MIRA INFORM REPORT

 

 

Report Date :

14.09.2013

 

IDENTIFICATION DETAILS

 

Name :

CHIN HUAT TRADING SDN. BHD.

 

 

Registered Office :

36a, Lorong Gelugor, Off Persiaran Sultan Ibrahim, 41300 Klang, Selangor

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.08.2004

 

 

Com. Reg. No.:

663912-H

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Trading in Foodstuff

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. 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 about 35% of government revenue in 2011. Bank Negera Malaysia (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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

663912-H

COMPANY NAME

:

CHIN HUAT TRADING SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

25/08/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

36A, LORONG GELUGOR, OFF PERSIARAN SULTAN IBRAHIM, 41300 KLANG, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

LOT 8908, JALAN TELOK GONG, KAMPUNG TELOK GONG, PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

TEL.NO.

:

03-31343261

FAX.NO.

:

03-31343263

CONTACT PERSON

:

TAN CHEE SIANG ( DIRECTOR )

INDUSTRY CODE

:

46329

PRINCIPAL ACTIVITY

:

TRADING IN FOODSTUFF

AUTHORISED CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 500,000.00 DIVIDED INTO
ORDINARY SHARES 500,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 63,642,140 [2010]

NET WORTH

:

MYR 2,494,086 [2010]

STAFF STRENGTH

:

25 [2013]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

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) trading in 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 CHEE MENG +

NO.26, JALAN PLATINUM 7/36, SEKSYEN 7, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

710829-10-5039

100,000.00

20.00

MR. TAN CHEE SIANG +

NO.12, JALAN SETIA DUTA U13/23U, BANDAR ECO SETIA, SECTION U13, SETIA ALAM, 40170 SHAH ALAM, SELANGOR, MALAYSIA.

830923-10-5189

100,000.00

20.00

MR. TAN CHEE HOW +

NO.3, JALAN SETIA NUSANTARA U13/22P, BANDAR ECO SETIA PARK, SEKSYEN U13, SETIA ALAM, 40170 SHAH ALAM, SELANGOR, MALAYSIA.

810105-10-5429

100,000.00

20.00

REMAINING SHAREHOLDERS

 

 

200,000.00

40.00

 

 

 

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

------

 

 

 

500,000.00

100.00

 

 

 

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

=====

 

+ Also Director



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MS. POH AH JAI @ POW AH TAI

Address

:

NO.26, JALAN PLATINUM 7/36, SEKSYEN 7, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

New IC No

:

460928-10-5502

Date of Birth

:

28/09/1946

Nationality

:

MALAYSIAN

Date of Appointment

:

07/02/2012

 

DIRECTOR 2

 

Name Of Subject

:

MR. TAN CHEE MENG

Address

:

NO.26, JALAN PLATINUM 7/36, SEKSYEN 7, 40000 SHAH ALAM, SELANGOR, MALAYSIA.

New IC No

:

710829-10-5039

Date of Birth

:

29/08/1971

Nationality

:

MALAYSIAN

Date of Appointment

:

25/08/2004

 

DIRECTOR 3

 

Name Of Subject

:

MR. TAN CHEE HOW

Address

:

NO.3, JALAN SETIA NUSANTARA U13/22P, BANDAR ECO SETIA PARK, SEKSYEN U13, SETIA ALAM, 40170 SHAH ALAM, SELANGOR, MALAYSIA.

New IC No

:

810105-10-5429

Date of Birth

:

05/01/1981

Nationality

:

MALAYSIAN

Date of Appointment

:

06/09/2004

 

DIRECTOR 4

 

Name Of Subject

:

MR. TAN CHEE SIANG

Address

:

NO.12, JALAN SETIA DUTA U13/23U, BANDAR ECO SETIA, SECTION U13, SETIA ALAM, 40170 SHAH ALAM, SELANGOR, MALAYSIA.

 

 

 

New IC No

:

830923-10-5189

Date of Birth

:

23/09/1983

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

25/08/2004



MANAGEMENT

 

 

 

1)

Name of Subject

:

TAN CHEE SIANG

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

H.K. PHUAH & CO.

Auditor' Address

:

38A, LORONG GELUGOR, OFF PERSIARAN SULTAN IBRAHIM, 41300 KLANG, SELANGOR, MALAYSIA.

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. BERNARD LIM BOON SIANG

 

 

 

 

 

New IC No

:

610112-10-6183

 

Address

:

43,JLN.SG.KERAMAT 13, TMN.KLANG UTAMA, SELANGOR, MALAYSIA.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING 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

:

21/02/2012

Description Of Charge

:

1. FACILITY AGREEMENT 2. OPEN ALL MONIES 1ST PARTY LEGAL CHARGE

 

Amount Secured

:

N/A

Description Of Property Affected

:

PIECE OF LAND HELD UNDER TITLE NO HS(M) PT 8908, TEMPAT TELOK GONG, MUKIM AND DISTRICT OF KLANG STATE OF SELANGOR

 

Name & Address Of Chargee

:

RHB BANK BHD
PERSIARAN RAJA MUDA MUSA,, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

 

 

Form 40 Dated 22/02/2012

Registered and Numbered 001 In The Register of Charges


ENCUMBRANCE 2

Date of Creation

:

21/01/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

RHB BANK BERHAD

 

 

Form 40 Dated 22/02/2012

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

Import Countries

:

INDIA,CHINA



CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

 

 

 

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
CASH

Type of Customer

:

RETAIL,END USERS

 

 

OPERATIONS

 

Goods Traded

:

GROCERIES ITEMS

 

 

 

 

 

Total Number of Employees:

 

YEAR

2013

2012

2011

2009

 

GROUP

N/A

N/A

N/A

N/A

 

 

 

 

 

COMPANY

25

25

28

20

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) trading in foodstuff.

The SC offers a wide range of products including potatoes, onions, garlics, dried chillies, beans and other grocery items.

Besides that the SC also provides products based on the customers' requirements.


PROJECTS


No projects found in our databank

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Address Provided by Client

:

LOT 8908, JALAN TELOK GONG, KAMPUNG TELOK GONG, PANDAMARAN,42000,PELABUHAN KLANG,SELANGOR.

Current Address

:

LOT 8908, JALAN TELOK GONG, KAMPUNG TELOK GONG, PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

NO

 

 

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

 

 

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 2004, the SC is a Private Limited company, focusing on trading in 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 RM500,000.


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 25 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.


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.


In view of the above, we only 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)

CHIN HUAT TRADING SDN. BHD.

 

Financial Year End

31/12/2010

31/12/2009

31/12/2008

31/12/2007

31/12/2006

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

SUMMARY

Currency

MYR

MYR

MYR

MYR

MYR

TURNOVER

63,642,140

57,598,011

53,315,657

54,703,542

22,748,630

Other Income

17,604

117,423

-

-

-

 

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

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

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

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

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

Total Turnover

63,659,744

57,715,434

53,315,657

54,703,542

22,748,630

Costs of Goods Sold

<60,904,413>

<55,001,160>

-

-

-

 

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

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

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

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

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

Gross Profit

2,755,331

2,714,274

-

-

-

 

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

718,641

530,066

439,336

591,904

310,581

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

718,641

530,066

439,336

591,904

310,581

Taxation

<162,517>

<115,743>

<98,936>

<140,126>

<75,300>

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

556,124

414,323

340,400

451,778

235,281

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

1,437,962

1,023,639

683,239

231,461

<3,820>

 

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

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

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

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

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

As restated

1,437,962

1,023,639

683,239

231,461

<3,820>

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

1,994,086

1,437,962

1,023,639

683,239

231,461

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,994,086

1,437,962

1,023,639

683,239

231,461

 

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Bank overdraft

279

184

41

256

-

Bankers' acceptance

5,142

4,928

6,824

8,777

-

 

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

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

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

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

 

 

5,421

5,112

6,865

9,033

 

 

 

 

BALANCE SHEET

 

 

CHIN HUAT TRADING SDN. BHD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

251,886

330,001

432,031

363,356

212,891

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

251,886

330,001

432,031

363,356

212,891

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

Stocks

2,366,749

1,595,280

1,115,688

1,293,560

-

Trade debtors

7,771,718

5,742,684

3,994,805

5,626,308

-

Other debtors, deposits & prepayments

673,653

1,243,757

1,299,748

301,754

-

Amount due from director

-

-

-

4,752

-

Cash & bank balances

1,452,187

2,829,583

2,101,270

2,479,809

-

Others

-

125,738

65,652

-

-

 

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

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

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

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

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

TOTAL CURRENT ASSETS

12,264,307

11,537,042

8,577,163

9,706,183

6,861,506

 

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

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

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

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

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

TOTAL ASSET

12,516,193

11,867,043

9,009,194

10,069,539

7,074,397

 

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

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

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

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

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

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

9,435,247

9,180,057

5,793,979

8,047,605

-

Other creditors & accruals

275,691

278,729

1,069,321

394,601

-

Short term borrowings/Term loans

-

-

208,000

-

-

Amounts owing to director

247,632

442,775

386,995

382,974

-

Provision for taxation

36,407

-

-

35,000

-

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

9,994,977

9,901,561

7,458,295

8,860,180

6,327,936

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

2,269,330

1,635,481

1,118,868

846,003

533,570

 

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

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

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

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

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

TOTAL NET ASSETS

2,521,216

1,965,482

1,550,899

1,209,359

746,461

 

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

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

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

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

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

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

500,000

500,000

500,000

500,000

500,000

 

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

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

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

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

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

TOTAL SHARE CAPITAL

500,000

500,000

500,000

500,000

500,000

RESERVES

 

 

 

 

 

Retained profit/(loss) carried forward

1,994,086

1,437,962

1,023,639

683,239

231,461

 

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

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

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

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

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

TOTAL RESERVES

1,994,086

1,437,962

1,023,639

683,239

231,461

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

2,494,086

1,937,962

1,523,639

1,183,239

731,461

LONG TERM LIABILITIES

 

 

 

 

 

Deferred taxation

27,130

27,520

27,260

26,120

-

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

27,130

27,520

27,260

26,120

15,000

 

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

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

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

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

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

 

2,521,216

1,965,482

1,550,899

1,209,359

746,461

 

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

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

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

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

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

 

FINANCIAL RATIO

 

 

CHIN HUAT TRADING SDN. BHD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

1,452,187

2,829,583

2,101,270

2,479,809

-

Net Liquid Funds

1,452,187

2,829,583

2,101,270

2,479,809

-

Net Liquid Assets

<97,419>

40,201

3,180

<447,557>

533,570

Net Current Assets/(Liabilities)

2,269,330

1,635,481

1,118,868

846,003

533,570

Net Tangible Assets

2,521,216

1,965,482

1,550,899

1,209,359

746,461

Net Monetary Assets

<124,549>

12,681

<24,080>

<473,677>

518,570

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

0

0

208,000

0

-

Total Liabilities

10,022,107

9,929,081

7,485,555

8,886,300

6,342,936

Total Assets

12,516,193

11,867,043

9,009,194

10,069,539

7,074,397

Net Assets

2,521,216

1,965,482

1,550,899

1,209,359

746,461

Net Assets Backing

2,494,086

1,937,962

1,523,639

1,183,239

731,461

Shareholders' Funds

2,494,086

1,937,962

1,523,639

1,183,239

731,461

Total Share Capital

500,000

500,000

500,000

500,000

500,000

Total Reserves

1,994,086

1,437,962

1,023,639

683,239

231,461

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.15

0.29

0.28

0.28

-

Liquid Ratio

0.99

1.00

1.00

0.95

-

Current Ratio

1.23

1.17

1.15

1.10

1.08

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

14

10

8

9

-

Debtors Ratio

45

36

27

38

-

Creditors Ratio

57

61

40

54

-

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.00

0.00

0.14

0.00

-

Liabilities Ratio

4.02

5.12

4.91

7.51

8.67

Times Interest Earned Ratio

133.57

104.69

65.00

66.53

-

Assets Backing Ratio

8.40

6.55

5.17

4.03

2.49

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

1.13

0.92

0.82

1.08

1.37

Net Profit Margin

0.87

0.72

0.64

0.83

1.03

Return On Net Assets

28.72

27.23

28.77

49.69

41.61

Return On Capital Employed

28.72

27.23

28.77

49.69

41.61

Return On Shareholders' Funds/Equity

22.30

21.38

22.34

38.18

32.17

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

-

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.78

UK Pound

1

Rs.100.70

Euro

1

Rs.84.66

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.