MIRA INFORM REPORT
|
Report Date : |
18.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
FARM FRESH AGRICULTURE SDN BHD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
13.03.1997 |
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Com. Reg. No.: |
422944-D |
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|
Legal Form : |
Private Limited |
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|
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Line of Business : |
Trading of
Groceries & Foodstuffs |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
EXECUTIVE SUMMARY
|
REGISTRATION NO. |
: |
422944-D |
|
COMPANY NAME |
: |
FARM FRESH
AGRICULTURE SDN BHD |
|
FORMER NAME |
: |
ENG HUP HANG
TRADING SDN BHD (20/08/2008) |
|
INCORPORATION DATE |
: |
13/03/1997 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL STATUS |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
SUBANG SQUARE,
E-7-2A JALAN SS 15/4G, 47500 SUBANG JAYA, |
|
BUSINESS ADDRESS |
: |
KELANA BUSINESS
CENTRE BLOCK A, LOT 711-713, 97, JALAN SS 7/2, KELANA JAYA, 47301 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
TEL.NO. |
: |
03-78055266 |
|
FAX.NO. |
: |
03-78068857 |
|
CONTACT PERSON |
: |
CHUI AH HOCK (
MANAGING DIRECTOR ) |
|
|
|
|
|
INDUSTRY CODE |
: |
52111 |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF
GROCERIES & FOODSTUFFS |
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00
DIVIDED INTO |
|
ISSUED AND PAID UP
CAPITAL |
: |
MYR 2,500,000.00 DIVIDED
INTO |
|
|
|
|
|
SALES |
: |
MYR 97,131,747
[2007] |
|
NET WORTH |
: |
MYR 4,627,736
[2007] |
|
STAFF STRENGTH |
: |
100 [2008] |
|
BANKER (S) |
|
CIMB BANK BHD |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
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 groceries &
foodstuffs.
The SC is not listed on
The SC is not qualified to be one of the Top Corporate Performers in the
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
|
MR. CHUI AH HOCK + |
99, JALAN DEDAP
BATIK, SIERRAMAS, 47000 SUNGAI BULOH, |
680609-10-6991 |
2,007,130.00 |
|
CHEN WEIHUA + |
60 JALAN SJ 4,
TAMAN SELAYANG JAYA, 68100 |
G14386600 |
42,870.00 |
|
SIMON KANGGA LEE |
16, LOT 14234, JALAN
PERUSAHAAN 24, OFF KAMPUNG IDAMAN, PANDAMARAN, 42000 PELABUHAN KLANG, |
N339372 |
450,000.00 |
|
|
|
|
--------------- |
|
|
|
|
2,500,000.00 |
|
|
|
|
============ |
+ Also Director
The SC interest in
other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Company |
(%) |
As At |
|
|
230433 |
ERA SAUJANA SDN
BHD |
100 |
31/12/2007 |
|
|
|
|
|
|
|
|
216685 |
NILAI GENERASI (M)
SDN BHD |
100 |
31/12/2007 |
|
|
|
|
|
|
|
|
80795 |
POSITIVO CREATIVE
SDN BHD |
100 |
31/12/2007 |
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|
|
|
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|
|
|
|
PROFILE JUTA (M)
SDN BHD |
100 |
31/12/2007 |
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DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
MR. OOI CHENG HOCK |
|
Address |
: |
30, JALAN 2/11,
BUKIT RAWANG JAYA, 48000 RAWANG, |
|
IC / PP No |
: |
7018012 |
|
New IC No |
: |
630319-07-5087 |
|
Date of Birth |
: |
19/03/1963 |
|
|
|
|
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Nationality |
: |
MALAYSIAN CHINESE |
|
Date of
Appointment |
: |
18/07/2008 |
|
Remark |
: |
ALT DIT TO CHUI AH
HOCK |
DIRECTOR 2
|
Name Of Subject |
: |
CHEN WEIHUA |
|
Address |
: |
60 JALAN SJ 4,
TAMAN SELAYANG JAYA, 68100 |
|
IC / PP No |
: |
G14386600 |
|
Nationality |
: |
N/A |
|
Date of
Appointment |
: |
29/01/2007 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. CHUI AH HOCK |
|
Address |
: |
99, JALAN DEDAP
BATIK, SIERRAMAS, 47000 SUNGAI BULOH, |
|
New IC No |
: |
680609-10-6991 |
|
Date of Birth |
: |
09/06/1968 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of
Appointment |
: |
13/03/1997 |
MANAGEMENT
|
1) |
Name of Subject |
: |
CHUI AH HOCK |
|
|
Position |
: |
MANAGING DIRECTOR |
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|
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2) |
Name of Subject |
: |
NG AIK CHUN |
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Position |
: |
MARKETING MANAGER |
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3) |
Name of Subject |
: |
LIM CHAI HONG |
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Position |
: |
PURCHASING MANAGER |
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AUDITOR
|
Auditor |
: |
MICHAEL NG &
CO |
|
Auditor' Address |
: |
|
COMPANY SECRETARIES
|
1) |
Company Secretary |
: |
MR. LIEW SENG AUN |
|
|
IC / PP No |
: |
A1411475 |
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|
New IC No |
: |
700318-04-5063 |
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|
Address |
: |
66 JALAN HUJAN
EMAS 5, OUG, 58200 |
BANKING
Banking relations are maintained principally with :
|
1) |
Name |
: |
CIMB BANK BHD |
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|
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2) |
Name |
: |
EON BANK BHD |
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3) |
Name |
: |
HONG LEONG BANK
BHD |
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4) |
Name |
: |
RHB BANK BHD |
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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 |
: |
19/06/2003 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM4,200,000.00 |
||
|
Description Of
Property Affected |
: |
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||
|
Name & Address
Of Chargee |
: |
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||
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||
|
Form 40 Dated |
||||
|
Registered and
Numbered 6 In The Register of Charges |
||||
ENCUMBRANCE 2
|
Date of Creation |
: |
19/06/2003 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM1,000,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
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||
|
Form 40 Dated |
||||
|
Registered and
Numbered 7 In The Register of Charges |
||||
ENCUMBRANCE 3
|
Date of Creation |
: |
19/06/2003 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM3,200,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
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||
|
Form 40 Dated |
||||
|
Registered and
Numbered 8 In The Register of Charges |
||||
ENCUMBRANCE 4
|
Date of Creation |
: |
03/07/2003 |
||
|
Description Of
Charge |
: |
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||
|
Amount Secured |
: |
RM4,200,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
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||
|
Form 40 Dated |
||||
|
Registered and
Numbered 9 In The Register of Charges |
||||
ENCUMBRANCE 5
|
Date of Creation |
: |
18/12/2003 |
||
|
Description Of
Charge |
: |
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||
|
Amount Secured |
: |
O/D |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 11 In The Register of Charges |
||||
ENCUMBRANCE 6
|
Date of Creation |
: |
24/05/2004 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM3,800,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 12 In The Register of Charges |
||||
ENCUMBRANCE 7
|
Date of Creation |
: |
24/05/2004 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM3,800,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 13 In The Register of Charges |
||||
ENCUMBRANCE 8
|
Date of Creation |
: |
21/06/2004 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
O/D |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 15 In The Register of Charges |
||||
ENCUMBRANCE 9
|
Date of Creation |
: |
05/10/2004 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
O/D |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 16 In The Register of Charges |
||||
ENCUMBRANCE 10
|
Date of Creation |
: |
05/10/2004 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
O/D |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 17 In The Register of Charges |
||||
ENCUMBRANCE 11
|
Date of Creation |
: |
09/12/2005 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM7,000,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated |
||||
|
Registered and
Numbered 18 In The Register of Charges |
||||
ENCUMBRANCE 12
|
Date of Creation |
: |
03/07/2008 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM6,700,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated
11/07/2008 |
||||
|
Registered and
Numbered 19 In The Register of Charges |
||||
ENCUMBRANCE 13
|
Date of Creation |
: |
03/07/2008 |
||
|
Description Of
Charge |
: |
|
||
|
Amount Secured |
: |
RM62,925,000.00 |
||
|
Description Of
Property Affected |
: |
|
||
|
Name & Address
Of Chargee |
: |
|
||
|
Form 40 Dated
11/07/2008 |
||||
|
Registered and
Numbered 20 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
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
SOURCES OF RAW
MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
10% |
|
Overseas |
: |
YES |
Percentage |
: |
90% |
|
Import Countries |
: |
|
|||
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 |
[ |
|
] |
|
|
|
|
|
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CLIENTELE
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
|
|||
|
Overseas |
: |
NO |
Percentage |
: |
0% |
|
|
|
|
|
|
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|
Credit Term |
: |
30 - 60 DAYS |
|||
|
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Payment Mode |
: |
CASH,CHEQUES |
|||
|
Type of Customer |
: |
RETAIL,SUPERMARKET,HYPERMARKET,WALK
IN CUSTOMERS |
|||
OPERATIONS
|
Goods Traded |
: |
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|
|||||
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Competitor(s) |
: |
|
|||||
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|
|||||
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Ownership of
premises |
: |
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|
Total Number of
Employees: |
|
||||||||
|
YEAR |
2008 |
2007 |
2006 |
|
|
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|||||||||
|
GROUP |
N/A |
N/A |
N/A |
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COMPANY |
100 |
119 |
114 |
|
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|
|
|
|
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Branch |
: |
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of groceries &
foodstuffs.
The SC sells a wide range of grocery goods such as dried and other foodstuffs
including red onions, yellow onions, potatoes, garlics, chillies, mushrooms,
beans, cooking oil, flour, rice, pepper, spices, grains and others.
Besides that the SC also provides delivery services to the customers' doorstep.
The SC imports its products based on the customers' requirements and orders.
We were also informed that the SC is small scale industry.
We were informed that the SC have its own warehouse located at the:
Tel No: 03-31663388
Fax No: 03-31656701
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 |
: |
03-78055266 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided
by Client |
: |
711 712 & 713
BLOCK A KELAN BUSINESS CENTRE 97 JALAN SS/7/2 KELANA JAYA 47301 PETALING JAYA
SELANGOR DARUL |
|
Current Address |
: |
KELANA BUSINESS
CENTRE BLOCK A, LOT 711-713, 97, JALAN SS 7/2, KELANA JAYA, 47301 PETALING
JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial
Accounts |
: |
YES |
Other
Investigations
We conducted an interview with the SC's Finance Dept, Ms Yap. She kindly
furnished us some information pertaining on the SC and its related services and
operations.
FINANCIAL COMMENTS
Profitability:
|
Turnover |
: |
Decreased |
[ |
21.53% |
] |
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
11.92% |
] |
|
Return on
Shareholder Funds |
: |
Acceptable |
[ |
12.66% |
] |
|
Return on Net
Assets |
: |
Acceptable |
[ |
20.64% |
] |
The lower turnover could be due to the intense market competition. The dip in
profit could be due to the stiff market competition which reduced the SC's
profit margin. The SC's management had generated acceptable return for its
shareholders using its assets.
Working Capital Control:
|
Stock Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
Debtors Ratio |
: |
Unfavourable |
[ |
73 Days |
] |
|
Creditors Ratio |
: |
Favourable |
[ |
43 Days |
] |
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The high debtors' ratio could indicate
that the SC was weak in its credit control. However, the SC could also giving
longer credit periods to its customers in order to boost its sales or to
capture / retain its market share. 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 |
[ |
0.77 Times |
] |
|
Current Ratio |
: |
Unfavourable |
[ |
0.93 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 |
[ |
6.07 Times |
] |
|
Gearing Ratio |
: |
Favourable |
[ |
0.31 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:
The SC's performance deteriorated over the
years with lower turnover and profit. 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 : LIMITED
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic
Indicators: |
2005 |
2006 |
2007 |
2008* |
2009** |
|
|
|
|
|
|
|
|
Population (
Million) |
26.13 |
26.64 |
27.17 |
27.73 |
28.31 |
|
Gross Domestic
Products ( % ) |
5.3 |
5.8 |
6.3 |
5.0 |
3.5 |
|
Domestic Demand (
% ) |
7.3 |
7.0 |
9.0 |
6.1 |
6.0 |
|
Private
Expenditure ( % ) |
9.5 |
7.0 |
8.6 |
6.6 |
6.4 |
|
Consumption ( % ) |
9.2 |
7.1 |
9.0 |
6.8 |
6.5 |
|
Investment ( % ) |
8.5 |
7.0 |
7.1 |
6.2 |
5.8 |
|
Public
Expenditure ( % ) |
3.6 |
6.8 |
10.1 |
4.7 |
5.1 |
|
Consumption ( % ) |
5.4 |
5.0 |
10.8 |
5.7 |
4.0 |
|
Investment ( % ) |
1.9 |
8.9 |
9.3 |
3.6 |
6.4 |
|
|
|
|
|
|
|
|
Balance of Trade (
MYR Million ) |
99,760 |
108,192 |
100,340 |
115,563 |
126,650 |
|
Government Finance
( MYR Million ) |
<18,684> |
<19,109> |
<19,948> |
<34,462> |
<28,450> |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
<3.8> |
<3.3> |
<3.2> |
<4.8> |
<4.8> |
|
Inflation ( %
Change in Composite CPI) |
3.1 |
3.9 |
2.0 |
4.4 |
5.0 |
|
Unemployment Rate |
3.5 |
3.4 |
3.2 |
3.3 |
3.2 |
|
|
|
|
|
|
|
|
Net International
Reserves ( MYR Billion ) |
266 |
290 |
336 |
388 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
5.13 |
4.21 |
3.04 |
1.91 |
- |
|
Average 3
Months of Non-performing Loans ( % ) |
13.63 |
12.91 |
13.30 |
13.24 |
- |
|
Average Base
Lending Rate ( % ) |
6.00 |
6.61 |
6.72 |
6.72 |
- |
|
Business Loans
Disbursed( % ) |
8.7 |
<2.5> |
9.1 |
- |
- |
|
Foreign Investment
( MYR Million ) |
17,882.9 |
20,228.0 |
33,426.0 |
23,261.4 |
- |
|
Consumer Loans ( %
) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Companies ( No. ) |
37,474 |
38,293 |
43,337 |
- |
- |
|
Registration of
New Companies ( % ) |
<2.9> |
2.2 |
13.2 |
- |
- |
|
Liquidation of
Companies ( No. ) |
3,069 |
8,647 |
22,629 |
- |
- |
|
Liquidation of
Companies ( % ) |
<7.9> |
181.8 |
161.5 |
- |
- |
|
|
|
|
|
|
|
|
Registration of
New Business ( No. ) |
193,095 |
216,147 |
227,410 |
- |
- |
|
Registration of
New Business ( % ) |
2.1 |
11.9 |
5.2 |
- |
- |
|
Business
Dissolved ( No. ) |
73,355 |
52,879 |
20,431 |
- |
- |
|
Business Dissolved
( % ) |
43.0 |
<27.9> |
<61.4> |
- |
- |
|
|
|
|
|
|
|
|
Sales of New
Passenger Cars (' 000 Unit ) |
400.8 |
446.2 |
442.9 |
- |
- |
|
Cellular Phone
Subscribers ( Million ) |
18.5 |
19.5 |
23.3 |
25.1 |
- |
|
Tourist Arrival (
Million Persons ) |
16.7 |
17.5 |
20.9 |
21.5 |
- |
|
Hotel Occupancy
Rate ( % ) |
63.6 |
64.8 |
70.0 |
68.0 |
- |
|
|
|
|
|
|
|
|
Credit Cards
Spending ( % ) |
13.9 |
15.4 |
20.1 |
- |
- |
|
Bad Cheque
Offenders (No.) |
57,316 |
36,555 |
30,004 |
- |
- |
|
Individual
Bankruptcy ( No.) |
15,868 |
13,596 |
13,238 |
- |
- |
|
Individual
Bankruptcy ( % ) |
<2.4> |
<14.3> |
<2.6> |
- |
- |
|
INDUSTRIES ( %
of Growth ): |
2005 |
2006 |
2007 |
2008* |
2009** |
|
|
|
|
|
|
|
|
Agriculture |
2.5 |
5.3 |
3.1 |
3.6 |
3.7 |
|
Palm Oil |
7.1 |
5.8 |
<0.6> |
7.0 |
- |
|
Rubber |
<2.9> |
12.6 |
1.0 |
<1.1> |
- |
|
Forestry &
Logging |
2.0 |
<0.4> |
2.8 |
<1.5> |
- |
|
Fishing |
<0.4> |
9.3 |
5.2 |
4.0 |
- |
|
Other Agriculture |
3.2 |
5.3 |
7.0 |
5.9 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
563.7 |
516.5 |
487.3 |
393 |
0 |
|
% of Industry
Non-Performing Loans |
1.19 |
1.06 |
1.08 |
0 |
0 |
|
|
|
|
|
|
|
|
Mining |
0.8 |
<0.4> |
3.3 |
2.8 |
3.4 |
|
Oil & Gas |
1.6 |
4.6 |
2.2 |
12.7 |
- |
|
Other Mining |
<1.0> |
5.1 |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
68.8 |
55.4 |
42.2 |
36.0 |
- |
|
% of Industry
Non-performing Loans |
0.1 |
0.1 |
0.1 |
- |
- |
|
|
|
|
|
|
|
|
Manufacturing # |
5.1 |
7.3 |
3.1 |
4.7 |
4.3 |
|
Exported-oriented
Industries |
3.0 |
11.1 |
<1.9> |
2.7 |
- |
|
Electrical &
Electronics |
3.6 |
13.4 |
3.0 |
2.4 |
- |
|
Rubber Products |
2.4 |
0.4 |
8.0 |
4.2 |
- |
|
Wood Products |
0.9 |
0.7 |
3.3 |
<6.0> |
- |
|
Textiles &
Apparel |
<4.4> |
12.6 |
<10.1> |
1.9 |
- |
|
Domestic-oriented
Industries |
6.9 |
5.0 |
5.3 |
9.9 |
- |
|
Food, Beverages
& Tobacco |
7.7 |
4.8 |
5.6 |
9.5 |
- |
|
Chemical &
Chemical Products |
6.9 |
1.7 |
9.2 |
1.4 |
- |
|
Plastic Products |
18.6 |
21.3 |
<3.6> |
6.5 |
- |
|
Iron & Steel |
<6.7> |
<6.9> |
17.5 |
16.8 |
- |
|
Fabricated Metal
Products |
<7.5> |
20.0 |
26.2 |
14.7 |
- |
|
Non-metallic
Mineral |
<6.0> |
<1.9> |
6.6 |
8.3 |
- |
|
Transport
Equipment |
10.4 |
5.3 |
<19.0> |
27.1 |
- |
|
Paper & Paper
Products |
4.6 |
4.1 |
14.9 |
8.6 |
- |
|
Crude Oil
Refineries |
8.2 |
12.1 |
8.6 |
7.8 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,035.6 |
6,181.3 |
6,366.2 |
5,729.4 |
- |
|
% of Industry
Non-Performing Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
<1.6> |
<0.5> |
4.6 |
4.0 |
3.1 |
|
Industry
Non-Performing Loans ( MYR Million ) |
5,172.7 |
5,527.3 |
5,116.7 |
4,149.8 |
- |
|
% of Industry
Non-Performing Loans |
10.9 |
11.4 |
11.3 |
- |
- |
|
|
|
|
|
|
|
|
Services |
6.6 |
7.2 |
9.7 |
7.7 |
6.9 |
|
Electric, Gas
& Water |
5.5 |
5.2 |
4.6 |
5.0 |
4.3 |
|
Transport, Storage
& Communication |
6.3 |
5.2 |
7.6 |
7.8 |
7.3 |
|
Wholesale, Retail,
Hotel & Restaurant |
8.0 |
7.1 |
11.6 |
10.0 |
7.4 |
|
Finance, Insurance
& Real Estate |
7.0 |
7.7 |
10.7 |
9.2 |
8.1 |
|
Government
Services |
7.6 |
9.8 |
4.6 |
8.6 |
4.0 |
|
Other Services |
5.0 |
4.7 |
5.0 |
5.9 |
5.4 |
|
Industry
Non-Performing Loans ( MYR Million ) |
8,716.8 |
11,593.2 |
10,207.8 |
8,281.4 |
- |
|
% of Industry
Non-Performing Loans |
18.4 |
23.9 |
22.6 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary |
|
|
|
|
|
|
** Forecast |
|
|
|
|
|
|
# Based On Manufacturing Production Index |
|||||
INDUSTRY COMMENTS
|
MSIC CODE |
|
|
52111 : Provision
stores |
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Average Growth |
|
COMMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH |
||
|
FARM FRESH
AGRICULTURE SDN BHD |
||
|
For The Year Ended 31-December-2007 |
||
|
|
2007 |
2006 |
|
|
MYR |
MYR |
|
|
|
|
|
|
|
|
|
TURNOVER |
97,131,747 |
123,779,606 |
|
|
========== |
========== |
|
PROFIT/(LOSS) FROM OPERATIONS |
966,033 |
1,096,827 |
|
|
|
|
|
|
------------ |
------------ |
|
PROFIT/(LOSS) BEFORE TAXATION |
966,033 |
1,096,827 |
|
Taxation |
<380,000> |
<443,533> |
|
|
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
As previous reported |
2,541,703 |
1,888,409 |
|
|
|
|
|
|
------------ |
------------ |
|
|
------------ |
------------ |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
3,127,736 |
2,541,703 |
|
|
|
|
|
DIVIDENDS - Ordinary (paid & proposed) |
<1,000,000> |
- |
|
|
|
|
|
|
------------ |
------------ |
|
RETAINED BY: The Company |
2,127,736 |
2,541,703 |
|
|
|
|
|
|
|
|
|
|
------------ |
------------ |
|
INTEREST EXPENSE (as per notes to PL) |
|
|
|
Term loan |
89,704 |
68,822 |
|
Bank overdraft |
63,903 |
73,978 |
|
|
|
|
|
Hire purchase |
30,321 |
35,140 |
|
|
|
|
|
Other interest expenses |
1,765 |
1,000 |
|
|
|
|
|
|
|
|
|
Lease interest |
4,838 |
4,147 |
|
|
|
|
|
|
|
|
|
|
------------ |
------------ |
BALANCE SHEET
|
FARM FRESH
AGRICULTURE SDN BHD |
|||||
|
As At 31-December-2007 |
|||||
|
|
|
|
|
|
|
|
|
2007 |
2006 |
|
|
|
|
|
MYR |
MYR |
|
|
|
|
|
|
|
|
|
|
|
ASSET EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
5,935,062 |
6,630,555 |
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
|
Subsidiary companies |
1,161,165 |
1,150,325 |
|
|
|
|
Associated companies |
758,530 |
758,530 |
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS |
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
Stocks |
5,591,669 |
5,029,819 |
|
|
|
|
Trade debtors |
19,313,022 |
26,860,760 |
|
|
|
|
Other debtors, deposits & prepayments |
493,888 |
663,420 |
|
|
|
|
Short term deposits |
5,084,829 |
4,485,436 |
|
|
|
|
Amount due from director |
- |
261,882 |
|
|
|
|
Cash & bank balances |
687,108 |
202,989 |
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
Trade creditors |
11,353,105 |
14,047,493 |
|
|
|
|
Other creditors & accruals |
1,574,106 |
5,271,287 |
|
|
|
|
Hire purchase & lease creditors |
- |
301,092 |
|
|
|
|
Bank overdraft |
672,740 |
793,457 |
|
|
|
|
Short term borrowings/Term loans |
125,200 |
125,200 |
|
|
|
|
Bill & acceptances payable |
19,696,138 |
19,518,000 |
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
------------ |
------------ |
|
|
|
|
NET CURRENT ASSETS/(LIABILITIES) |
------------ |
------------ |
|
|
|
|
TOTAL NET ASSETS |
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
|
FINANCED BY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
|
Ordinary share capital |
2,500,000 |
2,500,000 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL |
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward |
2,127,736 |
2,541,703 |
|
|
|
|
------------ |
------------ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term loans |
616,248 |
733,484 |
|
|
|
|
Deferred taxation |
360,000 |
212,000 |
|
|
|
|
|
|
|
|
|
|
|
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
|
|
|
|
|
5,603,984 |
5,987,187 |
|
|
|
|
|
========== |
========== |
|
|
|
FINANCIAL RATIOS
|
FARM FRESH
AGRICULTURE SDN BHD |
|||
|
As At 31-December-2007 |
|||
|
|
|
|
|
|
|
2007 |
2006 |
|
|
|
MYR |
MYR |
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
5,771,937 |
4,688,425 |
|
|
Net Liquid Funds |
4,973,997 |
3,769,768 |
|
|
Net Liquid Assets |
<7,842,442> |
<7,582,042> |
|
|
Net Current Assets/(Liabilities) |
<2,250,773> |
<2,552,223> |
|
|
Net Tangible Assets |
5,603,984 |
5,987,187 |
|
|
Net Monetary Assets |
<8,818,690> |
<8,527,526> |
|
|
|
|
|
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
1,414,188 |
1,953,233 |
|
|
Total Liabilities |
34,397,537 |
41,002,013 |
|
|
Total Assets |
39,025,273 |
46,043,716 |
|
|
Net Assets |
5,603,984 |
5,987,187 |
|
|
Net Assets Backing |
4,627,736 |
5,041,703 |
|
|
Shareholders" Funds |
4,627,736 |
5,041,703 |
|
|
Total Share Capital |
2,500,000 |
2,500,000 |
|
|
Total Reserves |
2,127,736 |
2,541,703 |
|
|
|
|
|
|
LIQUIDITY(Times) |
|
|
|
|
|
Cash Ratio |
0.17 |
0.12 |
|
|
Liquid Ratio |
0.77 |
0.81 |
|
|
Current Ratio |
0.93 |
0.94 |
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
21 |
15 |
|
|
Debtors Ratio |
73 |
79 |
|
|
Creditors Ratio |
43 |
41 |
|
|
|
|
|
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
0.31 |
0.39 |
|
|
Liabilities Ratio |
7.43 |
8.13 |
|
|
Times Interest Earned Ratio |
6.07 |
6.99 |
|
|
|
|
|
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
0.99 |
0.89 |
|
|
Net Profit Margin |
0.60 |
0.53 |
|
|
Return On Net Assets |
20.64 |
21.38 |
|
|
Return On Capital Employed |
18.07 |
17.76 |
|
|
Return On Shareholders' Funds/Equity |
12.66 |
12.96 |
|
|
Dividend Pay Out Ratio (Times) |
1.71 |
0 |
|
|
|
|
|
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0.00 |
0.00 |
|
|
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
|
1 |
Rs.75.54 |
|
Euro |
1 |
Rs.63.12 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)