|
EXECUTIVE SUMMARY
|
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
|
:
|
NO 2248, PLOT 11, LORONG IKS, BUKIT MINYAK 2, TAMAN IKS, BUKIT
MINYAK, 14100 SIMPANG AMPAT, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5076423
|
|
FAX.NO.
|
:
|
04-5076422
|
|
CONTACT PERSON
|
:
|
TAN SOON HENG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
51239
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF RICE & RELATED PRODUCTS
|
|
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
|
:
|
10 [2008]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
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 of rice &
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
|
|
MR. TAN KIM EYAM +
|
1, LINTANG INDAH 2, TAMAN BUKIT INDAH, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
520219-07-5437
4269359
|
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 +
|
2050, 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
DIRECTORS
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
|
|
Date of Appointment
|
:
|
22/03/1995
|
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
|
:
|
01/07/1955
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
28/03/2007
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. TAN SOON HENG
|
|
Address
|
:
|
2050, 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
|
:
|
07/10/1953
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
30/01/2001
|
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
|
:
|
4269359
|
|
New IC No
|
:
|
520219-07-5437
|
|
Date of Birth
|
:
|
19/02/1952
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
25/05/1999
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TAN SOON HENG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
TAN KIM EYAM
|
|
|
Position
|
:
|
SALES DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
LLTC
|
|
Auditor' Address
|
:
|
29B, LORONG P S 1, BANDAR PERDA, 14000 BUKIT MERTAJAM, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
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.
|
|
|
|
|
|
|
|
|
|
|
BANKING
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 (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
23/08/2007
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,000,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated 23/09/2007
|
|
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
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
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.
PAYMENT RECORD
|
|
|
|
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,CASH
|
|
Type of Customer
|
:
|
DEALERS
|
OPERATIONS
|
Goods Traded
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
AURIC CHUN YIP SDN BHD
|
|
HARPERS TRADING (MALAYSIA) SDN BHD
|
|
LUN HENG SDN BHD
|
|
PGEO GROUP SDN BHD
|
|
UNILEVER (MALAYSIA) HOLDINGS SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2008
|
2007
|
2006
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
10
|
6
|
12
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of rice &
related products.
The SC supplies all kinds of fast moving foodstuff includes rice, flour,
noodles, onions, chilies and others.
We were informed that the SC also repacks the goods according to its
customers' requirements.
Besides that the SC also has a warehouse located at the same premises to keep
stocks and materials.
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
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
04-5076423
|
|
Match
|
:
|
N/A
|
|
Address Provided by Client
|
:
|
2248, PLOT 11, LRG IKS, BKT MINYAK 2, TMN IKS, BKT MINYAK, 14100
SIMPANG AMPAT, PULAU PINANG.
|
|
Current Address
|
:
|
NO 2248, PLOT 11, LORONG IKS, BUKIT MINYAK 2, TAMAN IKS, BUKIT
MINYAK, 14100 SIMPANG AMPAT, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with Ms Tan from the SC's Accounts Department. She
revealed some information pertaining to the SC.
FINANCIAL COMMENTS
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:
|
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
|
|
51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin
and related products,cooking oil, tinned food, etc
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
Agricultural output will be further boosted by the projected increase in
food production resulting from the various incentives and development
programmes mounted by the government to reduce the high food import bill as
well as to raise farmers' income through diversification into high value
food crops and farming, including aquaculture, floriculture and cultivation
of medicinal plants.
|
|
During the January to November 2007, domestic food manufacturing surged by
7.9%. The food and beverage sector remains dynamic with the opening of new
international and local food chains and outlets throughout the country. The
industry's potential has also attracted the interest of investors in
hospitality-linked companies including the introduction of a new budget
hotel chain patterned after the concept of budget airlines.
|
|
Agricultural produces for food is one of the main thrusts of the Government
towards country's self-sufficiency, and also as a major contributor to the
country's development. The objective is expected to be achieved through
concerted efforts to reduce food imports and fully utilise the nation's
resources. Imports of meat products currently stand at about RM2 billion
annually.
|
|
In addition, turning Malaysia into a halal food hub is still on the agenda,
which partly supports the positive outlook on the domestic food industry;
this is a niche market that is not seen to be vulnerable to the effects of
an economic slowdown in the US. Meanwhile, another area that has
experienced growth and is poised to expand further this year is the
processing and preservation of fish and fish 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.
|
|
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 : Average Growth
|
COMMENTS
|
The SC is a private limited company which involves in trading of rice and
other related products. With a paid up capital of RM800,00, the SC is uder
the control of Tan's family members. Throughout its years of establishment,
the SC should have built up a satisfactory reputation in the market.
|
|
Our investigation revealed that the SC only serves the domestic customers.
Being highly dependent on one market, it limits the business expansion
opportunities of the SC. However, we noted that the SC offers a wide range
of necessity products such as rice, flour, noodles and etc which enables
the SC exposes to lower market risk. With total work force of 10 employees,
the SC's overall management capability is considered average.
|
|
Compared to the previous year, the SC's pre-tax profit has grown 37.47% to
RM218,750, despite a decrease of 3.51% in its turnover. Return on
shareholders' funds was at an acceptable range as the management was
efficient in utilising its funds to generate returns. Besides, being a
lowly geared company, the SC faces low financial risk. However, the SC is
in a weak liquidity position as it was not be able to meet its short term
obligations.
|
|
The SC's supplies are sourced locally and internationally. Due to its long
establishment, we believe that the SC has built up a stable supplier base.
Thus, it does not face significant problem in getting its resources.
|
|
Based on its financial historical data, the SC's payment record is average
and it is clear of litigation.
|
|
The industry continues to be attractive with the encouraging domestic
demand for its products. With the promising outlook of the industry
performance, the business potential of the SC should be favourable.
|
|
In view of the above, we recommend credit be granted to the SC normally.
|
PROFIT AND LOSS ACCOUNT
|
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
==========
|
BALANCE SHEET
|
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
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
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
|
|
|
|
|
|
|
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
|
|
