|
* Adopted abbreviations :
|
SC - Subject Company (the company enquired by you)
|
|
|
|
N/A - Not Applicable
|
|
|
|
EXECUTIVE SUMMARY
|
REGISTRATION NO.
|
:
|
635486-V
|
|
COMPANY NAME
|
:
|
LEAD SPICE SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
28/11/2003
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
LOT 551, LORONG 5, JALAN TENG KUNG SUK, UPPER LANANG INDUSTRIAL ESTATE,
96000 SIBU, SARAWAK, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
LOT 551, LORONG 5, JALAN TENG KUNG SUK, UPPER LANANG INDUSTRIAL
ESTATE,, 96000 SIBU, SARAWAK, MALAYSIA.
|
|
TEL.NO.
|
:
|
084-218618
|
|
FAX.NO.
|
:
|
084-218658
|
|
CONTACT PERSON
|
:
|
YII SIN KEE ( DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
47219
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF SPICES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 22,221,174 [2011]
|
|
NET WORTH
|
:
|
MYR 675,202 [2011]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
N/A
|
|
BANKER (S)
|
:
|
|
ALLIANCE
BANK MALAYSIA BHD
AMBANK (M) BHD
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
MODERATE
|
|
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 spices.
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
|
(%)
|
|
MR. YII SIN KEE +
|
1, JALAN HUA TAI, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
520822-13-5625
K150162
|
200,000.00
|
40.00
|
|
MR. YII SEE SING +
|
1, JALAN HUA TAI,, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
770120-13-6211
K0500593
|
50,000.00
|
10.00
|
|
MR. YII SEE JING +
|
17, REPOK ROAD, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
781016-13-5589
|
50,000.00
|
10.00
|
|
MS. HII SUI LING
|
17, REPOK ROAD, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
530723-13-5442
K150149
|
200,000.00
|
40.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
500,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MR. YII SEE JING
|
|
Address
|
:
|
17, REPOK ROAD, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
781016-13-5589
|
|
Date of Birth
|
:
|
16/10/1978
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
28/11/2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. YII SEE SING
|
|
Address
|
:
|
1, JALAN HUA TAI,, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K0500593
|
|
New IC No
|
:
|
770120-13-6211
|
|
Date of Birth
|
:
|
20/01/1977
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
28/11/2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
MR. YII SIN KEE
|
|
Address
|
:
|
1, JALAN HUA TAI, 96100 SARIKEI, SARAWAK, MALAYSIA.
|
|
IC / PP No
|
:
|
K150162
|
|
New IC No
|
:
|
520822-13-5625
|
|
Date of Birth
|
:
|
22/08/1952
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
28/11/2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
YII SIN KEE
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
WONG KOH ING & CO
|
|
Auditor' Address
|
:
|
39, JALAN MAJU, 1ST FLOOR, 96000 SIBU, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. TIONG THAI KIM
|
|
|
IC / PP No
|
:
|
K701101
|
|
|
New IC No
|
:
|
590211-13-5419
|
|
|
Address
|
:
|
9C, JALAN RUBY, LORONG 1, TINGKAT 1, 96000 SIBU, SARAWAK, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
ALLIANCE BANK MALAYSIA BHD
|
|
|
|
|
|
|
|
|
|
|
|
3)
|
Name
|
:
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
|
|
|
|
|
|
|
|
|
|
ENCUMBRANCE (S)
|
Charge No
|
Creation Date
|
Charge
Description
|
Chargee Name
|
Total Charge
|
Status
|
|
1
|
20/06/2008
|
N/A
|
UNITED OVERSEAS BANK (MALAYSIA) BHD
|
MYR 200,000.00
|
Unsatisfied
|
|
2
|
12/01/2011
|
N/A
|
AMBANK (M) BHD
|
MYR 1,000,000.00
|
Unsatisfied
|
|
3
|
24/07/2012
|
ALL MONIES
FACILITY AGREEMENT, ALL MONIES DEED OF ASSIGNMENT AND POWER OF ATTORNEY,
JOINT AND SEVERAL GUARANTEE
|
ALLIANCE BANK MALAYSIA BHD
|
N/A
|
Unsatisfied
|
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
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
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
|
[
|
X
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SC refused to disclose its clientele.
OPERATIONS
Other Information:
The SC is principally engaged in the (as a / as an) trading of spices.
The SC sells all kinds of spices and food products.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
6 (084) 218618, 218628
|
|
Current Telephone Number
|
:
|
084-218618
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address Provided by Client
|
:
|
LOT 551, LORONG TENG KUNG SUK 5 UPPER LANANG INDUSTRIAL ESTATE 96000
SIBU SARAWAK, MALAYSIA.
|
|
Current Address
|
:
|
LOT 551, LORONG 5, JALAN TENG KUNG SUK, UPPER LANANG INDUSTRIAL ESTATE,,
96000 SIBU, SARAWAK, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We contacted one of the staff from the SC and she provided some information
on the SC.
She refused to disclose the SC's number of employees.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
77.77%
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Increased
|
[
|
1,959.97%
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Acceptable
|
[
|
26.86%
|
]
|
|
|
Return on Net Assets
|
:
|
Favourable
|
[
|
32.68%
|
]
|
|
|
|
|
|
|
|
|
|
|
The increase in turnover could be due to the SC adopting an aggressive
marketing strategy.The higher profit could be attributed to the increase in
turnover. The SC's management had generated acceptable return for its
shareholders using its assets.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
1 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
15 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
16 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The favourable debtors'
days could be due to the good credit control measures implemented by the
SC. The SC had a favourable creditors' ratio where the SC could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Acceptable
|
[
|
0.83 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.87 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's liquid ratio was slightly low. This could indicate that the
SC's working capital was slightly deficient. The SC will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Acceptable
|
[
|
8.84 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.54 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low. If there is no sharp fall in
its profit or sudden increase in the interest rates, we believe the SC is
able to generate sufficient income to service its interest and repay the
loans. The SC was lowly geared thus it had a low financial risk. The SC was
mainly financed by its shareholders' funds and internally generated funds.
In times of economic slowdown / downturn, the SC being a lowly geared
company, will be able to compete better than those companies which are
highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Generally, the SC's performance has improved with higher turnover
and profit. The SC's liquidity was at an acceptable range. If the SC is able
to obtain further short term financing, it should be able to meet all its
short term obligations. The SC had an acceptable interest cover. If there
is no sudden sharp increase in interest rate or fall in the SC's profit, we
do believe the SC is able to generate sufficient cash flow to service its
interest payment. The SC as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all
its long term obligations.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : FAIR
|
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
|
|
47219 : Retail sale of other food products n.e.c.
|
|
|
|
|
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
|
Incorporated in 2003, the SC is a Private Limited company, focusing on trading
of spices. Having been in the industry for 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 a medium size company with issued and paid up capital
standing at MYR 500,000.
Overall, we regard that the SC's management capability is average.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. Return on shareholders' funds of
the SC was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The SC managed to maintain
an adequate liquidity level, indicating that the SC has the ability to meet
its financial obligations. Being a lowly geared company, the SC is exposed
to low financial risk as it is mainly dependent on its internal funds to
finance its business needs. Given a positive net worth standing at MYR
675,202, the SC should be able to maintain its business in the near terms.
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the SC
has a good control over its resources.
We regard that the SC's overall payment habit is average.
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)
|
|
LEAD SPICE
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
|
22,221,174
|
12,499,672
|
|
Other Income
|
12,000
|
7,400
|
|
|
----------------
|
----------------
|
|
Total Turnover
|
22,233,174
|
12,507,072
|
|
Costs of Goods Sold
|
<21,314,904>
|
<12,026,289>
|
|
|
----------------
|
----------------
|
|
Gross Profit
|
918,270
|
480,783
|
|
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
226,926
|
11,016
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
226,926
|
11,016
|
|
Taxation
|
<45,559>
|
<6,384>
|
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
181,367
|
4,632
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously reported
|
<6,165>
|
<10,797>
|
|
|
----------------
|
----------------
|
|
As restated
|
<6,165>
|
<10,797>
|
|
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
175,202
|
<6,165>
|
|
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
175,202
|
<6,165>
|
|
|
=============
|
=============
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
Hire purchase
|
2,837
|
749
|
|
Term loan / Borrowing
|
5,282
|
7,448
|
|
Others
|
20,824
|
23,533
|
|
|
----------------
|
----------------
|
|
|
28,943
|
31,730
|
BALANCE SHEET
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
976,287
|
954,425
|
|
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
976,287
|
954,425
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
Stocks
|
63,079
|
13,888
|
|
Trade debtors
|
929,727
|
283,923
|
|
Other debtors, deposits & prepayments
|
246,203
|
89,490
|
|
Amount due from director
|
64,881
|
104,515
|
|
Cash & bank balances
|
3,138
|
19,930
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
1,307,028
|
511,746
|
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
2,283,315
|
1,466,171
|
|
|
=============
|
=============
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
919,500
|
39,653
|
|
Other creditors & accruals
|
266,680
|
266,822
|
|
Hire purchase & lease creditors
|
92,580
|
54,861
|
|
Bank overdraft
|
198,340
|
480,776
|
|
Provision for taxation
|
23,157
|
-
|
|
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
1,500,257
|
842,112
|
|
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
<193,229>
|
<330,366>
|
|
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
783,058
|
624,059
|
|
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share capital
|
500,000
|
500,000
|
|
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
500,000
|
500,000
|
|
|
|
|
|
RESERVES
|
|
|
|
Retained profit/(loss) carried forward
|
175,202
|
<6,165>
|
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
175,202
|
<6,165>
|
|
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
675,202
|
493,835
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
Long term loans
|
73,941
|
114,511
|
|
Deferred taxation
|
33,915
|
15,713
|
|
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
107,856
|
130,224
|
|
|
----------------
|
----------------
|
|
|
783,058
|
624,059
|
|
|
=============
|
=============
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS
|
|
|
|
Cash
|
3,138
|
19,930
|
|
Net Liquid Funds
|
<195,202>
|
<460,846>
|
|
Net Liquid Assets
|
<256,308>
|
<344,254>
|
|
Net Current Assets/(Liabilities)
|
<193,229>
|
<330,366>
|
|
Net Tangible Assets
|
783,058
|
624,059
|
|
Net Monetary Assets
|
<364,164>
|
<474,478>
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
364,861
|
650,148
|
|
Total Liabilities
|
1,608,113
|
972,336
|
|
Total Assets
|
2,283,315
|
1,466,171
|
|
Net Assets
|
783,058
|
624,059
|
|
Net Assets Backing
|
675,202
|
493,835
|
|
Shareholders' Funds
|
675,202
|
493,835
|
|
Total Share Capital
|
500,000
|
500,000
|
|
Total Reserves
|
175,202
|
<6,165>
|
|
LIQUIDITY (Times)
|
|
|
|
Cash Ratio
|
0.00
|
0.02
|
|
Liquid Ratio
|
0.83
|
0.59
|
|
Current Ratio
|
0.87
|
0.61
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
1
|
0
|
|
Debtors Ratio
|
15
|
8
|
|
Creditors Ratio
|
16
|
1
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.54
|
1.32
|
|
Liabilities Ratio
|
2.38
|
1.97
|
|
Times Interest Earned Ratio
|
8.84
|
1.35
|
|
Assets Backing Ratio
|
1.57
|
1.25
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
1.02
|
0.09
|
|
Net Profit Margin
|
0.82
|
0.04
|
|
Return On Net Assets
|
32.68
|
6.85
|
|
Return On Capital Employed
|
23.82
|
3.69
|
|
Return On Shareholders' Funds/Equity
|
26.86
|
0.94
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|