|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
258146-M
|
|
COMPANY NAME
|
:
|
HDM FUTURES SDN. BHD.
|
|
FORMER NAME
|
:
|
HWANG-DBS FUTURES SDN BHD (19/10/1994)
|
|
INCORPORATION DATE
|
:
|
16/02/1993
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LEVEL 8, WISMA SRI PINANG, 60 GREEN HALL, 10200 GEORGE TOWN, PULAU
PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
16TH FLOOR, PLAZA MASALAM, 2 JALAN TENGKU AMPUAN ZABEDAH E9/E, SECTION
9, 40100 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-55193398
|
|
FAX.NO.
|
:
|
03-55115002
|
|
CONTACT PERSON
|
:
|
TAI SIEW MOI ( ASSISTANT GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
66129 64302
|
|
PRINCIPAL ACTIVITY
|
:
|
LICENSED FUTURE BROKER DEALING IN OPTION AND FUTURE, INVESTMENT
HOLDING, UNIT TRUST & OTHERS
|
|
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
5,000,000.00 DIVIDED INTO
ORDINARY SHARES 5,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 3,938,591 [2012]
|
|
NET WORTH
|
:
|
MYR 12,685,579 [2012]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
40 [2013]
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The SC is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the SC must have at
least two directors. A private limited company is a separate legal entity
from its shareholders. As a separate legal entity, the SC is capable of
owning assets, entering into contracts, sue or be sued by other companies.
The liabilities of the shareholders are to the extent of the equity they have
taken up and the creditors cannot claim on shareholders' personal assets even
if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the
company must file its annual returns, together with its financial statements
with the Registrar of Companies.
The SC is
principally engaged in the (as a / as an) licensed future broker dealing in
option and future, investment holding, unit trust & others.
The SC is not
listed on Bursa Malaysia (Malaysia Stock Exchange).
The immediate
and ultimate holding company of the SC is HWANG-DBS (MALAYSIA) BERHAD, a
company incorporated in MALAYSIA.
The major shareholder(s) of the SC are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
HWANG-DBS (MALAYSIA) BERHAD
|
LEVEL 8,WISMA SRI PENANG, 60 GREEN HALL, 10200 GEORGE TOWN, PULAU
PINANG, MALAYSIA.
|
238969K
|
5,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
5,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. NADZARUDDIN IBNI ALMARHUM TUANKU JA'AFAR
|
|
Address
|
:
|
57, JALAN BATAI UTARA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
591026-10-6055
|
|
Date of Birth
|
:
|
26/10/1959
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
16/02/1993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. TAI SIEW MOI
|
|
Address
|
:
|
NO.1,JALAN SS21/36, DAMANSARA UTAMA, 47400 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
580510-04-5000
|
|
Date of Birth
|
:
|
10/05/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/11/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. HWANG LIP TEIK
|
|
Address
|
:
|
8 BELL ROAD, 10350 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
571021-07-5511
|
|
Date of Birth
|
:
|
21/10/1957
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
21/11/1995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TAI SIEW MOI
|
|
|
Position
|
:
|
ASSISTANT GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
HWANG LIP TEIK
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
TUNKU NADZARUDDIN IBNI TUANKU JAAFAR
|
|
|
Position
|
:
|
CHAIRMAN
|
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
1 SENTRAL, JALAN TRAVERS, KUALA LUMPUR CENTRAL, P O BOX 10192, LEVEL
15, 50706 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MS. MUSTHAPA @ TAN LEE PENG
|
|
|
|
|
|
|
|
New IC No
|
:
|
500205-07-5008
|
|
|
Address
|
:
|
1, JALAN C.O.LIM, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. MAH YEE WAN
|
|
|
|
|
|
|
|
New IC No
|
:
|
730304-07-5074
|
|
|
Address
|
:
|
7-5-1 JALAN GANGSA,GREENLANE HEIGHTS, 11600 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3)
|
Company Secretary
|
:
|
MS. OOI HUI LING
|
|
|
|
|
|
|
|
New IC No
|
:
|
771223-08-7162
|
|
|
Address
|
:
|
18-23-03 SERINA BAY, HILIR SUNGAI PINANG, 11600 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
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 is a service providing company and does not have any trade suppliers.
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
N/A
|
|
Type of Customer
|
:
|
CORPORATES,END USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Services
|
:
|
OPTIONS AND FINANCIAL FUTURES, INVETSMENT HOLDING, UNIT TRUST AND
OTHERS
|
|
|
|
|
|
Competitor(s)
|
:
|
SCOPE
INTERNATIONAL (M) SDN BHD
SOUTHERN BANK BHD
|
|
|
|
|
|
Ownership of
premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
YEAR
|
2013
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
40
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) licensed future broker
dealing in option and future, investment holding, unit trust & others.
The SC is a subsidiary company of Hwang-DBS Berhad
("Hwang-DBS").
The group engaged in the following acitivities:
1) Securities and bond trading
2) Dealing in financial futures and options
3) Corporate finance and advisory services
4) Capital financing
5) Fund and unit trust management and other management services
The group's core business is stockbroking which is
carried on by its wholly-owned subsidiary Hwang-DBS Securities.
The SC is one of the leading Futures Brokers in Malaysia. As a General Trading
Participant of Bursa Malaysia Derivatives Berhad
(BMDB), HDM Futures trades in all BMDB products which include FTSE Bursa
Malaysia KLCI futures and options, Single Stock futures, Crude Palm Oil (CPO)
futures, Crude Palm Kernel Oil (CPKO) futures, USD denominated Crude Palm Oil
(CPO) futures, 3-month Kuala Lumpur Interbank
Offered Rate (KLIBOR) futures and Malaysian Government Securities (MGS)
futures. HDM Futures is also a Clearing Participant of Bursa Malaysia
Derivatives Clearing Berhad.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA) database,
but no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
0355193398
|
|
Current Telephone Number
|
:
|
03-55193398
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
16TH FLOOR, PLAZA MASALAM,. 2, JALAN TENGKU AMPUAN ZABEDAH E9/E,
SECTION 9. 40100 SHAH ALAM, SELANGOR DARUL
|
|
Current Address
|
:
|
16TH FLOOR, PLAZA MASALAM, 2 JALAN TENGKU AMPUAN ZABEDAH E9/E,
SECTION 9, 40100 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an
interview with the SC's staff from the SC and she provided some information
on the SC.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Erratic
|
[
|
2008 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2008 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
0.13%
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
0.20%
|
]
|
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The SC's profit
fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could
indicate that the SC was inefficient in utilising
its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Current Ratio
|
:
|
Acceptable
|
[
|
1.26 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has an adequate liquidity position with its current
liabilities well covered by its current assets. With its net current
assets, the SC should be able to repay its short term obligations.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Liability Ratio
|
:
|
Unfavourable
|
[
|
5.79 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC has high liabilities ratio and it may face financial
difficulties if no additional capital is injected.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The SC recorded lower profits as its turnover showed a erratic
trend. The SC's management was unable to control its costs efficiently as
its profit showed a downward trend. The SC was in good liquidity position with
its total current liabilities well covered by its total current assets.
With its current net assets, the SC should be able to repay its short term
obligations. The SC's liabilities level was high and its going concern will
be in doubt if there is no injection of additional shareholders' funds in
times of economic downturn and / or high interest rates.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : 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
|
|
66129 : Other financial and commodity futures brokers and dealers
|
|
64302 : Unit trust fund excludes REITs
|
|
|
|
|
INDUSTRY :
|
FINANCIAL SERVICES
|
|
|
|
|
|
|
The outlook for the financial services industry, particularly in the
insurance sector, is positive as Malaysia's increasing population and
rising disposable income will result in more people requiring financial
services.
|
|
|
|
According to Ministry of Finance, Malaysia's financial services
sector forcasted to grow 5.2% to the country's
real gross domestic product at the year 2013. This sector targeted to raise
Malaysia's total gross national income (GNI) from RM121.5 billion to RM180.2
billion and create 275,400 jobs by 2020. The domestic private banking
industry is expected to continue its double-digit growth rates over the
2012-2015.
|
|
|
|
The insurance sector is forecast to see substantial growth in the next
2013-2016 as continued diversification, consolidation and international
activity spur rising premiums and uptake of new services. Moderate GDP
growth for the rest of the year, however, could pose a challenge to growth
as the effects of a weakening global economy trickle down to private
consumers. Gross direct premiums are expected to reach RM17.5billion in
2015.
|
|
|
|
At the end of July 2012, total loans outstanding increased 13% to
RM1,073.1 billion largely for the purchase of residential properties and
working capital, accounting for 27% and 24.7% respectively. The growth in
net interest income of the banking system is expected to be complemented by
higher fee-based income. The subsector is also
anticipated to benefit from the growing Islamic banking market. As at
end-July 2012, Islamic financing grew 19.3% to RM294.2 billion and
accounted for 26.6% of total loans by the banking system. Meanwhile, stockbroking activity increased with a higher volume of
share transactions at 18.4% to 222.2 billion units. In the insurance
segment, life and general insurance are anticipated to further contribute
to the growth of the subsector supported by an
increase in new life insurance, and motor insurance policies.
|
|
|
|
The Government and Bank Negara would be assisting banks to establish
meaningful presence in priority markets and expand beyond Asean through the acquisition of banking assets. With
the insurance market in the process of dynamic change, due to rising demand
and regulatory changes that aim both to increase solidity and allow greater
international participation, consolidation, diversification and the rise of
the takaful segment.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
Incorporated in 1993, the SC is a Private Limited company, focusing on
licensed future broker dealing in option and future, investment holding,
unit trust & others. Over the years, the SC's paid up capital stands at
RM5 million. The SC has been in the industry for more than a decade. Its
reputation in the market is satisfactory. Being backed by Hwang-DBS
(Malaysia) Berhad, the SC is expected to enjoy
timely financial assistance when the needs arise.
The SC's business operations are predominantly in Malaysia. As such, any
adverse developments in the economic environment and uncertainties in
Malaysia could adversely affect the business prospects of the SC. Its commercial
risk is high. The management of the SC is headed by Tai Siew
Moi, assisted by a team of management personnel
and 40 employees.
The SC's business performance showed a reverse trend as both its turnover
and pre-tax profit have decreased compared to the previous year. The SC has
generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising
its funds to generate return. The SC managed to maintain an adequate
liquidity level, indicating that the SC has the ability to meet its
financial obligations. 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 12,685,579, the SC should be able to
maintain its business in the near terms.
Having a strong assets backing, the SC possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The SC is a service providing company
and does not have any trade suppliers.
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.
Based on the above condition, we recommend credit be granted to the SC
normally.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
HDM FUTURES
SDN. BHD.
|
|
Financial Year End
|
31/07/2012
|
31/07/2011
|
31/07/2010
|
31/07/2009
|
31/07/2008
|
|
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
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
3,938,591
|
5,893,358
|
5,069,261
|
7,121,156
|
7,077,223
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
3,938,591
|
5,893,358
|
5,069,261
|
7,121,156
|
7,077,223
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
35,592
|
845,982
|
323,445
|
2,255,819
|
2,219,159
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
35,592
|
845,982
|
323,445
|
2,255,819
|
2,219,159
|
|
Taxation
|
<18,603>
|
<225,248>
|
<91,098>
|
<579,451>
|
<621,869>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
16,989
|
620,734
|
232,347
|
1,676,368
|
1,597,290
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
3,541,851
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
3,541,851
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
241,981
|
366,900
|
434,281
|
418,136
|
579,223
|
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
-
|
-
|
2,100,000
|
2,100,000
|
2,100,000
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
241,981
|
366,900
|
2,534,281
|
2,518,136
|
2,679,223
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
85,871,493
|
74,773,797
|
64,251,072
|
75,771,560
|
106,209,230
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
86,113,474
|
75,140,697
|
66,785,353
|
78,289,696
|
108,888,453
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
68,415,315
|
57,404,767
|
49,656,277
|
61,385,472
|
88,625,782
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
17,456,178
|
17,369,030
|
14,594,795
|
14,386,088
|
17,583,448
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
20,262,671
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
|
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
12,685,579
|
12,668,590
|
12,047,856
|
11,815,509
|
10,139,141
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
5,012,580
|
5,067,340
|
5,081,220
|
5,088,715
|
10,123,530
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
20,262,671
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Net Liquid Assets
|
17,456,178
|
17,369,030
|
14,594,795
|
14,386,088
|
17,583,448
|
|
Net Current Assets/(Liabilities)
|
17,456,178
|
17,369,030
|
14,594,795
|
14,386,088
|
17,583,448
|
|
Net Tangible Assets
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
20,262,671
|
|
Net Monetary Assets
|
12,443,598
|
12,301,690
|
9,513,575
|
9,297,373
|
7,459,918
|
|
|
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Liabilities
|
73,427,895
|
62,472,107
|
54,737,497
|
66,474,187
|
98,749,312
|
|
Total Assets
|
86,113,474
|
75,140,697
|
66,785,353
|
78,289,696
|
108,888,453
|
|
Net Assets
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
20,262,671
|
|
Net Assets Backing
|
12,685,579
|
12,668,590
|
12,047,856
|
11,815,509
|
10,139,141
|
|
Shareholders' Funds
|
12,685,579
|
12,668,590
|
12,047,856
|
11,815,509
|
10,139,141
|
|
Total Share Capital
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
|
Total Reserves
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
|
|
|
|
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Current Ratio
|
1.26
|
1.30
|
1.29
|
1.23
|
1.20
|
|
|
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Liabilities Ratio
|
5.79
|
4.93
|
4.54
|
5.63
|
9.74
|
|
Assets Backing Ratio
|
3.54
|
3.55
|
3.43
|
3.38
|
4.05
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
0.90
|
14.35
|
6.38
|
31.68
|
31.36
|
|
Net Profit Margin
|
0.43
|
10.53
|
4.58
|
23.54
|
22.57
|
|
Return On Net Assets
|
0.20
|
4.77
|
1.89
|
13.34
|
10.95
|
|
Return On Capital Employed
|
0.20
|
4.77
|
1.89
|
13.34
|
10.95
|
|
Return On Shareholders' Funds/Equity
|
0.13
|
4.90
|
1.93
|
14.19
|
15.75
|
|
|
|
|
|
|
|
|