|
* 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 (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LEVEL 8, SYPHONY HOUSE, BLOCK D13, PUSAT DAGANGAN DANA 1, JALAN PJU
1A/46, 47301 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 833, MUKIM PADANG MEHA, PADANG SERAI, 09400 KULIM, KEDAH,
MALAYSIA.
|
|
TEL.NO.
|
:
|
04-4022100
|
|
FAX.NO.
|
:
|
04-4022203
|
|
CONTACT PERSON
|
:
|
KIM HYUN SEOG ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46631
|
|
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]
|
|
|
|
|
|
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.
|
LEVEL 8, SYMPHONY HOUSE, BLOCK D13, PUSAT DAGANGAN DANA 1, JALAN PJU
1A/46, 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
|
:
|
OHK SANG WOO
|
|
Address
|
:
|
16, DENAI PINANG 2, E & O, 10470 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
|
IC / PP No
|
:
|
M42839153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
KOREAN
|
|
Date of Appointment
|
:
|
25/07/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
KOREAN
|
|
Date of Appointment
|
:
|
01/10/2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
KOREAN
|
|
Date of Appointment
|
:
|
21/11/2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
KIM HYUN SEOG
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
DELOITTE & TOUCHE
|
|
Auditor' Address
|
:
|
UPTOWN 1, 1 JALAN SS21/58, DAMANSARA UPTOWN, LEVEL 19, 47400
PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company Secretary
|
:
|
MS. CHIN NGEOK MUI
|
|
|
IC / PP No
|
:
|
7311328
|
|
|
New IC No
|
:
|
640423-10-7826
|
|
|
Address
|
:
|
3, JALAN IBU KOTA EMPAT, TAMAN IBU KOTA, GOMBAK, 53100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
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)
|
:
|
COSTRACO SDN
BHD
GOLD BREEZE CORPORATION SDN. BHD.
MY 4-SEASONS INTERNATIONAL SDN BHD
PAHANCO CORPORATION BHD
SHIN YANG TRADING SDN BHD
|
|
|
|
|
|
Member(s) /
Affiliate(s)
|
:
|
SMI ASSOCIATION OF MALAYSIA
|
|
|
|
|
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
|
:
|
604 405 2100
|
|
Current Telephone Number
|
:
|
04-4022100
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 833, MUKIM PADANG MEHA, 09400 PADANG SERAL, KULIM, KEDAH DARUL
AMAN, MALAYSIA
|
|
Current Address
|
:
|
LOT 833, MUKIM PADANG MEHA, PADANG SERAI, 09400 KULIM, KEDAH,
MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
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
since 2007 and just restarted its business operation in trading of
fiberboard.
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:
|
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
|
|
46631 : Wholesale of logs, sawn timber, plywood, veneer and related products
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
|
|
According to the Retail Group Malaysia (RGM), the wholesale and
retail trade sector forecast to grow to 6% in year 2013. During the first quarter
of year 2013, RGM is estimating the retail industry to grow 6.9%. Many
retailers have been enjoying better sales since the government handed out
cash from mid-January of 2013 under the second round of Bantuan Rakyat
1Malaysia to more than 12 million Malaysians. Bookstores and related retail
stores have also started enjoying rising sales since the RM250 1Malaysia
Book Voucher was distributed to 1.3 million private and public university
students. Besides, since early February 2013, handphone traders and
retailers selling smartphone accessories have started to benefit from the
RM200 rebate on smartphones for 1.5 million young adults aged between 21
and 30 years with a monthly income of not more than RM3,000.
|
|
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing
number of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%.
|
|
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the
2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100
assistance for all primary and secondary school students. The performance
of the sector will also be supported by ongoing efforts to modernise the
retail segment under the ETP. In 2012, 500 retail shops and 50 workshops
are targeted to be modernised under the Retail Shop Transformation (TUKAR)
and Automotive Workshop Modernisation (ATOM) programmes, respectively. As
at end of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised.
|
|
|
|
Growth of the sector is anticipated to remain encouraging with
ongoing efforts by the Government to increase its contribution to the
economy. Major initiatives include increasing the number of large format
stores such as hypermarkets, superstores and departmental stores are
carried out to boost the economy.
|
|
|
|
Over 60% of Gross Domestic Product (GDP) is contributed by domestic consumption,
therefore the wholesale and retail sector plays a crucial role in driving
Malaysia's growth over the next decade despite the ongoing global economic
slowdown. By 2020, Malaysia's wholesale and retail sector is expected to
boost the country's total Gross National Income (GNI) by RM156 billion,
creating 454,190 new jobs.
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
The SC is a Private Limited company and just restarted its operation in
trading of fiberboard. 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.
Overall, we regard that the SC's management capability is average.
The SC's turnover figure was nil as it has temporarily ceased its business
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
|
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
|
0
|
8,974
|
76,880
|
980,942
|
9,203,326
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
-
|
8,974
|
76,880
|
980,942
|
9,203,326
|
|
Costs of Goods Sold
|
-
|
<6,454>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
-
|
2,520
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
182,703
|
2,269,535
|
<1,292,105>
|
<1,988,850>
|
<2,187,805>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
182,703
|
2,269,535
|
<1,292,105>
|
<1,988,850>
|
<2,187,805>
|
|
Taxation
|
<5,704>
|
<5,721>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
176,999
|
2,263,814
|
<1,292,105>
|
<1,988,850>
|
<2,187,805>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
<52,060,502>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
<38,909,855>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
<52,060,502>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
<38,909,855>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
<51,883,503>
|
<42,114,801>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
|
TRANSFER TO RESERVES - Statutory
|
-
|
<9,945,701>
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
<51,883,503>
|
<52,060,502>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
BALANCE SHEET
|
DONGWHA GLOBAL
SALES SDN. BHD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
-
|
-
|
6,797,765
|
7,431,539
|
8,158,607
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
-
|
-
|
6,797,765
|
7,431,539
|
8,158,607
|
|
|
|
|
|
|
|
|
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
|
1,940,100
|
2,598,021
|
5,134,135
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,407,761
|
1,020,058
|
8,737,865
|
10,029,560
|
13,292,742
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
Other creditors & accruals
|
254,350
|
37,925
|
-
|
-
|
-
|
|
Provision for taxation
|
-
|
5,721
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
254,350
|
43,646
|
3,116,480
|
3,116,070
|
4,390,402
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
1,153,411
|
976,412
|
<1,176,380>
|
<518,049>
|
743,733
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
50,000,000
|
50,000,000
|
50,000,000
|
50,000,000
|
50,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
50,000,000
|
50,000,000
|
50,000,000
|
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>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
<48,846,589>
|
<49,023,588>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
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
|
<1,176,380>
|
<518,049>
|
743,733
|
|
Net Current Assets/(Liabilities)
|
1,153,411
|
976,412
|
<1,176,380>
|
<518,049>
|
743,733
|
|
Net Tangible Assets
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
Net Monetary Assets
|
1,153,411
|
976,412
|
<1,176,380>
|
<518,049>
|
743,733
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
0
|
0
|
-
|
-
|
-
|
|
Total Liabilities
|
254,350
|
43,646
|
3,116,480
|
3,116,070
|
4,390,402
|
|
Total Assets
|
1,407,761
|
1,020,058
|
8,737,865
|
10,029,560
|
13,292,742
|
|
Net Assets
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
Net Assets Backing
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
Shareholders' Funds
|
1,153,411
|
976,412
|
5,621,385
|
6,913,490
|
8,902,340
|
|
Total Share Capital
|
50,000,000
|
50,000,000
|
50,000,000
|
50,000,000
|
50,000,000
|
|
Total Reserves
|
<48,846,589>
|
<49,023,588>
|
<44,378,615>
|
<43,086,510>
|
<41,097,660>
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
5.51
|
23.18
|
-
|
-
|
-
|
|
Liquid Ratio
|
5.53
|
23.37
|
-
|
-
|
-
|
|
Current Ratio
|
5.53
|
23.37
|
0.62
|
0.83
|
1.17
|
|
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
|
0.55
|
0.45
|
0.49
|
|
Times Interest Earned Ratio
|
0.00
|
0.00
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
0.02
|
0.02
|
0.11
|
0.14
|
0.18
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
0.00
|
25,290.12
|
<1,680.68>
|
<202.75>
|
<23.77>
|
|
Net Profit Margin
|
0.00
|
25,226.37
|
<1,680.68>
|
<202.75>
|
<23.77>
|
|
Return On Net Assets
|
15.84
|
232.44
|
<22.99>
|
<28.77>
|
<24.58>
|
|
Return On Capital Employed
|
15.84
|
232.44
|
<22.99>
|
<28.77>
|
<24.58>
|
|
Return On Shareholders' Funds/Equity
|
15.35
|
231.85
|
<22.99>
|
<28.77>
|
<24.58>
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|