MIRA INFORM REPORT

 

 

Report Date :

07.09.2012

 

INQUIRY DETAILS

 

Given Name :

Thua Heng Import Export Sdn Bhd

 

 

Given Address :

1806 Lebuh Keranji Taman Mutiara 14000 Bukit Mertajam Puiau Pinang, Malaysia

 

IDENTIFICATION DETAILS

 

Name :

THUA HENG IMPORT EXPORT SDN BHD

 

 

Registered Office :

98a, Jalan Tembikai, Taman Mutiara, Bukit Mertajam, 14000 Bukit Tengah, Pulau Pinang

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.05.2010

 

 

Date of Incorporation :

12.05.2009

 

 

Com. Reg. No.:

856587-A

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of vegetables

 

 

No. of Employees :

10 [2012]

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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

 

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

 



* Adopted abbreviations :     SC - Subject Company (the company enquired by you)    

                                         N/A - Not Applicable                                                     

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

856587-A

COMPANY NAME

:

THUA HENG IMPORT EXPORT SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

12/05/2009

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

REGISTERED ADDRESS

:

98A, JALAN TEMBIKAI, TAMAN MUTIARA, BUKIT MERTAJAM, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

BUSINESS ADDRESS

:

1806, TAMAN MUTIARA, LEBUH KERANJI, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-5397263 / 5737263

FAX.NO.

:

04-5379080

CONTACT PERSON

:

LEE SWEE PING ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

51224

PRINCIPAL ACTIVITY

:

WHOLESALER OF VEGETABLES

AUTHORISED CAPITAL

:

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

ISSUED AND PAID UP CAPITAL

:

MYR 300,000.00 DIVIDED INTO 
ORDINARY SHARES 300,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 22,275,383 [2010]

NET WORTH

:

MYR 361,151 [2010]

 

 

 

STAFF STRENGTH

:

10 [2012]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

HIGH

CURRENCY EXPOSURE

:

MODERATE

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) wholesaler of vegetables.

 

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. LEE KIM HONG +

61, JALAN MANGGIS, TAMAN BAK HAI, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

690615-07-5377 A1256460

150,000.00

50.00

MS. LEE SWEE PING +

61, JALAN MANGGIS, TAMAN BAK HAI, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

710629-07-5736 A1971243

90,000.00

30.00

MR. LEE KIM CHOON

 

660710-07-5095 A0459093

30,000.00

10.00

MS. LEE SWEE LEE

 

710629-07-5728 A1971242

30,000.00

10.00

 

 

 

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

------

 

 

 

300,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. LEE SWEE PING

Address

:

61, JALAN MANGGIS, TAMAN BAK HAI, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

IC / PP No

:

A1971243

New IC No

:

710629-07-5736

Date of Birth

:

29/06/1971

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

12/05/2009

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. LEE KIM HONG

Address

:

61, JALAN MANGGIS, TAMAN BAK HAI, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

IC / PP No

:

A1256460

New IC No

:

690615-07-5377

Date of Birth

:

15/06/1969

 

 

 

Nationality

:

MALAYSIAN CHINESE

Date of Appointment

:

12/05/2009



MANAGEMENT

 

 

1)

Name of Subject

:

LEE SWEE PING

 

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

HISHAM & CO

Auditor' Address

:

44A, JALAN TODAK 2, BANDAR SEBERANG JAYA, LEVEL 1(LEFT WING), 13800 BUTTERWORTH, PULAU PINANG, MALAYSIA.

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. NG YAH LING

 

 

 

 

 

New IC No

:

710415-07-5378

 

Address

:

1358, MUKIM 20, KUBANG ULU, KUBANG SEMANG, 14400 BUKIT MERTAJAM, PULAU PINANG, MALAYSIA.

 

2)

Company Secretary

:

MS. LIM CHEAU YIN

 

 

 

 

 

New IC No

:

770911-07-6040

 

Address

:

8, LORONG BELIMBING 8, TAMAN BELIMBING, BUKIT MERTAJAM, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

 

 

BANKING


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.

 

 

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

 

Import Countries

:

ASIA

 

 

CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Percentage

:

0%

 

 

 

 

 

 

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES,CASH

Type of Customer

:

WET MARKET,SUPERMARKETS,RETAIL

 

OPERATIONS

 

Goods Traded

:

VEGETABLES

 

 

Total Number of Employees:

 

YEAR

2012

2011

2010

2009

 

 

GROUP

N/A

N/A

N/A

N/A

 

 

 

 

 

COMPANY

10

10

10

10

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:

The SC is principally engaged in the (as a / as an) wholesaler of vegetables.

The SC offers a wide range of vegetables including cauliflowers, broccollies, carrots, cabbages, tomoato, beans, long beans, chillies, and others.

Besides that the SC also provides products based on the customers' requirements.

We were informed that the SC has cold room facilities to keep the freshness of vegetables.

According to the SC, the demand for the vegetables increase during the festive season. 

 

 

PROJECTS

 

No projects found in our databank 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

04-5397263 / 5737263

Match

:

N/A

 

 

 

Address Provided by Client

:

1806, TAMAN MUTIARA, LEBUH KERANJI,14000,BUKIT MERTAJAM,PULAU PINANG.

Current Address

:

1806, TAMAN MUTIARA, LEBUH KERANJI, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations

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

 

 

FINANCIAL ANALYSIS

 

Profitability

 

 

 

 

 

 

Return on Shareholder Funds

:

Acceptable

[

16.93%

]

 

Return on Net Assets

:

Acceptable

[

19.23%

]

 

 

 

 

 

 

 

 

The SC's management had generated acceptable return for its shareholders using its assets.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Unfavourable

[

0.70 Times

]

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Liability Ratio

:

Unfavourable

[

17.28 Times

]

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

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. 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 : FAIR

 

 

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

 

51224 : Wholesale of vegetables

 

 

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 2009, the SC is a Private Limited company, focusing on wholesaler of vegetables. The SC has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The capital standing of the SC is weak. The SC may face difficulties to expand its business compared to other large corporation. Without a strong capital, the business expansion opportunities of the SC is limited.


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 10 employees. 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.


Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. However, 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. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected. Given a positive net worth standing at MYR 361,151, the SC should be able to maintain its business in the near terms.


To reduce the risk of component shortages, the SC sources its raw materials locally and imported from overseas countries. Thus, it is subjected to the currency fluctuation risk. Overall the SC has a good control over its resources.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. 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.


In view of the above, we recommend credit be granted to the SC with close monitoring.

 


PROFIT AND LOSS ACCOUNT

 

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

THUA HENG IMPORT EXPORT SDN BHD

 

Financial Year End

31/05/2010

Months

12

Consolidated Account

Company

Audited Account

YES

Unqualified Auditor's Report (Clean Opinion)

YES

Financial Type

SUMMARY

Currency

MYR

 

 

TURNOVER

22,275,383

 

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

Total Turnover

22,275,383

 

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

 

 

PROFIT/(LOSS) FROM OPERATIONS

103,151

 

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

PROFIT/(LOSS) BEFORE TAXATION

103,151

Taxation

<42,000>

 

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

PROFIT/(LOSS) AFTER TAXATION

61,151

 

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

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

PROFIT AVAILABLE FOR APPROPRIATIONS

61,151

 

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

61,151

 

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

 

 

 

 

BALANCE SHEET

 

THUA HENG IMPORT EXPORT SDN BHD

 

ASSETS EMPLOYED:

 

FIXED ASSETS

2,336,747

 

 

 

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

TOTAL LONG TERM ASSETS

2,336,747

 

 

CURRENT ASSETS

 

TOTAL CURRENT ASSETS

4,264,464

 

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

TOTAL ASSET

6,601,211

 

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

 

 

CURRENT LIABILITIES

 

TOTAL CURRENT LIABILITIES

6,064,872

 

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

NET CURRENT ASSETS/(LIABILITIES)

<1,800,408>

 

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

TOTAL NET ASSETS

536,339

 

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

 

 

SHARE CAPITAL

 

Ordinary share capital

300,000

 

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

TOTAL SHARE CAPITAL

300,000

 

 

RESERVES

 

Retained profit/(loss) carried forward

61,151

 

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

TOTAL RESERVES

61,151

 

 

 

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

SHAREHOLDERS' FUNDS/EQUITY

361,151

 

 

LONG TERM LIABILITIES

 

TOTAL LONG TERM LIABILITIES

175,188

 

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

 

536,339

 

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

 

 

 

 

FINANCIAL RATIO

 

THUA HENG IMPORT EXPORT SDN BHD

 

TYPES OF FUNDS

 

Net Liquid Assets

<1,800,408>

Net Current Assets/(Liabilities)

<1,800,408>

Net Tangible Assets

536,339

Net Monetary Assets

<1,975,596>

 

 

BALANCE SHEET ITEMS

 

Total Liabilities

6,240,060

Total Assets

6,601,211

Net Assets

536,339

Net Assets Backing

361,151

Shareholders' Funds

361,151

Total Share Capital

300,000

Total Reserves

61,151

 

 

LIQUIDITY (Times)

 

Current Ratio

0.70

 

 

SOLVENCY RATIOS (Times)

 

Liabilities Ratio

17.28

Assets Backing Ratio

1.79

 

 

PERFORMANCE RATIO (%)

 

Operating Profit Margin

0.46

Net Profit Margin

0.27

Return On Net Assets

19.23

Return On Capital Employed

19.23

Return On Shareholders' Funds/Equity

16.93

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.97

UK Pound

1

Rs.89.02

Euro

1

Rs.70.61

 

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.