|
* Adopted abbreviations :
|
SC - Subject Company (the company
enquired by you)
|
|
|
|
|
N/A - Not Applicable
|
|
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
585519-T
|
|
COMPANY NAME
|
:
|
CONSUCARE INC. SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
08/07/2002
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
SUITE 2-2-5, MENARA KLH BUSINESS CENTRE,
2, JALAN KASIPILLAY, 2 1/2 MILES, JALAN IPOH, 2ND FLOOR, 51200 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
15 & 17, JALAN TSB 2, TAMAN INDUSTRI SUNGAI
BULOH, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-61412278
|
|
FAX.NO.
|
:
|
03-61412272
|
|
EMAIL
|
:
|
INFO@LIVINGPROOF.COM.MY
|
|
WEB SITE
|
:
|
WWW.LIVINGPROOF.COM.MY
|
|
CONTACT PERSON
|
:
|
CHO SEE YOO ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
96020
|
|
PRINCIPAL ACTIVITY
|
:
|
DISTRIBUTE OF SKIN CARE RELATED PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
MYR 500,000.00 DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 500,000.00 DIVIDED INTO
ORDINARY SHARES 380,098 CASH AND 119,902 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 334,396 [2011]
|
|
NET WORTH
|
:
|
MYR <704,710> [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
2 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
WEAK
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL GROWTH
|
HISTORY / BACKGROUND
The SC is a private limited company and is
allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the SC must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the SC is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the SC is
insolvent. The SC is governed by the Companies Act, 1965 and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The SC is principally engaged in the (as a
/ as an) distribute of skin care 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. LAM EN HUI @ WONG WENG FONG +
|
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA
DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.
|
560731-02-5726 8217448
|
300,000.00
|
60.00
|
|
MR. CHO SEE YOO @ WONG WENG FONG +
|
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA
DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.
|
551111-08-5117 8195987
|
125,000.00
|
25.00
|
|
MR. CHO WE JUN
|
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA
DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.
|
820927-10-5777
|
75,000.00
|
15.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
500,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. CHO SEE YOO @ WONG WENG FONG
|
|
Address
|
:
|
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA
DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
8195987
|
|
New IC No
|
:
|
551111-08-5117
|
|
Date of Birth
|
:
|
11/11/1955
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
24/07/2007
|
|
|
|
|
|
Qualification
|
:
|
B.SC (HONS) HOUSING, BLDG & PLANNING
USM IN 1980.
|
|
Working Experience
|
:
|
HAS VAST EXPERIENCE IN THE CONSTRUCTION
OF VARIOUS COMMERCIAL & RESIDENTAL PROJECTS. STARTED CAREER IN YEOH
CHENG LIAM CONSTRUCTION S/B IN 1980 WHERE HE WORKED AS SITE AGENT FOR 4
YEARS. JOINED K.H ANG & BROTHERS CONSTRUCTION S/B & SUTERA AMAN S/B
AS PARTNER UNTIL 1992 & 1993 RESPECTIVELY.
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. LAM EN HUI @ WONG WENG FONG
|
|
Address
|
:
|
2, JALAN CECAWI 6/5, SEKSYEN 6, KOTA
DAMANSARA, 47810 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
8217448
|
|
New IC No
|
:
|
560731-02-5726
|
|
Date of Birth
|
:
|
31/07/1956
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
26/12/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHO SEE YOO
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
LAM EN HUI
|
|
|
Position
|
:
|
MANAGING EDITOR
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
WONG & CO
|
|
Auditor' Address
|
:
|
SUITES .2-5-6 & 2-5-7, MENARA KLH BUSINESS
CENTRE, 2, JALAN KASIPILLAY, 2 1/2 MILES, JALAN IPOH, 5TH FLOOR, 51200
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. WONG WENG FONG @ WONG WING KAI
|
|
|
IC / PP No
|
:
|
1618409
|
|
|
New IC No
|
:
|
490629-03-5003
|
|
|
Address
|
:
|
3, JALAN TENGAS (8/8), 46050 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK 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
|
:
|
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
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
X
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
|
|
|
|
Overseas
|
:
|
YES
|
|
|
|
|
|
Credit Term
|
:
|
60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
LETTER OF CREDIT (LC)
TELEGRAPHIC TRANSFER (TT)
|
|
Type of Customer
|
:
|
PHARMACIES
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
OPERATIONS
|
Goods Traded
|
:
|
PRODUCT FOR SKIN CARE SYSTEM, ESSENTIALS,
SUPPLEMENT, SPA BODY LINES, CLINICAL, TREATMENT AND SPECIAL FUNCTIONS
|
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2013
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
2
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) distribute of skin care
related products.
According to SC, they are pioneers in the use of advanced scientific research
and breakthrough technology from Europe including Gemmotheraphy*, to develop
anti-aging skincare and other personal products, dedicated to promote health,
wellness, beauty and everlasting youth.
Featuring ultra-active Phyto-Placentaâ„¢ (plant placenta) and enhanced with
proven beauty ingredients that are endorsed even by the reowned Harley
Street, London cosmetic surgeons and doctors who specialise in the beauty
needs of Europe's celebrities.
SC advanced dermaceutical range of Living Proof live-cell skincare for face
and body, features the bio-stimulating plant placenta, Phyto-PlacentaTM,
active ingredients, which are extracted using breakthrough Live Cell Skincare
Technology in Laboratorie Gattefossé s.a., Paris, France
SC does not manufacture own product but they do have they own brand name
" LIVING PROOF".
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
031412278
|
|
Current Telephone Number
|
:
|
03-61412278
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
15 & 17, JLN TSB 2, TMN INDUSTRI
SUNGAI BULOH, 47000 PETALING JAYA,
SELANGOR KUALA LUMPUR
|
|
Current Address
|
:
|
15 & 17, JALAN TSB 2, TAMAN INDUSTRI
SUNGAI BULOH, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
we contacted the SC and they provided us some information on SC.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2007 - 2011
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
2007 - 2011
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
47.30%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
55.96%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.Higher losses before
tax during the year could be due to the higher operating costs incurred.
Although the SC's returns showed positive figures it is not reflective of
the true situation. The SC incurred losses during the year and its
shareholders' funds have turned red. The positive returns on shareholders'
funds is the result of losses divided by negative shareholders' funds. The
SC's management was inefficient in utilising the assets to generate
returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
30 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
875 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
54 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing
its holding cost. This had reduced funds being tied up in stocks. The SC's
debtors ratio was high. The SC should tighten its credit control and
improve its collection period. The SC had a favourable creditors' ratio as
evidenced by its favourable collection days. The SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Unfavourable
|
[
|
0.44 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.46 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the SC may
be facing working capital deficiency. If the SC cannot obtain additional financing
or injection of fresh capital, it may face difficulties in meeting its
short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
<19.71 Times>
|
]
|
|
|
Gearing Ratio
|
:
|
Unfavourable
|
[
|
<0.37 Times>
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC incurred losses in the year. It
did not generate sufficient income to service its interest. If the
situation does not improve, the SC may be vulnerable to default in servicing
the interest. The SC's gearing was negative during the year as its
shareholders' funds was in the red. This means the SC is running its
business using borrowed money. We consider the SC as facing high financial
risks.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The SC's losses increased but its
turnover showed a fluctuating trend. This indicate the SC was slowly losing
its market share due to its competitors. 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 interest cover was negative, indicating that
it did not generate sufficient income to service its interest. If its
result does not show impressive improvements or succeed obtaining short
term financing or capital injection, it may not be able to service its
interest and repay the loans. The SC has high financial risks. If its
shareholders do not inject more capital into the company or if its business
performance does not improve, its going concern may be in question.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC :
POOR
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
Major Economic Indicators:
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
28.13
|
28.35
|
28.70
|
29.30
|
29.80
|
|
Gross Domestic Products ( % )
|
<0.5>
|
7.2
|
5.1
|
5.6
|
5.3
|
|
Domestic Demand ( % )
|
2.9
|
6.3
|
8.2
|
9.4
|
5.6
|
|
Private Expenditure ( % )
|
<2.7>
|
8.1
|
8.2
|
8.0
|
7.4
|
|
Consumption ( % )
|
0.7
|
6.7
|
7.1
|
1.0
|
5.7
|
|
Investment ( % )
|
<17.2>
|
17.7
|
12.2
|
11.7
|
13.3
|
|
Public Expenditure ( % )
|
5.2
|
3.8
|
8.4
|
13.3
|
1.2
|
|
Consumption ( % )
|
3.1
|
0.2
|
16.1
|
11.3
|
<1.2>
|
|
Investment ( % )
|
8.0
|
2.8
|
<0.3>
|
15.9
|
4.2
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
89,650
|
118,356
|
116,058
|
106,300
|
110,700
|
|
Government Finance ( MYR Million )
|
<28,450>
|
<40,482>
|
<45,511>
|
<42,297>
|
<39,993>
|
|
Government Finance to GDP / Fiscal
Deficit ( % )
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.5>
|
<4.0>
|
|
Inflation ( % Change in Composite CPI)
|
<5.2>
|
5.1
|
3.1
|
1.6
|
2.5
|
|
Unemployment Rate
|
4.5
|
3.9
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion
)
|
331
|
329
|
415
|
427
|
-
|
|
Average Risk-Weighted Capital Adequacy
Ratio ( % )
|
2.87
|
2.20
|
3.50
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans
( % )
|
11.08
|
15.30
|
14.80
|
14.70
|
-
|
|
Average Base Lending Rate ( % )
|
5.53
|
6.30
|
6.60
|
6.53
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
14.7
|
15.3
|
32.2
|
-
|
|
Foreign Investment ( MYR Million )
|
22,156.8
|
22,517.9
|
23,546.1
|
26,230.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,578
|
44,148
|
45,455
|
45,441
|
-
|
|
Registration of New Companies ( % )
|
<0.1>
|
6.2
|
3.0
|
<0.0>
|
-
|
|
Liquidation of Companies ( No. )
|
39,075
|
25,585
|
132,476
|
-
|
-
|
|
Liquidation of Companies ( % )
|
39.6
|
<34.5>
|
417.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
312,581
|
271,414
|
284,598
|
324,761
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
19,345
|
19,738
|
20,121
|
-
|
-
|
|
Business Dissolved ( % )
|
2.4
|
2.0
|
1.9
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
486.3
|
543.6
|
535.1
|
552.2
|
-
|
|
Cellular Phone Subscribers ( Million )
|
30.1
|
32.8
|
35.3
|
38.5
|
-
|
|
Tourist Arrival ( Million Persons )
|
23.6
|
24.6
|
24.7
|
25.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
58.0
|
63.0
|
60.6
|
62.4
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
12.8
|
14.1
|
15.6
|
12.6
|
-
|
|
Bad Cheque Offenders (No.)
|
36,667
|
33,568
|
32,627
|
26,982
|
-
|
|
Individual Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
-
|
|
Individual Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Agriculture
|
0.4
|
2.1
|
5.9
|
0.6
|
2.4
|
|
Palm Oil
|
<1.1>
|
<3.4>
|
10.8
|
<2.8>
|
-
|
|
Rubber
|
<19.8>
|
9.9
|
6.1
|
<0.6>
|
-
|
|
Forestry & Logging
|
<5.9>
|
<3.3>
|
<7.6>
|
<2.2>
|
-
|
|
Fishing
|
5.5
|
5.6
|
2.1
|
<0.7>
|
-
|
|
Other Agriculture
|
9.0
|
7.9
|
7.1
|
6.4
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
413.7
|
508.4
|
634.1
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
1.3
|
2.1
|
3.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<3.8>
|
0.2
|
<5.7>
|
1.5
|
2.7
|
|
Oil & Gas
|
2.1
|
0.5
|
<1.7>
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR
Million )
|
44.2
|
49.7
|
46.5
|
-
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
<9.4>
|
11.4
|
4.7
|
4.2
|
4.9
|
|
Exported-oriented Industries
|
<19.0>
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical & Electronics
|
<30.3>
|
28.4
|
<4.9>
|
1.6
|
-
|
|
Rubber Products
|
<10.1>
|
25.3
|
15.4
|
3.6
|
-
|
|
Wood Products
|
<24.1>
|
20.1
|
<4.9>
|
4.6
|
-
|
|
Textiles & Apparel
|
<19.5>
|
<0.4>
|
14.8
|
<7.1>
|
-
|
|
Domestic-oriented Industries
|
<9.8>
|
16.3
|
6.5
|
8.6
|
-
|
|
Food, Beverages & Tobacco
|
0.2
|
3.0
|
4.2
|
-
|
-
|
|
Chemical & Chemical Products
|
<7.7>
|
16.2
|
5.5
|
9.9
|
-
|
|
Plastic Products
|
<9.1>
|
2.4
|
3.8
|
-
|
-
|
|
Iron & Steel
|
<32.7>
|
29.3
|
2.4
|
-
|
-
|
|
Fabricated Metal Products
|
<2.5>
|
14.9
|
25.2
|
-
|
-
|
|
Non-metallic Mineral
|
<15.5>
|
20.2
|
27.1
|
6.6
|
-
|
|
Transport Equipment
|
<13.5>
|
36.5
|
<10.4>
|
13.7
|
-
|
|
Paper & Paper Products
|
<5.0>
|
18.7
|
14.8
|
<7.8>
|
-
|
|
Crude Oil Refineries
|
0.2
|
<11.4>
|
9.3
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
18.3
|
23.8
|
25.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
5.8
|
5.1
|
4.4
|
15.5
|
11.2
|
|
Industry Non-Performing Loans ( MYR
Million )
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
9.9
|
10.7
|
10.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
2.6
|
6.5
|
6.4
|
5.5
|
5.6
|
|
Electric, Gas & Water
|
0.4
|
8.5
|
5.6
|
4.8
|
-
|
|
Transport, Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.3
|
-
|
|
Wholesale, Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
6.9
|
-
|
|
Finance, Insurance & Real Estate
|
3.8
|
6.1
|
6.3
|
6.5
|
-
|
|
Government Services
|
2.0
|
6.7
|
7.6
|
5.6
|
-
|
|
Other Services
|
4.4
|
4.2
|
5.4
|
5.7
|
-
|
|
Industry Non-Performing Loans ( MYR
Million )
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
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
|
|
96020 : Hairdressing and other beauty
treatment
|
|
|
|
|
INDUSTRY :
|
ECONOMY
|
|
|
|
|
|
|
The country's gross domestic product (GDP) expanded by 6.4% in the 4th
quarter ended Dec 31 2012 on a year-on-year basis driven by sustained domestic
demand and high investment growth. For the full year 2012, the GDP growth
hit 5.6%, well above the government's revised forecast of 4.5%-5.0% made in
year 2011. Despite the weak and uncertain global economic conditions, there
is remarkable optimism that Malaysia's economy could still continue to grow
at a relatively healthy pace. The government has, in fact, targeted a gross
domestic product (GDP) growth rate of between 4.5% and 5.5% for 2013. This
is quite an encouraging growth rate, and an achievable one at that,
according to most economists.
|
|
Additionally, tepid economic growth in advanced economies and the slowdown
of emerging economies especially in China and India, point to weakening
global economic prospects. The deterioration in the external environment
and correction in commodity prices are expected to weigh on Malaysia's
export performance during the second half of 2012. Nevertheless, the
vibrant domestic demand is expected to be sustained during the second half
of 2012, supported by both public and private sectors amid conducive
financial market conditions, stable prices and a favourable labour market.
The external sector provided little support with exports showing a slower
pace of decrease in 4th quarter of year 2012 to -1.5%, while imports also
decreased by -0.9% resulting in an actual increase in the level of net
exports compared to 3rd quarter of year 2012, although growth remained
negative relative to 4th quarter of year 2012.
|
|
Domestic demand will be the main driver of the Malaysian economy supported
by private and public sector expenditure. Growth in private consumption is
expected to be buoyed by stable employment and income coupled with lower
inflation. The salary revision and bonus for civil servants, cash
assistance under Bantuan Rakyat 1Malaysia (BR1M), reward to the Federal
Land Development Authority (FELDA) settlers and other cash payments to
assist various groups supported private consumption. Private investment is
envisaged to drive economic growth over the medium term, underpinned by the
ongoing implementation of the Economic Transformation Programme (ETP) and
vibrant construction activity. Growth in private investment will be
broad-based in line with positive investors' confidence and strong domestic
demand. Public investment will be largely led by the Non-Financial Public
Enterprises' (NFPEs) capital spending on oil and gas (O&G),
telecommunications and transportrelated industries. The Investment
expenditure was about evenly divided between structures and machinery &
equipment, but the former category showed continued strong growth at 25.0%
over the 4th quarter ended Dec 31 2011, while growth in the latter category
slowed to 7.6% from 22.3% in 3rd quarter ended Sept 30 2012.
|
|
Growth was broad based with all major sectors registering increases. The
only subsectors that posted declines were the textile manufacturing and
forestry and logging activities. The construction sector posted the
strongest growth, hitting 15% on the year 2012, not surprising given the
spate of major projects and related private sector property investment over
the year. Besides, the agriculture sectors had a slightly grew at 0.6%
while the manufacturing and mining industries continued growth at 4.2% and
1.5% respectively. The service sector had drop to 5.5%. However, according
to the Minister of Finance, the agriculture and construction sectors are
projected to expand 2.4% and 11.2% respectively while the manufacturing and
the mining industries are forecast to grow 4.9% and 2.7& respectively.
Meanwhile, the service sector is expected to grow 5.6%.
|
|
With domestic demand remaining robust and signs of improvement in the
external sector, there are far less grounds for an interest rate cut, unlike
in the rest of the region where growth has, with the exception of Thailand,
been less than impressive. High capacity utilisation, strong credit growth
and the need to rein in household debt are all mitigating factors against
an easing of policy. Meanwhile, in maintaining the balance between economic
growth and inflationary pressures in Malaysia, it is expected that interest
rates in the country will remain stable through 2013. The benchmark
overnight policy rate (OPR) currently stands at 3%, which has been
supportive of the country's economic growth amid a low inflation
environment with consumer price index (CPI) growing at less than 2% in
2012. But with price pressures expected to pick up in year 2014, with CPI
expected to increase around 2% to 3%, some economists expect the OPR to
likely be raised by 25 basis points to 3.25% in the second half of year
2014.
|
|
In conclusion, the outlook for the Malaysian economy is going to be
challenging, with the ongoing global economic slowdown in view of the debt
crisis in Europe and the weakening of the US economy. Besdies, the loss of
growth momentum in Malaysia will continue and become serious enough to
sidetrack the country from its long-term development goals. Thus, nominal
Gross National Income (GNI) per capita is expected to increase 6.4% to
RM32,947 in year 2013. In terms of Public-Private Partnership (PPP)
Facilitation Fund, per capita income is expected to grow 4.4% to reach
USD16,368.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal
Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 2002, the SC is a Private Limited company, focusing on
distribute of skin care 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 SC is considered as small entity with paid
up capital stand at MYR 500,000.
|
|
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. Being a small company, the SC's
business operation is supported by 2 employees. Overall, we regard that the
SC's management capability is weak. Without capable management, the SC is
unlikely to be successful and often contribute to unacceptable levels of
accountability. Weak management can affect productivity, profitability,
sales growth and ultimately can result in the failure of a business.
|
|
Due to the challenging market conditions, the SC's business performance
seems to be deteriorating and losses incurred. The SC has generated an
unfavourable return on shareholders' funds indicating that the management
was inefficient in utilising its funds to generate return. Due to its weak
liquidity position, the SC may face working capital deficiency in meeting
its short term financial obligations if no fresh capital are injected into
the SC. The SC has generated an unfavourable gearing ratio indicated that
the SC is in high financial risk. The SC's unfavourable financial
performance over the years has wiped out its shareholders' funds to a
deficit of MYR -704,710. Therefore, the SC as a going concern is much
dependent on its ability to generate sufficient cash flow and obtain
additional financing to meet its future obligations.
|
|
Without a strong assets backing, the SC may face difficulties in getting
loans for its future expansion and continued growth .
|
|
The SC's overall payment habit is fair and this clearly implied a weak
credit control of the SC.
|
|
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the SC's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
|
|
Based on the above unfavourable condition, we regard granting credit to the
SC to be quite risky. Hence, credit is not recommended.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
CONSUCARE INC. SDN. BHD.
|
|
Financial Year End
|
31/12/2011
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
31/12/2007
|
|
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
|
FULL
|
FULL
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
334,396
|
390,322
|
275,070
|
1,256,349
|
528,512
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
334,396
|
390,322
|
275,070
|
1,256,349
|
528,512
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
<414,346>
|
<198,353>
|
<169,411>
|
<240,070>
|
<227,127>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
<414,346>
|
<198,353>
|
<169,411>
|
<240,070>
|
<227,127>
|
|
Taxation
|
81,030
|
32,160
|
31,405
|
33,337
|
38,758
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
<333,316>
|
<166,193>
|
<138,006>
|
<206,733>
|
<188,369>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
<172,093>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
<172,093>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<1,204,710>
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<1,204,710>
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to
P&L)
|
|
|
|
|
|
|
Bank overdraft
|
18,531
|
16,855
|
-
|
-
|
-
|
|
Others
|
1,476
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
|
|
|
|
|
20,007
|
16,855
|
|
|
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
78,303
|
107,318
|
50,300
|
51,759
|
43,244
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
Deferred assets
|
260,844
|
179,814
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
260,844
|
179,814
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
339,147
|
287,132
|
50,300
|
51,759
|
43,244
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Stocks
|
27,532
|
93,047
|
-
|
-
|
-
|
|
Trade debtors
|
801,719
|
420,270
|
-
|
-
|
-
|
|
Other debtors, deposits & prepayments
|
15,073
|
126,616
|
-
|
-
|
-
|
|
Cash & bank balances
|
27,977
|
5,065
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
872,301
|
644,998
|
471,202
|
364,966
|
438,343
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,211,448
|
932,130
|
521,502
|
416,725
|
481,587
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Trade creditors
|
49,097
|
40,930
|
-
|
-
|
-
|
|
Other creditors & accruals
|
1,199,484
|
587,521
|
-
|
-
|
-
|
|
Bank overdraft
|
258,353
|
265,849
|
-
|
-
|
-
|
|
Amounts owing to director
|
409,224
|
409,224
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
1,916,158
|
1,303,524
|
726,703
|
483,919
|
621,950
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<1,043,857>
|
<658,526>
|
<255,501>
|
<118,953>
|
<183,607>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,194>
|
<140,363>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
500,000
|
500,000
|
220,098
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
500,000
|
500,000
|
500,000
|
500,000
|
220,098
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
<1,204,710>
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
<1,204,710>
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,195>
|
<140,364>
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,195>
|
<140,364>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
27,977
|
5,065
|
-
|
-
|
-
|
|
Net Liquid Funds
|
<230,376>
|
<260,784>
|
-
|
-
|
-
|
|
Net Liquid Assets
|
<1,071,389>
|
<751,573>
|
<255,501>
|
<118,953>
|
<183,607>
|
|
Net Current Assets/(Liabilities)
|
<1,043,857>
|
<658,526>
|
<255,501>
|
<118,953>
|
<183,607>
|
|
Net Tangible Assets
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,194>
|
<140,363>
|
|
Net Monetary Assets
|
<1,071,389>
|
<751,573>
|
<255,501>
|
<118,953>
|
<183,607>
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
258,353
|
265,849
|
-
|
-
|
-
|
|
Total Liabilities
|
1,916,158
|
1,303,524
|
726,703
|
483,919
|
621,950
|
|
Total Assets
|
1,211,448
|
932,130
|
521,502
|
416,725
|
481,587
|
|
Net Assets
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,194>
|
<140,363>
|
|
Net Assets Backing
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,194>
|
<140,363>
|
|
Shareholders' Funds
|
<704,710>
|
<371,394>
|
<205,201>
|
<67,195>
|
<140,364>
|
|
Total Share Capital
|
500,000
|
500,000
|
500,000
|
500,000
|
220,098
|
|
Total Reserves
|
<1,204,710>
|
<871,394>
|
<705,201>
|
<567,195>
|
<360,462>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.01
|
0.00
|
-
|
-
|
-
|
|
Liquid Ratio
|
0.44
|
0.42
|
-
|
-
|
-
|
|
Current Ratio
|
0.46
|
0.49
|
0.65
|
0.75
|
0.70
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
30
|
87
|
-
|
-
|
-
|
|
Debtors Ratio
|
875
|
393
|
-
|
-
|
-
|
|
Creditors Ratio
|
54
|
38
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
<0.37>
|
<0.72>
|
-
|
-
|
-
|
|
Liabilities Ratio
|
<2.72>
|
<3.51>
|
<3.54>
|
<7.20>
|
<4.43>
|
|
Times Interest Earned Ratio
|
<19.71>
|
<10.77>
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
<1.41>
|
<0.74>
|
<0.41>
|
<0.13>
|
<0.64>
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
<123.91>
|
<50.82>
|
<61.59>
|
<19.11>
|
<42.97>
|
|
Net Profit Margin
|
<99.68>
|
<42.58>
|
<50.17>
|
<16.46>
|
<35.64>
|
|
Return On Net Assets
|
55.96
|
48.87
|
82.56
|
357.28
|
161.81
|
|
Return On Capital Employed
|
88.35
|
171.96
|
82.56
|
357.27
|
161.81
|
|
Return On Shareholders' Funds/Equity
|
47.30
|
44.75
|
67.25
|
307.66
|
134.20
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|