|
EXECUTIVE SUMMARY
|
REGISTRATION
NO.
|
:
|
807980-X
|
|
COMPANY NAME
|
:
|
EAST MARINE
RESOURCES SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
28/02/2008
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED (LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
43B, 2ND
FLOOR, JALAN SATU, KAW 16, JALAN BATU TIGA, BERKELEY NEW TOWN CENTRE, 41300
KLANG, SELANGOR, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
129 JLN BUKIT
KUDA, 41300 KLANG, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-33430166
|
|
FAX.NO.
|
:
|
03-33437166
|
|
CONTACT PERSON
|
:
|
TAN YEW HUAT (
DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46329
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF
FOOD PRODUCTS, DRY CHILLIES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 500,000.00
DIVIDED INTO
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 200,000.00
DIVIDED INTO
ORDINARY SHARES 158,255 CASH AND 41,745 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 19,307,633
[2010]
|
|
NET WORTH
|
:
|
MYR 457,297 [2010]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2013]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
HIGH
|
|
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 food products, dry chillies.
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 YEW
HUAT +
|
146, TAMAN AUN
SAY, 34000 TAIPING, PERAK, MALAYSIA.
|
720219-08-5375
|
160,000.00
|
80.00
|
|
MR. LIEW WAI
CHENG +
|
1B-26-8 PEARL
POINT CONDO, JALAN SEPADU 3, OFF JALAN KLANG LAMA, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
730619-08-5525
|
30,000.00
|
15.00
|
|
MS. CHEW MAN
YEONG +
|
1410 JALAN
KAPOR, PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
861218-43-5520
|
10,000.00
|
5.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
200,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of
Subject
|
:
|
MS. CHEW MAN
YEONG
|
|
Address
|
:
|
1410 JALAN
KAPOR, PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
861218-43-5520
|
|
Date of Birth
|
:
|
18/12/1986
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
22/09/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. LIEW WAI
CHENG
|
|
Address
|
:
|
1B-26-8 PEARL POINT
CONDO, JALAN SEPADU 3, OFF JALAN KLANG LAMA, 58200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
730619-08-5525
|
|
Date of Birth
|
:
|
19/06/1973
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
22/09/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. TAN YEW
HUAT
|
|
Address
|
:
|
146, TAMAN AUN
SAY, 34000 TAIPING, PERAK, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
720219-08-5375
|
|
Date of Birth
|
:
|
19/02/1972
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
28/02/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of
Subject
|
:
|
TAN YEW HUAT
|
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
K.S. SOON AND
COMPANY
|
|
Auditor'
Address
|
:
|
2104-A, JALAN
MERU, 41050 KLANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
COMPANY SECRETARIES
|
1)
|
Company
Secretary
|
:
|
MS. WONG YOKE
QUI
|
|
|
|
|
|
|
|
New IC No
|
:
|
570814-10-6088
|
|
|
Address
|
:
|
26 JALAN SETIA
IMPIAN U13/6D, SETIA ALAM, SEKSYEN U13, 40170 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
HONG LEONG
BANK BHD
|
|
|
|
|
|
|
The SC enjoys
normal banking routine with above mentioned banker(s). No adverse record
was found during our investigation.
|
ENCUMBRANCE (S)
ENCUMBRANCE 1
|
Date of
Creation
|
:
|
05/01/2012
|
|
Description Of
Charge
|
:
|
|
|
Amount Secured
|
:
|
N/A
|
|
Description Of
Property Affected
|
:
|
|
|
Name &
Address Of Chargee
|
:
|
|
|
|
|
|
|
|
|
|
|
Form 40 Dated
10/01/2012
|
|
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
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
30 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH
CHEQUES
|
|
Type of
Customer
|
:
|
END
USERS,DEALERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
|
|
|
|
|
Ownership of
premises
|
:
|
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
COMPANY
|
10
|
10
|
10
|
10
|
8
|
5
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of food products,
dry chillies.
The SC supplies food products such as rice, flour, chillies, canned food and
others.
The SC keeps stock of the products.
The SC food products are of various brands.
PROJECTS
No projects found in our databank
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC
indicated that :
|
Telephone Number Provided By Client
|
:
|
0333430166
|
|
Current
Telephone Number
|
:
|
03-33430166
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Address
Provided by Client
|
:
|
129 JLN BUKIT KUDA,41300,KLANG,SELANGOR.
|
|
Current
Address
|
:
|
129 JLN BUKIT
KUDA, 41300 KLANG, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
NO
|
Other
Investigations
we contacted one of the staff from the SC and she provided some
information on the SC.
FINANCIAL ANALYSIS
|
The SC's
latest financial accounts are up to 2010 which is out dated in our opinion.
Therefore, our comment on the SC financial performance is restricted
thereto.
|
|
|
|
|
|
|
|
|
|
Overall
financial condition of the SC : N/A
|
MALAYSIA ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic
Indicators:
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
27.73
|
28.13
|
28.35
|
28.70
|
29.10
|
|
Gross Domestic
Products ( % )
|
4.6
|
<0.5>
|
7.2
|
5.5
|
5.3
|
|
Domestic
Demand ( % )
|
6.9
|
2.9
|
6.3
|
4.8
|
7.6
|
|
Private
Expenditure ( % )
|
7.1
|
<2.7>
|
8.1
|
7.0
|
8.7
|
|
Consumption (
% )
|
8.4
|
0.7
|
6.7
|
6.3
|
7.1
|
|
Investment ( %
)
|
1.5
|
<17.2>
|
17.7
|
16.2
|
15.9
|
|
Public
Expenditure ( % )
|
6.5
|
5.2
|
3.8
|
7.6
|
4.7
|
|
Consumption (
% )
|
11.6
|
3.1
|
0.2
|
8.9
|
3.0
|
|
Investment ( %
)
|
0.7
|
8.0
|
2.8
|
0.6
|
7.0
|
|
|
|
|
|
|
|
|
Balance of
Trade ( MYR Million )
|
129,563
|
89,650
|
118,356
|
116,058
|
-
|
|
Government
Finance ( MYR Million )
|
<34,462>
|
<28,450>
|
<40,482>
|
<45,511>
|
<43,021>
|
|
Government
Finance to GDP / Fiscal Deficit ( % )
|
<4.8>
|
<4.8>
|
<5.6>
|
<5.4>
|
<4.7>
|
|
Inflation ( %
Change in Composite CPI)
|
<3.3>
|
<5.2>
|
5.1
|
3.1
|
-
|
|
Unemployment
Rate
|
3.7
|
4.5
|
3.9
|
3.3
|
-
|
|
|
|
|
|
|
|
|
Net
International Reserves ( MYR Billion )
|
388
|
331
|
329
|
415
|
-
|
|
Average Risk-Weighted
Capital Adequacy Ratio ( % )
|
1.91
|
2.87
|
2.20
|
3.50
|
-
|
|
Average 3
Months of Non-performing Loans ( % )
|
13.24
|
11.08
|
15.30
|
14.80
|
-
|
|
Average Base
Lending Rate ( % )
|
6.72
|
5.53
|
6.30
|
6.60
|
-
|
|
Business Loans
Disbursed( % )
|
11.6
|
10.5
|
14.7
|
15.3
|
-
|
|
Foreign
Investment ( MYR Million )
|
23,261.4
|
22,156.8
|
22,517.9
|
23,546.1
|
-
|
|
Consumer Loans
( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Companies ( No. )
|
41,599
|
41,578
|
44,148
|
-
|
-
|
|
Registration
of New Companies ( % )
|
<4.0>
|
<0.1>
|
6.2
|
-
|
-
|
|
Liquidation of
Companies ( No. )
|
27,992
|
39,075
|
25,585
|
-
|
-
|
|
Liquidation of
Companies ( % )
|
23.7
|
39.6
|
<34.5>
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration
of New Business ( No. )
|
269,866
|
312,581
|
271,414
|
-
|
-
|
|
Registration
of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business
Dissolved ( No. )
|
18,885
|
19,345
|
19,738
|
-
|
-
|
|
Business
Dissolved ( % )
|
<7.6>
|
2.4
|
2.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New
Passenger Cars (' 000 Unit )
|
497.5
|
486.3
|
543.6
|
363.0
|
-
|
|
Cellular Phone
Subscribers ( Million )
|
25.1
|
30.1
|
32.8
|
35.3
|
-
|
|
Tourist
Arrival ( Million Persons )
|
21.5
|
23.6
|
24.6
|
25.3
|
-
|
|
Hotel Occupancy
Rate ( % )
|
68.0
|
58.0
|
63.0
|
51.3
|
-
|
|
|
|
|
|
|
|
|
Credit Cards
Spending ( % )
|
17.1
|
12.8
|
14.1
|
15.6
|
-
|
|
Bad Cheque
Offenders (No.)
|
34,834
|
36,667
|
33,568
|
27,208
|
-
|
|
Individual
Bankruptcy ( No.)
|
13,907
|
16,228
|
18,119
|
16,155
|
-
|
|
Individual
Bankruptcy ( % )
|
5.1
|
16.7
|
11.7
|
<10.8>
|
-
|
|
INDUSTRIES ( %
of Growth ):
|
2008
|
2009
|
2010
|
2011*
|
2012**
|
|
|
|
|
|
|
|
|
Agriculture
|
3.6
|
0.4
|
2.1
|
4.7
|
4.1
|
|
Palm Oil
|
7.0
|
<1.1>
|
<3.4>
|
7.3
|
-
|
|
Rubber
|
<1.1>
|
<19.8>
|
9.9
|
6.4
|
-
|
|
Forestry &
Logging
|
<1.5>
|
<5.9>
|
<3.3>
|
<4.7>
|
-
|
|
Fishing
|
4.0
|
5.5
|
5.6
|
2.8
|
-
|
|
Other
Agriculture
|
5.9
|
9.0
|
7.9
|
8.5
|
-
|
|
Industry Non-Performing
Loans ( MYR Million )
|
393.0
|
413.7
|
508.4
|
634.1
|
-
|
|
% of Industry
Non-Performing Loans
|
<2.0>
|
1.3
|
2.1
|
3.2
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.8>
|
<3.8>
|
0.2
|
<2.4>
|
2.5
|
|
Oil & Gas
|
12.7
|
2.1
|
0.5
|
<1.7>
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry
Non-performing Loans ( MYR Million )
|
36.0
|
44.2
|
49.7
|
46.5
|
-
|
|
% of Industry
Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing
#
|
1.3
|
<9.4>
|
11.4
|
5.6
|
4.5
|
|
Exported-oriented
Industries
|
2.7
|
<19.0>
|
12.1
|
2.8
|
-
|
|
Electrical
& Electronics
|
2.4
|
<30.3>
|
28.4
|
<4.9>
|
-
|
|
Rubber
Products
|
4.2
|
<10.1>
|
25.3
|
15.4
|
-
|
|
Wood Products
|
<6.0>
|
<24.1>
|
20.1
|
<7.3>
|
-
|
|
Textiles &
Apparel
|
1.9
|
<19.5>
|
<0.4>
|
14.8
|
-
|
|
Domestic-oriented
Industries
|
9.9
|
<9.8>
|
16.3
|
6.3
|
-
|
|
Food,
Beverages & Tobacco
|
9.5
|
0.2
|
3.0
|
4.2
|
-
|
|
Chemical &
Chemical Products
|
1.4
|
<7.7>
|
16.2
|
5.6
|
-
|
|
Plastic
Products
|
6.5
|
<9.1>
|
2.4
|
3.8
|
-
|
|
Iron &
Steel
|
16.8
|
<32.7>
|
29.3
|
2.4
|
-
|
|
Fabricated
Metal Products
|
14.7
|
<2.5>
|
14.9
|
25.2
|
-
|
|
Non-metallic
Mineral
|
8.3
|
<15.5>
|
20.2
|
16.3
|
-
|
|
Transport
Equipment
|
27.1
|
<13.5>
|
36.5
|
<9.4>
|
-
|
|
Paper &
Paper Products
|
8.6
|
<5.0>
|
18.7
|
15.6
|
-
|
|
Crude Oil
Refineries
|
7.8
|
0.2
|
<11.4>
|
9.3
|
-
|
|
Industry
Non-Performing Loans ( MYR Million )
|
5,729.4
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
|
% of Industry
Non-Performing Loans
|
16.8
|
18.3
|
23.8
|
25.7
|
-
|
|
|
|
|
|
|
|
|
Construction
|
2.1
|
5.8
|
5.1
|
4.4
|
7.0
|
|
Industry
Non-Performing Loans ( MYR Million )
|
4,149.8
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
|
% of Industry
Non-Performing Loans
|
12.2
|
9.9
|
10.7
|
10.2
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.3
|
2.6
|
6.5
|
6.4
|
6.5
|
|
Electric, Gas
& Water
|
5.0
|
0.4
|
8.5
|
5.6
|
4.8
|
|
Transport,
Storage & Communication
|
7.8
|
1.6
|
7.7
|
6.5
|
7.3
|
|
Wholesale,
Retail, Hotel & Restaurant
|
10.0
|
2.8
|
4.7
|
5.2
|
6.9
|
|
Finance,
Insurance & Real Estate
|
9.2
|
3.8
|
6.1
|
6.3
|
6.5
|
|
Government
Services
|
8.6
|
2.0
|
6.7
|
7.6
|
5.6
|
|
Other Services
|
5.9
|
4.4
|
4.2
|
5.4
|
5.7
|
|
Industry
Non-Performing Loans ( MYR Million )
|
8,281.4
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
|
% of Industry Non-Performing
Loans
|
24.3
|
20.2
|
25.7
|
23.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate /
Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY ANALYSIS
|
MSIC CODE
|
|
46329 :
Wholesale of other foodstuffs
|
|
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 2008, the SC is a Private Limited company, focusing on trading of food
products and dry chillies. The SC has been in business for 5 years and it
has slowly been building up contact with its clients while competing in the
industry. However, it has yet to enjoy a stable market shares as it need to
compete many well established players in the same field. With a weak
shareholders' backing, the SC's capital position is weak. Inadequate
capital may be a constraint to the SC as it limits its ability to expand
its business in future. The capital standing of the SC is weak. The SC may
face difficulties to expand its business compared to other large
corporation.
|
|
Investigation revealed that the SC concentrates only on the local market.
This narrow market segment has placed the SC at high business risk and
limits its business expansion opportunities. 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.
|
|
No latest financial accounts were filed with the Registry office during our
inspection. Therefore, our comment on the SC's overall financial
performance are restricted thereto.
|
|
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.
|
|
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. The SC however faces moderate business risk as it
has to compete with many well established players in the same field.
|
|
Due to the unavailability of the SC's latest financial information and
based on our assessment, we recommend credit be proceeded to the SC with
guarantee.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
EAST MARINE
RESOURCES SDN. BHD.
|
|
Financial Year
End
|
31/12/2010
|
31/12/2009
|
31/12/2008
|
|
Months
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
TURNOVER
|
19,307,633
|
12,542,319
|
4,095,562
|
|
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
19,307,633
|
12,542,319
|
4,095,562
|
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
269,640
|
54,408
|
40,424
|
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
269,640
|
54,408
|
40,424
|
|
Taxation
|
<72,721>
|
<17,140>
|
<17,314>
|
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
196,919
|
37,268
|
23,110
|
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
As previously
reported
|
60,378
|
23,110
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
As restated
|
60,378
|
23,110
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
257,297
|
60,378
|
23,110
|
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
257,297
|
60,378
|
23,110
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
Hire purchase
|
15,623
|
15,152
|
3,903
|
|
Others
|
13,000
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
|
|
28,623
|
15,152
|
3,903
|
BALANCE SHEET
|
EAST MARINE
RESOURCES SDN. BHD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
320,138
|
386,075
|
267,208
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
320,138
|
386,075
|
267,208
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
Stocks
|
419,919
|
283,028
|
74,088
|
|
Trade debtors
|
4,586,299
|
2,793,081
|
1,103,545
|
|
Other debtors,
deposits & prepayments
|
219,090
|
168,419
|
98,800
|
|
Amount due
from director
|
-
|
63,670
|
-
|
|
Cash &
bank balances
|
545,154
|
58,694
|
123,398
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
5,770,462
|
3,366,892
|
1,399,831
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
6,090,600
|
3,752,967
|
1,667,039
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
Trade creditors
|
4,055,424
|
2,823,893
|
821,557
|
|
Other
creditors & accruals
|
742,758
|
349,243
|
371,355
|
|
Hire purchase
& lease creditors
|
75,039
|
70,621
|
30,758
|
|
Amounts owing
to director
|
547,438
|
-
|
36,155
|
|
Provision for
taxation
|
55,200
|
16,519
|
15,087
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
5,475,859
|
3,260,276
|
1,274,912
|
|
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
294,603
|
106,616
|
124,919
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
614,741
|
492,691
|
392,127
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share
capital
|
200,000
|
200,000
|
100,000
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
200,000
|
200,000
|
100,000
|
|
|
|
|
|
|
RESERVES
|
|
|
|
|
Retained
profit/(loss) carried forward
|
257,297
|
60,378
|
23,110
|
|
Others
|
-
|
-
|
100,000
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
257,297
|
60,378
|
123,110
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
457,297
|
260,378
|
223,110
|
|
|
|
|
|
|
LONG TERM
LIABILITIES
|
|
|
|
|
Hire purchase
creditors
|
153,798
|
228,837
|
166,790
|
|
Deferred
taxation
|
3,646
|
3,476
|
2,227
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
157,444
|
232,313
|
169,017
|
|
|
----------------
|
----------------
|
----------------
|
|
|
614,741
|
492,691
|
392,127
|
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
FINANCIAL RATIO
|
EAST MARINE
RESOURCES SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
Cash
|
545,154
|
58,694
|
123,398
|
|
Net Liquid
Funds
|
545,154
|
58,694
|
123,398
|
|
Net Liquid
Assets
|
<125,316>
|
<176,412>
|
50,831
|
|
Net Current
Assets/(Liabilities)
|
294,603
|
106,616
|
124,919
|
|
Net Tangible
Assets
|
614,741
|
492,691
|
392,127
|
|
Net Monetary
Assets
|
<282,760>
|
<408,725>
|
<118,186>
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
Total
Borrowings
|
228,837
|
299,458
|
197,548
|
|
Total
Liabilities
|
5,633,303
|
3,492,589
|
1,443,929
|
|
Total Assets
|
6,090,600
|
3,752,967
|
1,667,039
|
|
Net Assets
|
614,741
|
492,691
|
392,127
|
|
Net Assets
Backing
|
457,297
|
260,378
|
223,110
|
|
Shareholders'
Funds
|
457,297
|
260,378
|
223,110
|
|
Total Share
Capital
|
200,000
|
200,000
|
100,000
|
|
Total Reserves
|
257,297
|
60,378
|
123,110
|
|
LIQUIDITY
(Times)
|
|
|
|
|
Cash Ratio
|
0.10
|
0.02
|
0.10
|
|
Liquid Ratio
|
0.98
|
0.95
|
1.04
|
|
Current Ratio
|
1.05
|
1.03
|
1.10
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
Stock Ratio
|
8
|
8
|
7
|
|
Debtors Ratio
|
87
|
81
|
98
|
|
Creditors
Ratio
|
77
|
82
|
73
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
Gearing Ratio
|
0.50
|
1.15
|
0.89
|
|
Liabilities
Ratio
|
12.32
|
13.41
|
6.47
|
|
Times Interest
Earned Ratio
|
10.42
|
4.59
|
11.36
|
|
Assets Backing
Ratio
|
3.07
|
2.46
|
1.96
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
Operating
Profit Margin
|
1.40
|
0.43
|
0.99
|
|
Net Profit
Margin
|
1.02
|
0.30
|
0.56
|
|
Return On Net
Assets
|
48.52
|
14.12
|
11.30
|
|
Return On
Capital Employed
|
43.24
|
12.35
|
10.48
|
|
Return On
Shareholders' Funds/Equity
|
43.06
|
14.31
|
10.36
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
|