MIRA INFORM REPORT

 

 

Report Date :

12.03.2013

 

IDENTIFICATION DETAILS

 

Name :

LUN HENG SDN BHD

 

 

Registered Office :

Suite 2-2-12 (Back Portion), Menara Klh, Off 2 1/2 Mile, Jalan Ipoh, 51200 Kuala Lumpur, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

23.03.1981

 

 

Com. Reg. No.:

68686-H

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Distributor of sundry goods and food products

 

 

No. of Employees :

60

 

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 :

No  Complaints 

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)

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

68686-H

COMPANY NAME

:

LUN HENG SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

23/03/1981

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

SUITE 2-2-12 (BACK PORTION), MENARA KLH, OFF 2 1/2 MILE, JALAN IPOH, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

LOT 47, JALAN BRP 9/2, TAMAN PERINDUSTRIAN PUTRA, RAHMAN PUTRA, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.

TEL.NO.

:

03-61576868

FAX.NO.

:

03-61578580

CONTACT PERSON

:

CHAN MOON THIAM ( MANAGING DIRECTOR )

 

 

 

INDUSTRY CODE

:

47111 46329

PRINCIPAL ACTIVITY

:

DISTRIBUTOR OF SUNDRY GOODS AND FOOD PRODUCTS

AUTHORISED CAPITAL

:

MYR 25,000,000.00 DIVIDED INTO
ORDINARY SHARE 25,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 13,590,000.00 DIVIDED INTO
ORDINARY SHARES 5,753,211 CASH AND 7,836,789 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 141,324,851 [2011]

NET WORTH

:

MYR 30,730,766 [2011]

 

 

 

STAFF STRENGTH

:

60 [2013]

BANKER (S)

:

ALLIANCE BANK MALAYSIA BHD
EON BANK BHD
HONG LEONG BANK BHD
HSBC BANK MALAYSIA BHD
OCBC BANK (MALAYSIA) BHD
PUBLIC BANK BHD
STANDARD CHARTERED BANK MALAYSIA BHD
UNITED OVERSEAS BANK (MALAYSIA) BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

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) distributor of sundry goods and food products.

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. CHAN MOON THIAM +

149, JALAN KRIAN, TAMAN RAINBOW,BATU 4 1/2, JALAN IPOH, 51100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

541127-10-5443

8,154,000.00

60.00

MR. CHAN CHEE HIM +

66,JLN.WANGSA SATU, BUKIT ANTARABANGSA, 68000 SELANGOR, MALAYSIA.

571214-10-5393

1,359,000.00

10.00

MR. CHAN BOON CHENG +

NO. 17, JALAN TASIK INDAH 7, TAMAN TASIK INDAH, OFF JLAN IPOH, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

601126-10-6307

1,359,000.00

10.00

MR. CHAN BOON KIEW +

NO.66,JLN.WANGSA 1, BUKIT ANTARABANGSA, SELANGOR, MALAYSIA.

521205-10-5169

1,359,000.00

10.00

MR. CHAN WAN CHUAN +

149,JALAN IPOH, TAMAN RAINBOW, BATU 4, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

770508-14-5499

1,155,150.00

8.50

MS. CHAN CHOOI CHENG

22, JALAN BUKIT IDAMAN 3/1, BUKIT IDAMAN GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA.

601126-10-6796

203,850.00

1.50

 

 

 

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

------

 

 

 

13,590,000.00

100.00

 

 

 

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

=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :



Local No

Company

(%)

As At

678091

LUN HENG PROPERTIES SDN BHD

100

30/06/2011

 

 

 

 

 

202258

LUN HENG IMPORT EXPORT & TRADING SDN BHD

99.99

30/06/2011

 

 

 

 

 

 

781400

LUN HENG DIVERSIFY SDN BHD

80

30/06/2011

 

 

 

 

 

 

 

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

MR. CHAN WAN KHOON

Address

:

77, JALAN SEMARAK ALI, SIERRAMAS, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

780824-14-6003

Date of Birth

:

24/08/1978

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

03/01/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. CHAN BOON WAN

Address

:

6,JLN.BRP 7/3B, BKT.RAHMAN PUTRA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

490820-10-5997

Date of Birth

:

20/08/1949

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

01/07/1983

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MR. CHAN WAN CHUAN

Address

:

149,JALAN IPOH, TAMAN RAINBOW, BATU 4, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

New IC No

:

770508-14-5499

Date of Birth

:

08/05/1977

 

 

 

Nationality

:

MALAYSIAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MR. CHAN CHEE HIM

Address

:

66,JLN.WANGSA SATU, BUKIT ANTARABANGSA, 68000 SELANGOR, MALAYSIA.

 

 

 

New IC No

:

571214-10-5393

Date of Birth

:

14/12/1957

 

 

 

Nationality

:

MALAYSIAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MR. CHAN BOON KIEW

Address

:

NO.66,JLN.WANGSA 1, BUKIT ANTARABANGSA, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

521205-10-5169

Date of Birth

:

05/12/1952

 

 

 

Nationality

:

MALAYSIAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

MR. CHAN BOON CHENG

Address

:

NO. 17, JALAN TASIK INDAH 7, TAMAN TASIK INDAH, OFF JLAN IPOH, 52100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

New IC No

:

601126-10-6307

Date of Birth

:

26/11/1960

 

 

 

Nationality

:

MALAYSIAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

MR. CHAN MOON THIAM

Address

:

149, JALAN KRIAN, TAMAN RAINBOW,BATU 4 1/2, JALAN IPOH, 51100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

New IC No

:

541127-10-5443

Date of Birth

:

27/11/1954

 

 

 

Nationality

:

MALAYSIAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

CHAN MOON THIAM

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

 

 

AUDITOR

 

Auditor

:

WONG WENG FOO & CO

Auditor' Address

:

41, DAMAI COMPLEX, JALAN DATO HAJI EUSOFF, 50400 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. YAP LEE FONG

 

 

 

 

 

New IC No

:

601228-10-6578

 

Address

:

8,JALAN 3, DESA JAYA, KEPONG;52100 KUALA LUMPUR., MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

2)

Name

:

EON BANK BHD

 

 

 

 

 

3)

Name

:

HONG LEONG BANK BHD

 

 

 

 

 

4)

Name

:

HSBC BANK MALAYSIA BHD

 

 

 

 

 

5)

Name

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

6)

Name

:

PUBLIC BANK BHD

 

 

 

 

 

7)

Name

:

STANDARD CHARTERED BANK MALAYSIA BHD

 

 

 

 

 

8)

Name

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

 

ENCUMBRANCE (S)



ENCUMBRANCE 1

Date of Creation

:

13/12/1988

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM700,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 10 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

19/06/1989

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM150,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 14 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

21/06/1990

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,100,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 16 In The Register of Charges



ENCUMBRANCE 4

Date of Creation

:

21/06/1990

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,100,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 18 In The Register of Charges



ENCUMBRANCE 5

Date of Creation

:

12/09/1990

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM650,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 19 In The Register of Charges



ENCUMBRANCE 6

Date of Creation

:

24/12/1990

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,400,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 20 In The Register of Charges



ENCUMBRANCE 7

Date of Creation

:

01/03/1991

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,100,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 21 In The Register of Charges



ENCUMBRANCE 8

Date of Creation

:

28/09/1991

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM300,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 24 In The Register of Charges



ENCUMBRANCE 9

Date of Creation

:

15/10/1992

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM150,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 29 In The Register of Charges



ENCUMBRANCE 10

Date of Creation

:

29/11/1994

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM12,460,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 39 In The Register of Charges



ENCUMBRANCE 11

Date of Creation

:

31/03/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM880,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 41 In The Register of Charges



ENCUMBRANCE 12

Date of Creation

:

31/03/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM880,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UNITED OVERSEAS BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 42 In The Register of Charges



ENCUMBRANCE 13

Date of Creation

:

23/05/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,100,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 44 In The Register of Charges



ENCUMBRANCE 14

Date of Creation

:

23/05/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 45 In The Register of Charges



ENCUMBRANCE 15

Date of Creation

:

23/05/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 46 In The Register of Charges



ENCUMBRANCE 16

Date of Creation

:

23/05/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,100,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 47 In The Register of Charges



ENCUMBRANCE 17

Date of Creation

:

23/05/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM2,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 48 In The Register of Charges



ENCUMBRANCE 18

Date of Creation

:

23/05/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM2,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 49 In The Register of Charges



ENCUMBRANCE 19

Date of Creation

:

28/08/1995

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,200,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 50 In The Register of Charges



ENCUMBRANCE 20

Date of Creation

:

25/04/1996

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM3,600,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

HONG LEONG BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 55 In The Register of Charges



ENCUMBRANCE 21

Date of Creation

:

31/10/1996

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM240,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

HONG LEONG BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 57 In The Register of Charges



ENCUMBRANCE 22

Date of Creation

:

17/12/1996

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM600,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 58 In The Register of Charges



ENCUMBRANCE 23

Date of Creation

:

27/12/1996

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM600,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OCBC BANK (MALAYSIA) BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 59 In The Register of Charges



ENCUMBRANCE 24

Date of Creation

:

16/10/1997

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM3,400,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ARAB-MALAYSIAN BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 61 In The Register of Charges



ENCUMBRANCE 25

Date of Creation

:

08/07/1998

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM35,207,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 64 In The Register of Charges



ENCUMBRANCE 26

Date of Creation

:

08/07/1998

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM23,207,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ORIENTAL BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 65 In The Register of Charges



ENCUMBRANCE 27

Date of Creation

:

30/11/1998

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM2,300,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 67 In The Register of Charges



ENCUMBRANCE 28

Date of Creation

:

09/12/1999

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM1,500,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

SOUTHERN BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 69 In The Register of Charges



ENCUMBRANCE 29

Date of Creation

:

05/06/2000

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM4,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

SOUTHERN BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 70 In The Register of Charges



ENCUMBRANCE 30

Date of Creation

:

01/06/2001

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM828,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 71 In The Register of Charges



ENCUMBRANCE 31

Date of Creation

:

01/06/2001

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM714,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 72 In The Register of Charges



ENCUMBRANCE 32

Date of Creation

:

19/10/2006

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM6,000,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

HSBC BANK MALAYSIA BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 74 In The Register of Charges



ENCUMBRANCE 33

Date of Creation

:

06/11/2007

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

RM20,700,000.00

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

EON BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 75 In The Register of Charges



ENCUMBRANCE 34

Date of Creation

:

26/11/2007

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

ALLIANCE BANK MALAYSIA BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 76 In The Register of Charges



ENCUMBRANCE 35

Date of Creation

:

15/05/2008

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

STANDARD CHARTERED BANK MALAYSIA BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 77 In The Register of Charges



ENCUMBRANCE 36

Date of Creation

:

08/06/2010

Description Of Charge

:

OPEN CHARGE

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

HONG LEONG BANK BHD

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered 78 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

:

YES

Overseas

:

YES

Import Countries

:

CHINA,INDIA,AUSTRALIA,TAIWAN



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

Type of Customer

:

DEALERS,END USERS

 

 

 

 

 

 

 

 

 

 

 

 


The SC only provide the credit terms to the long term customers and prefers cash from new customers.

OPERATIONS

 

Goods Traded

:

RICE, SUGAR, SALT, FLOUR, RED ONIONS, GARLIC, POTATOES, CANNED FOOD, DRIED CHILIES ETCN

 

 

 

Competitor(s)

:

IREKA SDN BHD

PACIFIC DEPARTMENT STORE SDN BHD

 

 

 

Member(s) / Affiliate(s)

:

MALAYSIA FOOD & BEVERAGE INDUSTRY

 

 

 

Ownership of premises

:

OWNED

 

Total Number of Employees:

 

YEAR

2013

2012

2011

2010

2009

 

 

 

 

 

GROUP

N/A

N/A

N/A

N/A

N/A

 

 

 

 

COMPANY

60

60

68

65

70

 

 

 

 

 

Branch

:

NO

Other Information:


The SC is principally engaged in the (as a / as an) distributor of sundry goods and food products.

Besides grocery items, the SC offers herbal and health drinks.

The SC also supplies canned foods includes lychee, pineapple, peach, green & red peas, mushrooms, beans and meat.

The SC sells its products in standard packagings. However, it is also able pack according to its customers' requirements.

We were informed that the SC has a warehouse located at the same premises to keep stocks and materials.

The SC sells its products both in 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

:

603 6157 6868

Current Telephone Number

:

03-61576868

Match

:

YES

 

 

 

Address Provided by Client

:

LOT 47, JALAN BRP 9/2, TAMAN PERINDUSTRIAN PUTRA (RAHMAN PUTRA), SUNGAI BULOH, SELANGOR DARUL EHSAN 47000

Current Address

:

LOT 47, JALAN BRP 9/2, TAMAN PERINDUSTRIAN PUTRA, RAHMAN PUTRA, 47000 SUNGAI BULOH, SELANGOR, 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.


FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2008 - 2011

]

 

Profit/(Loss) Before Tax

:

Increased

[

2008 - 2011

]

 

Return on Shareholder Funds

:

Unfavourable

[

4.91%

]

 

Return on Net Assets

:

Acceptable

[

10.21%

]

 

 

 

 

 

 

 

 

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 unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

23 Days

]

 

Debtor Ratio

:

Acceptable

[

60 Days

]

 

Creditors Ratio

:

Favourable

[

7 Days

]

 

 

 

 

 

 

 

 

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's management was quite efficient in handling its debtors. The SC's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The SC had a favourable creditors' ratio as evidenced by its favourable collection days. The SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Unfavourable

[

0.61 Times

]

 

Current Ratio

:

Unfavourable

[

0.76 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

1.78 Times

]

 

Gearing Ratio

:

Unfavourable

[

1.45 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Generally, the SC's performance has improved with higher turnover and profit. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

 

 

 

 

 

 

 

Overall financial condition of the SC : POOR

 

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

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>

-

 

 

 

 

 

 


NDUSTRIES ( % 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

47111 : Provision stores

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 1981, the SC is a Private Limited company, focusing on distributor of sundry goods and food products. The SC has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.


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 moderate size company, the SC has a total workforce of 60 employees in its business operations. 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. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at MYR 30,730,766, the SC should be able to maintain its business in the near terms.


Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC'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.


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)

LUN HENG SDN BHD

 

Financial Year End

30/06/2011

30/06/2010

30/06/2009

30/06/2008

Months

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

MYR

MYR

MYR

MYR

 

 

 

 

 

TURNOVER

141,324,851

132,595,719

122,557,623

130,601,069

 

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

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

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

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

Total Turnover

141,324,851

132,595,719

122,557,623

130,601,069

Costs of Goods Sold

<127,582,608>

<120,742,849>

<111,339,305>

<119,377,866>

 

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

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

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

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

Gross Profit

13,742,243

11,852,870

11,218,318

11,223,203

 

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

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

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

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

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

2,902,334

2,045,426

1,596,310

1,639,604

 

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

2,902,334

2,045,426

1,596,310

1,639,604

Taxation

<1,394,830>

<1,333,690>

<639,089>

<889,109>

 

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

1,507,504

711,736

957,221

750,495

Minority interests

2,908

1,428

<39>

<4,278>

Pre-acquisition profit/(loss)

-

<297,883>

-

-

 

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

1,510,412

415,281

957,182

746,217

Extraordinary items

<79,142>

-

-

6,283,887

 

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

1,431,270

415,281

957,182

7,030,104

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

8,244,043

10,079,266

11,372,588

6,562,484

 

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

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

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

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

As restated

8,244,043

10,079,266

11,372,588

6,562,484

 

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

9,675,313

10,494,547

12,329,770

13,592,588

DIVIDENDS - Ordinary (paid & proposed)

<2,250,504>

<2,250,504>

<2,250,504>

<2,220,000>

 

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

7,424,809

8,244,043

10,079,266

11,372,588

 

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

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

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

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

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Bank overdraft

310,446

302,328

400,480

365,881

Hire purchase

117,421

112,053

118,779

142,788

Revolving loans

2,076,153

1,754,977

2,015,526

2,531,746

Term loan / Borrowing

1,235,284

1,009,934

581,700

256,149

 

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

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

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

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

 

3,739,304

3,179,292

3,116,485

3,296,564

 

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

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

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

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

 

 

 

BALANCE SHEET

 

 

LUN HENG SDN BHD

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

79,825,703

72,637,699

62,106,614

54,001,201

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Investments

-

1,139,450

1,905,163

1,905,163

 

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

-

1,139,450

1,905,163

1,905,163

 

 

 

 

 

 

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

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

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

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

TOTAL LONG TERM ASSETS

79,825,703

73,777,149

64,011,777

55,906,364

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

9,086,337

8,153,648

12,747,891

14,720,870

Trade debtors

23,392,086

22,583,849

18,283,813

20,062,618

Other debtors, deposits & prepayments

2,498,620

3,607,371

3,144,501

3,946,550

Short term deposits

136,580

166,494

162,241

840,354

Amount due from director

3,041,676

3,056,771

2,880,826

2,860,827

Cash & bank balances

8,479,890

8,788,327

6,916,261

5,502,344

Others

53,784

25,604

7,378

702

 

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

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

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

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

TOTAL CURRENT ASSETS

46,688,973

46,382,064

44,142,911

47,934,265

 

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

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

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

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

TOTAL ASSET

126,514,676

120,159,213

108,154,688

103,840,629

 

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

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

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

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

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

2,566,871

1,517,596

1,207,045

1,864,747

Other creditors & accruals

1,730,806

1,666,538

1,444,865

1,191,804

Hire purchase & lease creditors

586,708

581,129

612,993

639,593

Bank overdraft

6,010,776

5,171,032

4,264,786

6,382,474

Short term borrowings/Term loans

2,181,531

2,238,129

2,656,584

1,900,706

Bill & acceptances payable

48,100,965

47,049,074

46,044,384

42,455,501

Provision for taxation

304,000

520,710

66,815

89,638

 

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

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

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

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

TOTAL CURRENT LIABILITIES

61,481,657

58,744,208

56,297,472

54,524,463

 

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

<14,792,684>

<12,362,144>

<12,154,561>

<6,590,198>

 

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

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

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

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

TOTAL NET ASSETS

65,033,019

61,415,005

51,857,216

49,316,166

 

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

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

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

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

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

13,590,000

13,590,000

13,590,000

13,590,000

 

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

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

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

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

TOTAL SHARE CAPITAL

13,590,000

13,590,000

13,590,000

13,590,000

 

 

 

 

 

RESERVES

 

 

 

 

Revaluation reserve

9,715,956

9,715,956

10,028,166

10,028,166

Retained profit/(loss) carried forward

7,424,809

8,244,043

10,079,266

11,372,588

 

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

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

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

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

TOTAL RESERVES

17,140,765

17,959,999

20,107,432

21,400,754

 

 

 

 

 

MINORITY INTEREST

1

2,909

4,337

4,298

 

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

30,730,766

31,552,908

33,701,769

34,995,052

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

Long term loans

32,037,999

27,981,916

16,214,147

12,026,355

Hire purchase creditors

1,613,254

1,454,181

1,699,300

1,929,759

Deferred taxation

651,000

426,000

242,000

365,000

 

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

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

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

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

TOTAL LONG TERM LIABILITIES

34,302,253

29,862,097

18,155,447

14,321,114

 

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

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

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

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

 

65,033,019

61,415,005

51,857,216

49,316,166

 

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

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

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

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

 

 

 

 

 

Contingent Liabilities

31,800,245

26,611,122

14,372,004

7,832,277

 

 

 

FINANCIAL RATIO

 

 

LUN HENG SDN BHD

 

TYPES OF FUNDS

 

 

 

 

Cash

8,616,470

8,954,821

7,078,502

6,342,698

Net Liquid Funds

2,605,694

3,783,789

2,813,716

<39,776>

Net Liquid Assets

<23,879,021>

<20,515,792>

<24,902,452>

<21,311,068>

Net Current Assets/(Liabilities)

<14,792,684>

<12,362,144>

<12,154,561>

<6,590,198>

Net Tangible Assets

65,033,019

61,415,005

51,857,216

49,316,166

Net Monetary Assets

<58,181,274>

<50,377,889>

<43,057,899>

<35,632,182>

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

44,506,421

39,181,364

27,463,336

25,410,633

Total Liabilities

95,783,910

88,606,305

74,452,919

68,845,577

Total Assets

126,514,676

120,159,213

108,154,688

103,840,629

Net Assets

65,033,019

61,415,005

51,857,216

49,316,166

Net Assets Backing

30,730,766

31,552,908

33,701,769

34,995,052

Shareholders' Funds

30,730,766

31,552,908

33,701,769

34,995,052

Total Share Capital

13,590,000

13,590,000

13,590,000

13,590,000

Total Reserves

17,140,765

17,959,999

20,107,432

21,400,754

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.14

0.15

0.13

0.12

Liquid Ratio

0.61

0.65

0.56

0.61

Current Ratio

0.76

0.79

0.78

0.88

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

23

22

38

41

Debtors Ratio

60

62

54

56

Creditors Ratio

7

5

4

6

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

1.45

1.24

0.81

0.73

Liabilities Ratio

3.12

2.81

2.21

1.97

Times Interest Earned Ratio

1.78

1.64

1.51

1.50

Assets Backing Ratio

4.79

4.52

3.82

3.63

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

2.05

1.54

1.30

1.26

Net Profit Margin

1.07

0.31

0.78

0.57

Return On Net Assets

10.21

8.51

9.09

10.01

Return On Capital Employed

9.01

7.58

8.02

8.38

Return On Shareholders' Funds/Equity

4.91

1.32

2.84

2.13

Dividend Pay Out Ratio (Times)

1.49

5.42

2.35

2.98

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

31,800,245

26,611,122

14,372,004

7,832,277




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.81.09

Euro

1

Rs.70.61

 

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.