|
* Adopted abbreviations : SC - Subject Company
(the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
405938-H
|
|
COMPANY NAME
|
:
|
MOHAMED MEERA SAHIB (M) SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
14/10/1996
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
116, PENANG STREET,
GEORGETOWN, 10200 PULAU
PINANG, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
116 LEBUH PENANG, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-2613864
|
|
FAX.NO.
|
:
|
04-2630379
|
|
CONTACT PERSON
|
:
|
MOHAMED NOORDEEN ( MANAGING DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
521
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF GROCERY
GOODS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 13,445,884
[2007]
|
|
NET WORTH
|
:
|
MYR 1,202,097 [2007]
|
|
STAFF STRENGTH
|
:
|
5 [2011]
|
|
BANKER (S)
|
|
CIMB BANK BHD
STANDARD CHARTERED BANK MALAYSIA
BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
WEAK
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
NIL
|
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 grocery goods.
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. MOHAMED NOORDEEN BIN MOHAMED MEERA SAHIB +
|
112 PENANG
STREET, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
390710-71-5067
0270298
|
200,000.00
|
|
MR. MOHAMED ANSARI BIN MOHAMED NOORDEEN +
|
116, PENANG STREET,
10200 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
650423-71-5601
|
150,000.00
|
|
MR. MOHAMED MEERA SAHIB B. MOHAMED NOORDEEN +
|
116, PENANG STREET,
10200 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
700130-71-5029
8306425
|
150,000.00
|
|
|
|
|
---------------
|
|
|
|
|
500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. MOHAMED ANSARI BIN MOHAMED NOORDEEN
|
|
Address
|
:
|
116, PENANG STREET,
10200 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
650423-71-5601
|
|
Date of Birth
|
:
|
23/04/1965
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
24/09/1997
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. MOHAMED MEERA SAHIB B. MOHAMED NOORDEEN
|
|
Address
|
:
|
116, PENANG STREET,
10200 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
8306425
|
|
New IC No
|
:
|
700130-71-5029
|
|
Date of Birth
|
:
|
30/01/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
14/10/1996
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. MOHAMED NOORDEEN BIN MOHAMED MEERA SAHIB
|
|
Address
|
:
|
112 PENANG
STREET, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
0270298
|
|
New IC No
|
:
|
390710-71-5067
|
|
Date of Birth
|
:
|
10/07/1939
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN MALAY
|
|
Date of Appointment
|
:
|
14/10/1996
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
MOHAMED NOORDEEN
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
LEE, PARTHIBAN & CO
|
|
Auditor' Address
|
:
|
2, LORONG CHE EM, 10300 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. RAMANATHAN A/L D.SREENIVASAN
|
|
|
IC / PP No
|
:
|
4080262
|
|
|
New IC No
|
:
|
450308-07-5147
|
|
|
Address
|
:
|
124-E, LENGKOK SUNGAI PINANG, 10150 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
2)
|
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
|
:
|
06/12/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM809,318.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
STANDARD CHARTERED BANK MALAYSIA BHD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
10/02/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM510,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
STANDARD CHARTERED BANK MALAYSIA BHD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
11/09/2006
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM990,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
STANDARD CHARTERED SAADIQ BHD
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 In The Register of Charges
|
ENCUMBRANCE 4
|
Date of Creation
|
:
|
26/04/2010
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM700,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
Form 40 Dated
|
|
Registered and Numbered 5 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 : INDIA,AUSTRALIA,ASIA
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH
|
OPERATIONS
|
Goods Traded
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
·
DAIRY MASTER & FOOD SDN BHD
·
LANFAR (MALAYSIA) SDN BHD
·
PLAZA ARISUN (SPG. RENGGAM) SDN BHD
·
ROTOL FOOD-CHAIN (M) SDN BHD
·
SUN FOODS INDUSTRY SDN BHD
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
5
|
5
|
5
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of grocery goods.
The SC sells grocery items such as rice, flour, onions, chillies, dry food,
canned food, spices and others.
The SC sells its products in both loose and large quantities.
The SC keeps stock of the products.
The SC also provides delivery services for its customers for large quantity
purchase.
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
|
:
|
042613864
|
|
Current Telephone Number
|
:
|
04-2613864
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
116 LEBUH PENANG, 10200, PULAU PINANG, PULAU PINANG.
|
|
Current Address
|
:
|
116 LEBUH PENANG, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
|
We have contacted the SC's Accountant and its Company Secretary for the
latest financial accounts. However they have rejected our request in view
of the confidentiality of the documents.
|
Other Investigations
We contacted one of the staff from the SC. She provided some information on
the SC.
FINANCIAL COMMENTS
The SC's latest
financial accounts are up to 2007, which is out dated in our opinion.
Therefore, our comment on the SC financial performance is restricted thereto.
Overall financial condition of the SC : N/A
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
|
-
|
|
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
|
|
521 : Non Specialized Retail Trade in Stores
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
Retail chain outlook in year 2010 is positive.
|
|
Figure shown that in year 2009, retail sales grew by a mere 0.8 per cent
while in 2008, the growth was at 5 per cent. In 2007, retail sales grew by
12.8 per cent. Last year was challenging, businesses that were hit were
those in the fashion and fashion accessories as well as those that sold
luxury or higher priced items.
|
|
However, most of the business have started to pick up this year. The 5.5
per cent growth is expected to translate into RM74.9 billion in consumer
spending on items ranging from clothing to furniture and groceries to
jewelery. The figures do not take into account big ticket items like houses
and cars.
|
|
Sales in the second half of the year will see an impact from the reduction of
subsidies and rising interest rates. The government's move of reducing
subsidies this year will have a major impact on consumers this year. Prices
may not have risen so far, but they are expected to do so towards the end
of the year.
|
|
Another factor affecting retail trend is the cost of borrowing. Rising
interest rates will have some impact on the purchasing power of Malaysian
consumers.
|
|
It costs more now to buy big tickets items or consumer goods on credit. At
the same time, higher car and housing installments will reduce the spending
power of consumers on retail goods. Moreover, domestic consumption may also
be affected as the external demand remains week.
|
|
In the first quarter of 2010, retail growth was at 7.9 per cent, up from a
3.3 per cent contraction. With the exception of the second quarter of 2010,
the three other quarters are expected to grow over last year's
corresponding quarters. Sales in the third quarter are set to improve by 6
per cent due to the Mega Sale Carnival and Hari Raya purchases. Retail
sales in the October to December 2010 period are forecast to grow by 3.5
per cent supported by the traditional year-end school holidays and
Christmas shopping. Sales in the third quarter are set to improve by 6 per
cent due to the Mega Sale Carnival and Hari Raya purchases.
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
COMMENTS & RECOMMENDATION
|
Established in 1996, the SC's core business is trading of grocery goods.
Having been in the industry for over a decade, the SC has achieved a
certain market share and has built up a satisfactory reputation in the
market. Being a private limited company, the SC has RM500,000 in issued and
paid up capital which contributed by individual shareholders. Without a
strong shareholders' backing, the opportunity of the SC to expand its
business is limited.
|
|
The SC's business operations are predominantly in Malaysia.
As such, any adverse developments in the economic environment and
uncertainties in Malaysia
could materially and adversely affect the business prospects of the SC. Its
business risk is high compared to the export oriented company. With staff
strength of 5 employees, the SC's daily business operations are overseen by
its Managing Director, Mohamed Noordeen. Overall, the management capability
of the SC is weak.
|
|
No latest financial accounts were filed during our inspection. The SC's
latest financial accounts are up to 2007, which is outdated in our opinion.
Therefore, our comment on the SC's overall financial performance is
restricted thereto.
|
|
To reduce the risk of component shortages, the SC sources its raw materials
locally and imported from overseas countries such as India, Australia
and Asia. Thus, it is subjected to the
currency fluctuation risk.
|
|
The industry expects to enjoy a marginal growth in the near term. As the
market competition is tight, the SC should adopt more marketing strategies
in order to retain its market position as well as compete with other well
established players in the same field.
|
|
We noted that the SC's total encumbrance is exceeding its current paid up
capital. The financial risk in default the payment is high. In view of
this, we regard granting credit to the SC to be quite risky. Hence, credit
is not recommended.
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA
ACCOUNTING STANDARD.
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
MOHAMED MEERA SAHIB (M) SDN BHD
|
|
31-December-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Turnover
|
13,445,884.00
|
|
Operating Revenue
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Before Tax
|
263,320.00
|
|
|
---------------------
|
|
|
|
Profit/(Loss) After Tax
|
155,320.00
|
|
Extraordinary Item
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Profit/(Loss) Attributable to Shareholders
|
155,320.00
|
|
|
---------------------
|
|
|
|
Prior Period Adjustment
|
0.00
|
|
Net Dividend
|
0.00
|
|
Transferred To/From Reserved
|
0.00
|
|
Others
|
0.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Brought Forward
|
546,777.00
|
|
|
---------------------
|
|
Unappropriated Profit/(Loss) Carried Forward
|
702,097.00
|
|
|
================
|
|
|
|
BALANCE SHEET
|
|
MOHAMED MEERA SAHIB (M) SDN BHD
|
|
31-December-2007
|
|
Consolidated Accounts
|
:
|
NO
|
|
UnQualified Reports
|
:
|
YES
|
|
|
|
|
RM
|
|
Fixed Assets
|
2,053,292.00
|
|
Total Investment
|
0.00
|
|
Amount Owing By
|
0.00
|
|
Current Assets
|
4,378,036.00
|
|
Intangible Assets
|
0.00
|
|
Other Assets
|
0.00
|
|
|
---------------------
|
|
Total Assets
|
6,431,328.00
|
|
|
================
|
|
|
|
|
Working Capital
|
344,950.00
|
|
|
|
|
Issued Capital
|
500,000.00
|
|
Paid Up Capital
|
500,000.00
|
|
Share Premium & Reserved
|
0.00
|
|
Unappropriated Profit/(Loss)
|
702,097.00
|
|
|
---------------------
|
|
Shareholder's Fund/Equity
|
1,202,097.00
|
|
|
---------------------
|
|
|
|
Current Liabilities
|
4,033,086.00
|
|
Amount Owing To
|
0.00
|
|
Long-term and Deferred Liabilities
|
1,196,145.00
|
|
Share Application Account
|
0.00
|
|
Minority Interest
|
0.00
|
|
|
---------------------
|
|
Total Equity Liability
|
6,431,328.00
|
|
|
================
|
|
|
|
|
Contingent Liabilities
|
0.00
|
|
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