|
|
REGISTRATION
NO.
|
:
|
931434-A
|
|
COMPANY
NAME
|
:
|
MOK
HIN FURNITURE SDN BHD
|
|
FORMER
NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
28/01/2011
|
|
|
|
|
|
|
|
|
|
COMPANY
STATUS
|
:
|
EXIST
|
|
LEGAL
STATUS
|
:
|
PRIVATE
LIMITED
|
|
LISTED
STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
25,
JALAN LAMBAK, 1ST FLOOR, 86000 KLUANG, JOHOR, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
LOT
813, BATU 46½, JALAN AIR HITAM, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
07-7552125
|
|
FAX.NO.
|
:
|
07-7557313
|
|
EMAIL
|
:
|
info@mokhin.com
|
|
WEB
SITE
|
:
|
www.mokhin.com
|
|
CONTACT
PERSON
|
:
|
SHIM
KWEE WONG ( MANAGING DIRECTOR )
|
|
|
|
|
|
INDUSTRY
CODE
|
:
|
361
|
|
PRINCIPAL
ACTIVITY
|
:
|
MANUFACTURING
OF FURNITURE
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
100,000.00 DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.
|
|
ISSUED
AND PAID UP CAPITAL
|
:
|
MYR
50,002.00 DIVIDED INTO
ORDINARY SHARES 50,002 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET
WORTH
|
:
|
N/A
|
|
|
|
|
|
STAFF
STRENGTH
|
:
|
120
[2012]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
CURRENCY
EXPOSURE
|
:
|
MODERATE
|
|
GENERAL
REPUTATION
|
:
|
POOR
|
|
INDUSTRY
OUTLOOK
|
:
|
MARGINAL
GROWTH
|
|
PROPOSED
CREDIT LIMIT
|
:
|
MYR
18,000 (USD 6,000)
|
|
|
|
|
|
|
|
|
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 furniture.
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.
SHIM KWEE WONG +
|
30,
JALAN RUMAS, TAMAN RUMAS, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.
|
610809-01-5521
6225494
|
25,001.00
|
50.00
|
|
MR.
SHIM KUAN CHENG +
|
30,
JALAN RUMUS, TAMAN RUMUS, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.
|
861226-23-5545
|
25,001.00
|
50.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
50,002.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR
1
|
Name
Of Subject
|
:
|
MR.
SHIM KWEE WONG
|
|
Address
|
:
|
30,
JALAN RUMAS, TAMAN RUMAS, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.
|
|
IC
/ PP No
|
:
|
6225494
|
|
New
IC No
|
:
|
610809-01-5521
|
|
Date
of Birth
|
:
|
09/08/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
CHINESE
|
|
Date
of Appointment
|
:
|
28/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR
2
|
Name
Of Subject
|
:
|
MR.
SHIM KUAN CHENG
|
|
Address
|
:
|
30,
JALAN RUMUS, TAMAN RUMUS, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.
|
|
|
|
|
|
New
IC No
|
:
|
861226-23-5545
|
|
Date
of Birth
|
:
|
26/12/1986
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
CHINESE
|
|
Date
of Appointment
|
:
|
28/01/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name
of Subject
|
:
|
SHIM
KWEE WONG
|
|
|
Position
|
:
|
MANAGING
DIRECTOR
|
|
|
|
|
|
No Auditor found in our databank
|
1)
|
Company
Secretary
|
:
|
MS.
WONG YE SAN
|
|
|
IC
/ PP No
|
:
|
A3530787
|
|
|
New
IC No
|
:
|
770622-04-5598
|
|
|
Address
|
:
|
25,
JALAN FAJAR, SUNRISE PARK, 86000 KLUANG, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
MR.
LUAH AIK CHEW
|
|
|
IC
/ PP No
|
:
|
A2076652
|
|
|
New
IC No
|
:
|
720118-01-5415
|
|
|
Address
|
:
|
25,
JALAN FAJAR, SUNRISE PARK, 86000 KLUANG, JOHOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN
BANKING BHD
|
|
|
|
|
|
|
The
SC enjoys normal banking routine with above mentioned banker(s). No adverse
record was found during our investigation.
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SC
|
* We have checked through the SC in our defaulters' database which comprised
of debtors that have been blacklisted by our customers and debtors that have
been placed or assigned to us for collection since 1990. Information was
provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
|
|
|
SOURCES
OF RAW MATERIALS:
|
|
Local
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export
Market
|
:
|
ASIA,
MIDDLE EAST
|
|
Credit
Term
|
:
|
30
- 60 DAYS
|
|
|
|
|
|
|
|
|
Payment
Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured
|
:
|
|
|
|
|
|
|
Competitor(s)
|
:
|
HEVEAPAC
SDN BHD
INTERGO FURNITURE SDN BHD
J.L. RESOURCES SDN BHD
PREMIER CONTRACT RESOURCES (M) SDN BHD
SCANWOLF PLASTIC INDUSTRIES SDN BHD
|
|
|
|
|
|
Total
Number of Employees:
|
|
YEAR
|
2012
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
120
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacturing of
furniture.
The SC produces dining sets and other furnitures.
The SC however refused to disclose further information on its operation.
No projects found in our databank
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone
Number Provided By Client
|
:
|
60
7755 7784
|
|
Current
Telephone Number
|
:
|
07-7552125
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address
Provided by Client
|
:
|
LOT
813, RATU 1/2 JALAN AIR HITAM, 86200 SIMPANG RENGGAM, JOHO
|
|
Current
Address
|
:
|
LOT
813, BATU 46½, JALAN AIR HITAM, 86200 SIMPANG RENGAM, JOHOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
NO
|
Other Investigations
On 18th July 2012 we contacted one of the staff from the SC and she provided
some information on the SC.
The address provided is incomplete.
|
No
latest financial accounts are available at the Registry Office, thus we are
not able to comment on the SC's financial performance.
|
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : N/A
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSIC CODE
|
|
361
: 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 2011, the SC is a Private Limited company, focusing on manufacturing of
furniture. Having been in the business for only 1 year, the SC's position
in the market is not stable. The SC has yet to build up its own image and
market shares. With a small issued and paid up capital contributed by 2
individual shareholders, the SC may face difficulties in its attempt to
further expand its business in the future.
|
|
Although the SC has been in the business for only a year, it has
established an extensive marketing network to support its business operation.
Penetrating into the overseas countries has well diversified its business
risk. However, the SC faces fierce competition from other well established
company. The SC is a fairly large and rapidly growing company with over 120
staff in its operations Overall, we regard that the SC's management
capability is average.
|
|
No financial accounts are available for analysis. As such, we are not able
to comment on the SC's current financial standing.
|
|
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 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. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
In view of the above, we only recommend credit be proceeded to the SC with
guarantee.
|
|