|
* Adopted abbreviations : SC - Subject
Company (the company enquired by you)
N/A - Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
396018-U
|
|
COMPANY NAME
|
:
|
KAMI FOOD SERVICES SDN BHD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
27/07/1996
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
568-8-44, KOMPLEKS MUTIARA, BATU 3 1/2, JALAN IPOH,
51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 33-34, JALAN SRI EHSAN 1, TAMAN SRI EHSAN KEPONG, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-62749436
|
|
FAX.NO.
|
:
|
03-62776498
|
|
EMAIL
|
:
|
enquiry@kamifood.com
|
|
WEB SITE
|
:
|
www.kamifood.com
|
|
CONTACT PERSON
|
:
|
DAVID YONG CHIN KOO ( MANAGING DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
15499
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
OF FRESH AND FROZEN SEAFOOD
|
|
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
2,100,000.00 DIVIDED INTO
ORDINARY SHARES 500,000 CASH AND 1,600,000 OTHERWISE OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 8,850,578
[2009]
|
|
NET WORTH
|
:
|
MYR 3,572,267 [2009]
|
|
STAFF STRENGTH
|
:
|
40 [2011]
|
|
BANKER (S)
|
|
MALAYAN BANKING BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED
CREDIT LIMIT
|
:
|
USD3,525
|
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) manufacturing of fresh
and frozen seafood.
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. LIM CHOON SENG +
|
130, JALAN BUKIT CENDAN, TAMAN IMPIAN, BATU 4 1/2, JALAN IPOH, 51200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
350310-10-5247
1159299
|
874,986.00
|
|
MR. YONG CHIN KOO +
|
48, JALAN JAMBU, OFF JALAN KUCHING, 52000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
471125-10-5553
7878365
|
874,986.00
|
|
MR. TOH CHIN SING +
|
PA 60-88, BATU 4 1/2, JALAN IPOH,
51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
700305-10-5397
A1475691
|
350,028.00
|
|
|
|
|
---------------
|
|
|
|
|
2,100,000.00
|
|
|
|
|
============
|
+ Also Director
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
647851
|
A TO Z MAKANAN SEJUK BEKU SDN BHD
|
35
|
30/06/2009
|
|
|
|
|
|
|
|
403331
|
BIBUN FOOD SDN BHD
|
100
|
30/06/2009
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. TOH CHIN SING
|
|
Address
|
:
|
PA 60-88, BATU 4 1/2, JALAN IPOH,
51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
A1475691
|
|
New IC No
|
:
|
700305-10-5397
|
|
Date of Birth
|
:
|
05/03/1970
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
27/07/1996
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. LIM CHOON SENG
|
|
Address
|
:
|
130, JALAN BUKIT CENDAN, TAMAN IMPIAN, BATU 4 1/2, JALAN IPOH, 51200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
1159299
|
|
New IC No
|
:
|
350310-10-5247
|
|
Date of Birth
|
:
|
10/03/1935
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
27/07/1996
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. YONG CHIN KOO
|
|
Address
|
:
|
48, JALAN JAMBU, OFF JALAN KUCHING, 52000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
7878365
|
|
New IC No
|
:
|
471125-10-5553
|
|
Date of Birth
|
:
|
25/11/1947
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
27/07/1996
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
DAVID YONG CHIN KOO
|
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
JENNY CHAN
|
|
|
Position
|
:
|
FINANCE MANAGER
|
AUDITOR
|
Auditor
|
:
|
CHRISTOPHER HENG & COMPANY
|
|
Auditor' Address
|
:
|
568-8-13, KOMPLEKS MUTIARA, 3 1/2 MILES, JALAN IPOH, LEVEL 8, 51200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. ANDREW LIM LEK LEN
|
|
|
IC / PP No
|
:
|
A0053576
|
|
|
New IC No
|
:
|
650316-05-5433
|
|
|
Address
|
:
|
BLOCK 10B 4-4, PHASE 9, HILL SIDE APARTMENT, TAMAN MELAWATI, 53100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING 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
|
:
|
10/04/2003
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM242,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 1 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
25/02/2004
|
|
Description Of Charge
|
:
|
|
|
Amount Secured
|
:
|
RM3,100,000.00
|
|
Description Of Property Affected
|
:
|
|
|
Name & Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
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
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
|
:
|
UNITED
KINGDOM, UNITED STATES, ASIA, AUSTRALIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
DISTRIBUTORS
|
OPERATIONS
|
Products manufactured
|
:
|
|
|
|
|
|
|
Brand Name
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
DANISCO MALAYSIA
SDN BHD
|
|
LONDON BISCUITS
BHD
|
|
MAMEE - DOUBLE DECKER (M) BHD
|
|
RIKEVITA (MALAYSIA)
SDN BHD
|
|
THREE-A RESOURCES BHD
|
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
|
SMI ASSOCIATION OF MALAYSIA
|
|
MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)
|
|
MALAYSIA FOOD & BEVERAGE
INDUSTRY
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
40
|
40
|
30
|
35
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of fresh
and frozen seafood.
The SC's products group are categorizes as follows:
* Frozen Seafood & Fresh Seafood
* Frozen Value-Added Processed Seafood
* Frozen Pastry Products
The SC manufactures well known products like Filament Crab Flavor Stick,
Prawn, Salmon, Tuna, Crab Cocktail, Frankfrukter and Crab Finger.
The SC's products are mostly frozen seafood.
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
|
:
|
03-62749436
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 33-34, JALAN SRI EHSAN 1, TAMAN SRI EHSAN KEPONG, 52100, KUALA LUMPUR, WILAYAH
PERSEKUTUAN.
|
|
Current Address
|
:
|
LOT 33-34, JALAN SRI EHSAN 1, TAMAN SRI EHSAN KEPONG, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the Admin Department. She provided some
information on the SC.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2009
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2007 - 2009
|
]
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
2.36%
|
]
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
7.00%
|
]
|
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 unfavourable return on shareholders' funds and
net assets could indicate that the SC's management was inefficient in
utilising its assets to generate returns.
Working Capital Control:
|
Stock Ratio
|
:
|
Acceptable
|
[
|
64 Days
|
]
|
|
Debtors Ratio
|
:
|
Acceptable
|
[
|
56 Days
|
]
|
|
Creditors
Ratio
|
:
|
Unfavourable
|
[
|
64 Days
|
]
|
The SC kept adequate stocks to meet its normal business transactions without
incurring excessive storage costs. The SC's management was quite efficient in
handling its debtors. The SC's debtors days were at an acceptable range, thus
the risk of its debts turning bad was minimised. The unfavourable creditors'
ratio could be due to the SC taking advantage of the credit granted by its
suppliers. However this may affect the goodwill between the SC and its
suppliers and the SC may inadvertently have to pay more for its future
supplies.
Liquidity:
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.36 Times
|
]
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.55 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
|
[
|
1.18 Times
|
]
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
1.64 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
|
-
|
|
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
|
|
15499 : Manufacture of other food products, n.e.c.
|
|
|
|
|
INDUSTRY :
|
FOOD & BEVERAGES
|
|
Rising inflationary pressure and volatile financial markets have prompted some
companies to forecast conservative earnings as they brace for a potential
slowdown in consumer spending this year. Companies cautious about their
earnings outlook are mainly those in the food and beverage industry. Most
of them import their raw materials, including milk and wheat, where the
prices have surged in recent months.
|
|
While contending with margin squeeze, the companies would not want to pass
on most of the costs yet on concerns the higher prices would affect
consumer spending. For the moment, the outlook for consumer spending might
not be as bright but the domestic economy is still strong.
|
|
The food and beverages industry has always been one of the more resilient
industries in an economic downturn. For the period of January - May 2009,
the industry achieved exports of RM4.41 billion, slightly lower than RM4.42
billion attained in the same period in 2008. The Government is dealing with
issues like inflation to improve consumer sentiment. High commodity prices
would boost the country's gross domestic product growth and consumer
spending would stay resilient, given rising household income for farmers,
civil servants and private sector employees.
|
|
An increase in the annual subsidy assistance for padi farmers to boost
production levels and encourage more people to plant the crop so as to
increase the State's food supply. The government believes the increase in
the subsidy assistance will directly increase the level of income and
well-being of the farmers in the State. This would be in line with the Malaysia
policy of People First, Performance Now. The move is also in line with the
government objective to increase the State's self-sufficiency in padi and
rice production to 60 per cent by the year 2010.
|
|
The Government has identified the processed food industry as one of the
major growth sectors of the economy under the Ninth Malaysia Plan (9MP).
Under the 9MP, the food commodities subsector is expected to grow at an
average rate of 7.6% per annum through improvements in efficiency and
productivity as well as expansion in hectarage. Exports of food commodities
will be increased to achieve a positive food trade balance. The production
of 'padi' will be increased to meet the target of self-sufficiency level of
90%. The production of fruits will be undertaken on a large-scale in the
fruit production zones using the cluster development approach and
concentrating on nine fruit species which have export potential. The
production of vegetables will focus on high value varieties for local
consumption and selected export markets. The Green Book Programme to
promote cultivation of food crops at the community level will be
reactivated.
|
|
Note : The Ninth Malaysia Plan (9MP) was tabled in Parliament on March 31,
2006, is the five-year blueprints within the new National Mission policy
and implementation framework from now until 2010. Malaysia is
expected to see some structural changes and improved performance in the
economy.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS & RECOMMENDATION
Incorporated in 1996, the SC is a private limited company, focusing on
manufacturing of fresh and frozen seafood. 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. With RM2.1 million in issued and paid
up capital, the SC has the potential of capturing a higher market shares as
it is competing aggressively in the market.
Apart from supplying its products to the local market, the SC has broaden its
reach and penetrated into the global market such as United Kingdom, United
States, Australia
and Asia countries. Such wide market
coverage has minimised its business risk. With staff strength of 40
employees, the SC's daily business operations are overseen by its Managing
Director, David Yong Chin Koo. The SC's management capability is considered
average and more efforts are expected from the management in order to compete
with its rivals.
Generally, the financial performance of SC in year 2009 was unfavourable. The
SC's business performance showed a reverse trend as both its turnover and
pre-tax profit have decreased compared to the previous year. Its turnover has
moderated from RM14.01 million to RM8.85 million whilst its pre-tax profit
dropped to RM84,257, in view of decline in margin as a result of a
challenging and competitive business environment. Return on shareholders'
funds of the SC is relatively low, 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.
Moreover, the SC has a high gearing ratio of 1.64 times which has placed the
SC at high financial risk.
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.
Based on our financial historical data, we concluded that the SC's overall
payment habit is average.
The rising population, improvement in quality of life and higher propensity
to consume will further increase the demand for food products. These factors
provided the SC with the necessary foundation to maintain its business.
Nonetheless, the SC should adopt better competitive strategies in order to
sustain its business position and to compete with other well established
players in the same industry.
In view of its poor financial performance and base on our assessment, 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.
|
|
KAMI FOOD
SERVICES SDN BHD
|
|
For The Year
Ended 30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
TURNOVER
|
8,850,578
|
14,013,759
|
12,076,033
|
|
|
==========
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
84,257
|
202,901
|
<295,583>
|
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
84,257
|
202,901
|
<295,583>
|
|
Taxation
|
-
|
<4,212>
|
-
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
84,257
|
------------
198,689
|
------------
<295,583>
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
84,257
|
------------
198,689
|
------------
<295,583>
|
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
84,257
|
------------
198,689
|
------------
<295,583>
|
|
As previous reported
|
1,388,010
|
1,189,321
|
1,454,062
|
|
|
|
|
|
|
As restated
|
------------
1,388,010
|
------------
1,189,321
|
------------
1,454,062
|
|
|
------------
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
1,472,267
|
1,388,010
|
1,158,479
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
1,472,267
==========
|
------------
1,388,010
==========
|
------------
1,158,479
==========
|
|
RETAINED BY: The Company
|
1,472,267
|
1,388,010
|
1,158,479
|
|
|
|
|
|
|
|
|
|
|
|
|
------------
1,472,267
==========
|
------------
1,388,010
==========
|
------------
1,158,479
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
|
Term loan
|
271,176
|
286,829
|
15,903
|
|
Bank overdraft
|
55,582
|
47,398
|
24,808
|
|
|
|
|
|
|
Hire purchase
|
141,276
|
158,454
|
62,976
|
|
|
|
|
|
|
|
|
|
|
|
Interest on trust receipts
|
-
|
-
|
103,487
|
|
|
|
|
|
|
|
|
|
|
|
Other interest expenses
|
862
|
-
|
323
|
|
BA/TR charges and interest
|
-
|
142,834
|
-
|
|
|
------------
468,896
==========
|
------------
635,515
==========
|
------------
207,497
==========
|
BALANCE SHEET
|
KAMI FOOD
SERVICES SDN BHD
|
|
As At
30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
10,174,863
|
9,847,142
|
9,212,035
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Investments
|
1,250,035
|
1,250,035
|
1,250,035
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
1,250,035
|
------------
1,250,035
|
------------
1,250,035
|
|
TOTAL LONG TERM ASSETS
|
------------
11,424,898
|
------------
11,097,177
|
------------
10,462,070
|
|
CURRENT ASSETS
|
|
|
|
|
|
Stocks
|
1,555,872
|
1,141,177
|
602,024
|
|
|
Trade debtors
|
1,355,951
|
2,972,180
|
1,845,933
|
|
|
Other debtors, deposits & prepayments
|
922,260
|
744,180
|
692,869
|
|
|
Short term deposits
|
221,682
|
215,864
|
-
|
|
|
Cash & bank balances
|
227,103
|
149,241
|
71,914
|
|
|
Taxation
|
81,199
|
59,949
|
18,643
|
|
TOTAL CURRENT ASSETS
|
------------
4,364,067
|
------------
5,282,591
|
------------
3,231,383
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
1,554,194
|
1,597,532
|
1,982,834
|
|
|
Other creditors & accruals
|
1,493,637
|
667,827
|
540,440
|
|
|
Hire purchase & lease creditors
|
577,196
|
533,561
|
344,246
|
|
|
Bank overdraft
|
709,056
|
1,110,292
|
612,063
|
|
|
Short term borrowings/Term loans
|
258,133
|
258,133
|
258,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
2,784,000
|
3,384,000
|
2,205,000
|
|
|
Amounts owing to director
|
515,087
|
520,587
|
418,511
|
|
TOTAL CURRENT LIABILITIES
|
------------
7,891,303
|
------------
8,071,932
|
------------
6,361,227
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
<3,527,236>
|
------------
<2,789,341>
|
------------
<3,129,844>
|
|
TOTAL NET ASSETS
|
------------
7,897,662
==========
|
------------
8,307,836
==========
|
------------
7,332,226
==========
|
|
FINANCED BY:
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
2,100,000
|
2,100,000
|
1,800,000
|
|
TOTAL SHARE CAPITAL
|
------------
2,100,000
|
------------
2,100,000
|
------------
1,800,000
|
|
RESERVES
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
1,472,267
|
1,388,010
|
1,158,479
|
|
TOTAL RESERVES
|
------------
1,472,267
|
------------
1,388,010
|
------------
1,158,479
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
3,572,267
|
------------
3,488,010
|
------------
2,958,479
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
Long term loans
|
3,332,923
|
3,493,228
|
3,268,331
|
|
|
Hire purchase creditors
|
992,472
|
1,326,598
|
1,105,416
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
4,325,395
|
------------
4,819,826
|
------------
4,373,747
|
|
|
------------
|
------------
|
------------
|
|
|
7,897,662
|
8,307,836
|
7,332,226
|
|
|
==========
|
==========
|
==========
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
KAMI FOOD
SERVICES SDN BHD
|
|
As At
30-June-2009
|
|
|
|
|
|
|
|
2009
|
2008
|
2007
|
|
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
448,785
|
365,105
|
71,914
|
|
|
Net Liquid Funds
|
<518,404>
|
<1,003,320>
|
<798,282>
|
|
|
Net Liquid Assets
|
<5,083,108>
|
<3,930,518>
|
<3,731,868>
|
|
|
Net Current Assets/(Liabilities)
|
<3,527,236>
|
<2,789,341>
|
<3,129,844>
|
|
|
Net Tangible Assets
|
7,897,662
|
8,307,836
|
7,332,226
|
|
|
Net Monetary Assets
|
<9,408,503>
|
<8,750,344>
|
<8,105,615>
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
5,869,780
|
6,721,812
|
5,588,189
|
|
|
Total Liabilities
|
12,216,698
|
12,891,758
|
10,734,974
|
|
|
Total Assets
|
15,788,965
|
16,379,768
|
13,693,453
|
|
|
Net Assets
|
7,897,662
|
8,307,836
|
7,332,226
|
|
|
Net Assets Backing
|
3,572,267
|
3,488,010
|
2,958,479
|
|
|
Shareholders" Funds
|
3,572,267
|
3,488,010
|
2,958,479
|
|
|
Total Share Capital
|
2,100,000
|
2,100,000
|
1,800,000
|
|
|
Total Reserves
|
1,472,267
|
1,388,010
|
1,158,479
|
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
|
Cash Ratio
|
0.06
|
0.05
|
0.01
|
|
|
Liquid Ratio
|
0.36
|
0.51
|
0.41
|
|
|
Current Ratio
|
0.55
|
0.65
|
0.51
|
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
64
|
30
|
18
|
|
|
Debtors Ratio
|
56
|
77
|
56
|
|
|
Creditors Ratio
|
64
|
42
|
60
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
1.64
|
1.93
|
1.89
|
|
|
Liabilities Ratio
|
3.42
|
3.70
|
3.63
|
|
|
Times Interest Earned Ratio
|
1.18
|
1.32
|
<0.42>
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
0.95
|
1.45
|
<2.45>
|
|
|
Net Profit Margin
|
0.95
|
1.42
|
<2.45>
|
|
|
Return On Net Assets
|
7.00
|
10.09
|
<1.20>
|
|
|
Return On Capital Employed
|
5.86
|
8.21
|
<1.03>
|
|
|
Return On Shareholders' Funds/Equity
|
2.36
|
5.70
|
<9.99>
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
0
|
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
0.00
|
|
