MIRA INFORM REPORT

 

 

Report Date :

04.07.2012

 

 

 

Tel. No.:

606-9812612

Fax No.:

606-9812733

 

IDENTIFICATION DETAILS

 

Name :

YANGWOOD SDN BHD

 

 

Formerly Known As :

S.F. AUTO SDN BHD

 

 

Registered Office :

36, Jalan Pesta 1-2, Taman Tun Dr Ismail 1, Jalan Bakri, 1st Floor, 84000 Muar, Johor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.01.2011

 

 

Date of Incorporation :

14.10.1980

 

 

Com. Reg. No.:

63425-T

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of wooden beds and wooden sofa

 

 

No. of Employees :

40

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

* Adopted abbreviations :            SC - Subject Company (the company enquired by you),  N/A - Not Applicable        

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

63425-T

COMPANY NAME

:

YANGWOOD SDN BHD

FORMER NAME

:

S.F. AUTO SDN BHD (15/07/2004)
BANSEN SDN BHD

INCORPORATION DATE

:

14/10/1980

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

REGISTERED ADDRESS

:

36, JALAN PESTA 1-2, TAMAN TUN DR ISMAIL 1, JALAN BAKRI, 1ST FLOOR, 84000 MUAR, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

PBD 64-15,PARIT BAKAR DARAT, 84010 MUAR, JOHOR, MALAYSIA.

TEL.NO.

:

06-9812612/ 0126022104

FAX.NO.

:

06-9812733

EMAIL

:

gan@yangwood.com  

WEB SITE

:

www.yangwood.com  

CONTACT PERSON

:

GAN POH YANG ( MANAGING DIRECTOR )

INDUSTRY CODE

:

3610

PRINCIPAL ACTIVITY

:

MANUFACTURING OF WOODEN BEDS AND WOODEN SOFA

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 200,000.00 DIVIDED INTO 
ORDINARY SHARES 200,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 2,932,378 [2011]

NET WORTH

:

MYR 648,753 [2011]

STAFF STRENGTH

:

40 [2012]

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

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 wooden beds and wooden sofa.

 

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. GAN POH YANG +

15, JALAN WARISAN 4, TAMAN WARISAN, 84000 MUAR, JOHOR, MALAYSIA.

720408-01-5421 A2188740

100,000.00

50.00

MS. YO YAN SOCK +

15, JALAN WARISAN 4, TAMAN WARISAN, 84000 MUAR, JOHOR, MALAYSIA.

720403-01-5692 A2147507

100,000.00

50.00

 

 

 

---------------

------

 

 

 

200,000.00

100.00

 

 

 

============

=====

+ Also Director

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

MR. GAN POH YANG

Address

:

15, JALAN WARISAN 4, TAMAN WARISAN, 84000 MUAR, JOHOR, MALAYSIA.

IC / PP No

:

A2188740

New IC No

:

720408-01-5421

Date of Birth

:

08/04/1972

 

 

 

Nationality

:

MALAYSIAN CHINESE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MS. YO YAN SOCK

Address

:

15, JALAN WARISAN 4, TAMAN WARISAN, 84000 MUAR, JOHOR, MALAYSIA.

IC / PP No

:

A2147507

New IC No

:

720403-01-5692

Date of Birth

:

03/04/1972

 

 

 

Nationality

:

MALAYSIAN CHINESE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

GAN POH YANG

 

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

O L YEO & CO

Auditor' Address

:

110A & B, JALAN MELAKA RAYA 25, TAMAN MELAKA RAYA, 75000 MELAKA, MELAKA, MALAYSIA.

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. CHUA SEW CHU

 

IC / PP No

:

2787498

 

New IC No

:

471114-01-5616

 

Address

:

218-3, LORONG BUNGA ROS, JALAN DAUD, 84000 MUAR, JOHOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank 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

Percentage

:

5%

Domestic Markets

:

MALAYSIA

Overseas

:

YES

Percentage

:

95%

Export Market

:

WORLDWIDE

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

WOODEN BEDS AND WOODEN SOFA

 

 

 

 

Total Number of Employees:

YEAR

2012

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

40

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

 

 

 

Other Information:

The SC is principally engaged in the (as a / as an) manufacturing of wooden beds and wooden sofa.

The SC specializes in manufacturing Wooden Furniture from BED, SOFA and OCCASIONAL SETS. We also develop new products to meet changing market demand from time to time.


The SC mainly exports its products to overseas countries. 

 

 

PROJECTS


No projects found in our databank 

 

 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

069812612/ 0126022104

Current Telephone Number

:

06-9812612/ 0126022104

Match

:

YES

 

 

 

Address Provided by Client

:

PBD 64-15,PARIT BAKAR DARAT,84010,MUAR,JOHOR.

Current Address

:

PBD 64-15,PARIT BAKAR DARAT, 84010 MUAR, JOHOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations

we contacted one of the Senior staff from the SC and she provided some information on the SC.



FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

9.93%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

<107.57%>

]

 

Return on Shareholder Funds

:

Unfavourable

[

1.41%

]

 

Return on Net Assets

:

Unfavourable

[

2.38%

]

 

 

 

 

 

 

 

 

The lower turnover could be due to the unfavourable market conditions.The management had succeeded in turning the SC into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

:

Favourable

[

31 Days

]

 

Debtor Ratio

:

Favourable

[

7 Days

]

 

Creditors Ratio

:

Favourable

[

29 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

:

Unfavourable

[

0.18 Times

]

 

Current Ratio

:

Unfavourable

[

0.47 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

[

2.13 Times

]

 

Gearing Ratio

:

Favourable

[

0.17 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 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 :

 

 

 

 

 

 

Although the SC's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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 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 : POOR

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-

 

 

 

 

 

 



INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

INDUSTRY ANALYSIS

 

MSIC CODE

3610 : Manufacture of furniture

 

 

INDUSTRY :

FURNITURE & FIXTURES

 

 

 


MALAYSIA's 2011 furniture exports are likely to improve by 9% to RM8.7 billion, provided the US dollar stabilises at the current level and manufacturers are able to secure enough foreign workers at their factories. 


According to the Malaysian Furniture Industry Council (MFIC), the government's policy to reduce the country's dependency on foreign workers is having an adverse impact on furniture production and exports. Furniture export earnings will decline if there have not enough foreign workers to work on the orders. Many small and medium enterprises will face shutdown prospects.


Under the the National Timber Industry Policy (MTIP), the government has targeted RM16 billion furniture exports by 2020.


There was growing demand for Malaysian-made furniture from the US and Australia, especially now as American consumer spending is showing signs of recovery and Australians need to refurbish their homes after the big flood. Traditional markets like the US and Europe tend to favour Malaysia over low-cost producers like China and Vietnam due to better quality control and reliable after-sales services.


Singapore and Thailand are enjoying zero tariff on upholstery and wooden furniture when it is shipped into Australia and New Zealand. Malaysia, however, is not. These may affect the furniture industry. Malaysian furniture exporters sell in US dollar. When the ringgit strengthens, their exports become more expensive. This leads to a fall in demand. In the last 12 months, the ringgit has been strengthening against the dollar. The profit margins in the furniture export industry are between 3 and 15 per cent and the order process takes an average of two months.


Malaysia stands as the world's 10th largest exporter of furniture by sales volume. The industry's main export markets are the United States, Japan, Europe, Australia and the Middle East. The local furniture industry will continue to be a major revenue earner for the country.


The Malaysian producers and exporters must rebrand themselves to move up the value chain, to achieve higher levels of performance and competitiveness and progress from being OEM production towards own design manufacturing and original brand manufacturing. The Plantation Industries and Commodities Ministry and the Malaysian Timber Industry Board has drawn up strategies through the National Timber Industry Policy towards this direction. The small- and medium-sized enterprises to penetrate countries in the Middle East, East Asia, Southeast Asia and Africa as an avenue to improve international trade performance.

OVERALL INDUSTRY OUTLOOK : Marginal Growth

 


CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1980, the SC is a Private Limited company, focusing on manufacturing of wooden beds and wooden sofa. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. However, with a small paid up capital, the SC should put more efforts on its business to gain higher market share while competing aggressively in the market.


Over the years, the SC has established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. The SC is operating on a medium scale and it has approximately 40 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. Fortunately, being a lowly geared company, the SC is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at MYR 648,753, the SC should be able to maintain its business in the near terms.


Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. 


The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. As the SC is long presence in the market, it should have acquired competitive edge against other players in the same fields.


Based on the above condition, we recommend credit be granted to the SC normally.

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

YANGWOOD SDN BHD

 

Financial Year End

31/01/2011

31/01/2010

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

MYR

MYR

 

 

 

TURNOVER

2,932,378

3,255,543

 

----------------

----------------

Total Turnover

2,932,378

3,255,543

Costs of Goods Sold

<2,488,528>

<2,991,220>

 

----------------

----------------

Gross Profit

443,850

264,323

 

----------------

----------------

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

9,133

<120,709>

 

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

9,133

<120,709>

Taxation

-

54,096

 

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

9,133

<66,613>

 

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

439,620

506,233

 

----------------

----------------

As restated

439,620

506,233

 

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

448,753

439,620

 

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

448,753

439,620

 

=============

=============

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Hire purchase

8,060

6,820

Others

-

164

 

----------------

----------------

 

8,060

6,984

 

 

 

BALANCE SHEET

 

 

YANGWOOD SDN BHD

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

1,178,157

1,294,724

 

 

 

 

----------------

----------------

TOTAL LONG TERM ASSETS

1,178,157

1,294,724

 

 

 

CURRENT ASSETS

 

 

Stocks

246,424

177,398

Trade debtors

59,226

134,265

Other debtors, deposits & prepayments

42,956

42,657

Cash & bank balances

26,676

15,419

Others

22,395

13,311

 

----------------

----------------

TOTAL CURRENT ASSETS

397,677

383,050

 

----------------

----------------

TOTAL ASSET

1,575,834

1,677,774

 

=============

=============

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

196,715

222,326

Other creditors & accruals

177,800

293,544

Hire purchase & lease creditors

37,677

49,842

Amounts owing to director

442,053

398,246

 

----------------

----------------

TOTAL CURRENT LIABILITIES

854,245

963,958

 

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

<456,568>

<580,908>

 

----------------

----------------

TOTAL NET ASSETS

721,589

713,816

 

=============

=============

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

200,000

200,000

 

----------------

----------------

TOTAL SHARE CAPITAL

200,000

200,000

 

 

 

RESERVES

 

 

Retained profit/(loss) carried forward

448,753

439,620

 

----------------

----------------

TOTAL RESERVES

448,753

439,620

 

 

 

 

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

648,753

639,620

 

 

 

LONG TERM LIABILITIES

 

 

Hire purchase creditors

72,836

74,196

 

----------------

----------------

TOTAL LONG TERM LIABILITIES

72,836

74,196

 

----------------

----------------

 

721,589

713,816

 

=============

=============

 

 

 

 

 

 

FINANCIAL RATIO

 

 

YANGWOOD SDN BHD

 

TYPES OF FUNDS

 

 

Cash

26,676

15,419

Net Liquid Funds

26,676

15,419

Net Liquid Assets

<702,992>

<758,306>

Net Current Assets/(Liabilities)

<456,568>

<580,908>

Net Tangible Assets

721,589

713,816

Net Monetary Assets

<775,828>

<832,502>

BALANCE SHEET ITEMS

 

 

Total Borrowings

110,513

124,038

Total Liabilities

927,081

1,038,154

Total Assets

1,575,834

1,677,774

Net Assets

721,589

713,816

Net Assets Backing

648,753

639,620

Shareholders' Funds

648,753

639,620

Total Share Capital

200,000

200,000

Total Reserves

448,753

439,620

LIQUIDITY (Times)

 

 

Cash Ratio

0.03

0.02

Liquid Ratio

0.18

0.21

Current Ratio

0.47

0.40

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

31

20

Debtors Ratio

7

15

Creditors Ratio

29

27

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

0.17

0.19

Liabilities Ratio

1.43

1.62

Times Interest Earned Ratio

2.13

<16.28>

Assets Backing Ratio

14.82

14.66

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

0.31

<3.71>

Net Profit Margin

0.31

<2.05>

Return On Net Assets

2.38

<15.93>

Return On Capital Employed

2.26

<14.89>

Return On Shareholders' Funds/Equity

1.41

<10.41>

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.81

UK Pound

1

Rs.86.04

Euro

1

Rs.69.62

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.