MIRA INFORM REPORT

 

 

Report Date :

01.04.2013

 

IDENTIFICATION DETAILS

 

Name :

MMK SPICES SDN. BHD.

 

 

Formerly Known as:

MMK TRADING SDN BHD

 

 

Registered Office :

4391, Jalan Heng Choon Thian, 12000 Butterworth, Pulau Pinang

 

 

Country :

Malaysia

 

 

Financials (as on) : 

31.12.2009

 

 

Date of Incorporation :

08.10.1996

 

 

Com. Reg. No.:

405252-U

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

Manufacturing of curry powder and trading of all kinds of spices & other related products

 

 

No. of Employees :

25

 

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 :

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 – 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

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

Executive summary

 

REGISTRATION NO.

:

405252-U

COMPANY NAME

:

MMK SPICES SDN. BHD.

FORMER NAME

:

MMK TRADING SDN BHD (27/10/2001)

INCORPORATION DATE

:

08/10/1996

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

4391, JALAN HENG CHOON THIAN, 12000 BUTTERWORTH, PULAU PINANG, MALAYSIA.

BUSINESS ADDRESS

:

PLOT 130B, LORONG PERINDUSTRIAN BUKIT MINYAK 11, KAW PERINDUSTRIAN BKT MINYAK, 14100 SEBERANG PERAI TENGAH, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-3101500

FAX.NO.

:

04-5016509

EMAIL

:

MMKSPICE@STREAMYX.COM

WEB SITE

:

WWW.SPICEKING.COM.MY

CONTACT PERSON

:

MOHAMED KASSIM AZARI @ AZHAR ( MANAGING DIRECTOR )

 

 

 

INDUSTRY CODE

:

10794

PRINCIPAL ACTIVITY

:

MANUFACTURING OF CURRY POWDER AND TRADING OF ALL KINDS OF SPICES & OTHER RELATED PRODUCTS

AUTHORISED CAPITAL

:

MYR 5,000,000.00 DIVIDED INTO 
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 2,250,000.00 DIVIDED INTO 
ORDINARY SHARES 175,004 CASH AND 2,074,996 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 45,992,912 [2009]

NET WORTH

:

MYR 3,055,117 [2009]

 

 

 

STAFF STRENGTH

:

25 [2013]

BANKER (S)

:

AFFIN BANK BERHAD
MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. 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, suing or be sued by other companies. The SC is governed by the Companies Act, 1965 and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

 

The SC is principally engaged in the (as a / as an) manufacturing of curry powder and trading of all kinds of spices & other related products.

 

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

(%)

MS. SHAMSATH BAGUM BINTI ABDUL HATHI +

17 LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

720108-07-5174

1,625,000.00

72.22

MS. AYSHA KAMILA A/P M.M.HASBULLAH SAHIB +

121, JALAN UTAMA, 10450 PULAU PINANG, PULAU PINANG, MALAYSIA.

470426-71-5094

200,000.00

8.89

MR. MOHAMED KASSIM AZARI @ AZHAR A/L ABDUL GAFOOR +

17, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

641028-71-5295

200,000.00

8.89

MR. ABDUL AZEEZ AZLAFF BIN ABDUL GAFOOR +

12, JALAN UTAMA, 10450 PULAU PINANG, PULAU PINANG, MALAYSIA.

780405-07-5351

75,000.00

3.33

MR. MOHAMED GANI A/L BASHEER ALI +

17, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

730203-71-5001

75,000.00

3.33

MR. MOHAMED SHAK BIN BASHEER ALI +

17, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

780507-07-5299

75,000.00

3.33

 

 

 

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

------

 

 

 

2,250,000.00

100.00

 

 

 

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

=====

 

+ Also Director

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MR. ABDUL AZEEZ AZLAFF BIN ABDUL GAFOOR

Address

:

12, JALAN UTAMA, 10450 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

780405-07-5351

Date of Birth

:

05/04/1978

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

20/09/2002

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. MOHAMED GANI A/L BASHEER ALI

Address

:

17, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

730203-71-5001

Date of Birth

:

03/02/1973

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

20/09/2002

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MR. MOHAMED SHAK BIN BASHEER ALI

Address

:

17, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

780507-07-5299

Date of Birth

:

07/05/1978

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

20/09/2002

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MR. MOHAMED KASSIM AZARI @ AZHAR A/L ABDUL GAFOOR

Address

:

17, LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

641028-71-5295

Date of Birth

:

28/10/1964

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

16/10/1996

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MS. AYSHA KAMILA A/P M.M.HASBULLAH SAHIB

Address

:

121, JALAN UTAMA, 10450 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

470426-71-5094

Date of Birth

:

26/04/1947

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

20/10/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

MS. SHAMSATH BAGUM BINTI ABDUL HATHI

Address

:

17 LEBUH PASAR, 10200 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

720108-07-5174

Date of Birth

:

08/01/1972

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

20/10/2008

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

MOHAMED KASSIM AZARI @ AZHAR

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

MOHD SHAKIR

 

Position

:

ACCOUNT MANAGER

               

 

AUDITOR

 

Auditor

:

S. THILLAIMUTHU & CO.

Auditor' Address

:

4-04, BANGUNAN SRI WELD, 3A, PENGKALAN WELD, 10300 PULAU PINANG, PULAU PINANG, MALAYSIA.

 

 

 

 

                              


COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. LEE YAT SAN

 

 

 

 

 

New IC No

:

620926-07-5215

 

Address

:

12, JALAN BAGAN BARU TIGA, 12000 BUTTERWORTH, PULAU PINANG, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

MR. LEE CHONG CHOON

 

 

 

 

 

New IC No

:

291108-08-5097

 

Address

:

12, JALAN BAGAN BARU TIGA, 12000 BUTTERWORTH, PULAU PINANG, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

AFFIN BANK BERHAD

 

 

 

 

 

2)

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)



ENCUMBRANCE 1

Date of Creation

:

07/09/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated 10/01/2013

Registered and Numbered 18 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

07/09/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated 10/01/2013

Registered and Numbered 17 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

24/02/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

AFFIN BANK BERHAD

 

 

 

 

 

 

 

Form 40 Dated 27/02/2012

Registered and Numbered 16 In The Register of Charges



ENCUMBRANCE 4

Date of Creation

:

03/05/2005

Description Of Charge

:

N/A

 

Amount Secured

:

RM4,300,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 4 In The Register of Charges



ENCUMBRANCE 5

Date of Creation

:

20/04/2007

Description Of Charge

:

N/A

 

Amount Secured

:

RM1,035,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 9 In The Register of Charges



ENCUMBRANCE 6

Date of Creation

:

20/04/2007

Description Of Charge

:

N/A

 

Amount Secured

:

RM1,100,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 10 In The Register of Charges



ENCUMBRANCE 7

Date of Creation

:

20/04/2007

Description Of Charge

:

N/A

 

Amount Secured

:

RM1,700,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 11 In The Register of Charges



ENCUMBRANCE 8

Date of Creation

:

10/04/2009

Description Of Charge

:

N/A

 

Amount Secured

:

RM1,500,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 12 In The Register of Charges



ENCUMBRANCE 9

Date of Creation

:

30/10/2009

Description Of Charge

:

N/A

 

Amount Secured

:

RM1,000,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 13 In The Register of Charges





ENCUMBRANCE 10

Date of Creation

:

05/02/2010

Description Of Charge

:

N/A

 

Amount Secured

:

RM5,288,000.00

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 14 In The Register of Charges



ENCUMBRANCE 11

Date of Creation

:

05/02/2010

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

AFFIN BANK BERHAD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 15 In The Register of Charges

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against 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

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

SINGAPORE

BRUNEI DARUSSALAM

INDONESIA

Credit Term

:

30 - 60 DAYS,AS AGREED

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)
CHEQUES

Type of Customer

:

FOOD MANUFACTURERS,DEPARTMENTAL STORES

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

CURRY POWDER, SPICES

 

 

 

Brand Name

:

SPICEKING & PELADANG , RED HORSE TOORDHALL

 

 

 

 

Competitor(s)

:

ADABI CONSUMER INDUSTRIES SDN BHD
BABA PRODUCTS (M) SDN BHD
BESTA CORPORATION SDN BHD
GABAN SPICE MANUFACTURING (M) SDN BHD
S.M.N. FOODS (M) SDN BHD

 

 

 

 

 

 

 

 

Member(s) / Affiliate(s)

:

FEDERATION OF MALAYSIAN MANUFACTURERS (FMM)

SMALL & MEDIUM ENTERPRISE

MALAYSIA EXTERNAL TRADE DEVELOPMENT CORPORATION (MATRADE)

MALAYSIA FOOD & BEVERAGE INDUSTRY

 

 

 

Ownership of premises

:

OWNED

 

 

Total Number of Employees:

 

YEAR

2013

2012

2009

 

GROUP

N/A

N/A

N/A

 

 

 

 

 

 

COMPANY

25

20

17

 

 

 

 

 

 

 

Branch

:

YES

 

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacturing of curry powder and trading of all kinds of spices & other related products. 

The SC sells a wide range of spices including coriander seeds, nutmegs, cinnamons, cloves and others.

The SC has its own brand name which is "Spiceking & Peladang, RED Horse Toordhall" and it does its own packing for products such as curry powder.

Besides that the SC also supplies granding machine and parts based on its customer requirements.

The SC has a warehouse which is located at its same premises to keep its goods.

We were informed that the SC's sales will increase during the festival seasons.

The SC is equipped with semi automated and automated machines.

The SC also providing transportation services and keep its products safely for timely delivery to its clients. 

 

 

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

:

04-3101500

Match

:

N/A

 

 

 

Address Provided by Client

:

PENANG

Current Address

:

PLOT 130B, LORONG PERINDUSTRIAN BUKIT MINYAK 11, KAW PERINDUSTRIAN BKT MINYAK, 14100 SEBERANG PERAI TENGAH, PULAU PINANG, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO

 

Other Investigations


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

The address provided is incomplete.

FINANCIAL ANALYSIS

 

 

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, 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)

 

INDUSTRY ANALYSIS

 

MSIC CODE

10794 : Manufacture of spices and curry powder

 

 

INDUSTRY :

MANUFACTURING

 

 

 


The manufacturing sector is expected to be driven by higher value-added activities in Malaysia.The GDP growth for first quarter 2012 indicating manufacturing maintain its growth of 4.5%, similar to year 2011.Malaysia recorded a 12% jump in approved investments in the manufacturing sector in the first quarter of 2012 compared with the corresponding period 2011. According to Federation of Malaysian Manufacturers (FMM), manufacturing sector expected to improve in the third quarter 2012 despite concerns over external developments and the rising cost of production.


The rubber products sub-sector is expected to remain resilient supported by continuous improvements in medical and healthcare standards in emerging markets as well as demand from niche markets such as the oil and gas sector for rubber hoses. Malaysia rubber exports are forecast to grow at 10%, at the end of 2012 driven by global demand for medical gloves as well as rubber tyres and tubes.Rubber glove exports make up 70 % of total rubber shipments in Malaysia due to hospitals and clinics place more intrest on rising health and hygiene awareness.


The Malaysia government has growth target of 6.5% for wood based furniture where estimated to reach up to RM53 billion by year 2020.The government providing pioneer status for tax exemption and investment tax allowance for this industry as a boost up step towards produce good quality product and to meet the world demand.


Chemical production are expected to show 6.2% in year 2012 and 7.5 % in year 2013 inline with Malaysia as one of the largest contributor in world Chemicals & Chemical industries.


According to Malaysian Iron and Steel Industry Federation, first half of 2012 would remain weak for the local steel industry due to eurozone crisis, slowdown in China's economy and less robust construction activities in the developed countries. At first quarter 2012, the average local steel price is trading atRM2,300 per tonne compared with the average international price of US$740 (RM2,331) per tonne.


According to the Department of Statistics, Malaysia during the first quarter 2012, the manufacturing output increased due to activities in major sub-sectors such as petroleum, chemical, rubber and plastic products (10.5 %), and non-metallic mineral products, basic metal and fabricated metal products (3.9 %). Meanwhile, it's also announced that the manufacturing sector's sales grew by 10 % in May 2012 to record RM52.5 billion compared with RM47.7 billion in May 2011. The Industrial Production Index (IPI ) increased 7.6 % in May (2012) due to increases in manufacturing (6.5 %). 


Tax and non-tax incentives provided by goverment encourage manufacturers to move up the value chain of manufacturing industry. The new growth initiatives by goverment in the manufacturing sector such as solar and medial services can be important drivers of growth apart from helping to diversify the manufacturing base and contributing to the resilience of the sector.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1996, the SC is an Exempt Private company, focusing on manufacturing of curry powder and trading of all kinds of spices & other related products. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC's business operation is supported by 25 employees. Overall, we regard that the SC's management capability is average. 


As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.


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. 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. Hence, the SC is expected to benefit from the favourable outlook of the industry. Nonetheless, the SC should adopt better competitive strategies in order to sustain its business position and to compete with other well established players in the same industry.


In view of the above, 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)

MMK SPICES SDN. BHD.

 

Financial Year End

31/12/2009

31/12/2008

31/12/2007

31/12/2006

31/12/2005

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

SUMMARY

SUMMARY

FULL

SUMMARY

SUMMARY

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

45,992,912

43,456,325

39,775,738

38,911,873

33,774,578

 

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

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

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

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

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

Total Turnover

45,992,912

43,456,325

39,775,738

38,911,873

33,774,578

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

293,507

182,205

140,096

98,498

169,616

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

293,507

182,205

140,096

98,498

169,616

Taxation

<77,691>

<96,420>

<38,140>

<30,366>

<46,796>

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

215,816

85,785

101,956

68,132

122,820

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

589,301

503,516

401,560

333,428

210,608

 

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

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

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

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

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

As restated

589,301

503,516

401,560

333,428

210,608

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

805,117

589,301

503,516

401,560

333,428

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

805,117

589,301

503,516

401,560

333,428

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Hire purchase

-

-

28,304

-

-

Others

-

-

576,488

-

-

 

 

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

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

 

 

 

 

-

604,792

 

 

 

 

 

BALANCE SHEET

 

 

MMK SPICES SDN. BHD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

6,529,062

6,399,115

6,298,120

4,807,689

4,628,652

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

6,529,062

6,399,115

6,298,120

4,807,689

4,628,652

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Stocks

-

-

3,144,454

-

-

Trade debtors

-

-

4,999,006

-

-

Other debtors, deposits & prepayments

-

-

375,437

-

-

Amount due from director

-

-

93,932

-

-

Cash & bank balances

-

-

170,072

-

-

Others

-

-

26,355

-

-

 

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

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

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

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

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

TOTAL CURRENT ASSETS

10,641,416

8,535,449

8,809,256

7,571,348

7,406,936

 

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

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

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

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

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

TOTAL ASSET

17,170,478

14,934,564

15,107,376

12,379,037

12,035,588

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

-

-

2,594,303

-

-

Other creditors & accruals

-

-

62,117

-

-

Hire purchase & lease creditors

-

-

47,991

-

-

Bank overdraft

-

-

304,820

-

-

Short term borrowings/Term loans

-

-

121,404

-

-

Bill & acceptances payable

-

-

4,175,000

-

-

Amounts owing to director

-

-

41,080

-

-

Other liabilities

-

-

1,616,986

-

-

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

11,194,196

8,916,676

8,963,701

7,267,159

6,975,434

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

<552,780>

<381,227>

<154,445>

304,189

431,502

 

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

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

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

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

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

TOTAL NET ASSETS

5,976,282

6,017,888

6,143,675

5,111,878

5,060,154

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

2,250,000

2,250,000

2,250,000

2,250,000

2,250,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

2,250,000

2,250,000

2,250,000

2,250,000

2,250,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Retained profit/(loss) carried forward

805,117

589,301

503,516

401,560

333,428

 

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

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

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

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

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

TOTAL RESERVES

805,117

589,301

503,516

401,560

333,428

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

3,055,117

2,839,301

2,753,516

2,651,560

2,583,428

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

Long term loans

-

-

3,160,568

-

-

Hire purchase creditors

-

-

223,145

-

-

Deferred taxation

-

-

6,446

-

-

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

2,921,165

3,178,587

3,390,159

2,460,318

2,476,726

 

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

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

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

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

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

 

5,976,282

6,017,888

6,143,675

5,111,878

5,060,154

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

MMK SPICES SDN. BHD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

-

-

170,072

-

-

Net Liquid Funds

-

-

<134,748>

-

-

Net Liquid Assets

<552,780>

<381,227>

<3,298,899>

304,189

431,502

Net Current Assets/(Liabilities)

<552,780>

<381,227>

<154,445>

304,189

431,502

Net Tangible Assets

5,976,282

6,017,888

6,143,675

5,111,878

5,060,154

Net Monetary Assets

<3,473,945>

<3,559,814>

<6,689,058>

<2,156,129>

<2,045,224>

 

 

 

 

 

 

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

-

-

3,857,928

-

-

Total Liabilities

14,115,361

12,095,263

12,353,860

9,727,477

9,452,160

Total Assets

17,170,478

14,934,564

15,107,376

12,379,037

12,035,588

Net Assets

5,976,282

6,017,888

6,143,675

5,111,878

5,060,154

Net Assets Backing

3,055,117

2,839,301

2,753,516

2,651,560

2,583,428

Shareholders' Funds

3,055,117

2,839,301

2,753,516

2,651,560

2,583,428

Total Share Capital

2,250,000

2,250,000

2,250,000

2,250,000

2,250,000

Total Reserves

805,117

589,301

503,516

401,560

333,428

 

 

 

 

 

 

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

-

-

0.02

-

-

Liquid Ratio

-

-

0.63

-

-

Current Ratio

0.95

0.96

0.98

1.04

1.06

 

 

 

 

 

 

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

-

-

29

-

-

Debtors Ratio

-

-

46

-

-

Creditors Ratio

-

-

24

-

-

 

 

 

 

 

 

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

-

-

1.40

-

-

Liabilities Ratio

4.62

4.26

4.49

3.67

3.66

Times Interest Earned Ratio

-

-

1.23

-

-

Assets Backing Ratio

2.66

2.67

2.73

2.27

2.25

 

 

 

 

 

 

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

0.64

0.42

0.35

0.25

0.50

Net Profit Margin

0.47

0.20

0.26

0.18

0.36

Return On Net Assets

4.91

3.03

12.12

1.93

3.35

Return On Capital Employed

4.91

3.03

11.47

1.93

3.35

Return On Shareholders' Funds/Equity

7.06

3.02

3.70

2.57

4.75

 

 

 

 

 

 




FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

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.