MIRA INFORM REPORT

 

 

Report Date :

08.03.2013

 

IDENTIFICATION DETAILS

 

Name :

LIENG HUAT TRADING SDN. BHD.

 

 

Registered Office :

2991, 1st Floor, Jalan Maju, Taman Seri Maju, 14000 Bukit Tengah, Pulau Pinang

 

 

Country :

Malaysia

 

 

Financials (as on) : 

31.12.2011

 

 

Date of Incorporation :

01.12.2006

 

 

Com. Reg. No.:

755015-D

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Trading in all kinds of preserved, dried and processed foodstuff

 

 

No. of Employees :

10 [2013]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

Payment Behaviour :

Regular 

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.

:

755015-D

COMPANY NAME

:

LIENG HUAT TRADING SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/12/2006

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

2991, 1ST FLOOR, JALAN MAJU, TAMAN SERI MAJU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

BUSINESS ADDRESS

:

2715, JALAN KAMPUNG BARU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

TEL.NO.

:

04-5378392

FAX.NO.

:

04-5377423

CONTACT PERSON

:

PONG NYEK LAI ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

46329

PRINCIPAL ACTIVITY

:

TRADING IN ALL KINDS OF PRESERVED, DRIED AND PROCESSED FOODSTUFF

AUTHORISED CAPITAL

:

MYR 100,000.00 DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 100,000.00 DIVIDED INTO
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 13,693,225 [2011]

NET WORTH

:

MYR 158,303 [2011]

 

 

 

STAFF STRENGTH

:

10 [2013]

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

AVERAGE

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) trading in all kinds of preserved, dried and processed foodstuff.

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. TAN SOI KAU +

NO. 2715 KAMPUNG BARU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

510928-08-5495

79,999.00

80.00

MS. TAN YANG PENG +

NO. 20, LORONG 1/SS5,, BANDAR TASEK MUTIARA, 14120 SIMPANG AMPAT, PULAU PINANG, MALAYSIA.

780816-07-5030

20,000.00

20.00

MS. PONG NYEK LAI +

NO. 2715 KAMPUNG BARU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

560414-02-5044

1.00

0.00

 

 

 

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

------

 

 

 

100,000.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. PONG NYEK LAI

Address

:

NO. 2715 KAMPUNG BARU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

560414-02-5044

Date of Birth

:

14/04/1956

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

01/12/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MS. TAN YANG PENG

Address

:

NO. 20, LORONG 1/SS5,, BANDAR TASEK MUTIARA, 14120 SIMPANG AMPAT, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

780816-07-5030

Date of Birth

:

16/08/1978

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

01/12/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MR. TAN SOI KAU

Address

:

NO. 2715 KAMPUNG BARU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

 

 

 

New IC No

:

510928-08-5495

Date of Birth

:

28/09/1951

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

01/12/2006

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

PONG NYEK LAI

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

TAN YEN WOOI & CO

Auditor' Address

:

2991, (1ST FLOOR-SUITE 1), JALAN MAJU, TAMAN SERI MAJU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. GOH KIM LIAN

 

 

 

 

 

New IC No

:

750612-08-5934

 

Address

:

NO. 62, JALAN MERAWAN 2,, TAMAN MERAWAN, 09000 KULIM, KEDAH, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

27/11/2012

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

PUBLIC BANK BERHAD

 

 

 

 

 

 

 

Form 40 Dated 29/11/2012

Registered and Numbered 1 In The Register of Charges

 

LEGAL CHECK AGAINST SC


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

No legal action was found in our databank.

No winding up petition was found in our databank.

DEFAULTER CHECK AGAINST SC


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

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

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers.

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

 

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

X

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

 

 

 

 

 

 

 

 

 

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CASH
CHEQUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PRESERVED, DRIED AND PROCESSED FOODSTUFF

 

 

 

 

Total Number of Employees:

YEAR

2013

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

10

10

 

 

 

 

 

 

 

 

Branch

:

YES

 

Other Information:


The SC is principally engaged in the (as a / as an) trading in all kinds of preserved, dried and processed foodstuff.

The SC is engaged in the trading of food products, grocery products and others.

The SC sells the products in both loose and large quantities.

 

 

PROJECTS


No projects found in our databank

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

04-5378392

Match

:

N/A

 

 

 

Address Provided by Client

:

2001 JALAN UTARA BERAPIT VILLAGE 14000 BUKIT MERTAJAM PENANG

Current Address

:

2715, JALAN KAMPUNG BARU, 14000 BUKIT TENGAH, PULAU PINANG, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


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

The address provided belongs to the SC's branch.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2007 - 2011

]

 

Profit/(Loss) Before Tax

:

Increased

[

2007 - 2011

]

 

Return on Shareholder Funds

:

Acceptable

[

15.69%

]

 

Return on Net Assets

:

Acceptable

[

14.11%

]

 

 

 

 

 

 

 

 

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Current Ratio

:

Acceptable

[

1.00 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

[

11.51 Times

]

 

 

 

 

 

 

 

 

The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Generally, the SC's performance has improved with higher turnover and profit. 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 : FAIR

 

 

 

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

46329 : Wholesale of other foodstuffs

 

 

INDUSTRY :

TRADING

 

 

 


The wholesale and retail trade sector grew 7.1% in the first half of the year 2011 supported by strong consumer spending amid favourable labour market conditions and sustained disposable income. This was reflected in the higher distributive trade index which increased 15.9%, with wholesale and retail trade indices increasing 19.2% and 7.8%, respectively.


It is anticipated that the retail industry will grow 6.0 per cent in the year 2012.


Malaysia's retail sector for 2011 is expected to grow 6 per cent or RM81.59 billion worth of retail sales, similar to the year 2010, due to concerns of high oil prices, declining purchasing power and high cost of doing business. The Middle East and North Africa civil wars have caused the world oil prices to climb. This has led to further rise in the cost of running retail businesses, especially in terms of transportation cost. Many retailers have no choice but to pass the increased cost to end consumers. At the same time, natural disasters (tsunamis, floods, droughts, snow storms, tornadoes and earthquakes) that occurred in all parts of the world has also led to a shortage in the supply of food and raw materials. The phenomenon has pushed retail prices up.In addition, the continual removal of government subsidies since 2010 has pushed inflation upwards. Consequently, rising prices of retail goods contributed to an expectation of moderate performance.


During the first seven months of 2011, other consumption indicators such as imports of consumption goods and credit card spending increased 12.8% and 11.8%, respectively. Sales of motor vehicles declined 3% on account of supply chain disruptions following devastating March 2011 earthquake and tsunami in Japan.


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.


Meanwhile, the Government has introduced the Retail Shop Transformation (TUKAR) programme. Under this programme, selected large format retailers will assist small retailers to improve their premises and layout which include attractive product display shelves, enhanced lighting and point-of-sales system to manage product inventory,

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2006, the SC is a Private Limited company, focusing on trading in all kinds of preserved, dried and processed foodstuff. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. The SC is considered as small entity with paid up capital stand at RM100,000.


Over the years, the SC should have build up its clientele base and received supports from its regular customers. Investigation revealed that the SC's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the SC's business performance. Being a small company, the SC's business operation is supported by 10 employees. 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.


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. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The SC has high liabilities ratio and it may face financial difficulties if no additional capital is injected.


The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.


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)

LIENG HUAT TRADING 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

SUMMARY

FULL

FULL

SUMMARY

SUMMARY

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

13,693,225

12,536,361

10,700,696

10,003,927

6,397,071

 

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

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

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

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

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

Total Turnover

13,693,225

12,536,361

10,700,696

10,003,927

6,397,071

Costs of Goods Sold

-

<11,836,848>

<9,967,499>

-

-

 

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

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

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

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

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

Gross Profit

-

699,513

733,197

-

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

45,225

18,571

3,034

32,090

11,861

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

45,225

18,571

3,034

32,090

11,861

Taxation

<20,389>

<7,777>

<3,512>

<16,020>

<4,780>

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

24,836

10,794

<478>

16,070

7,081

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

33,467

22,673

23,151

7,081

-

 

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

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

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

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

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

As restated

33,467

22,673

23,151

7,081

-

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

58,303

33,467

22,673

23,151

7,081

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

58,303

33,467

22,673

23,151

7,081

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Bank overdraft

-

1,832

21,035

-

-

Bankers' acceptance

-

12,988

4,895

-

-

Hire purchase

-

6,702

6,331

-

-

Term loan / Borrowing

-

6,688

2,311

-

-

Others

-

1,200

-

-

-

 

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

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

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

 

 

 

-

29,410

34,572

 

 

 

 

 

BALANCE SHEET

 

 

LIENG HUAT TRADING SDN. BHD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

313,789

337,715

374,738

271,534

226,002

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

313,789

337,715

374,738

271,534

226,002

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Stocks

-

557,927

498,037

-

-

Trade debtors

-

1,516,560

1,376,458

-

-

Cash & bank balances

-

197,307

67,107

-

-

Others

-

3,387

-

-

-

 

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

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

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

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

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

TOTAL CURRENT ASSETS

1,666,943

2,275,181

1,941,602

1,509,243

1,427,072

 

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

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

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

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

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

TOTAL ASSET

1,980,732

2,612,896

2,316,340

1,780,777

1,653,074

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

-

1,543,742

1,424,227

-

-

Other creditors & accruals

-

69,815

67,272

-

-

Hire purchase & lease creditors

-

31,445

32,401

-

-

Bank overdraft

-

120,758

179,016

-

-

Short term borrowings/Term loans

-

11,456

12,045

-

-

Bill & acceptances payable

-

496,000

228,906

-

-

Provision for taxation

-

-

2,157

-

-

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,660,236

2,273,216

1,946,024

1,595,981

1,541,213

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

6,707

1,965

<4,422>

<86,738>

<114,141>

 

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

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

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

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

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

TOTAL NET ASSETS

320,496

339,680

370,316

184,796

111,861

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

100,000

100,000

100,000

100,000

100,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

100,000

100,000

100,000

100,000

100,000

 

 

 

 

 

 

RESERVES

 

 

 

 

 

Share premium

-

-

-

23,151

7,081

Retained profit/(loss) carried forward

58,303

33,467

22,673

-

-

 

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

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

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

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

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

TOTAL RESERVES

58,303

33,467

22,673

23,151

7,081

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

158,303

133,467

122,673

123,151

107,081

 

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

 

Long term loans

-

125,256

135,239

-

-

Hire purchase creditors

-

67,230

101,441

-

-

Deferred taxation

-

13,727

10,963

-

-

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

162,193

206,213

247,643

61,645

4,780

 

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

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

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

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

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

 

320,496

339,680

370,316

184,796

111,861

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

LIENG HUAT TRADING SDN. BHD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

-

197,307

67,107

-

-

Net Liquid Funds

-

76,549

<111,909>

-

-

Net Liquid Assets

6,707

<555,962>

<502,459>

<86,738>

<114,141>

Net Current Assets/(Liabilities)

6,707

1,965

<4,422>

<86,738>

<114,141>

Net Tangible Assets

320,496

339,680

370,316

184,796

111,861

Net Monetary Assets

<155,486>

<762,175>

<750,102>

<148,383>

<118,921>

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

-

356,145

460,142

-

-

Total Liabilities

1,822,429

2,479,429

2,193,667

1,657,626

1,545,993

Total Assets

1,980,732

2,612,896

2,316,340

1,780,777

1,653,074

Net Assets

320,496

339,680

370,316

184,796

111,861

Net Assets Backing

158,303

133,467

122,673

123,151

107,081

Shareholders' Funds

158,303

133,467

122,673

123,151

107,081

Total Share Capital

100,000

100,000

100,000

100,000

100,000

Total Reserves

58,303

33,467

22,673

23,151

7,081

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

-

0.09

0.03

-

-

Liquid Ratio

-

0.76

0.74

-

-

Current Ratio

1.00

1.00

1.00

0.95

0.93

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

-

16

17

-

-

Debtors Ratio

-

44

47

-

-

Creditors Ratio

-

48

52

-

-

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

-

2.67

3.75

-

-

Liabilities Ratio

11.51

18.58

17.88

13.46

14.44

Times Interest Earned Ratio

-

1.63

1.09

-

-

Assets Backing Ratio

3.20

3.40

3.70

1.85

1.12

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

0.33

0.15

0.03

0.32

0.19

Net Profit Margin

0.18

0.09

-0.00

0.16

0.11

Return On Net Assets

14.11

14.13

10.16

17.37

10.60

Return On Capital Employed

14.11

9.75

6.46

17.37

10.60

Return On Shareholders' Funds/Equity

15.69

8.09

<0.39>

13.05

6.61

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.54.74

UK Pound

1

Rs.82.14

Euro

1

Rs.71.27

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.