MIRA INFORM REPORT

 

 

Report Date :

18.01.2013

 

IDENTIFICATION DETAILS

 

Name :

DONGWHA GLOBAL SALES SDN BHD

 

 

Formerly Known As :

DONGWHA PARQUET SDN BHD

 

 

Registered Office :

Symphony House, Block D13, Pusat Dagangan Dana 1, Jalan Pju 1a/46, Level 8, 47301 Petaling Jaya, Selangor

 

 

Financials (as on) :

31.12.2011

 

 

Country :

Malaysia

 

 

Date of Incorporation :

29.12.1990

 

 

Com. Reg. No.:

210228-T

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trading of fibreboard

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – 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.

:

210228-T

COMPANY NAME

:

DONGWHA GLOBAL SALES SDN BHD

FORMER NAME

:

DONGWHA PARQUET SDN BHD (29/05/2012)
GOLDEN HOPE PARQUET SDN BHD (05/01/2005)
BUKIT LAWANG PALM OIL MILL SDN BHD (04/05/1993)
REGAL BINA SDN BHD (13/11/1992)

INCORPORATION DATE

:

29/12/1990

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

SYMPHONY HOUSE, BLOCK D13, PUSAT DAGANGAN DANA 1, JALAN PJU 1A/46, LEVEL 8, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

MENARA CITIBANK, LEVEL 39, SUITE 39.04A, 165, JALAN AMPANG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

03-21610216

FAX.NO.

:

03-21610215

CONTACT PERSON

:

KIM HYUN SEOG ( DIRECTOR )

INDUSTRY CODE

:

51431

PRINCIPAL ACTIVITY

:

TRADING OF FIBREBOARD

AUTHORISED CAPITAL

:

MYR 50,000,000.00 DIVIDED INTO
ORDINARY SHARE 50,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 50,000,000.00 DIVIDED INTO
ORDINARY SHARES 50,000,000 CASH OF MYR 1.00 EACH.

SALES

:

N/A

NET WORTH

:

MYR 1,153,411 [2011]

BANKER (S)

 

MALAYAN BANKING BHD

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The SC is principally engaged in the (as a / as an) trading of fibreboard.

 

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The immediate holding company of the SC is DONGWHA MALAYSIA HOLDINGS SDN BHD, a company incorporated in MALAYSIA.

 

The ultimate holding company of the SC is DONGWHA INTERNATIONAL CO. LTD, a company incorporated in HONG KONG.

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

DONGWHA MALAYSIA HOLDINGS SDN BHD

SYMPHONY HOUSE, BLOCK D13, PUSAT DAGANGAN DANA 1, JALAN PJU 1A/46, LEVEL 8, 47301 PETALING JAYA, SELANGOR, MALAYSIA.

617880

50,000,000.00

100.00

 

 

 

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

------

 

 

 

50,000,000.00

100.00

 

 

 

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

=====

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

Name Of Subject

:

KIM HYUN SEOG

Address

:

A-22-2, KIARAVILLE CONDOMINIUM, CHANGKAT DUTA KIARA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

M83246070

 

 

 

Date of Birth

:

30/11/1967

 

 

 

Nationality

:

KOREAN

 

 

 

DIRECTOR 2

Name Of Subject

:

KIM WON BAE

Address

:

167-22-8, GURNEY PARK, MAPLE TOWER, PERSIARAN GURNEY, 10250 GEORGETOWN, PULAU PINANG, MALAYSIA.

IC / PP No

:

M87197998

 

 

 

Date of Birth

:

25/10/1969

 

 

 

Nationality

:

KOREAN

 

DIRECTOR 3

 

Name Of Subject

:

OHK SANG WOO

Address

:

16, DENAI PINANG 2, E & O, TANJONG TOKONG, 10470 PULAU PINANG, PULAU PINANG, MALAYSIA.

IC / PP No

:

M42839153

Nationality

:

KOREAN

Date of Appointment

:

25/07/2012

 

 

MANAGEMENT

 

1)

Name of Subject

:

KIM HYUN SEOG

 

Position

:

DIRECTOR

                                   

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE

Auditor' Address

:

UPTOWN 1, 1 JALAN SS 21/58, DAMANSARA UPTOWN, LEVEL 19, 47400 PETALING JAYA, SELANGOR, MALAYSIA.

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. CHIN NGEOK MUI

 

IC / PP No

:

7311328

 

New IC No

:

640423-10-7826

 

Address

:

3, JALAN IBU KOTA 4, TAMAN IBU KOTA, GOMBAK, 53100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

                                        

                                        

2)

Company Secretary

:

MS. CHEN BEE LING

 

IC / PP No

:

A2824767

 

New IC No

:

740719-06-5256

 

Address

:

B-3-3A, PANGSAPURI IMPIAN, OFF JALAN PIPIT, BANDAR PUCHONG JAYA, 47100 PUCHONG, SELANGOR, MALAYSIA.

                                        

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.


No legal action was found in our databank.


No winding up petition was found in our databank.



DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed.


No blacklisted record & debt collection case was found in our defaulters' databank.



PAYMENT RECORD

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers.


CLIENTELE

Local

:

N/A

 

 

 

Overseas

:

N/A

                                

The SC refused to disclose information on its clientele.

OPERATIONS

 

Goods Traded

:

FIBREBOARD

 

 

 

Award

:

1 ) MS ISO 9001 : 2000 Year :1999

 

 

 

Competitor(s)

:

MENTIGA CORPORATION BHD

MERBOK MDF SDN BHD

PAHANCO CORPORATION BHD

SHIN YANG TRADING SDN BHD

WSJ INTERNATIONAL SDN BHD

 

 

 

Member(s) / Affiliate(s)

:

SMI ASSOCIATION OF MALAYSIA

 

 

 

 

Branch

:

NO

 

Other Information:

The SC is principally engaged in the (as a / as an) trading of fibreboard.
The SC refused to disclose any information on its operation.

 

PROJECTS


No projects found in our databank

RECENT DEVELOPMENT


We have checked with the Malaysian National News Agency's (BERNAMA)

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

067995777

Current Telephone Number

:

03-21610216

Match

:

NO

 

 

 

Address Provided by Client

:

LOT 833, MUKIM PADANG MEHA, 09400 PADANG  SERAI,KULIM,KEDAH DARUL AMAN, MALAYSIA

Current Address

:

MENARA CITIBANK, LEVEL 39, SUITE 39.04A, 165, JALAN AMPANG, 50450 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations

we contacted Puan Raziah from the SC and she provided some information on the SC.

The SC refused to disclose its number of employees.

The SC temporarily ceased its operation in manufacture and sale of parquet and just restarted its business operation in trading of fibreboard.

The sale for year 2011 was nil represent the invoiced value of goods sold during the financial year is less than returns and discounts.

 

FINANCIAL ANALYSIS

 

Overall Assessment :

The sale for year 2011 was nil represent the invoiced value of goods sold during the financial year is less than return and discounts.As a result we are unable to comment on its 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

 

51431 : Wholesale of logs, sawn timber, plywood,veneer and related products

 

 

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

 

The SC is a Private Limited company, focusing on trading of fibreboard. The SC just restarted its business recently. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.


Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


The SC's turnover figure for the year 2011 was nil as it has temporarily ceased its operation. Hence, we are unable to further comment on the SC's financial health.


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 recommend credit be granted to the SC with close monitoring.

 

 

 

 

PROFIT AND LOSS ACCOUNT

 

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

DONGWHA GLOBAL SALES SDN BHD

 

Financial Year End

31/12/2011

31/12/2010

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

MYR

MYR

 

 

 

TURNOVER

-

8,974

 

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

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

Total Turnover

-

8,974

Costs of Goods Sold

-

<6,454>

 

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

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

Gross Profit

-

2,520

 

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

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

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

182,703

2,269,535

 

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

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

PROFIT/(LOSS) BEFORE TAXATION

182,703

2,269,535

Taxation

<5,704>

<5,721>

 

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

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

PROFIT/(LOSS) AFTER TAXATION

176,999

2,263,814

 

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

<52,060,502>

<44,378,615>

 

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

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

As restated

<52,060,502>

<44,378,615>

 

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<51,883,503>

<42,114,801>

TRANSFER TO RESERVES - Statutory

-

<9,945,701>

 

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<51,883,503>

<52,060,502>

 

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

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

 

 

 

 

BALANCE SHEET

 

DONGWHA GLOBAL SALES SDN BHD

 

CURRENT ASSETS

 

 

Other debtors, deposits & prepayments

5,118

8,490

Cash & bank balances

1,402,643

1,011,568

 

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

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

TOTAL CURRENT ASSETS

1,407,761

1,020,058

 

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

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

TOTAL ASSET

1,407,761

1,020,058

 

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

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

 

 

 

CURRENT LIABILITIES

 

 

Other creditors & accruals

254,350

37,925

Provision for taxation

-

5,721

 

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

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

TOTAL CURRENT LIABILITIES

254,350

43,646

 

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

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

NET CURRENT ASSETS/(LIABILITIES)

1,153,411

976,412

 

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

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

TOTAL NET ASSETS

1,153,411

976,412

 

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

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

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

50,000,000

50,000,000

 

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

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

TOTAL SHARE CAPITAL

50,000,000

50,000,000

 

 

 

RESERVES

 

 

Capital reserve

3,036,914

3,036,914

Retained profit/(loss) carried forward

<51,883,503>

<52,060,502>

 

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

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

TOTAL RESERVES

<48,846,589>

<49,023,588>

 

 

 

 

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

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

SHAREHOLDERS' FUNDS/EQUITY

1,153,411

976,412

 

 

 

 

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

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

 

1,153,411

976,412

 

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

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

 

 

FINANCIAL RATIO

 

DONGWHA GLOBAL SALES SDN BHD

 

TYPES OF FUNDS

 

 

Cash

1,402,643

1,011,568

Net Liquid Funds

1,402,643

1,011,568

Net Liquid Assets

1,153,411

976,412

Net Current Assets/(Liabilities)

1,153,411

976,412

Net Tangible Assets

1,153,411

976,412

Net Monetary Assets

1,153,411

976,412

BALANCE SHEET ITEMS

 

 

Total Borrowings

0

0

Total Liabilities

254,350

43,646

Total Assets

1,407,761

1,020,058

Net Assets

1,153,411

976,412

Net Assets Backing

1,153,411

976,412

Shareholders' Funds

1,153,411

976,412

Total Share Capital

50,000,000

50,000,000

Total Reserves

<48,846,589>

<49,023,588>

LIQUIDITY (Times)

 

 

Cash Ratio

5.51

23.18

Liquid Ratio

5.53

23.37

Current Ratio

5.53

23.37

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

0

0

Debtors Ratio

0

0

Creditors Ratio

0

0

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

0.00

0.00

Liabilities Ratio

0.22

0.04

Times Interest Earned Ratio

0.00

0.00

Assets Backing Ratio

0.02

0.02

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

0.00

25,290.12

Net Profit Margin

0.00

25,226.37

Return On Net Assets

15.84

232.44

Return On Capital Employed

15.84

232.44

Return On Shareholders' Funds/Equity

15.35

231.85

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.64

UK Pound

1

Rs.87.45

Euro

1

Rs.72.67

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.