rice and flour. Over its years of establishment, the SC
should have gained certain market share and acquired a satisfactory
reputation in the market. It should have some traditional customers to
support its growth. With an acceptable paid up capital of RM800,000, the
SC's business potential should be favourable.
|
|
The SC's business operations are predominantly in Malaysia. As such, any
adverse developments in the economic environment and uncertainties in
Malaysia could adversely affect the business prospects of the SC. As the
SC's products are recognised as necessity products for public, its business
risk is well diversified. In conclusion, the SC's business risk is
moderate. Today, the management of the SC is assisted by 15 employees in
the operations.
|
|
For the financial under review, the SC recorded turnover and pre-tax profit
of RM7,312,368 and RM218,750 respectively. Return on shareholders' funds is
at an acceptable level indicating that the SC was efficient in utilising
its funds to generate return. With its current liabilities not well covered
by its current assets, the SC may face working capital deficiency in
meeting its short term obligations. A low gearing ratio has minimised the
SC's financial risk. The overall financial performance of the SC is fair.
|
|
We noted that the SC's supplies are sourced locally and imported from
overseas countries. Thus, it eliminates the risk of dependency on
deliveries from a number of key suppliers and insufficient quantities of
its raw materials or other necessary components.
|
|
Based on its financial historical data, the SC's payment record is average
and it is clear of litigation.
|
|
The Government has identified the processed food industry as one of the major
growth sectors of the economy. This has created ample business
opportunities for the SC to expand and stabilise its business. Nonetheless,
the SC has to seek and develop new strategies to further enhance its
business.
|
|
In view of the above, we recommend credit be granted to the SC normally.
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
THYE SHEN HUNG
SDN BHD
|
|
For The Year
Ended 30-June-2007
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
TURNOVER
|
7,312,368
|
7,578,401
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
218,750
|
159,115
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
218,750
|
159,115
|
|
Taxation
|
<42,301>
|
<31,983>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
176,449
|
------------
127,132
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
176,449
|
------------
127,132
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
176,449
|
------------
127,132
|
|
As previous reported
|
184,724
|
57,592
|
|
As restated
|
------------
184,724
|
------------
57,592
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
361,173
|
184,724
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
361,173
==========
|
------------
184,724
==========
|
|
RETAINED BY: The Company
|
361,173
|
184,724
|
|
|
------------
361,173
==========
|
------------
184,724
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Bank overdraft
|
1,015
|
1,030
|
|
Hire purchase
|
2,966
|
2,965
|
|
Bankers' acceptance
|
23,005
|
10,328
|
|
|
------------
26,986
==========
|
------------
14,323
==========
|
|
|
|
|
|
THYE SHEN HUNG
SDN BHD
|
|
As At
30-June-2007
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
623,956
|
125,950
|
|
TOTAL LONG TERM ASSETS
|
------------
623,956
|
------------
125,950
|
|
CURRENT ASSETS
|
|
|
|
Stocks
|
991,701
|
681,878
|
|
Trade debtors
|
900,809
|
1,018,427
|
|
Other debtors, deposits &
prepayments
|
21,048
|
17,554
|
|
Cash & bank balances
|
128,224
|
97,618
|
|
TOTAL CURRENT ASSETS
|
------------
2,041,782
|
------------
1,815,477
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
1,014,268
|
951,629
|
|
Other creditors & accruals
|
26,097
|
25,396
|
|
Hire purchase & lease
creditors
|
16,103
|
16,103
|
|
Bill & acceptances payable
|
379,000
|
205,000
|
|
Provision for taxation
|
56,746
|
16,422
|
|
TOTAL CURRENT LIABILITIES
|
------------
1,492,214
|
------------
1,214,550
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
549,568
|
------------
600,927
|
|
TOTAL NET ASSETS
|
------------
1,173,524
==========
|
------------
726,877
==========
|
|
FINANCED BY:
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
800,000
|
500,000
|
|
TOTAL SHARE CAPITAL
|
------------
800,000
|
------------
500,000
|
|
RESERVES
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
361,173
|
184,724
|
|
TOTAL RESERVES
|
------------
361,173
|
------------
184,724
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
1,161,173
|
------------
684,724
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
Hire purchase creditors
|
8,051
|
24,153
|
|
Deferred taxation
|
4,300
|
18,000
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
12,351
|
------------
42,153
|
|
|
------------
|
------------
|
|
|
1,173,524
|
726,877
|
|
|
==========
|
==========
|
|
|
|
|
|
THYE SHEN HUNG
SDN BHD
|
|
As At
30-June-2007
|
|
|
2007
|
2006
|
|
|
MYR
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
128,224
|
97,618
|
|
Net Liquid Funds
|
128,224
|
97,618
|
|
Net Liquid Assets
|
<442,133>
|
<80,951>
|
|
Net Current Assets/(Liabilities)
|
549,568
|
600,927
|
|
Net Tangible Assets
|
1,173,524
|
726,877
|
|
Net Monetary Assets
|
<454,484>
|
<123,104>
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
24,154
|
40,256
|
|
Total Liabilities
|
1,504,565
|
1,256,703
|
|
Total Assets
|
2,665,738
|
1,941,427
|
|
Net Assets
|
1,173,524
|
726,877
|
|
Net Assets Backing
|
1,161,173
|
684,724
|
|
Shareholders" Funds
|
1,161,173
|
684,724
|
|
Total Share Capital
|
800,000
|
500,000
|
|
Total Reserves
|
361,173
|
184,724
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.09
|
0.08
|
|
Liquid Ratio
|
0.70
|
0.93
|
|
Current Ratio
|
1.37
|
1.49
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
50
|
33
|
|
Debtors Ratio
|
45
|
49
|
|
Creditors Ratio
|
51
|
46
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.02
|
0.06
|
|
Liabilities Ratio
|
1.30
|
1.84
|
|
Times Interest Earned Ratio
|
9.11
|
12.11
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
2.99
|
2.10
|
|
Net Profit Margin
|
2.41
|
1.68
|
|
Return On Net Assets
|
20.94
|
23.86
|
|
Return On Capital Employed
|
20.66
|
23.34
|
|
Return On Shareholders'
Funds/Equity
|
15.20
|
18.57
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
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