|
REGISTRATION NO.
|
:
|
45655-W
|
|
COMPANY NAME
|
:
|
ATLASIC (MALAYSIA)
SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
03/03/1979
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
10B, JALAN TAIPING, 2ND FLOOR, 41400 KLANG, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 7, JALAN RAJA LUMU, KAWASAN MIEL, PANDAMARAN
INDUSTRIAL ESTATE, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-31686779
|
|
FAX.NO.
|
:
|
03-31681486
|
|
CONTACT PERSON
|
:
|
TAN SUAN YONG ( MANAGING DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
51222
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF FROZEN PRODUCT
|
|
AUTHORISED CAPITAL
|
:
|
MYR
5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR
2,300,000.00 DIVIDED INTO
ORDINARY SHARES 2,300,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR
12,467,530 [2009]
|
|
NET WORTH
|
:
|
MYR
2,368,135 [2009]
|
|
STAFF STRENGTH
|
:
|
15
[2011]
|
|
BANKER (S)
|
|
AMBANK
(M) BHD
CIMB BANK BHD
STANDARD CHARTERED BANK MALAYSIA
BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
LOW
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD2,754
|
|
|
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 frozen
product.
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
|
|
MR. TAN SUAN YONG +
|
2, JALAN
17/35, TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
481224-10-5689
1195777
|
659,000.00
|
|
MS. NG SON LAN +
|
2, JALAN
17/35, TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
500915-10-5750
4075087
|
491,000.00
|
|
AIMFRO ENTERPRISE
(M) SDN BHD
|
70B, LEBOH BERINGIN, OFF JALAN BERINGIN, 42000 PELABUHAN
KLANG, SELANGOR, MALAYSIA.
|
163776
|
1,150,000.00
|
|
|
|
|
---------------
|
|
|
|
|
2,300,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. NG KONG MENG
|
|
Address
|
:
|
1, LORONG BERTEK, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4784708
|
|
New IC No
|
:
|
550414-10-5037
|
|
Date of Birth
|
:
|
14/04/1955
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
03/03/1979
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TAN JEE LUNG
|
|
Address
|
:
|
2, JALAN
17/35, TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A3043483
|
|
New IC No
|
:
|
750314-14-5687
|
|
Date of Birth
|
:
|
14/03/1975
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
17/03/1999
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. TAN JEE LUEN
|
|
Address
|
:
|
2, JALAN 17/35,
TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A3517537
|
|
New IC No
|
:
|
760806-14-5447
|
|
Date of Birth
|
:
|
06/08/1976
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
17/03/1999
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MS. TAN LI LI
|
|
Address
|
:
|
2, JALAN
17/35, TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
A2319536
|
|
New IC No
|
:
|
720830-10-5684
|
|
Date of Birth
|
:
|
30/08/1972
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
26/08/2002
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MS. NG SON LAN
|
|
Address
|
:
|
2, JALAN
17/35, TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4075087
|
|
New IC No
|
:
|
500915-10-5750
|
|
Date of Birth
|
:
|
15/09/1950
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
03/03/1979
|
DIRECTOR 6
|
Name Of Subject
|
:
|
MR. TAN SUAN YONG
|
|
Address
|
:
|
2, JALAN 17/35,
TAMAN TAN SRI LEE YAN LIAN, 46400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
1195777
|
|
New IC No
|
:
|
481224-10-5689
|
|
Date of Birth
|
:
|
24/12/1948
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
24/09/1982
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TAN SUAN YONG
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
K L TIAN & CO
|
|
Auditor' Address
|
:
|
B-13A-10, UNIT 10, BLOCK B, MEGAN PHILEO AVENUE, 12 JALAN
YAP KWAN SENG, 13A FLOOR, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
1)
|
Company Secretary
|
:
|
MR. LEE CHIN KOOI
|
|
|
IC / PP No
|
:
|
2267778
|
|
|
New IC No
|
:
|
390319-10-5151
|
|
|
Address
|
:
|
78, JALAN TAMARIND, SOUTHERN PARK, 41200 KLANG, SELANGOR, MALAYSIA.
|
Banking relations are maintained principally with :
|
3)
|
Name
|
:
|
STANDARD CHARTERED 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
|
:
|
09/06/1983
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
STANDARD CHARTERED BANK MALAYSIA BHD
|
|
|
|
|
Form 40 Dated 07/07/1983
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
22/03/1985
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
|
19 JLN 4,
SOBENA JAYA, PORT KELANG
|
|
|
Name & Address Of Chargee
|
:
|
|
STANDARD CHARTERED BANK MALAYSIA BHD
|
|
|
|
|
Form 40 Dated 07/06/1985
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
13/09/2000
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM4,050,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 8 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
17/10/2001
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM1,500,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 9 In The Register of Charges
|
ENCUMBRANCE 5
|
Date of Creation
|
:
|
19/02/2009
|
|
Description Of Charge
|
:
|
|
MEMORANDUM OF DEPOSIT FOR FIXED DEPOSIT
|
|
|
Amount Secured
|
:
|
O/D
|
|
Description Of Property Affected
|
:
|
|
FIXED DEPOSIT RECEIPT & FIXED DEPOSIT RECEIPT
CREATED FROM MARGINAL DEPOSIT & ALL RENEWAL THEREOF & SUCH OTHE
RFIXED DEPOSIT AS MAY BE PLACED BY COMPANY WITH CIMB BANK BHD
|
|
|
Name & Address Of Chargee
|
:
|
|
CIMB BANK BHD
|
|
3, JALAN BARAT, 46200 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
Form 40 Dated 24/02/2009
|
|
Registered and Numbered 10 In The Register of Charges
|
ENCUMBRANCE 6
|
Date of Creation
|
:
|
03/07/2009
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM2,400,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 11 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.
|
|
|
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
|
|
Overseas
|
:
|
YES
|
|
|
Import Countries
|
:
|
THAILAND
|
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
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
60 - 90 DAYS
|
|
Payment Mode
|
:
|
CHEQUES
|
|
Type of Customer
|
:
|
SUPERMARKET,RESTAURANT
|
OPERATIONS
|
|
Goods Traded
|
:
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Ownership
of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
COMPANY
|
15
|
15
|
15
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of frozen
product.
The SC's products range includes prawns, fish, meats, and other marine
products.
We were informed that the SC has coldroom facilities at its premises to keep
stock.
Besides that it also provides delivery services to the customers' door step.
No projects found in our databank
We have checked with the Malaysian National News Agency's (BERNAMA)database,
but no latest development was noted in our investigation.
Latest
fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
603-31681486
|
|
Current Telephone Number
|
:
|
03-31686779
|
|
Match
|
:
|
NO
|
|
Address Provided by Client
|
:
|
NO. 7, JALAN
RAJA LUMU KAWASAN, M.I.E.L. PANDAMARAN 9ND ESTATE 42000 PORT KLANG SELANGOR
D.E.
|
|
Current Address
|
:
|
LOT 7, JALAN RAJA LUMU, KAWASAN MIEL, PANDAMARAN
INDUSTRIAL ESTATE, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided
some information on the SC.
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2007
- 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007
- 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
<0.15%>
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
6.87%
|
]
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The SC's profit fell sharply because of the high
operating costs incurred. The SC's unfavourable returns on shareholders'
funds indicate the management's inefficiency in utilising its assets to
generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
107
Days
|
]
|
|
Debtors Ratio
|
:
|
Unfavourable
|
[
|
77
Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0
Days
|
]
|
The SC could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. 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
|
[
|
0.46
Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.01
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
|
:
|
Unfavourable
|
[
|
1.30
Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.48
Times
|
]
|
The SC's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. The SC was highly
geared, thus it had a high financial risk. The SC was dependent on loans to
finance its business needs. In times of economic downturn and / or high
interest rate, the SC will become less profitable and competitive than other
firms in the same industry, which are lowly geared. This is because the SC
has to service the interest and to repay the loan, which will erode part of
its profits. The profits will fluctuate depending on the SC's turnover and
the interest it needs to pay.
Overall
Assessment:
The
SC recorded lower profits as its turnover showed a erratic trend. The SC's management
was unable to control its costs efficiently as its profit showed a downward
trend. 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. If there is a fall in the SC's
profit or any increase in interest rate, the SC may not be able to generate
sufficient cash-flow to service its interest. The SC's gearing level was high
and its going concern will be in doubt if there is no injection of additional
shareholders' funds in times of economic downturn and / or high interest
rates.
Overall financial condition of the SC : POOR
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
|
|
Established in 1979, the SC is a private limited company
with core business in the trading of frozen product including prawns, fish,
meats, and other marine products. With experiences for 31 years in the
industry, the SC's operation has been running relatively stable since it
has built up a relatively sound and stable clientele base which has
contributed to its business growth. A paid up capital of RM2.3 million
allows the SC to expand its business more comfortably.
|
|
Information revealed that the SC solely focuses on domestic market rather
than overseas market. We believe that this narrow market segment would
limit the SC's business opportunities and the SC is likely to be affected
by the uncertainties in local economy. However, its long presence in the
market has enabled the SC to gain certain market shares and established
good rapport with its clients. Thus, its business risk is diversified.
Headed by its Managing Director, the SC currently has about 15 staff in its
business operations. The overall management capability of the SC is
average.
|
|
Financially, the SC registered a higher turnover of RM12.46 million
compared to RM12.17 million previously. However, its pre-tax profit has moderated
to RM76,937. The lower profit achieved was a result of higher operating
cost and increased competition. The SC has generated an unfavourable return
on its shareholders' funds, indicating that the SC did not generate an
acceptable amount of profits based on its existing shareholders' funds.
Besides, the SC possesses a weak liquidity position and we believe that the
SC may face some difficulties in meeting its short term financial
obligations. The high gearing ratio clearly implied that the SC was supported
by more debt than equity. Thus, the SC is exposed to high financial risk.
Nevertheless, as the SC maintain a positive net worth standing at RM2.36
million, we believe the SC is able to enhance its business in the near
term.
|
|
Investigation revealed that the SC's supplies are sourced locally and from Thailand.
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 demonstrates downward trend and the immediate outlook for the
industry is uncertain. If the SC fail to anticipate or timely respond to
changes in the markets, the unfavourable outlook of the industry would
adversely affect the SC's operating results as its market shares would
likely to fall.
|
|
In view of the above, 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.
|
|
ATLASIC
(MALAYSIA)
SDN BHD
|
|
For
The Year Ended 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
TURNOVER
|
12,467,530
|
12,173,831
|
12,624,841
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
76,937
|
217,963
|
28,329
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
76,937
|
217,963
|
28,329
|
|
Taxation
|
<80,480>
|
<80,350>
|
<21,650>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
<3,543>
|
------------
137,613
|
------------
6,679
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
<3,543>
|
------------
137,613
|
------------
6,679
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
<3,543>
|
------------
137,613
|
------------
6,679
|
|
As previous reported
|
71,678
|
<65,935>
|
<72,614>
|
|
|
|
|
|
|
As restated
|
------------
71,678
|
------------
<65,935>
|
------------
<72,614>
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
68,135
|
71,678
|
<65,935>
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
68,135
==========
|
------------
71,678
==========
|
------------
<65,935>
==========
|
|
RETAINED BY: The Company
|
68,135
|
71,678
|
<65,935>
|
|
|
------------
68,135
==========
|
------------
71,678
==========
|
------------
<65,935>
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
50,874
|
-
|
-
|
|
Bank overdraft
|
24,876
|
53,269
|
43,612
|
|
|
|
|
|
|
Hire purchase
|
8,019
|
12,496
|
10,986
|
|
Interest on lease capitalised
|
-
|
-
|
246,824
|
|
Bankers acceptance
|
173,586
|
259,248
|
-
|
|
|
------------
257,355
==========
|
------------
325,013
==========
|
------------
301,422
==========
|
|
ATLASIC
(MALAYSIA)
SDN BHD
|
|
As
At 31-December-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
4,786,747
|
1,738,506
|
1,959,895
|
|
TOTAL LONG TERM ASSETS
|
------------
4,786,747
|
------------
1,738,506
|
------------
1,959,895
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
3,663,633
|
1,819,550
|
3,005,330
|
|
|
Trade debtors
|
2,618,433
|
3,125,696
|
2,441,866
|
|
|
Other debtors, deposits & prepayments
|
216,411
|
312,793
|
233,076
|
|
|
Short term deposits
|
-
|
14,000
|
-
|
|
|
Cash & bank balances
|
272,141
|
119,612
|
605,093
|
|
TOTAL CURRENT ASSETS
|
------------
6,770,618
|
------------
5,391,651
|
------------
6,285,365
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
242
|
-
|
72,985
|
|
|
Other creditors & accruals
|
100,959
|
159,869
|
100,548
|
|
|
Hire purchase & lease creditors
|
50,255
|
37,555
|
127,302
|
|
|
Bank overdraft
|
75,552
|
277,373
|
307,042
|
|
|
Short term borrowings/Term loans
|
116,313
|
-
|
385,300
|
|
|
Other borrowings
|
872,390
|
426,973
|
3,985,276
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
5,433,000
|
3,662,000
|
897,000
|
|
|
Amounts owing to director
|
-
|
673
|
7,131
|
|
|
Provision for taxation
|
43,906
|
81,500
|
17,500
|
|
TOTAL CURRENT LIABILITIES
|
------------
6,692,617
|
------------
4,645,943
|
------------
5,900,084
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
78,001
|
------------
745,708
|
------------
385,281
|
|
TOTAL NET ASSETS
|
------------
4,864,748
==========
|
------------
2,484,214
==========
|
------------
2,345,176
==========
|
|
FINANCED BY:
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
2,300,000
|
2,300,000
|
2,300,000
|
|
TOTAL SHARE CAPITAL
|
------------
2,300,000
|
------------
2,300,000
|
------------
2,300,000
|
|
RESERVES
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
68,135
|
71,678
|
<65,935>
|
|
TOTAL RESERVES
|
------------
68,135
|
------------
71,678
|
------------
<65,935>
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
2,368,135
|
------------
2,371,678
|
------------
2,234,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
Long term loans
|
2,252,833
|
-
|
-
|
|
|
Hire purchase creditors
|
148,580
|
29,036
|
43,961
|
|
|
Deferred taxation
|
95,200
|
83,500
|
67,150
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
2,496,613
|
------------
112,536
|
------------
111,111
|
|
|
------------
|
------------
|
------------
|
|
|
4,864,748
|
2,484,214
|
2,345,176
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLASIC
(MALAYSIA)
SDN BHD
|
|
As
At 31-December-2009
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
272,141
|
133,612
|
605,093
|
|
|
Net Liquid Funds
|
80,276
|
<143,761>
|
<87,249>
|
|
|
Net Liquid Assets
|
<3,585,632>
|
<1,073,842>
|
<2,620,049>
|
|
|
Net Current Assets/(Liabilities)
|
78,001
|
745,708
|
385,281
|
|
|
Net Tangible Assets
|
4,864,748
|
2,484,214
|
2,345,176
|
|
|
Net Monetary Assets
|
<6,082,245>
|
<1,186,378>
|
<2,731,160>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
3,515,923
|
770,937
|
4,848,881
|
|
|
Total Liabilities
|
9,189,230
|
4,758,479
|
6,011,195
|
|
|
Total Assets
|
11,557,365
|
7,130,157
|
8,245,260
|
|
|
Net Assets
|
4,864,748
|
2,484,214
|
2,345,176
|
|
|
Net Assets Backing
|
2,368,135
|
2,371,678
|
2,234,065
|
|
|
Shareholders" Funds
|
2,368,135
|
2,371,678
|
2,234,065
|
|
|
Total Share Capital
|
2,300,000
|
2,300,000
|
2,300,000
|
|
|
Total Reserves
|
68,135
|
71,678
|
<65,935>
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.04
|
0.03
|
0.10
|
|
|
Liquid Ratio
|
0.46
|
0.77
|
0.56
|
|
|
Current Ratio
|
1.01
|
1.16
|
1.07
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
107
|
55
|
87
|
|
|
Debtors Ratio
|
77
|
94
|
71
|
|
|
Creditors Ratio
|
0
|
0
|
2
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
1.48
|
0.33
|
2.17
|
|
|
Liabilities Ratio
|
3.88
|
2.01
|
2.69
|
|
|
Times Interest Earned Ratio
|
1.30
|
1.67
|
1.09
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.62
|
1.79
|
0.22
|
|
|
Net Profit Margin
|
<0.03>
|
1.13
|
0.05
|
|
|
Return On Net Assets
|
6.87
|
21.86
|
14.06
|
|
|
Return On Capital Employed
|
6.55
|
19.40
|
10.42
|
|
|
Return On Shareholders' Funds/Equity
|
<0.15>
|
5.80
|
0.30
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
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