|
|
REGISTRATION NO.
|
:
|
258146-M
|
|
COMPANY NAME
|
:
|
HDM FUTURES SDN. BHD.
|
|
FORMER NAME
|
:
|
HWANG-DBS FUTURES SDN BHD (19/10/1994)
|
|
INCORPORATION
DATE
|
:
|
16/02/1993
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
WISMA SRI PINANG, 60, GREEN HALL, LEVEL 7, 10200 GEORGE
TOWN, PULAU PINANG, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
16TH FLOOR, PLAZA MASALAM, 2 JALAN TENGKU AMPUAN ZABEDAH
E9/E, SECTION 9, 40100 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-2636996
|
|
FAX.NO.
|
:
|
04-2295832
|
|
EMAIL
|
:
|
FUTURES@HDBS.COM.MY
|
|
WEB SITE
|
:
|
WWW.HDBS.COM.MY
|
|
CONTACT PERSON
|
:
|
TAI SIEW MOI ( ASSISTANT GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
66129 64302
|
|
PRINCIPAL
ACTIVITY
|
:
|
LICENSED FUTURE BROKER DEALING IN OPTION AND FUTURE,
INVESTMENT HOLDING, UNIT TRUST & OTHERS
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 5,000,000.00 DIVIDED INTO
ORDINARY SHARE 5,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID
UP CAPITAL
|
:
|
MYR 5,000,000.00 DIVIDED INTO
ORDINARY SHARES 5,000,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 2,988,790 [2013]
|
|
NET WORTH
|
:
|
MYR 11,344,820 [2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
23 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
LIMITED
|
|
PAYMENT
|
:
|
AVERAGE
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL
REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The Subject 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 Subject must have at least two directors. A private
limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject 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 Subject
is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an)
licensed future broker dealing in option and future, investment holding, unit
trust & others.
The Subject is not listed on Bursa Malaysia (Malaysia
Stock Exchange).
The immediate holding company of the Subject is HWANG
CAPITAL (MALAYSIA) BERHAD, a company incorporated in MALAYSIA.
The ultimate holding company of the Subject is HWANG-DBS
(MALAYSIA) BERHAD, a company incorporated in MALAYSIA.
Share Capital History
|
Date
|
Authorised Shared Capital
|
Issue & Paid Up Capital
|
|
15/02/2013
|
MYR 5,000,000.00
|
MYR 5,000,000.00
|
The major shareholder(s) of the Subject are shown as
follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
HWANG CAPITAL (MALAYSIA) BERHAD
|
WISMA SRI PINANG, 60, GREEN HALL, LEVEL 8, 10200 GEORGE TOWN,
PULAU PINANG, MALAYSIA.
|
238969K
|
5,000,000.00
|
100.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
5,000,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. TAI SIEW MOI
|
|
Address
|
:
|
1, JALAN SS21/36, DAMANSARA UTAMA, 47400 PETALING JAYA,
SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
5357700
|
|
New IC No
|
:
|
580510-04-5000
|
|
Date of Birth
|
:
|
10/05/1958
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
01/11/2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MS. CHUA BEE CHIN
|
|
Address
|
:
|
6, JALAN DUTA, U1/12B, GLENHILL SAUJANA, 40150 SHAH
ALAM, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
5089665
|
|
New IC No
|
:
|
561207-10-5716
|
|
Date of Birth
|
:
|
07/12/1956
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
07/04/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
TAN SRI GEN YAACOB BIN MAT ZAIN (R)
|
|
Address
|
:
|
7, JALAN MAKTAB LIMA, 54000 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
351216-03-5005
|
|
Date of Birth
|
:
|
16/12/1935
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
07/04/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
HWANG LIP TEIK
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
TAI SIEW MOI
|
|
|
Position
|
:
|
ASSISTANT GENERAL MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
TUNKU NADZARUDDIN IBNI TUANKU JAAFAR
|
|
|
Position
|
:
|
CHAIRMAN
|
|
|
|
|
|
|
Auditor
|
:
|
PRICEWATERHOUSECOOPERS
|
|
Auditor' Address
|
:
|
BANGUNAN KWSP, JALAN SULTAN AHMAD SHAH, 16TH FLOOR,
10050 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
MS. MAH YEE WAN
|
|
|
IC / PP No
|
:
|
A2497871
|
|
|
New IC No
|
:
|
730304-07-5074
|
|
|
Address
|
:
|
7-5-1, JALAN GANGSA, GREENLANE HEIGHTS, 11600 PULAU
PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject 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
SUBJECT
|
* We have checked through the Subject 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.
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The Subject is a service providing company and does not have any trade
suppliers.
The Subject 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
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
N/A
|
|
Type of Customer
|
:
|
CORPORATES,END USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
:
|
|
OPTIONS AND FINANCIAL FUTURES, INVETSMENT HOLDING,
UNIT TRUST AND OTHERS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
SCOPE INTERNATIONAL (M) SDN BHD
|
|
SOUTHERN BANK BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
YEAR
|
2014
|
2013
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
23
|
40
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) licensed future
broker dealing in option and future, investment holding, unit trust &
others.
The Subject is a subsidiary company of Hwang-DBS Berhad
("Hwang-DBS").
The group engaged in the following acitivities:
1) Securities and bond trading
2) Dealing in financial futures and options
3) Corporate finance and advisory services
4) Capital financing
5) Fund and unit trust management and other management services
The group's core business is stockbroking which is carried on by its
wholly-owned subsidiary Hwang-DBS Securities.
The Subject is one of the leading Futures Brokers in Malaysia. As a General
Trading Participant of Bursa Malaysia Derivatives Berhad (BMDB), HDM Futures
trades in all BMDB products which include FTSE Bursa Malaysia KLCI futures
and options, Single Stock futures, Crude Palm Oil (CPO) futures, Crude Palm
Kernel Oil (CPKO) futures, USD denominated Crude Palm Oil (CPO) futures,
3-month Kuala Lumpur Interbank Offered Rate (KLIBOR) futures and Malaysian
Government Securities (MGS) futures. HDM Futures is also a Clearing
Participant of Bursa Malaysia Derivatives Clearing Berhad.
Latest fresh investigations carried out on the Subject
indicated that :
|
Telephone Number Provided By Client
|
:
|
03-5511 5198 / 603-5519 3398
|
|
Current Telephone Number
|
:
|
04-2636996
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Address Provided by Client
|
:
|
16TH FLOOR, PLAZA MASALAM,
NO. 2, JALAN TENGKU AMPUAN ZABEDAH E9/E
SECTION 9, 40100 SHAH ALAM,
SELANGOR DARUL EHSAN,
|
|
Current Address
|
:
|
16TH FLOOR, PLAZA MASALAM, 2 JALAN TENGKU AMPUAN ZABEDAH
E9/E, SECTION 9, 40100 SHAH ALAM, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
NO
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
On 13th August 2014, we conducted an interview with the Subject's staff from
the Subject and she provided some information on the Subject.
The address is incorrect.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
(11.82%)
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
(7.98%)
|
]
|
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due to the
lower demand for the Subject's products / services.The Subject incurred losses
during the year due to the inefficient control of its operating costs. The
Subject's unfavourable returns on shareholders' funds indicate the
management's inefficiency in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Nil
|
[
|
0 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the
Subject does not need to keep stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
1.32 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.32 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the
Subject in order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they
fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Unfavourable
|
[
|
(10.69 Times)
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.44 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not
generate sufficient income to service its interest. If the situation does
not improve, the Subject may be vulnerable to default in servicing the
interest. The Subject was lowly geared thus it had a low financial risk.
The Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject
being a lowly geared company, will be able to compete better than those
companies which are highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
The Subject's losses could be attributed to the lower
turnover which in turn could be the result of unfavourable market
conditions. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject's interest cover was negative, indicating that it
did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. The Subject as a lowly geared company, will be more
secured compared to those highly geared companies. It has the ability to
meet all its long term obligations.
|
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : LIMITED
|
MALAYSIA ECONOMIC / INDUSTRY
OUTLOOK
|
|
Major Economic Indicators:
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
28.13
|
28.35
|
28.70
|
29.30
|
29.80
|
|
Gross Domestic Products ( % )
|
(0.5)
|
7.2
|
5.1
|
5.6
|
5.3
|
|
Domestic Demand ( % )
|
2.9
|
6.3
|
8.2
|
9.4
|
5.6
|
|
Private Expenditure ( % )
|
(2.7)
|
8.1
|
8.2
|
8.0
|
7.4
|
|
Consumption ( % )
|
0.7
|
6.7
|
7.1
|
1.0
|
5.7
|
|
Investment ( % )
|
(17.2)
|
17.7
|
12.2
|
11.7
|
13.3
|
|
Public Expenditure ( % )
|
5.2
|
3.8
|
8.4
|
13.3
|
1.2
|
|
Consumption ( % )
|
3.1
|
0.2
|
16.1
|
11.3
|
(1.2)
|
|
Investment ( % )
|
8.0
|
2.8
|
(0.3)
|
15.9
|
4.2
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
89,650
|
118,356
|
116,058
|
106,300
|
110,700
|
|
Government Finance ( MYR Million )
|
(28,450)
|
(40,482)
|
(45,511)
|
(42,297)
|
(39,993)
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
(4.8)
|
(5.6)
|
(5.4)
|
(4.5)
|
(4.0)
|
|
Inflation ( % Change in Composite CPI)
|
(5.2)
|
5.1
|
3.1
|
1.6
|
2.5
|
|
Unemployment Rate
|
4.5
|
3.9
|
3.3
|
3.2
|
3.0
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
331
|
329
|
415
|
427
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
2.87
|
2.20
|
3.50
|
2.20
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
11.08
|
15.30
|
14.80
|
14.70
|
-
|
|
Average Base Lending Rate ( % )
|
5.53
|
6.30
|
6.60
|
6.53
|
-
|
|
Business Loans Disbursed( % )
|
10.5
|
14.7
|
15.3
|
32.2
|
-
|
|
Foreign Investment ( MYR Million )
|
22,156.8
|
22,517.9
|
23,546.1
|
26,230.4
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
41,578
|
44,148
|
45,455
|
45,441
|
-
|
|
Registration of New Companies ( % )
|
(0.1)
|
6.2
|
3.0
|
(0.0)
|
-
|
|
Liquidation of Companies ( No. )
|
39,075
|
25,585
|
132,476
|
-
|
-
|
|
Liquidation of Companies ( % )
|
39.6
|
(34.5)
|
417.8
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
312,581
|
271,414
|
284,598
|
324,761
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
19,345
|
19,738
|
20,121
|
-
|
-
|
|
Business Dissolved ( % )
|
2.4
|
2.0
|
1.9
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
486.3
|
543.6
|
535.1
|
552.2
|
-
|
|
Cellular Phone Subscribers ( Million )
|
30.1
|
32.8
|
35.3
|
38.5
|
-
|
|
Tourist Arrival ( Million Persons )
|
23.6
|
24.6
|
24.7
|
25.0
|
-
|
|
Hotel Occupancy Rate ( % )
|
58.0
|
63.0
|
60.6
|
62.4
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
12.8
|
14.1
|
15.6
|
12.6
|
-
|
|
Bad Cheque Offenders (No.)
|
36,667
|
33,568
|
32,627
|
26,982
|
-
|
|
Individual Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
-
|
|
Individual Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
-
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ):
|
2009
|
2010
|
2011
|
2012*
|
2013**
|
|
|
|
|
|
|
|
|
Agriculture
|
0.4
|
2.1
|
5.9
|
0.6
|
2.4
|
|
Palm Oil
|
(1.1)
|
(3.4)
|
10.8
|
(2.8)
|
-
|
|
Rubber
|
(19.8)
|
9.9
|
6.1
|
(0.6)
|
-
|
|
Forestry & Logging
|
(5.9)
|
(3.3)
|
(7.6)
|
(2.2)
|
-
|
|
Fishing
|
5.5
|
5.6
|
2.1
|
(0.7)
|
-
|
|
Other Agriculture
|
9.0
|
7.9
|
7.1
|
6.4
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
413.7
|
508.4
|
634.1
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
1.3
|
2.1
|
3.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Mining
|
(3.8)
|
0.2
|
(5.7)
|
1.5
|
2.7
|
|
Oil & Gas
|
2.1
|
0.5
|
(1.7)
|
-
|
-
|
|
Other Mining
|
-
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
44.2
|
49.7
|
46.5
|
-
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
-
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
(9.4)
|
11.4
|
4.7
|
4.2
|
4.9
|
|
Exported-oriented Industries
|
(19.0)
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical & Electronics
|
(30.3)
|
28.4
|
(4.9)
|
1.6
|
-
|
|
Rubber Products
|
(10.1)
|
25.3
|
15.4
|
3.6
|
-
|
|
Wood Products
|
(24.1)
|
20.1
|
(4.9)
|
4.6
|
-
|
|
Textiles & Apparel
|
(19.5)
|
(0.4)
|
14.8
|
(7.1)
|
-
|
|
Domestic-oriented Industries
|
(9.8)
|
16.3
|
6.5
|
8.6
|
-
|
|
Food, Beverages & Tobacco
|
0.2
|
3.0
|
4.2
|
-
|
-
|
|
Chemical & Chemical Products
|
(7.7)
|
16.2
|
5.5
|
9.9
|
-
|
|
Plastic Products
|
(9.1)
|
2.4
|
3.8
|
-
|
-
|
|
Iron & Steel
|
(32.7)
|
29.3
|
2.4
|
-
|
-
|
|
Fabricated Metal Products
|
(2.5)
|
14.9
|
25.2
|
-
|
-
|
|
Non-metallic Mineral
|
(15.5)
|
20.2
|
27.1
|
6.6
|
-
|
|
Transport Equipment
|
(13.5)
|
36.5
|
(10.4)
|
13.7
|
-
|
|
Paper & Paper Products
|
(5.0)
|
18.7
|
14.8
|
(7.8)
|
-
|
|
Crude Oil Refineries
|
0.2
|
(11.4)
|
9.3
|
-
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,007.3
|
6,217.5
|
6,537.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
18.3
|
23.8
|
25.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Construction
|
5.8
|
5.1
|
4.4
|
15.5
|
11.2
|
|
Industry Non-Performing Loans ( MYR Million )
|
3,241.8
|
4,038.5
|
3,856.9
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
9.9
|
10.7
|
10.2
|
-
|
-
|
|
|
|
|
|
|
|
|
Services
|
2.6
|
6.5
|
6.4
|
5.5
|
5.6
|
|
Electric, Gas & Water
|
0.4
|
8.5
|
5.6
|
4.8
|
-
|
|
Transport, Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.3
|
-
|
|
Wholesale, Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
6.9
|
-
|
|
Finance, Insurance & Real Estate
|
3.8
|
6.1
|
6.3
|
6.5
|
-
|
|
Government Services
|
2.0
|
6.7
|
7.6
|
5.6
|
-
|
|
Other Services
|
4.4
|
4.2
|
5.4
|
5.7
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,631.3
|
7,384.6
|
6,825.2
|
-
|
-
|
|
% of Industry Non-Performing Loans
|
20.2
|
25.7
|
23.4
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On Manufacturing Production Index
|
|
MSIC CODE
|
|
|
66129 : Other financial and commodity futures brokers
and dealers
|
|
64302 : Unit trust fund excludes REITs
|
|
|
|
|
INDUSTRY :
|
FINANCIAL SERVICES
|
|
|
|
|
|
|
The outlook for the financial services industry, particularly
in the insurance sector, is positive as Malaysia's increasing population
and rising disposable income will result in more people requiring financial
services.
|
|
|
|
According to Ministry of Finance, Malaysia's financial
services sector forcasted to grow 5.2% to the country's real gross domestic
product at the year 2013. This sector targeted to raise Malaysia's total
gross national income (GNI) from RM121.5 billion to RM180.2 billion and
create 275,400 jobs by 2020. The domestic private banking industry is
expected to continue its double-digit growth rates over the 2012-2015.
|
|
|
|
The insurance sector is forecast to see substantial
growth in the next 2013-2016 as continued diversification, consolidation and
international activity spur rising premiums and uptake of new services.
Moderate GDP growth for the rest of the year, however, could pose a
challenge to growth as the effects of a weakening global economy trickle
down to private consumers. Gross direct premiums are expected to reach
RM17.5billion in 2015.
|
|
|
|
At the end of July 2012, total loans outstanding
increased 13% to RM1,073.1 billion largely for the purchase of residential
properties and working capital, accounting for 27% and 24.7% respectively.
The growth in net interest income of the banking system is expected to be
complemented by higher fee-based income. The subsector is also anticipated
to benefit from the growing Islamic banking market. As at end-July 2012,
Islamic financing grew 19.3% to RM294.2 billion and accounted for 26.6% of
total loans by the banking system. Meanwhile, stockbroking activity
increased with a higher volume of share transactions at 18.4% to 222.2
billion units. In the insurance segment, life and general insurance are
anticipated to further contribute to the growth of the subsector supported
by an increase in new life insurance, and motor insurance policies.
|
|
|
|
The Government and Bank Negara would be assisting banks to
establish meaningful presence in priority markets and expand beyond Asean
through the acquisition of banking assets. With the insurance market in the
process of dynamic change, due to rising demand and regulatory changes that
aim both to increase solidity and allow greater international
participation, consolidation, diversification and the rise of the takaful
segment.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 1993, the Subject is a Private Limited company, focusing on
licensed future broker dealing in option and future, investment holding,
unit trust & others. The Subject has been in business for over two
decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near
term. The Subject is expected to enjoy a stable market shares. The
Subject is well backed by a listed company shareholders which would
stimulate further growth for the Subject. Hence, the potential growth of
the Subject is positive. The capital standing of the Subject is fair. With
an adequate share capital, the Subject has the potential of expanding its
business in future.
Over the years, the Subject should have build up its clientele base and
received supports from its regular customers. Investigation revealed that
the Subject's interest lies mostly in the local market. Thus, any adverse
changes to the local economy might have a negative impact on the Subject's
business performance. The Subject's business operation is supported by 23
employees. Overall, we regard that the Subject's management capability is
average.
Due to the challenging market conditions, the Subject's business
performance seems to be deteriorating and losses incurred. The Subject has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to genrate return. The
Subject however is in good liquidity position with its current liabilities
well covered by it current assets. Hence, it has sufficient working capital
to meet its short term financial obligations. Being a lowly geared company,
the Subject is exposed to low financial risk as it is mainly dependent on
its internal funds to finance its business needs. Given a positive net
worth standing at MYR 11,344,820, the Subject should be able to maintain
its business in the near terms.
The Subject's payment habit is average. With its adequate working capital,
the Subject 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 Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)
|
|
HDM FUTURES SDN. BHD.
|
|
Financial Year
End
|
2013-07-31
|
2012-07-31
|
2011-07-31
|
2010-07-31
|
2009-07-31
|
|
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
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
2,988,790
|
3,938,591
|
5,893,358
|
5,069,261
|
7,121,156
|
|
Other Income
|
2,040,883
|
2,024,495
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
5,029,673
|
5,963,086
|
5,893,358
|
5,069,261
|
7,121,156
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
(1,425,761)
|
35,592
|
845,982
|
323,445
|
2,255,819
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
(1,425,761)
|
35,592
|
845,982
|
323,445
|
2,255,819
|
|
Taxation
|
85,002
|
(18,603)
|
(225,248)
|
(91,098)
|
(579,451)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
(1,340,759)
|
16,989
|
620,734
|
232,347
|
1,676,368
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously reported
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
5,139,141
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
6,344,820
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
6,344,820
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Others
|
121,977
|
129,319
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
121,977
|
129,319
|
-
|
-
|
-
|
|
|
=============
|
=============
|
|
|
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
226,160
|
241,981
|
366,900
|
434,281
|
418,136
|
|
|
|
|
|
|
|
|
Fidelity fund
|
1,000,000
|
1,000,000
|
-
|
-
|
-
|
|
Others
|
1,045,000
|
2,100,000
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
2,045,000
|
3,100,000
|
-
|
2,100,000
|
2,100,000
|
|
|
|
|
|
|
|
|
Others
|
72,790
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL INTANGIBLE ASSETS
|
72,790
|
-
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
2,343,950
|
3,341,981
|
366,900
|
2,534,281
|
2,518,136
|
|
|
|
|
|
|
|
|
Other debtors, deposits & prepayments
|
505,457
|
578,237
|
-
|
-
|
-
|
|
Short term deposits
|
13,625,061
|
13,908,769
|
-
|
-
|
-
|
|
Cash & bank balances
|
104,198
|
93,597
|
-
|
-
|
-
|
|
Others
|
44,058,006
|
68,190,890
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
58,292,722
|
82,771,493
|
74,773,797
|
64,251,072
|
75,771,560
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
60,636,672
|
86,113,474
|
75,140,697
|
66,785,353
|
78,289,696
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
Other creditors & accruals
|
288,031
|
372,595
|
-
|
-
|
-
|
|
Other liabilities
|
44,003,821
|
68,042,720
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
44,291,852
|
68,415,315
|
57,404,767
|
49,656,277
|
61,385,472
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
14,000,870
|
14,356,178
|
17,369,030
|
14,594,795
|
14,386,088
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
16,344,820
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share capital
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
6,344,820
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
6,344,820
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
11,344,820
|
12,685,579
|
12,668,590
|
12,047,856
|
11,815,509
|
|
|
|
|
|
|
|
|
Long term loans
|
5,000,000
|
5,000,000
|
-
|
-
|
-
|
|
Others
|
-
|
12,580
|
-
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM LIABILITIES
|
5,000,000
|
5,012,580
|
5,067,340
|
5,081,220
|
5,088,715
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
16,344,820
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
13,729,259
|
14,002,366
|
-
|
-
|
-
|
|
Net Liquid Funds
|
13,729,259
|
14,002,366
|
-
|
-
|
-
|
|
Net Liquid Assets
|
14,000,870
|
14,356,178
|
17,369,030
|
14,594,795
|
14,386,088
|
|
Net Current Assets/(Liabilities)
|
14,000,870
|
14,356,178
|
17,369,030
|
14,594,795
|
14,386,088
|
|
Net Tangible Assets
|
16,272,030
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
|
Net Monetary Assets
|
9,000,870
|
9,343,598
|
12,301,690
|
9,513,575
|
9,297,373
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
|
Total Borrowings
|
5,000,000
|
5,000,000
|
-
|
-
|
-
|
|
Total Liabilities
|
49,291,852
|
73,427,895
|
62,472,107
|
54,737,497
|
66,474,187
|
|
Total Assets
|
60,636,672
|
86,113,474
|
75,140,697
|
66,785,353
|
78,289,696
|
|
Net Assets
|
16,344,820
|
17,698,159
|
17,735,930
|
17,129,076
|
16,904,224
|
|
Net Assets Backing
|
11,344,820
|
12,685,579
|
12,668,590
|
12,047,856
|
11,815,509
|
|
Shareholders' Funds
|
11,344,820
|
12,685,579
|
12,668,590
|
12,047,856
|
11,815,509
|
|
Total Share Capital
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
5,000,000
|
|
Total Reserves
|
6,344,820
|
7,685,579
|
7,668,590
|
7,047,856
|
6,815,509
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.31
|
0.20
|
-
|
-
|
-
|
|
Liquid Ratio
|
1.32
|
1.21
|
-
|
-
|
-
|
|
Current Ratio
|
1.32
|
1.21
|
1.30
|
1.29
|
1.23
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
0
|
0
|
-
|
-
|
-
|
|
Debtors Ratio
|
0
|
0
|
-
|
-
|
-
|
|
Creditors Ratio
|
0
|
0
|
-
|
-
|
-
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.44
|
0.39
|
-
|
-
|
-
|
|
Liabilities Ratio
|
4.34
|
5.79
|
4.93
|
4.54
|
5.63
|
|
Times Interest Earned Ratio
|
(10.69)
|
1.28
|
-
|
-
|
-
|
|
Assets Backing Ratio
|
3.25
|
3.54
|
3.55
|
3.43
|
3.38
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
|
Operating Profit Margin
|
(47.70)
|
0.90
|
14.35
|
6.38
|
31.68
|
|
Net Profit Margin
|
(44.86)
|
0.43
|
10.53
|
4.58
|
23.54
|
|
Return On Net Assets
|
(7.98)
|
0.93
|
4.77
|
1.89
|
13.34
|
|
Return On Capital Employed
|
(7.94)
|
0.93
|
4.77
|
1.89
|
13.34
|
|
Return On Shareholders' Funds/Equity
|
(11.82)
|
0.13
|
4.90
|
1.93
|
14.19
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
-
|
-
|
-
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
|
|
|
|