|
* Adopted abbreviations : SC - Subject Company (the company enquired by you)
N/A
- Not Applicable
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
398704-X
|
|
COMPANY NAME
|
:
|
HAI KEE HUNG FISHERIES SDN BHD
|
|
FORMER NAME
|
:
|
EXCEL ODYSSEY (M) SDN BHD (27/02/1997)
|
|
INCORPORATION DATE
|
:
|
19/08/1996
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
917, BLOCK A, KELANA CENTRE, 3, JALAN SS 7/19, KELANA JAYA, 47301
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 17, JALAN E 1/4, TAMAN EHSAN, KEPONG, 52100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-62762797/62752797
|
|
FAX.NO.
|
:
|
03-62760797
|
|
EMAIL
|
:
|
enquiry@hkh.com.my
|
|
WEB SITE
|
:
|
www.hkh.com.my
|
|
CONTACT PERSON
|
:
|
KHOR AH BAH ( DIRECTOR )
|
|
INDUSTRY CODE
|
:
|
51222
|
|
PRINCIPAL ACTIVITY
|
:
|
WHOLESALE & RETAIL OF ALL KIND OF SEAFOOD
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
SALES
|
:
|
MYR 17,215,316 [2009]
|
|
NET WORTH
|
:
|
MYR 2,685,353 [2009]
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
BANKER (S)
|
|
MALAYAN BANKING BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
LOW
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MATURE
|
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) wholesale & retail of
all kind of 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
|
|
HAI KEE HUNG SDN BHD
|
LOT 17, JALAN E1/4, TAMAN EHSAN, KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
302130
|
500,000.00
|
|
|
|
|
---------------
|
|
|
|
|
500,000.00
|
|
|
|
|
============
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. KANG CHEW SWEE
|
|
Address
|
:
|
100, JALAN SS 2/55, 47300 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4591430
|
|
New IC No
|
:
|
540414-08-5065
|
|
Date of Birth
|
:
|
14/04/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
09/12/1996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. TENG BAK THONG
|
|
Address
|
:
|
54, JALAN BIDARA 3/9, TAMAN BIDARA, 68100 BATU CAVES, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
4593456
|
|
New IC No
|
:
|
540506-07-5323
|
|
Date of Birth
|
:
|
06/05/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/07/1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. TAN KENG KWAN
|
|
Address
|
:
|
27, JALAN SS 23/3, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
7973414
|
|
New IC No
|
:
|
501010-10-5283
|
|
Date of Birth
|
:
|
10/10/1950
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/07/1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject
|
:
|
MR. KHOR AH BAH
|
|
Address
|
:
|
52, JALAN SJ 4, TAMAN SELAYANG JAYA, 68100 BATU CAVES, SELANGOR,
MALAYSIA.
|
|
IC / PP No
|
:
|
8387326
|
|
New IC No
|
:
|
541008-08-5355
|
|
Date of Birth
|
:
|
08/10/1954
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN CHINESE
|
|
Date of Appointment
|
:
|
01/07/1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
KHOR AH BAH
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
CHING & ASSOCIATES
|
|
Auditor' Address
|
:
|
915, BLOCK A, KELANA CENTRE POINT, 3, JALAN SS 7/19, KELANA JAYA,
47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. CHAN CHOI KUAN
|
|
|
IC / PP No
|
:
|
4553962
|
|
|
New IC No
|
:
|
540305-14-5348
|
|
|
Address
|
:
|
12 JALAN SS 19/4A, 47500 SUBANG JAYA, 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).
The SC has bank charges with above mentioned banker(s).
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of Creation
|
:
|
22/12/2005
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM1,270,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 2 In The Register of Charges
|
ENCUMBRANCE 2
|
Date of Creation
|
:
|
28/04/2006
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM1,100,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 3 In The Register of Charges
|
ENCUMBRANCE 3
|
Date of Creation
|
:
|
28/04/2006
|
|
Description Of Charge
|
:
|
N/A
|
|
Amount Secured
|
:
|
RM170,000.00
|
|
Description Of Property Affected
|
:
|
N/A
|
|
Name & Address Of Chargee
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
|
|
Registered and Numbered 4 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
|
[
|
X
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
SEAFOOD
|
|
|
|
|
|
Competitor(s)
|
:
|
KMC
COLDSTORAGE & WAREHOUSING SDN BHD
PIAU KEE HOLDINGS SDN BHD
THAI CHIA MARKETING SDN BHD
TROPICAL CONSOLIDATED CORPORATION SDN BHD
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) wholesale & retail of
all kind of seafood.
The SC is part of the Hai Kee Hung Group of Companies.
The core activities of the Group are processing of chilled and frozen
seafood.
It processes over 3,000,000 kg of fishery chilled and frozen seafood
annually.
In addition, it also imports certain popular seafood items from South Asia
countries. These activities are supported by 700 metric tonnes cold room
facility.
The SC is a major operator for the premium seafood segment in the country's
biggest wholesale market, the Selayang Wholesale Market in Kuala
Lumpur.
These products are purchased selectively using sensory evaluation method from
its sister company Haiky Borneo Sdn Bhd. They are then cleaned and chilled
with plate ice before packed into specially made shippers container designed
to keep seafood at optimum freshness and flavour.
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
|
:
|
03-62762797/62752797
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 17, JALAN E 1/4, TAMAN EHSAN, KEPONG, 52100, KUALALUMPUR
|
|
Current Address
|
:
|
LOT 17, JALAN E 1/4, TAMAN EHSAN, KEPONG, 52100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC's Admin Department. She provided
some information on the SC.
The SC refused to disclose its number of employees.
FINANCIAL COMMENTS
Profitability:
|
Turnover
|
:
|
Increased
|
[
|
17.91%
|
]
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
80.68%
|
]
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
18.69%
|
]
|
|
Return on Net Assets
|
:
|
Acceptable
|
[
|
25.42%
|
]
|
The higher turnover could be attributed to the favourable market condition
and the SC could be gaining the market share progressively. The higher profit
could be attributed to the increase in turnover. The SC's management had
generated acceptable return for its shareholders using its assets.
Working Capital Control:
|
Stock Ratio
|
:
|
Favourable
|
[
|
4 Days
|
]
|
|
Debtors Ratio
|
:
|
Favourable
|
[
|
14 Days
|
]
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
3 Days
|
]
|
The SC's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in 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
|
[
|
3.70 Times
|
]
|
|
Current Ratio
|
:
|
Favourable
|
[
|
3.98 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
|
:
|
Favourable
|
[
|
29.59 Times
|
]
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.04 Times
|
]
|
The interest cover showed that the SC was able to service the interest. The
favourable interest cover could indicate that the SC was making enough profit
to pay for the interest accrued. The SC was lowly geared thus it had a low
financial risk. The SC was mainly financed by its shareholders' funds and
internally generated funds. In times of economic slowdown / downturn, the SC
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
Overall
Assessment:
Generally, the
SC's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the
SC could be able to service all the accrued interest without facing any
difficulties. The SC as a lowly geared company, will be more secured compared
to those highly geared companies. It has the ability to meet all its long
term obligations.
Overall financial condition of the SC : STRONG
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 1996 as a private limited company, the SC is principally
engaged in the wholesale & retail of all kind of 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. As part of
the Hai Kee Hung Group of Companies, it allows the SC to enjoy timely
financial and technical assistance when the needs arise.
|
|
Our investigation revealed that the SC serves both local and overseas
clients. Penetrating into the overseas countries such as Asia countries has
well diversified its business risk and at the same time added strength to
its capabilities in capturing higher market shares. The management of the
SC is overseen by its Director. Overall the management capability of the SC
is average.
|
|
In 2009, the SC's turnover and pre-tax profit had increased to RM17,215,316
and RM673,779 respectively. The SC has generated a favourable return on its
shareholders' funds indicating that the SC's management was efficient in
utilising its shareholders' funds to generate favourable returns. Besides,
the SC was in good liquidity position with its current liabilities well
covered by its current assets. With its net current assets, the SC should
be able to repay its short term obligations. A low gearing ratio has
minimised the SC's financial risk. Overall, the SC is financially strong.
|
|
Investigation revealed that the SC's supplies are sourced locally and from
overseas countries. Thus, it is subjected to the currency fluctuation risk.
|
|
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. With
its strong financial condition, the SC has competitive edge against other
players in the same field.
|
|
In view of the above, we recommend credit be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
HAI KEE HUNG
FISHERIES SDN BHD
|
|
For The Year
Ended 31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
17,215,316
|
14,600,405
|
|
|
==========
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
673,779
|
372,917
|
|
|
|
|
|
|
------------
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
673,779
|
372,917
|
|
Taxation
|
<171,790>
|
<76,691>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
501,989
|
------------
296,226
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
501,989
|
------------
296,226
|
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
501,989
|
------------
296,226
|
|
As previous reported
|
1,683,364
|
1,387,138
|
|
|
|
|
|
As restated
|
------------
1,683,364
|
------------
1,387,138
|
|
|
------------
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
2,185,353
|
1,683,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
2,185,353
==========
|
------------
1,683,364
==========
|
|
RETAINED BY: The Company
|
2,185,353
|
1,683,364
|
|
|
|
|
|
|
|
|
|
|
------------
2,185,353
==========
|
------------
1,683,364
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
|
Term loan
|
6,366
|
9,127
|
|
Bank overdraft
|
7,292
|
7,716
|
|
|
|
|
|
bankers acceptance
|
9,907
|
16,320
|
|
|
------------
23,565
==========
|
------------
33,163
==========
|
BALANCE SHEET
|
HAI KEE HUNG
FISHERIES SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
|
FIXED ASSETS
|
611,754
|
624,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM ASSETS
|
------------
611,754
|
------------
624,716
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks
|
197,210
|
206,266
|
|
|
|
|
|
|
|
Trade debtors
|
653,035
|
524,218
|
|
|
Other debtors, deposits & prepayments
|
116,560
|
114,208
|
|
|
Short term deposits
|
136,375
|
93,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due from holding company
|
1,743,835
|
-
|
|
|
|
|
|
|
|
Amount due from related companies
|
-
|
2,127,790
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & bank balances
|
500
|
500
|
|
|
|
|
|
|
|
tax recoverable
|
-
|
66,946
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
2,847,515
|
------------
3,133,892
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
Trade creditors
|
160,181
|
74,796
|
|
|
Other creditors & accruals
|
19,842
|
31,566
|
|
|
|
|
|
|
|
Bank overdraft
|
27,148
|
130,147
|
|
|
Short term borrowings/Term loans
|
26,499
|
24,276
|
|
|
|
|
|
|
|
|
|
|
|
|
Bill & acceptances payable
|
258,000
|
702,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owing to holding companies
|
-
|
527,313
|
|
|
|
|
|
|
|
Amounts owing to related companies
|
183,041
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
40,843
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
------------
715,554
|
------------
1,490,098
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
2,131,961
|
------------
1,643,794
|
|
TOTAL NET ASSETS
|
------------
2,743,715
==========
|
------------
2,268,510
==========
|
|
|
|
|
|
|
FINANCED BY:
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
|
|
|
|
|
|
TOTAL SHARE CAPITAL
|
------------
500,000
|
------------
500,000
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retain profit/(Accumulated loss) carried forward
|
2,185,353
|
1,683,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RESERVES
|
------------
2,185,353
|
------------
1,683,364
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
2,685,353
|
------------
2,183,364
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
|
|
|
Long term loans
|
58,362
|
85,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
58,362
|
------------
85,146
|
|
|
------------
|
------------
|
|
|
2,743,715
|
2,268,510
|
|
|
==========
|
==========
|
|
|
|
|
|
FINANCIAL RATIOS
|
HAI KEE HUNG
FISHERIES SDN BHD
|
|
As At
31-December-2009
|
|
|
|
|
|
|
2009
|
2008
|
|
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
136,875
|
94,464
|
|
|
Net Liquid Funds
|
83,228
|
<59,959>
|
|
|
Net Liquid Assets
|
1,934,751
|
1,437,528
|
|
|
Net Current Assets/(Liabilities)
|
2,131,961
|
1,643,794
|
|
|
Net Tangible Assets
|
2,743,715
|
2,268,510
|
|
|
Net Monetary Assets
|
1,876,389
|
1,352,382
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Borrowings
|
112,009
|
239,569
|
|
|
Total Liabilities
|
773,916
|
1,575,244
|
|
|
Total Assets
|
3,459,269
|
3,758,608
|
|
|
Net Assets
|
2,743,715
|
2,268,510
|
|
|
Net Assets Backing
|
2,685,353
|
2,183,364
|
|
|
Shareholders" Funds
|
2,685,353
|
2,183,364
|
|
|
Total Share Capital
|
500,000
|
500,000
|
|
|
Total Reserves
|
2,185,353
|
1,683,364
|
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
|
Cash Ratio
|
0.19
|
0.06
|
|
|
Liquid Ratio
|
3.70
|
1.96
|
|
|
Current Ratio
|
3.98
|
2.10
|
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
4
|
5
|
|
|
Debtors Ratio
|
14
|
13
|
|
|
Creditors Ratio
|
3
|
2
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.04
|
0.11
|
|
|
Liabilities Ratio
|
0.29
|
0.72
|
|
|
Times Interest Earned Ratio
|
29.59
|
12.24
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
3.91
|
2.55
|
|
|
Net Profit Margin
|
2.92
|
2.03
|
|
|
Return On Net Assets
|
25.42
|
17.90
|
|
|
Return On Capital Employed
|
24.93
|
16.76
|
|
|
Return On Shareholders' Funds/Equity
|
18.69
|
13.57
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
0
|
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
Contingent Liabilities
|
0.00
|
0.00
|
|
|
|
|
|
|
|
|
