|
* Adopted abbreviations : SC -
Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
635654-P
|
|
COMPANY NAME
|
:
|
PAT-WORLD SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
01/12/2003
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
28, JALAN KJ 1B/4 TAMAN KUNDANG JAYA KUNDANG, 48020 RAWANG,
SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
20A, JALAN BRP1/2, BUKIT RAHMAN PUTRA, 47000 SUNGAI BULOH, SELANGOR,
MALAYSIA.
|
|
TEL.NO.
|
:
|
03-61488262
|
|
FAX.NO.
|
:
|
03-61562933
|
|
CONTACT PERSON
|
:
|
MOHAMMED SHOEB YUSUF PATEL ( DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
51222
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING IN
MARINE PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 100,000.00
DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 2.00
DIVIDED INTO
ORDINARY SHARES 2 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 579,174 [2009]
|
|
NET WORTH
|
:
|
MYR 4,469 [2009]
|
|
STAFF STRENGTH
|
:
|
0 [2011]
|
|
BANKER (S)
|
|
MALAYAN BANKING BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD1,000
|
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 in marine
products.
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
|
|
MOHAMMED SHOEB YUSUF PATEL +
|
28, JALAN KJ 1B/4 TAMAN KUNDANG JAYA KUNDANG, 48020 RAWANG, SELANGOR,
MALAYSIA.
|
B1524980
|
1.00
|
|
SHARMEEN SHOEB PATEL +
|
28, JALAN KJ 1B/4 TAMAN KUNDANG JAYA KUNDANG, 48020 RAWANG,
SELANGOR, MALAYSIA.
|
F6614817
|
1.00
|
|
|
|
|
---------------
|
|
|
|
|
2.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MOHD DAUD BIN ABDUL RAMAN
|
|
Address
|
:
|
28, JALAN KJ 1B/4, TAMAN KUNDANG JAYA, KUNDANG, 48020 RAWANG,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A1144629
|
|
New IC No
|
:
|
681231-10-6387
|
|
Date of Birth
|
:
|
31/12/1968
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MOHAMMED SHOEB YUSUF PATEL
|
|
Address
|
:
|
28, JALAN KJ 1B/4 TAMAN KUNDANG JAYA KUNDANG, 48020 RAWANG,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
B1524980
|
DIRECTOR 3
|
Name Of Subject
|
:
|
SHARMEEN SHOEB PATEL
|
|
Address
|
:
|
28, JALAN KJ 1B/4 TAMAN KUNDANG JAYA KUNDANG, 48020 RAWANG,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
F6614817
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MOHAMMED SHOEB YUSUF PATEL
|
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
MESSRS, RABIN & ASSOCIATES
|
|
Auditor' Address
|
:
|
UNIT C-12-5, LEVEL 12, BLOCK C MEGAN AVENUE II, 12 JALAN YAP KWAN
SENG, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. MOHD DAUD BIN ABDUL RAMAN
|
|
|
IC / PP No
|
:
|
A1144629
|
|
|
New IC No
|
:
|
681231-10-6387
|
|
|
Address
|
:
|
28, JALAN KJ 1B/4, TAMAN KUNDANG JAYA, KUNDANG, 48020 RAWANG,
SELANGOR, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SC
* A check has been conducted in our databank against 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
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,CASH
|
OPERATIONS
|
Goods Traded
|
:
|
MARINE PRODUCTS
|
|
|
|
|
|
Competitor(s)
|
:
|
HAI KEE HUNG
SDN BHD
KMC COLDSTORAGE & WAREHOUSING SDN BHD
PIAU KEE HOLDINGS SDN BHD
THAI CHIA MARKETING SDN BHD
TROPICAL CONSOLIDATED CORPORATION SDN BHD
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2011
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
0
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading in marine
products.
The SC sells seafood for both local and overseas.
The SC sells a wide range of seafood.
The SC sells the products according to its customers' orders.
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
|
:
|
03-61488262
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
NO.28 JALAN KJ
1B/4 TAMAN KUNDANG JAYA KUNDANG,RAWANG;SELANGOR, 48020
|
|
Current Address
|
:
|
20A, JALAN
BRP1/2, BUKIT RAHMAN PUTRA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted Mrs
Zaedah from the SC's Company Secretary and she provided some information on
the SC.
The address provided belongs to the SC's registered office.
The SC does not have staff as its overseen by its Directors.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Decreased
|
[
|
71.55%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
965.71%
|
]
|
|
Return on Shareholder Funds
|
:
|
Favourable
|
[
|
56.90%
|
]
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
98.43%
|
]
|
The shrinking turnover could be the result of more entrants into the market
which eroded the SC's market share. The higher profit could be attributed to
the increase in turnover. Generally the SC was profitable. The favourable
return on shareholders' funds and return on net assets indicate that the SC's
management was efficient in utilising the assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
As the SC is a service oriented company, the SC does not need to keep 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
|
:
|
Favourable
|
[
|
1.17 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.17 Times
|
]
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure
its creditors of its ability to meet short term obligations and the SC was in
a good liquidity position. Thus, we believe the SC is able to meet all its
short term obligations as and when they fall due.
Solvency
|
Interest Cover
|
:
|
Acceptable
|
[
|
4.22 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 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 had no gearing and hence it had virtually no financial risk. The SC was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the SC, having a zero gearing, will be able to compete
better than those which are highly geared in the same industry.
Overall
Assessment:
Due to the
efficient control of its operating costs, the SC was able to remain
profitable despite lower turnover achieved during the year. The SC was in
good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the SC should be able
to repay its short term obligations. 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 was a zero gearing company, it was
solely dependant on its shareholders to provide funds to finance its
business. The SC has good chance of getting loans, if the needs arises.
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
|
|
51222 : Wholesale of fish and other seafood
|
|
|
|
|
INDUSTRY :
|
AGRICULTURE
|
|
|
|
|
|
|
Global infation is expected to decelerate further in 2009 due to sluggish
real economic activity and the sharp declines in commodity prices.
|
|
The agriculture sector is expected to register a decline of 2.0%, due
mainly to lower production of both palm oil and rubber as the expected
lower prices of both commodities will reduce the incentive for marginal
producers to maintain the output growth trend seen in recent years.
However, this decline will be partially mitigated by positive growth in the
food crops sub-sector, particularly livestock, fsheries and vegetables.
|
|
With commodity prices having dropped rapidly in the final quarter of 2008,
the situation is now reversed. The world price for palm oil has fallen from
more than US$1,200 per tonne a year ago to little over US$500 a tonne at
the beginning of March 2009. Rubber prices have shown a similar trend,
falling from around US$0.270/kg in March 2008 to US$0.135/kg a year later.
This will see agricultural export earnings fall sharply. Production of both
rubber and palm oil is also likely to fall as the government implements
policies to attempt to shore up prices and producers bring forward work on
replanting and rejuvenating their estates.
|
|
The sharp increase in world cereal production (comprising wheat, rice and
coarse grains) in 2008 will facilitate a rebalancing of the global cereal
supply and demand in 2009. Data from the February 2009 edition of the Food
and Agriculture Organization of the United Nations' (FAO) Crop Prospects
and Food Situation indicates that the ratio of cereal production relative
to utilization has increased from 0.97 in 2006/07, to 1 in 2007/08, and to
1.03 in 2008/09. This development has exerted downward pressure on
international cereal prices.
|
|
The recession has also impacted the rice market, with the government
struggling to deal with a surge in demand for subsidised low-cost rice. The
government has been providing millers with subsidies to produce low-grade
15% broken Super Tempatan (ST15) rice. The cheap rice has, however, proved
increasingly popular with regular consumers as the recession has hit
pockets. Prices for chicken and pork rose sharply through the first half of
the year and at the time of writing were back up around the level seen at
the height of the 'food crisis' of 2008.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Mature
|
COMMENTS & RECOMMENDATION
|
Incorporated in 2003 as a private limited company, the SC is
principally engaged in the trading of marine products. Having been in
business for 8 years, the SC has established a remarkable clientele base
for itself which has contributed to its business growth. However, we noted
that the SC's issued and paid up capital stands at only RM2. This means
that its creditors are only able to recover a limited amount. Hence,
caution is advised.
|
|
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. However, as a
small company, the SC may face fierce competition from other large
corporation.
|
|
Despite the lower turnover of RM579,174, the SC's pre-tax profit grew to
RM3,357 for the year ended 2009. The SC has generated a favourable return
based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income. The SC
managed to maintain an adequate liquidity level, indicating that the SC has
the ability to meet its financial obligations. Besides, being a zero geared
company, the SC virtually has no financial risk as it is mainly dependent
on its internal funds to finance its business needs.
|
|
Investigation revealed that the SC's raw materials are sourced from both
local and overseas suppliers. Hence, the SC is subjected to currency
fluctuation risk and high operating costs.
|
|
The SC's payment habit is average. With its adequate working capital, the
SC should be able to pay its short term debts.
|
|
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the SC's growth prospect is very much
depends on its capacity in sustaining its performance in the market.
|
|
Being a small company with capital of only RM2, we recommend credit be
granted to the SC with close monitoring.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
PAT-WORLD SDN
BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
579,174
|
2,035,679
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
3,357
|
315
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
3,357
|
315
|
|
Taxation
|
<814>
|
<686>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
2,543
|
------------
<371>
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
2,543
|
------------
<371>
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
2,543
|
------------
<371>
|
|
As previous reported
|
1,924
|
2,295
|
|
|
|
|
|
As restated
|
------------
1,924
|
------------
2,295
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
4,467
|
1,924
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
4,467
==========
|
------------
1,924
==========
|
|
RETAINED BY: The Company
|
4,467
|
1,924
|
|
|
------------
4,467
==========
|
------------
1,924
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Other interest expenses
|
1,042
|
2,495
|
|
|
------------
1,042
==========
|
------------
2,495
==========
|
BALANCE SHEET
|
PAT-WORLD SDN
BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
563
|
660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
563
|
------------
660
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade debtors
|
-
|
5,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
26,473
|
51,877
|
|
|
|
|
|
|
|
Tax recoverable
|
276
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
26,749
|
------------
57,765
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
Other creditors & accruals
|
16,132
|
53,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to director
|
6,711
|
2,274
|
|
|
Provision for taxation
|
-
|
669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
22,843
|
------------
56,499
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
3,906
|
------------
1,266
|
|
TOTAL NET ASSETS
|
------------
4,469
==========
|
------------
1,926
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
2
|
2
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
2
|
------------
2
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
4,467
|
1,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
4,467
|
------------
1,924
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
4,469
|
------------
1,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
|
------------
|
|
|
4,469
|
1,926
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
PAT-WORLD SDN
BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
26,473
|
51,877
|
|
|
Net Liquid Funds
|
26,473
|
51,877
|
|
|
Net Liquid Assets
|
3,906
|
1,266
|
|
|
Net Current Assets/(Liabilities)
|
3,906
|
1,266
|
|
|
Net Tangible Assets
|
4,469
|
1,926
|
|
|
Net Monetary Assets
|
3,906
|
1,266
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
0
|
0
|
|
|
Total Liabilities
|
22,843
|
56,499
|
|
|
Total Assets
|
27,312
|
58,425
|
|
|
Net Assets
|
4,469
|
1,926
|
|
|
Net Assets Backing
|
4,469
|
1,926
|
|
|
Shareholders" Funds
|
4,469
|
1,926
|
|
|
Total Share Capital
|
2
|
2
|
|
|
Total Reserves
|
4,467
|
1,924
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
1.16
|
0.92
|
|
|
Liquid Ratio
|
1.17
|
1.02
|
|
|
Current Ratio
|
1.17
|
1.02
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
0
|
0
|
|
|
Debtors Ratio
|
0
|
1
|
|
|
Creditors Ratio
|
0
|
0
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
|
|
Liabilities Ratio
|
5.11
|
29.33
|
|
|
Times Interest Earned Ratio
|
4.22
|
1.13
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
0.58
|
0.02
|
|
|
Net Profit Margin
|
0.44
|
<0.02>
|
|
|
Return On Net Assets
|
98.43
|
145.90
|
|
|
Return On Capital Employed
|
98.43
|
145.90
|
|
|
Return On Shareholders' Funds/Equity
|
56.90
|
<19.26>
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
