MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

PERKHIDMATAN KARGO TUMPATAN SDN BHD

 

 

Registered Office :

Batu 3 1/2, Pulau Gadong, 75200 Melaka, Melaka

 

 

Country :

Malaysia

 

 

Financials (as on) :

31.08.2013

 

 

Date of Incorporation :

25.06.1984

 

 

Com. Reg. No.:

122317-U

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Subject is engaged in the trading of animal feed.

 

 

No. of Employee :

50 [2014]

 

 

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 :

Slow but correct

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 32% of government revenue in 2013. Bank Negara 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 earlier raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.

 

Source : CIA

 

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

122317-U

COMPANY NAME

:

PERKHIDMATAN KARGO TUMPATAN SDN BHD

FORMER NAME

:

N/A

INCORPORATION DATE

:

25/06/1984

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

BATU 3 1/2, PULAU GADONG, 75200 MELAKA, MELAKA, MALAYSIA.

BUSINESS ADDRESS

:

3 1/2 MILES, PULAU GADONG, 75200 MELAKA, MELAKA, MALAYSIA.

TEL.NO.

:

06-3357285

FAX.NO.

:

06-3357301

CONTACT PERSON

:

LIOW CHYE HOCK ( MANAGING DIRECTOR )

 

 

 

INDUSTRY CODE

:

46902

PRINCIPAL ACTIVITY

:

TRADING OF ANIMAL FEED

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 2,000,016.00 DIVIDED INTO 
ORDINARY SHARES 1,000,008 CASH AND 1,000,008 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

MYR 157,279,052 [2013]

NET WORTH

:

MYR 9,371,488 [2013]

 

 

 

STAFF STRENGTH

:

50 [2014]

BANKER (S)

:

BANGKOK BANK BHD
HSBC BANK MALAYSIA BHD
HONG LEONG BANK BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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) trading of animal feed.

 

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

15/02/2013

MYR 5,000,000.00

MYR 2,000,016.00

31/03/1990

MYR 2,000,000.00

MYR 1,500,012.00

17/05/1987

MYR 2,000,000.00

MYR 1,000,008.00

01/12/1986

MYR 2,000,000.00

MYR 750,006.00

10/12/1985

MYR 250,002.00

MYR 0.00

11/02/1985

MYR 20,000.00

MYR 0.00

25/06/1984

MYR 2.00

MYR 0.00

 

The major shareholder(s) of the Subject are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

KILANG MEMPROSES BARANG2 TEMPATAN SDN. BHD.

3 1/2 M.S PULAU GADONG, 75200 MELAKA, MELAKA, MALAYSIA.

29134K

995,000.00

49.75

LILY ONG

75000,MELAKA, MALAYSIA.

0856887

320,000.00

16.00

MR. TREVI LIM TECK WEE

S208, FRINZA COURT, LOT 1500, JALAN ABDUL SAMAD, 80100 JOHOR BAHRU, JOHOR, MALAYSIA.

790910-04-5267

80,000.00

4.00

L.P.H.REALTY SDN.BHD.

187 TAMAN ASEAN, JALAN MALIM, 75250 MELAKA, MELAKA, MALAYSIA.

113489A

60,008.00

3.00

LIM SIAK CHIEW SDN. BHD.

19-F, JALAN BACHANG, 75350 BATU BERENDAM, MELAKA, MALAYSIA.

50056M

60,000.00

3.00

MS. FATIMAH BT.AHMAD

C-5035, KLEBANG BESAR, MELAKA, MALAYSIA.

380515-04-5038 3046963

54,168.00

2.71

MS. CHAN SOON MEE

295-G, JALAN ASEAN 5, TAMAN ASEAN MALIM, MELAKA, 75250 MELAKA, MELAKA, MALAYSIA.

540310-10-6060 4574680

43,752.00

2.19

MR. LOW ENG GUAN +

28 JALAN 1/149G, TAMAN SRI ENDAH, BANDAR BARU SERI PETALING, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

510826-10-5707 4131665

40,000.00

2.00

LIM YONG POH

25, TAMAN ASEAN, 3 1/2 MILESTONE, MALIM RD., MELAKA, MALAYSIA.

1053881

40,000.00

2.00

CHEW KAI CHUAN

632-I, TAMAN BUKIT MELAKA, 75450 AIR KEROH, MELAKA, MALAYSIA.

8154643

40,000.00

2.00

MR. ZULKIFLI BIN HASSAN

352-D, TAMAN BUNGA RAYA, 75450 AIR KEROH, MELAKA, MALAYSIA.

550315-04-5315 4758717

33,334.00

1.67

MR. BERNARD ONG CHIN YONG

17, TAMAN ASEAN, 75250 MELAKA, MELAKA, MALAYSIA.

681026-04-5087 A1126059

33,333.00

1.67

MR. DZUL ISKANDAR BIN YAHYA +

LOT 979, JALAN MERANTI, OFF TAMAN SAYANG SELASIH, 75200 MELAKA, MELAKA, MALAYSIA.

730424-04-5283 A2490195

27,085.00

1.35

MAIMOONA BINTI HASSAN

304A, RPA PADANG BESAR, PERLIS, MALAYSIA.

471001-04-5042 0854360

27,084.00

1.35

MS. LINDA NG BINTI ABDULLAH

4826 TAMAN SETIA, KLEBANG BESAR, MELAKA, 75200 MELAKA, MELAKA, MALAYSIA.

670627-04-5062 A0682190

27,084.00

1.35

MS. NOOR AINI BINTI HASSAN

C-5035, KLEBANG BESAR, 75250 MELAKA, MELAKA, MALAYSIA.

510930-04-5070 4188947

27,084.00

1.35

SITI MARIAM BTE HASSAN

LOT 6A, JALAN TEMENGGONG, 85000 SEGAMAT, JOHOR, MALAYSIA.

6158221

27,084.00

1.35

ONG CHEE JOON

22, JALAN PANTAI EMAS, KLEBANG BESAR, 75200 MELAKA, MELAKA, MALAYSIA.

1291845

25,000.00

1.25

LIOW CHAI GUAN.

187, TAMAN ASEAN, 75250 MELAKA, MELAKA, MALAYSIA.

5441626

20,000.00

1.00

LIM SIAK THOONG

90, JALAN TEMPLER, TEPLER AVENUE, NEGERI SEMBILAN, MALAYSIA.

1291452

20,000.00

1.00

 

 

 

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

------

 

 

 

2,000,016.00

100.00

 

 

 

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

=====

 

+ Also Director

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

ONG BOON BEE @ ONG BOON BEE

Address

:

17 TAMAN ASEAN, JALAN MALIM, 75250 MELAKA, MELAKA, MALAYSIA.

IC / PP No

:

0189749

 

 

 

 

 

 

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

20/08/1984

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. LIOW CHYE HOCK

Address

:

40, JALAN PB 3, TAMAN PUNCAK BERTAM, 75250 MELAKA, MELAKA, MALAYSIA.

IC / PP No

:

4679130

New IC No

:

541113-04-5005

Date of Birth

:

13/11/1954

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

28/05/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MS. LIM SIEW CHOO

Address

:

19-F, JALAN LORONG, BACHANG 2, 75350 BATU BERENDAM, MELAKA, MALAYSIA.

IC / PP No

:

5546810

New IC No

:

590403-04-5194

Date of Birth

:

03/04/1959

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

29/05/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MR. DZUL ISKANDAR BIN YAHYA

Address

:

LOT 979, JALAN MERANTI, OFF TAMAN SAYANG SELASIH, 75200 MELAKA, MELAKA, MALAYSIA.

IC / PP No

:

A2490195

New IC No

:

730424-04-5283

Date of Birth

:

24/04/1973

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

16/06/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MR. LOW ENG GUAN

Address

:

28 JALAN 1/149G, TAMAN SRI ENDAH, BANDAR BARU SERI PETALING, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

4131665

New IC No

:

510826-10-5707

Date of Birth

:

26/08/1951

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

07/11/1986

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

 

1)

Name of Subject

:

LIOW CHYE HOCK

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

LIM SIEW CHOO

 

Position

:

FINANCE DIRECTOR

 

 

 

 

 

3)

Name of Subject

:

ONG CHEE JOON

 

Position

:

ACCOUNT MANAGER

 

 

 

 

 

AUDITOR

 

Auditor

:

O.L. YEO & CO.

Auditor' Address

:

110A & B JALAN MELAKA RAYA 25, TAMAN MELAKA RAYA, 75000 MELAKA, MELAKA, MALAYSIA.

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

 

1)

Company Secretary

:

MR. LIOW CHYE HOCK

 

IC / PP No

:

4679130

 

New IC No

:

541113-04-5005

 

Address

:

40, JALAN PB 3, TAMAN PUNCAK BERTAM, 75250 MELAKA, MELAKA, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

MS. LAI FUI YAN

 

IC / PP No

:

A3516309

 

New IC No

:

770526-04-5408

 

Address

:

30 JALAN TMS 2, TAMAN TANJONG MINYAK SETIA, 75350 BATU BERENDAM, MELAKA, MALAYSIA.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BANGKOK BANK BHD

 

 

 

 

 

 

 

 

 

2)

Name

:

HSBC BANK MALAYSIA BHD

 

 

 

 

 

 

 

 

 

3)

Name

:

HONG LEONG BANK BHD

 

 

 

 

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

05/04/1990

N/A

BANGKOK BANK BERHAD

MYR 2,500,000.00

Satisfied

2

22/07/2008

OPEN CHARGE

BANGKOK BANK BHD

-

Unsatisfied

3

06/05/2009

SUPPLEMENTARY DEBENTURE

BANGKOK BANK BHD

-

Satisfied

4

04/08/2009

LETTER OF SET OFF

BANGKOK BANK BERHAD

MYR 9,950,000.00

Unsatisfied

5

15/11/2010

DEBENTURE

BANGKOK BANK BERHAD

-

Unsatisfied

6

15/11/2010

LETTER OF SET-OFF

BANGKOK BANK BERHAD

-

Unsatisfied

7

05/03/2012

LETTER OF SET-OFF

BANGKOK BANK BERHAD

-

Unsatisfied

8

15/03/2012

FIRST LEGAL CHARGE

HSBC BANK MALAYSIA BHD

-

Unsatisfied

9

20/03/2012

TRADE FINANCING GENERAL AGREEMENT & CHARGE ON SECURITY OVER DEPOSITS IN RESPECT OF OBLIGATIONS OF THE DEPOSITOR

HSBC BANK MALAYSIA BHD

MYR 5,000,000.00

Unsatisfied

10

30/04/2012

LETTER OF SET OFF FOR FIXED DEPOSIT & LETTER OF SET OFF FOR QUARTERLY FIXED DEPOSIT . THE 1ST FIXED DEPOSIT BUILD-UP IS TO COMMENCE 6 MONTHS FROM THE 1ST RELEASE OF FACILITIES

HONG LEONG BANK BHD

MYR 5,100,000.00

Unsatisfied

11

25/05/2012

LETTER OF SET-OFF

BANGKOK BANK BERHAD

-

Unsatisfied

12

27/06/2012

MEMORANDUM OF DEPOSIT OF FIXED DEPOSIT RECEIPT AND/OR NEGOTIABLE CERTIFICATE OF DEPOSIT (FIRST PARTY) & LETTER OF SET-OFF (FIRST PARTY)

MALAYAN BANKING BERHAD

MYR 7,500,000.00

Unsatisfied

 

LITIGATION 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.

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



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

[

X

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

MALAYSIA

Overseas

:

YES

 

 

 

Export Market

:

SINGAPORE

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES
CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

ANIMAL FEED

 

 

 

 

Ownership of premises

:

OWNED

 

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

2010

 

GROUP

N/A

N/A

N/A

N/A

N/A

 

 

 

 

COMPANY

50

50

50

50

54

 

 

 

 

 

Branch

:

YES

 

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of animal feed. 

The Subject's products ranges are including maize, starch, salt and others.

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

We were informed that the Subject has warehouse located at the same premises to keep its materials and products.

According to the Subject, it repacks its products into small or big quantity based on its customers' requirements. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

06-3357285

Match

:

N/A

 

 

 

Address Provided by Client

:

3 1/2 MILES, PULAU GADONG,75200,MELAKA,MELAKA.

Current Address

:

3 1/2 MILES, PULAU GADONG, 75200 MELAKA, MELAKA, MALAYSIA.

Match

:

YES

 

 

 

Latest Financial Accounts

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.



FINANCIAL ANALYSIS

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2009 - 2013

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

 

Return on Shareholder Funds

:

Unfavourable

[

5.73%

]

 

Return on Net Assets

:

Favourable

[

33.64%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

46 Days

]

 

Debtor Ratio

:

Favourable

[

41 Days

]

 

Creditors Ratio

:

Favourable

[

23 Days

]

 

 

 

 

 

 

 

 

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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

:

Unfavourable

[

0.75 Times

]

 

Current Ratio

:

Unfavourable

[

1.16 Times

]

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

1.25 Times

]

 

Gearing Ratio

:

Unfavourable

[

4.06 Times

]

 

 

 

 

 

 

 

 

The Subject'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 Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. Due to its weak liquidity position, the Subject 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 Subject. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject'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 Subject : POOR

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2011

2012

2013

2014*

2015**

 

 

 

 

 

 

Population ( Million)

28.7

29.3

29.8

30.3

30.5

Gross Domestic Products ( % )

5.1

5.6

5.3

6.0

6.0

Domestic Demand ( % )

8.2

9.4

5.6

6.4

6.2

Private Expenditure ( % )

8.2

8.0

8.6

7.9

6.9

Consumption ( % )

7.1

1.0

5.7

6.5

5.6

Investment ( % )

12.2

11.7

13.3

12.0

10.7

Public Expenditure ( % )

8.4

13.3

4.4

2.3

4.2

Consumption ( % )

16.1

11.3

(1.2)

2.1

3.8

Investment ( % )

(0.3)

15.9

4.2

2.6

4.7

 

 

 

 

 

 

Balance of Trade ( MYR Million )

116,058

106,300

71,298

52,314

-

Government Finance ( MYR Million )

(45,511)

(42,297)

(39,993)

(37,291)

-

Government Finance to GDP / Fiscal Deficit ( % )

(5.4)

(4.5)

(4.0)

(3.5)

(3.0)

Inflation ( % Change in Composite CPI)

3.1

1.6

2.5

3.3

4.0

Unemployment Rate

3.3

3.2

3.0

3.0

3.0

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

415

427

-

417

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

3.50

2.20

-

-

-

Average 3 Months of Non-performing Loans ( % )

14.80

14.70

-

-

-

Average Base Lending Rate ( % )

6.60

6.53

6.53

-

-

Business Loans Disbursed( % )

15.3

32.2

-

-

-

Foreign Investment ( MYR Million )

23,546.1

26,230.4

38,238.0

-

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

45,455

45,441

46,321

-

-

Registration of New Companies ( % )

3.0

(0.0)

1.9

-

-

Liquidation of Companies ( No. )

132,485

17,092

26,430

-

-

Liquidation of Companies ( % )

417.8

(87.1)

54.6

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

284,598

324,761

329,895

-

-

Registration of New Business ( % )

5.0

14.0

2.0

-

-

Business Dissolved ( No. )

20,121

20,380

18,161

-

-

Business Dissolved ( % )

1.9

1.3

(10.9)

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

535.1

552.2

576.7

598.4

610.3

Cellular Phone Subscribers ( Million )

35.3

38.5

43.0

43.8

-

Tourist Arrival ( Million Persons )

24.7

25.0

25.7

28.0

-

Hotel Occupancy Rate ( % )

60.6

62.4

62.6

-

-

 

 

 

 

 

 

Credit Cards Spending ( % )

15.6

12.6

-

-

-

Bad Cheque Offenders (No.)

32,627

26,982

28,876

-

-

Individual Bankruptcy ( No.)

19,167

19,575

21,984

-

-

Individual Bankruptcy ( % )

5.8

2.1

12.3

-

-

 

 

 

 

 

 



INDUSTRIES ( % of Growth ):

2011

2012

2013

2014*

2015**

 

 

 

 

 

 

Agriculture

5.8

1.0

2.1

3.8

3.1

Palm Oil

10.8

(0.3)

2.6

6.7

-

Rubber

6.1

(7.9)

(10.1)

(10.4)

-

Forestry & Logging

(7.6)

(4.5)

(7.8)

(4.2)

-

Fishing

2.1

4.3

1.6

2.7

-

Other Agriculture

7.1

6.4

8.2

6.2

-

Industry Non-Performing Loans ( MYR Million )

634.1

-

-

-

-

% of Industry Non-Performing Loans

3.2

-

-

-

-

 

 

 

 

 

 

Mining

(5.4)

1.4

0.9

(0.8)

2.8

Oil & Gas

(1.7)

-

-

-

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

46.5

-

-

-

-

% of Industry Non-performing Loans

0.1

-

-

-

-

 

 

 

 

 

 

Manufacturing #

4.7

4.8

3.4

6.6

5.5

Exported-oriented Industries

4.1

6.5

3.3

5.6

-

Electrical & Electronics

(4.0)

12.7

6.9

13.3

-

Rubber Products

20.7

3.0

11.7

(0.3)

-

Wood Products

(5.1)

8.7

(2.7)

5.1

-

Textiles & Apparel

13.2

(7.1)

(2.6)

11.5

-

Domestic-oriented Industries

10.7

1.7

6.8

9.4

-

Food, Beverages & Tobacco

4.80

2.70

3.60

6.13

6.13

Chemical & Chemical Products

10.0

10.8

5.6

-

-

Plastic Products

3.8

-

-

-

-

Iron & Steel

2.2

(6.6)

5.0

0.1

-

Fabricated Metal Products

21.8

13.8

9.9

2.9

-

Non-metallic Mineral

12.1

2.9

(2.0)

5.4

-

Transport Equipment

12.0

3.4

13.8

22.9

-

Paper & Paper Products

9.5

3.1

1.8

4.7

-

Crude Oil Refineries

9.3

-

-

-

-

Industry Non-Performing Loans ( MYR Million )

6,537.2

-

-

-

-

% of Industry Non-Performing Loans

25.7

-

-

-

-

 

 

 

 

 

 

Construction

4.7

18.6

10.9

12.7

10.7

Industry Non-Performing Loans ( MYR Million )

3,856.9

-

-

-

-

% of Industry Non-Performing Loans

10.2

-

-

-

-

 

 

 

 

 

 

Services

7.1

6.4

5.9

5.9

5.6

Electric, Gas & Water

3.5

4.4

4.2

3.6

3.9

Transport, Storage & Communication

6.50

7.10

7.30

7.50

7.15

Wholesale, Retail, Hotel & Restaurant

5.2

4.7

5.9

6.9

6.5

Finance, Insurance & Real Estate

6.90

9.70

3.70

4.65

4.25

Government Services

12.4

9.4

8.3

6.1

5.6

Other Services

5.1

3.9

5.1

4.8

4.5

Industry Non-Performing Loans ( MYR Million )

6,825.2

-

-

-

-

% of Industry Non-Performing Loans

23.4

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 

 

 

 

 

 

 



INDUSTRY ANALYSIS

 

MSIC CODE

46902 : Wholesale of animal/pet food

 

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade is expected to increase 7.1% in 2015 (2014: 7.7%) driven by strong domestic consumption and higher tourist arrivals following the Malaysia Year of Festivals 2015. Besides, in 2014, the wholesale and retail trade subsector is expected to increase 7.7% (2013: 6.4%) supported by strong domestic consumption.

 

According to Retail Group Malaysia (RGM), the pharmacy and personal care sub-sector had slow growth rate of 2.6% for the first quarter of 2014, while "other specialty stores" grew at a rate of 3.5%. During the first quarter of 2014, fashion and fashion accessories recorded a sustainable growth of 6.3% as compared with the same period last year (3.6%).

 

The retail segment increased 10.1% (January - June 2013: 7.1%) attributed to brisk sales in retail outlets such as hypermarkets and large-scale superstores. Since the launch of the Small Retailer Transformation programme (TUKAR) in January 2011 up to end-July 2014, 1,761 small retailer stores (end-July 2013: 1,381) have been modernized to improve their competitiveness. In addition, the strong growth of the retail segment was supported by 1Malaysia Unified Sales held from 29 June 2014 to 1 September 2014 to attract foreign and local tourists to shop in Malaysia. Meanwhile, the wholesale segment expanded 8.2% (January - June 2013: 4.9%) due to higher sales of non-agricultural intermediate products, such as petrol, diesel, lubricants and household goods. Furthermore, food and beverage outlets, laundry outlets, car wash centres, abd health and beauty outlets took a hit from the water rationing in the Klang Valley since February this year.

 

On the other hand, in 2014, Malaysia's total trade is expected to grow 5.2% to RM1.44 trillion (2013: 4.5%; RM1.37 trillion) underpinned by recovery in key advanced economies, resilient regional demand, and partly due to the base effect arising from sluggish exports in the corresponding period last year. Gross exports are anticipated to expand 6% to RM762.8 billion while import decreased 4.3% to RM677.2 billion (2013: 2.4%; RM719.8 billion; 7%; RM 649.1 billion). Consequently, the trade surplus is expected to be higher at RM85.6 billion or 7.9% of GDP in 2014 (2013: RM70.7 billion; 7.2%).

 

Furthermore, gross exports rebounded by 10.7% to RM441.3 billion during the first seven months of 2014 (January - July 2013: -2.8%; RM398.5 billion), with manufactured and mining exports rising at a double digit pace of 11.4% and 12.5%. Shipment of agriculture products grew at a slower pace of 2.7%, primarily due to lower receipts of crude rubber (-24.6%) while export growth of other commodities remained steady. Consequently, exports of manufactured and mining products are expected to grow 6.1% and 6.4% in 2014 (2013: 5.1%; 3.3%). Meanwhile, agriculture exports are expected to rebound sharply by 4.5% in 2014 (2013: -14.4%) despite moderating commodity prices. Malaysia's top 3 trading partners are China, Singapore, and Japan. 

 

Over 60% of Gross Domestic Product (GDP) is contributed by domestic consumption. Therefore the wholesale and retail sector plays a crucial role in driving Malaysia's growth over the next decade despite the ongoing global economic slowdown. By 2020, Malaysia's wholesale and retail sector is expected to boost the country's total Gross National Income (GNI) by RM156 billion, creating 454,190 new jobs.

 

 

OVERALL INDUSTRY OUTLOOK : Average Growth



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1984, the Subject is a Private Limited company, focusing on trading of animal feed. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of MYR 2,000,016 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject 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 Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at MYR 9,371,488, the Subject should be able to maintain its business in the near terms. 

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

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

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.

 



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

PERKHIDMATAN KARGO TUMPATAN SDN BHD

 

Financial Year End

2013-08-31

2012-08-31

2011-08-31

2010-08-31

2009-08-31

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

FULL

FULL

FULL

Currency

MYR

MYR

MYR

MYR

MYR

 

 

 

 

 

 

TURNOVER

157,279,052

193,763,557

138,717,015

118,333,272

87,655,583

Other Income

-

-

-

1,984,831

-

 

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

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

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

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

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

Total Turnover

157,279,052

193,763,557

138,717,015

120,318,103

87,655,583

Costs of Goods Sold

(149,318,201)

(184,807,150)

(131,032,757)

(110,092,269)

-

 

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

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

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

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

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

Gross Profit

7,960,851

8,956,407

7,684,258

10,225,834

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

643,067

2,062,845

1,937,626

1,551,308

1,484,114

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

643,067

2,062,845

1,937,626

1,551,308

1,484,114

Taxation

(106,377)

(515,464)

(383,904)

(424,362)

(446,747)

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

536,690

1,547,381

1,553,722

1,126,946

1,037,367

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

7,059,784

5,512,403

4,108,682

2,981,736

2,094,370

 

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

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

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

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

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

As restated

7,059,784

5,512,403

4,108,682

2,981,736

2,094,370

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

7,596,474

7,059,784

5,662,404

4,108,682

3,131,737

DIVIDENDS - Ordinary (paid & proposed)

(225,002)

-

(150,001)

-

(150,001)

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

7,371,472

7,059,784

5,512,403

4,108,682

2,981,736

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Bank overdraft

48,823

22,662

13,073

5,426

14,856

Hire purchase

29,991

39,263

39,279

57,203

34,929

Term loan / Borrowing

30,850

47,582

61,370

-

-

Trust receipts

2,424,113

1,606,219

1,063,961

688,794

704,499

Others

87,723

8,969

5,216

4,740

4,987

 

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

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

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

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

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

 

2,621,500

1,724,695

1,182,899

756,163

759,271

 

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

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

 

PERKHIDMATAN KARGO TUMPATAN SDN BHD

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

1,827,574

2,221,568

2,150,342

1,263,591

994,200

 

 

 

 

 

 

Investments

500

500

500

500

500

 

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

500

500

500

500

500

 

 

 

 

 

 

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

1,828,074

2,222,068

2,150,842

1,264,091

994,700

 

 

 

 

 

 

Stocks

19,676,161

10,153,621

9,929,469

3,291,543

5,447,675

Trade debtors

17,697,297

17,689,600

11,740,488

10,830,872

10,989,169

Other debtors, deposits & prepayments

4,436,065

6,352,243

557,819

861,511

1,164,639

Short term deposits

10,357,602

10,413,519

1,274,432

1,265,475

1,088,750

Amount due from director

-

-

-

15,809

17,673

Cash & bank balances

3,263,740

1,873,830

1,450,048

1,702,588

2,201,110

Others

446,000

90,579

216,579

18,791

-

 

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

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

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

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

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

TOTAL CURRENT ASSETS

55,876,865

46,573,392

25,168,835

17,986,589

20,909,016

 

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

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

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

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

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

TOTAL ASSET

57,704,939

48,795,460

27,319,677

19,250,680

21,903,716

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

9,492,177

3,541,998

2,461,916

1,353,403

10,040,052

Other creditors & accruals

754,841

1,492,573

802,330

359,543

302,716

Hire purchase & lease creditors

114,471

106,473

324,756

503,650

355,890

Bank overdraft

-

725,567

-

-

-

Short term borrowings/Term loans

224,798

208,087

191,478

183,050

166,321

Other borrowings

33,846,110

26,604,255

14,465,292

-

-

Bill & acceptances payable

3,569,000

6,385,000

1,077,000

9,706,843

4,581,528

Amounts owing to director

-

-

-

45,000

45,000

Provision for taxation

-

-

-

-

131,802

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

48,001,397

39,063,953

19,322,772

12,151,489

15,623,309

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

7,875,468

7,509,439

5,846,063

5,835,100

5,285,707

 

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

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

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

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

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

TOTAL NET ASSETS

9,703,542

9,731,507

7,996,905

7,099,191

6,280,407

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

2,000,016

2,000,016

2,000,016

2,000,016

2,000,016

 

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

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

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

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

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

TOTAL SHARE CAPITAL

2,000,016

2,000,016

2,000,016

2,000,016

2,000,016

 

 

 

 

 

 

Retained profit/(loss) carried forward

7,371,472

7,059,784

5,512,403

4,108,682

2,981,736

 

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

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

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

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

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

TOTAL RESERVES

7,371,472

7,059,784

5,512,403

4,108,682

2,981,736

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

9,371,488

9,059,800

7,512,419

6,108,698

4,981,752

 

 

 

 

 

 

Long term loans

50,957

276,139

484,486

670,865

833,679

Hire purchase creditors

281,097

395,568

-

319,628

464,976

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

332,054

671,707

484,486

990,493

1,298,655

 

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

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

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

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

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

 

9,703,542

9,731,507

7,996,905

7,099,191

6,280,407

 

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

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

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

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

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

 

 

 

 

 

 

FINANCIAL RATIO

 

 

PERKHIDMATAN KARGO TUMPATAN SDN BHD

 

 

TYPES OF FUNDS

 

 

 

 

 

Cash

13,621,342

12,287,349

2,724,480

2,968,063

3,289,860

Net Liquid Funds

10,052,342

5,176,782

1,647,480

(6,738,780)

(1,291,668)

Net Liquid Assets

(11,800,693)

(2,644,182)

(4,083,406)

2,543,557

(161,968)

Net Current Assets/(Liabilities)

7,875,468

7,509,439

5,846,063

5,835,100

5,285,707

Net Tangible Assets

9,703,542

9,731,507

7,996,905

7,099,191

6,280,407

Net Monetary Assets

(12,132,747)

(3,315,889)

(4,567,892)

1,553,064

(1,460,623)

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

38,086,433

34,701,089

16,543,012

11,384,036

6,402,394

Total Liabilities

48,333,451

39,735,660

19,807,258

13,141,982

16,921,964

Total Assets

57,704,939

48,795,460

27,319,677

19,250,680

21,903,716

Net Assets

9,703,542

9,731,507

7,996,905

7,099,191

6,280,407

Net Assets Backing

9,371,488

9,059,800

7,512,419

6,108,698

4,981,752

Shareholders' Funds

9,371,488

9,059,800

7,512,419

6,108,698

4,981,752

Total Share Capital

2,000,016

2,000,016

2,000,016

2,000,016

2,000,016

Total Reserves

7,371,472

7,059,784

5,512,403

4,108,682

2,981,736

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.28

0.31

0.14

0.24

0.21

Liquid Ratio

0.75

0.93

0.79

1.21

0.99

Current Ratio

1.16

1.19

1.30

1.48

1.34

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

46

19

26

10

23

Debtors Ratio

41

33

31

33

46

Creditors Ratio

23

7

7

4

42

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

4.06

3.83

2.20

1.86

1.29

Liabilities Ratio

5.16

4.39

2.64

2.15

3.40

Times Interest Earned Ratio

1.25

2.20

2.64

3.05

2.95

Assets Backing Ratio

4.85

4.87

4.00

3.55

3.14

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

0.41

1.06

1.40

1.31

1.69

Net Profit Margin

0.34

0.80

1.12

0.95

1.18

Return On Net Assets

33.64

38.92

39.02

32.50

35.72

Return On Capital Employed

33.25

35.85

37.50

30.35

33.80

Return On Shareholders' Funds/Equity

5.73

17.08

20.68

18.45

20.82

Dividend Pay Out Ratio (Times)

0.42

0.00

0.10

0.00

0.14

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

TPT

 

 

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

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NB

                                       New Business

 

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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.