MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

EUGENE CHEMICAL SENDIRIAN BERHAD

 

 

Registered Office :

Acctax Corporate, Centre 2, Jalan Bawasah, Georgetown, 1st Floor, 10050 Pulau Pinang, Pulau Pinang

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.12.1969

 

 

Com. Reg. No.:

9068-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Chemical Products For Food

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

malaysia - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

9068-M

COMPANY NAME

:

EUGENE CHEMICAL SENDIRIAN BERHAD

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/12/1969

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

ACCTAX CORPORATE, CENTRE 2, JALAN BAWASAH, GEORGETOWN, 1ST FLOOR, 10050 PULAU PINANG, PULAU PINANG, MALAYSIA.

BUSINESS ADDRESS

:

39A, JALAN ZAINAL ABIDIN, 10400 PULAU PINANG, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-2260064

FAX.NO.

:

04-2268064

CONTACT PERSON

:

LOKE TENG AIK ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

51239

PRINCIPAL ACTIVITY

:

TRADING OF OF CHEMICAL PRODUCTS FOR FOOD

AUTHORISED CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 600,000.00 DIVIDED INTO 
ORDINARY SHARES 600,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 655,556 [2011]

NET WORTH

:

MYR 122,348 [2011]

 

 

 

STAFF STRENGTH

:

2 [2012]

BANKER (S)

:

PUBLIC BANK BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

HIGH

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE 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) trading of of chemical products for food.

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. LOKE TENG AIK +

26A-07-10, TAMAN KRISTAL APARTMENT, LENGKOK ERSKINE, GEORGETOWN, 10470 PULAU PINANG, PULAU PINANG, MALAYSIA.

600603-07-5685 5909315

360,000.00

60.00

MS. LOKE SAW WAH +

27-9-2 TAMAN JUBILEE, LENGKOK NIPAH 2, SUNGAI 2, 11700 GELUGOR, PULAU PINANG, MALAYSIA.

630118-07-5398 6953631

240,000.00

40.00

 

 

 

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

------

 

 

 

600,000.00

100.00

 

 

 

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

=====

 

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. LOKE SAW WAH

Address

:

27-9-2 TAMAN JUBILEE, LENGKOK NIPAH 2, SUNGAI 2, 11700 GELUGOR, PULAU PINANG, MALAYSIA.

IC / PP No

:

6953631

New IC No

:

630118-07-5398

Date of Birth

:

18/01/1963

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

01/11/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. LOKE TENG AIK

Address

:

26A-07-10, TAMAN KRISTAL APARTMENT, LENGKOK ERSKINE, GEORGETOWN, 10470 PULAU PINANG, PULAU PINANG, MALAYSIA.

IC / PP No

:

5909315

New IC No

:

600603-07-5685

Date of Birth

:

03/06/1960

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

01/11/2009

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

LOKE TENG AIK

 

Position

:

DIRECTOR

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

ALJEFFRI DEAN

Auditor' Address

:

ACCTAX CORPORATE CENTRE, 1 JALAN BAWASAH, GEORGETOWN, 2ND FLOOR, 10050 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. WONG MEE CHOON

 

 

 

 

 

New IC No

:

640707-07-5328

 

Address

:

35, LEBUH RAMBAI 10, PAYA TERUBONG, 11060 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

PUBLIC BANK BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

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

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers. 

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

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Percentage

:

0%

 

 

 

 

 

 

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

CHEMICAL PRODUCTS FOR FOOD

 

 

 

 

Competitor(s)

:

AURIC CHUN YIP SDN BHD
HARPERS TRADING (MALAYSIA) SDN BHD
LUCKY FROZEN SDN BHD
PGEO GROUP SDN BHD
THYE HUAT CHAN SDN BHD

 

 

 

 

 

 

 

 

 

Total Number of Employees:

YEAR

2012

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

2

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of of chemical products for food.

The SC sells food ingredients and chemicals products.

The SC supplies the products according to its customers' requirements. 

 

PROJECTS


No projects found in our databank 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

04 2260064

Current Telephone Number

:

04-2260064

Match

:

YES

 

 

 

Address Provided by Client

:

51-B RANGOON ROAD, 10400-PENANG MALAYSIS P O BOX 802-10800 PENANG

Current Address

:

39A, JALAN ZAINAL ABIDIN, 10400 PULAU PINANG, PULAU PINANG, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


On 7th November 2012 we contacted one of the staff from the SC and she provided some information on the SC.

The SC had shifted from the address provided.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2009 - 2011

]

 

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2011

]

 

Return on Shareholder Funds

:

Unfavourable

[

7.87%

]

 

Return on Net Assets

:

Acceptable

[

10.11%

]

 

 

 

 

 

 

 

 

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Acceptable

[

1.48 Times

]

 

 

 

 

 

 

 

 

The SC has an adequate 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.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Liability Ratio

:

Unfavourable

[

1.82 Times

]

 

 

 

 

 

 

 

 

The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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. The SC's liabilities 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 : STABLE

 

 

 

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

51239 : Wholesale of other foodstuffs e.g mee,kueh teow, wantan skin and related products,cooking oil, tinned food, etc

 

 

INDUSTRY :

TRADING

 

 

 


The wholesale and retail trade sector grew 7.1% in the first half of the year 2011 supported by strong consumer spending amid favourable labour market conditions and sustained disposable income. This was reflected in the higher distributive trade index which increased 15.9%, with wholesale and retail trade indices increasing 19.2% and 7.8%, respectively. 


It is anticipated that the retail industry will grow 6.0 per cent in the year 2012.


Malaysia's retail sector for 2011 is expected to grow 6 per cent or RM81.59 billion worth of retail sales, similar to the year 2010, due to concerns of high oil prices, declining purchasing power and high cost of doing business. The Middle East and North Africa civil wars have caused the world oil prices to climb. This has led to further rise in the cost of running retail businesses, especially in terms of transportation cost. Many retailers have no choice but to pass the increased cost to end consumers. At the same time, natural disasters (tsunamis, floods, droughts, snow storms, tornadoes and earthquakes) that occurred in all parts of the world has also led to a shortage in the supply of food and raw materials. The phenomenon has pushed retail prices up.In addition, the continual removal of government subsidies since 2010 has pushed inflation upwards. Consequently, rising prices of retail goods contributed to an expectation of moderate performance.


During the first seven months of 2011, other consumption indicators such as imports of consumption goods and credit card spending increased 12.8% and 11.8%, respectively. Sales of motor vehicles declined 3% on account of supply chain disruptions following devastating March 2011 earthquake and tsunami in Japan.


Growth of the sector is anticipated to remain encouraging with ongoing efforts by the Government to increase its contribution to the economy. Major initiatives include increasing the number of large format stores such as hypermarkets, superstores and departmental stores are carried out to boost the economy.


Meanwhile, the Government has introduced the Retail Shop Transformation (TUKAR) programme. Under this programme, selected large format retailers will assist small retailers to improve their premises and layout which include attractive product display shelves, enhanced lighting and point-of-sales system to manage product inventory,

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1969, the SC is a Private Limited company, focusing on trading of of chemical products for food. Through time and experience, the SC has built up a stable clientele base. The SC is considered as a medium size company with issued and paid up capital standing at MYR 600,000. However, the SC does not have strong shareholders' backing.


Investigation revealed that the SC concentrates only on the local market. This narrow market segment has placed the SC at high business risk and limits its business expansion opportunities. Any adverse changes to the local economy might have a negative impact on the SC's business performance. Being a small company, the SC's business operation is supported by 2 employees. Overall, we regard that the SC's management capability is average. 


We noted that both the turnover and profits have increased compared to the previous year. However, the SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected. The SC however managed to maintain an adequate liquidity level, indicating that the SC has the ability to meet its financial obligations. Unfortunately, the SC may face difficulties in maintaining its business in near term with a small net worth of MYR 122,348.


Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth.


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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. However, we are of the opinion that there are a large number of other companies in the same industry. In another word, we believe that the SC faces stiff competitions from other local players.


As the SC suffered huge accumulated losses, we only recommend credit be proceeded to the SC with guarantee.

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

EUGENE CHEMICAL SENDIRIAN BERHAD

 

Financial Year End

31/12/2011

31/12/2010

31/12/2009

Months

12

12

12

Consolidated Account

Company

Company

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

SUMMARY

FULL

FULL

Currency

MYR

MYR

MYR

 

 

 

 

TURNOVER

655,556

480,813

465,568

 

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

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

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

Total Turnover

655,556

480,813

465,568

Costs of Goods Sold

-

<327,564>

<287,424>

 

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

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

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

Gross Profit

-

153,249

178,144

 

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

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

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

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

12,752

3,065

<523,807>

 

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

12,752

3,065

<523,807>

Taxation

<3,122>

<3,590>

<8,796>

 

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

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

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

PROFIT/(LOSS) AFTER TAXATION

9,630

<525>

<532,603>

 

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

As previously reported

<487,282>

<638,458>

<105,855>

 

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

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

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

As restated

<487,282>

<638,458>

<105,855>

 

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<477,652>

<638,983>

<638,458>

TRANSFER TO RESERVES - Statutory

-

151,701

-

 

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<477,652>

<487,282>

<638,458>

 

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

 

EUGENE CHEMICAL SENDIRIAN BERHAD

 

ASSETS EMPLOYED:

 

 

 

FIXED ASSETS

20,803

20,180

18,885

 

 

 

 

 

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

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

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

TOTAL LONG TERM ASSETS

20,803

20,180

18,885

 

 

 

 

CURRENT ASSETS

 

 

 

Stocks

-

100,404

66,398

Trade debtors

-

106,405

21,119

Other debtors, deposits & prepayments

-

4,450

4,450

Cash & bank balances

-

57,176

100,068

Others

-

226

1,268

 

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

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

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

TOTAL CURRENT ASSETS

324,736

268,661

193,303

 

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

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

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

TOTAL ASSET

345,539

288,841

212,188

 

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

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

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

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade creditors

-

63,269

23,068

Other creditors & accruals

-

20,898

7,504

Amounts owing to director

-

88,373

68,373

 

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

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

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

TOTAL CURRENT LIABILITIES

219,433

172,540

98,945

 

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

105,303

96,121

94,358

 

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

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

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

TOTAL NET ASSETS

126,106

116,301

113,243

 

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

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

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

 

 

 

 

SHARE CAPITAL

 

 

 

Ordinary share capital

600,000

600,000

600,000

 

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

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

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

TOTAL SHARE CAPITAL

600,000

600,000

600,000

 

 

 

 

RESERVES

 

 

 

Capital reserve

-

-

151,701

Retained profit/(loss) carried forward

<477,652>

<487,282>

<638,458>

 

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

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

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

TOTAL RESERVES

<477,652>

<487,282>

<486,757>

 

 

 

 

 

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

122,348

112,718

113,243

 

 

 

 

LONG TERM LIABILITIES

 

 

 

Deferred taxation

-

3,583

-

 

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

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

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

TOTAL LONG TERM LIABILITIES

3,758

3,583

-

 

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

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

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

 

126,106

116,301

113,243

 

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

EUGENE CHEMICAL SENDIRIAN BERHAD

 

TYPES OF FUNDS

 

 

 

Cash

-

57,176

100,068

Net Liquid Funds

-

57,176

100,068

Net Liquid Assets

105,303

<4,283>

27,960

Net Current Assets/(Liabilities)

105,303

96,121

94,358

Net Tangible Assets

126,106

116,301

113,243

Net Monetary Assets

101,545

<7,866>

27,960

BALANCE SHEET ITEMS

 

 

 

Total Borrowings

-

0

0

Total Liabilities

223,191

176,123

98,945

Total Assets

345,539

288,841

212,188

Net Assets

126,106

116,301

113,243

Net Assets Backing

122,348

112,718

113,243

Shareholders' Funds

122,348

112,718

113,243

Total Share Capital

600,000

600,000

600,000

Total Reserves

<477,652>

<487,282>

<486,757>

LIQUIDITY (Times)

 

 

 

Cash Ratio

-

0.33

1.01

Liquid Ratio

-

0.98

1.28

Current Ratio

1.48

1.56

1.95

WORKING CAPITAL CONTROL (Days)

 

 

 

Stock Ratio

-

76

52

Debtors Ratio

-

81

17

Creditors Ratio

-

70

29

SOLVENCY RATIOS (Times)

 

 

 

Gearing Ratio

-

0.00

0.00

Liabilities Ratio

1.82

1.56

0.87

Times Interest Earned Ratio

-

0.00

0.00

Assets Backing Ratio

0.21

0.19

0.19

PERFORMANCE RATIO (%)

 

 

 

Operating Profit Margin

1.95

0.64

<112.51>

Net Profit Margin

1.47

<0.11>

<114.40>

Return On Net Assets

10.11

2.64

<462.55>

Return On Capital Employed

10.11

2.64

<462.55>

Return On Shareholders' Funds/Equity

7.87

<0.47>

<470.32>

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.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.