|
Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
|
N/A - Not Applicable
|
|
|
|
|
|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
770879-X
|
|
COMPANY NAME
|
:
|
AKASHICHEM SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
24/04/2007
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
29A, LORONG P.S. 1, BANDAR PERDA, 14000 BUKIT MERTAJAM, PULAU
PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
C/O 22A, JALAN BAYU MUTIARA 1, TAMAN BAYU MUTIARA, 1ST & 2ND FLOOR,
14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-5073882
|
|
FAX.NO.
|
:
|
04-5023881
|
|
CONTACT PERSON
|
:
|
N/A
|
|
INDUSTRY CODE
|
:
|
51499
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF ALL KIND OF INDUSTRIAL CHEMICAL & GASES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 0 [2010]
|
|
NET WORTH
|
:
|
MYR 647,628 [2010]
|
|
STAFF STRENGTH
|
:
|
10 [2011]
|
|
BANKER (S)
|
|
HSBC BANK MALAYSIA
BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
STRONG GROWTH
|
|
PROPOSED
CREDIT LIMIT
|
:
|
USD7,202
|
|
|
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 all kind of
industrial chemical & gases.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The major shareholder(s) of the SC are
shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
|
MS. CHENG MUI LENG @ CHEONG MUI LENG +
|
1323, BERAPIT, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
611116-07-5024
6305318
|
250,000.00
|
|
MR. LOO HOONG ERN +
|
30, JALAN ISTIMEWA 14, JALAN MERU, BATU BELAH, 41050 KLANG, SELANGOR, MALAYSIA.
|
820303-10-5357
|
250,000.00
|
|
|
|
|
---------------
|
|
|
|
|
500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. CHENG MUI LENG @ CHEONG MUI LENG
|
|
Address
|
:
|
1323, BERAPIT, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
6305318
|
|
New IC No
|
:
|
611116-07-5024
|
|
Date of Birth
|
:
|
16/11/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
24/04/2007
|
|
|
|
|
|
Qualification
|
:
|
LCCI PRIVATE SEC CERT IN 1984
|
|
Working Experience
|
:
|
THE SHIPPING & MATERIAL CONTROLLER. RESPONSIBLE FOR THE MOVEMENT
& CONTROL OF THE BULK ITEMS, INCLUDING DEALING WITH TRANSPORT AGENCY
& CUSTOMS. JOINED WIDETECH (M) BHD IN 1986 & HAS SINCE BEEN WITH
THE CO FOR MORE THAN 9 YEARS
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. LOO HOONG ERN
|
|
Address
|
:
|
30, JALAN ISTIMEWA 14, JALAN MERU, BATU BELAH, 41050 KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
820303-10-5357
|
|
Date of Birth
|
:
|
03/03/1982
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
24/04/2007
|
MANAGEMENT
No data found in our databank.
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
|
:
|
HSBC BANK MALAYSIA
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
|
:
|
09/06/2010
|
|
Description Of Charge
|
:
|
SECURITY OVER DEPOSIT
|
|
Amount Secured
|
:
|
RM350,000.00
|
|
Description Of Property Affected
|
:
|
ALL ASSETS OF COMPANY
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK MALAYSIA
BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated 16/06/2010
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
09/12/2010
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM175,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
HSBC BANK MALAYSIA
BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
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.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
Import Countries
|
:
|
ASIA
|
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 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
OPERATIONS
|
Goods Traded
|
:
|
INDUSTRIAL CHEMICAL & GASES
|
|
|
|
|
|
Competitor(s)
|
|
IDEMITSU
CHEMICALS (M) SDN BHD
KZH RESOURCES SDN BHD
MARUBENI KABUSHIKI KAISHA_(MARUBENI CORPORATION)
TEXCHEM RESOURCES BHD
TITAN TRADING CORP SDN BHD
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of all kind of
industrial chemical & gases.
The SC sells all kinds of industrial chemicals and gases.
The products are used in the manufacturing industries.
The SC however refused to reveal more information on its operation.
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
|
:
|
60 3 7880 5882
|
|
Current Telephone Number
|
:
|
04-5073882
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 7758A, JALAN MANGA BUTIK CHERAKA SUBANG 40000 SHAH ALAM SELANGOR
DARUL EHSAN
|
|
Current Address
|
:
|
C/O 22A, JALAN BAYU MUTIARA 1, TAMAN BAYU MUTIARA, 1ST & 2ND
FLOOR, 14000 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted on of the staff from the SC and she provided some information on
the SC.
The address provided belongs to the SC's branch office.
FINANCIAL COMMENTS
The financial
summary of the SC in Year 2010 showed that it was financially FAIR. The SC
has generated an acceptable return on its shareholders' funds, indicating
that the SC was efficient in utilising its shareholders' funds to generate
adequate returns. Besides this, the SC was in good liquidity position with
its current liabilities well covered by its current assets. With its current
net assets, the SC should be able to repay its short term obligations.
Although the SC's liability ratio is high, it is mainly due to high current
liabilities rather than long term debt. However, the high current liabilities
are well covered by its large current assets, indicating that the SC does not
face any shortage in working capital.
Overall financial condition of the SC : FAIR
ECONOMIC /
INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.17
|
27.73
|
28.31
|
28.88
|
29.13
|
|
Gross Domestic Products ( % )
|
6.3
|
4.6
|
<0.5>
|
6.9
|
5.8
|
|
Domestic Demand ( % )
|
9.0
|
6.9
|
2.9
|
4.6
|
4.8
|
|
Private Expenditure ( % )
|
8.6
|
7.1
|
<2.7>
|
8.1
|
7.0
|
|
Consumption ( % )
|
9.0
|
8.4
|
0.7
|
6.7
|
6.3
|
|
Investment ( % )
|
7.1
|
1.5
|
<17.2>
|
15.2
|
10.2
|
|
Public Expenditure ( % )
|
10.1
|
6.5
|
5.2
|
3.8
|
2.8
|
|
Consumption ( % )
|
10.8
|
11.6
|
3.1
|
0.2
|
4.6
|
|
Investment ( % )
|
9.3
|
0.7
|
8.0
|
8.3
|
0.6
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
100,340
|
129,563
|
89,650
|
118,356
|
116,058
|
|
Government Finance ( MYR Million )
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
-
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
|
Inflation ( % Change in Composite CPI)
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
-
|
|
Unemployment Rate
|
3.2
|
3.7
|
4.5
|
3.9
|
-
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
336
|
388
|
331
|
394
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
3.04
|
1.91
|
2.87
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
13.30
|
13.24
|
11.08
|
15.30
|
-
|
|
Average Base Lending Rate ( % )
|
6.72
|
6.72
|
5.53
|
5.70
|
-
|
|
Business Loans Disbursed( % )
|
9.1
|
11.6
|
10.5
|
14.7
|
-
|
|
Foreign Investment ( MYR Million )
|
33,426.0
|
23,261.4
|
22,156.8
|
22,517.9
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
43,337
|
41,599
|
41,578
|
-
|
-
|
|
Registration of New Companies ( % )
|
13.2
|
<4.0>
|
<0.1>
|
-
|
-
|
|
Liquidation of Companies ( No. )
|
22,629
|
27,992
|
39,075
|
-
|
-
|
|
Liquidation of Companies ( % )
|
161.5
|
23.7
|
39.6
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
227,410
|
269,866
|
312,581
|
-
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
20,431
|
18,885
|
19,345
|
-
|
-
|
|
Business Dissolved ( % )
|
<61.4>
|
<7.6>
|
2.4
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
442.9
|
497.5
|
319.4
|
369.7
|
-
|
|
Cellular Phone Subscribers ( Million )
|
23.3
|
25.1
|
30.1
|
32.8
|
-
|
|
Tourist Arrival ( Million Persons )
|
20.9
|
21.5
|
23.6
|
24.0
|
25.0
|
|
Hotel Occupancy Rate ( % )
|
70
|
68
|
58
|
63
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
20.1
|
17.1
|
12.8
|
15.1
|
-
|
|
Bad Cheque Offenders (No.)
|
30,004
|
34,834
|
-
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,238
|
13,907
|
-
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<2.6>
|
5.1
|
-
|
-
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2007
|
2008
|
2009
|
2010*
|
2011**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.1
|
3.6
|
0.4
|
3.4
|
4.5
|
|
Palm Oil
|
<0.6>
|
7.0
|
<1.1>
|
1.3
|
-
|
|
Rubber
|
1.0
|
<1.1>
|
<19.8>
|
9.9
|
-
|
|
Forestry & Logging
|
2.8
|
<1.5>
|
<5.9>
|
<1.3>
|
-
|
|
Fishing
|
5.2
|
4.0
|
5.5
|
4.1
|
-
|
|
Other Agriculture
|
7.0
|
5.9
|
9.0
|
6.6
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
487.3
|
393.0
|
413.7
|
508.4
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
<2.0>
|
1.3
|
2.1
|
-
|
|
|
|
|
|
|
|
|
Mining
|
3.3
|
<0.8>
|
<3.8>
|
1.0
|
2.9
|
|
Oil & Gas
|
2.2
|
12.7
|
2.1
|
4.9
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
42.2
|
36.0
|
44.2
|
49.7
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
3.1
|
1.3
|
<9.4>
|
10.8
|
6.7
|
|
Exported-oriented Industries
|
<1.9>
|
2.7
|
<19.0>
|
12.1
|
-
|
|
Electrical & Electronics
|
3.0
|
2.4
|
<30.3>
|
27.4
|
-
|
|
Rubber Products
|
8.0
|
4.2
|
<10.1>
|
25.3
|
-
|
|
Wood Products
|
3.3
|
<6.0>
|
<24.1>
|
19.7
|
-
|
|
Textiles & Apparel
|
<10.1>
|
1.9
|
<19.5>
|
<1.3>
|
-
|
|
Domestic-oriented Industries
|
5.3
|
9.9
|
<9.8>
|
16.3
|
-
|
|
Food, Beverages & Tobacco
|
5.6
|
9.5
|
0.2
|
3.0
|
-
|
|
Chemical & Chemical Products
|
9.2
|
1.4
|
<7.7>
|
20.4
|
-
|
|
Plastic Products
|
<3.6>
|
6.5
|
<9.1>
|
2.4
|
-
|
|
Iron & Steel
|
17.5
|
16.8
|
<32.7>
|
30.0
|
-
|
|
Fabricated Metal Products
|
26.2
|
14.7
|
<2.5>
|
14.9
|
-
|
|
Non-metallic Mineral
|
6.6
|
8.3
|
<15.5>
|
20.2
|
-
|
|
Transport Equipment
|
<19.0>
|
27.1
|
<13.5>
|
36.5
|
-
|
|
Paper & Paper Products
|
14.9
|
8.6
|
<5.0>
|
20.5
|
-
|
|
Crude Oil Refineries
|
8.6
|
7.8
|
0.2
|
<11.4>
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,366.2
|
5,729.4
|
6,007.3
|
6,217.5
|
-
|
|
% of Industry Non-Performing Loans
|
14.1
|
16.8
|
18.3
|
23.8
|
-
|
|
|
|
|
|
|
|
|
Construction
|
4.6
|
2.1
|
5.8
|
4.9
|
4.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,116.7
|
4,149.8
|
3,241.8
|
4,038.5
|
-
|
|
% of Industry Non-Performing Loans
|
11.3
|
12.2
|
9.9
|
10.7
|
-
|
|
|
|
|
|
|
|
|
Services
|
9.7
|
7.3
|
2.6
|
6.5
|
5.3
|
|
Electric, Gas & Water
|
4.6
|
5.0
|
0.4
|
8.5
|
5.6
|
|
Transport, Storage & Communication
|
7.60
|
7.80
|
1.60
|
7.15
|
7.55
|
|
Wholesale, Retail, Hotel & Restaurant
|
11.6
|
10.0
|
2.8
|
4.7
|
5.2
|
|
Finance, Insurance & Real Estate
|
10.7
|
9.2
|
3.8
|
6.0
|
5.2
|
|
Government Services
|
4.6
|
8.6
|
2.0
|
6.7
|
1.9
|
|
Other Services
|
5.0
|
5.9
|
4.4
|
4.2
|
5.4
|
|
Industry Non-Performing Loans ( MYR Million )
|
10,207.8
|
8,281.4
|
6,631.3
|
7,384.6
|
-
|
|
% of Industry Non-Performing Loans
|
22.6
|
24.3
|
20.2
|
25.7
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
51499 : Wholesale of other intermediate products, waste and scrap
n.e.c.
|
|
|
|
|
INDUSTRY :
|
CHEMICAL
|
|
The chemicals industry is one of Malaysia's key industries,
catering not only for its own national requirements but also exporting to a
number of countries worldwide. The Malaysian chemicals and chemical
products industry has become the second largest contributor to the
manufactured exports sector, after the electrical and electronics industry.
|
|
The chemicals industry is important in Malaysia on account of the
nation's substantial oil and gas feedstock. The Chemicals Industries Council
of Malaysia (CICM) was established in 1978 as an industry group under the
aegis of the Federation of Malaysian Manufacturers, to focus on the
development of the chemicals industry. The primary objective of the CICM
was to organise the chemicals industry in Malaysia
into a cohesive group to represent Malaysia's interest at the
ASEAN Chemicals Industries Club (ACIC).
|
|
The Malaysian chemicals industry witnessed 37% growth in domestic sales
value in 2004 and sustained solid growth up until mid-2008. It expanded
rapidly and had been forecast to reach sales figures of MYR60,816mn by
2009.
|
|
Malaysia's
balance of trade for the year January to December 2008 was MYR114,883mn. In
the first five months of 2008, total trade was 11.2% up on the same period
last year. These impressive figures were short-lived however, with
significant decreases observed in the latter half of 2008 and early 2009,
due to the impact of global economic crisis. The Industrial Production
Index (IPI) in January 2009 was 20.2 % lower than it was in January 2008,
following a sharp decline of 15.9% in December 2008.
|
|
The biggest drop was witnessed by chemicals and chemical products, which
saw output contract by 29.9%. This is partly because the chemicals industry
tends to be more sensitive to the economic cycle and so fares
disproportionately badly in recessions.
|
|
Total exports are down from MYR100,115mn (US$27,858.48mn) in
January-February 2008 to MYR77,856mn (US$21,662mn) in the same period of
2009. Similarly, there has been a fall in imports, with total incoming
sales falling from MYR81,289mn (US$22,617mn) in January-February 2008 to
MYR57,778mn (US$16,705mn) in January-February 2009.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Strong Growth
|
COMMENTS
& RECOMMENDATION
|
Incorporated in 2007, the SC is a private limited company, focusing
on trading of all kind of industrial chemical and gases. Having been in the
industry for 4 years, the SC has started to stabilise its business position
in the market. With a paid up capital of RM500,000, the SC should put more
efforts on its business to gain higher market share while competing
aggressively in the market.
|
|
Besides catering to the local market, the SC has ventured into Asia countries. We believe that this global approach has
minimised its commercial risk and better growth prospects can be expected.
The SC can be recognised as a small entity with a work force of 10
employees in the operations. Its management capability is considered
average.
|
|
For the year ended 2010, the SC has recorded a pre-tax profit of RM158,662.
The SC has generated an acceptable return on its shareholders' funds,
indicating that the SC was efficient in utilising its shareholders' funds
to generate adequate returns. Besides this, the SC was in good liquidity
position with its current liabilities well covered by its current assets.
With its current net assets, the SC should be able to repay its short term
obligations. Although the SC's liability ratio is high, it is mainly due to
high current liabilities rather than long term debt. However, the high
current liabilities are well covered by its large current assets,
indicating that the SC does not face any shortage in working capital.
|
|
To reduce the risk of component shortages, the SC sources its raw materials
locally and imported from overseas countries especially Asia.
Thus, it is subjected to the currency fluctuation risk.
|
|
Based on the historical financial data, we concluded that the SC's payment
habit is average. The SC is capable to meet small and medium commitments.
|
|
The industry shows an upward trend and this trend is likely to sustain in
the near future. With the promising outlook of the industry performance,
the SC business potential should be favourable. The SC however faces
moderate business risk as it has to compete with many well established
players in the same field.
|
|
Based on the above condition, we recommend credit be granted to the SC
normally.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING
STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
AKASHICHEM SDN BHD
|
|
30-June-2010
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
0.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
158,662.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
126,062.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
126,062.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
21,566.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
147,628.00
|
|
|
================
|
|
REMARK:
|
|
Turnover is nil as per the Registrar of Companies.
|
|
|
|
BALANCE SHEET
|
|
AKASHICHEM SDN BHD
|
|
30-June-2010
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
0.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
1,920,163.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
1,920,163.00
|
|
|
================
|
|
|
|
|
Working Capital
|
647,628.00
|
|
|
|
|
Issued Capital
|
500,000.00
|
|
Paid Up Capital
|
500,000.00
|
|
Share Premium & Reserved
|
0.00
|
|
Unappropriated Profit/(Loss)
|
147,628.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
647,628.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
1,272,535.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
0.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
1,920,163.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
PROFIT AND
LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
AKASHICHEM SDN
BHD
|
|
For The Year
Ended 30-June-2009
|
|
|
|
14 month
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
TURNOVER
|
2,541,869
|
5,321,481
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
5,112
|
20,868
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
5,112
|
20,868
|
|
Taxation
|
3,486
|
<7,900>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
8,598
|
------------
12,968
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
8,598
|
------------
12,968
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
8,598
|
------------
12,968
|
|
As previous reported
|
12,968
|
-
|
|
|
|
|
|
As restated
|
------------
12,968
|
------------
-
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
21,566
|
12,968
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
21,566
==========
|
------------
12,968
==========
|
|
RETAINED BY: The Company
|
21,566
|
12,968
|
|
|
|
|
|
|
|
|
|
|
------------
21,566
==========
|
------------
12,968
==========
|
BALANCE
SHEET
|
AKASHICHEM SDN
BHD
|
|
As At
30-June-2009
|
|
|
|
14 month
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Other debtors, deposits & prepayments
|
464,562
|
598,488
|
|
|
Amount due from director
|
100,000
|
100,000
|
|
|
Cash & bank balances
|
19,503
|
38,984
|
|
TOTAL CURRENT ASSETS
|
------------
584,065
|
------------
737,472
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
Other creditors & accruals
|
462,499
|
616,604
|
|
|
Provision for taxation
|
-
|
7,900
|
|
TOTAL CURRENT LIABILITIES
|
------------
462,499
|
------------
624,504
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
121,566
|
------------
112,968
|
|
TOTAL NET ASSETS
|
------------
121,566
==========
|
------------
112,968
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
100,000
|
100,000
|
|
TOTAL SHARE CAPITAL
|
------------
100,000
|
------------
100,000
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
21,566
|
12,968
|
|
TOTAL RESERVES
|
------------
21,566
|
------------
12,968
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
121,566
|
------------
112,968
|
|
|
------------
|
------------
|
|
|
121,566
|
112,968
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL
RATIOS
|
AKASHICHEM SDN
BHD
|
|
As At
30-June-2009
|
|
|
|
14 month
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
19,503
|
38,984
|
|
|
Net Liquid Funds
|
19,503
|
38,984
|
|
|
Net Liquid Assets
|
121,566
|
112,968
|
|
|
Net Current Assets/(Liabilities)
|
121,566
|
112,968
|
|
|
Net Tangible Assets
|
121,566
|
112,968
|
|
|
Net Monetary Assets
|
121,566
|
112,968
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
0
|
0
|
|
|
Total Liabilities
|
462,499
|
624,504
|
|
|
Total Assets
|
584,065
|
737,472
|
|
|
Net Assets
|
121,566
|
112,968
|
|
|
Net Assets Backing
|
121,566
|
112,968
|
|
|
Shareholders" Funds
|
121,566
|
112,968
|
|
|
Total Share Capital
|
100,000
|
100,000
|
|
|
Total Reserves
|
21,566
|
12,968
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.04
|
0.06
|
|
|
Liquid Ratio
|
1.26
|
1.18
|
|
|
Current Ratio
|
1.26
|
1.18
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
0
|
0
|
|
|
Debtors Ratio
|
0
|
0
|
|
|
Creditors Ratio
|
0
|
0
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
|
|
Liabilities Ratio
|
3.80
|
5.53
|
|
|
Times Interest Earned Ratio
|
0
|
0
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
0.20
|
0.39
|
|
|
Net Profit Margin
|
0.34
|
0.24
|
|
|
Return On Net Assets
|
4.21
|
18.47
|
|
|
Return On Capital Employed
|
4.21
|
18.47
|
|
|
Return On Shareholders' Funds/Equity
|
7.07
|
11.48
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
