MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MENG SIANG TRADING & SERVICES SDN. BHD. |
|
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|
Registered Office : |
10A, |
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Country : |
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|
|
|
Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
07.04.2004 |
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Com. Reg. No.: |
648154-K |
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Legal Form : |
Private Limited |
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Line of Business : |
Providing of jetty services, forwarding services |
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No of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
No Complaints |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
REGISTRATION NO. |
: |
648154-K |
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|
COMPANY NAME |
: |
MENG SIANG
TRADING & SERVICES SDN. BHD. |
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|
FORMER NAME |
: |
N/A |
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INCORPORATION DATE |
: |
07/04/2004 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
PRIVATE LIMITED |
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LISTED STATUS |
: |
NO |
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REGISTERED ADDRESS |
: |
10A, LEBUH GOPENG, 41400 KLANG, SELANGOR,
MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
JETTY AWAL IDAMAN, SUNGAI RABUAN GURAB,
PULAU INDAH, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-31015184/31663055 |
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|
FAX.NO. |
: |
03-31013251 |
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|
CONTACT PERSON |
: |
TAN CHEE MENG ( DIRECTOR ) |
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|
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INDUSTRY CODE |
: |
52291 |
||||
|
PRINCIPAL ACTIVITY |
: |
PROVIDING OF JETTY SERVICES, FORWARDING
SERVICES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 100,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 23,799,581 [2012] |
||||
|
NET WORTH |
: |
MYR 2,249,274 [2012] |
||||
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|
|
|
||||
|
STAFF STRENGTH |
: |
15 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
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PAYMENT |
: |
FAIR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
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|
|
|
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|
COMMERCIAL RISK |
: |
LOW |
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|
CURRENCY EXPOSURE |
: |
MODERATE |
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|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
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) providing of jetty services,
forwarding services.
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 100,000.00 |
MYR 100,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MS. TAN SOH HONG + |
1, JALAN JELAI 1, KAWASAN 9, OFF JALAN KIM
CHUAN PANDAMARAN, 42000 PORT KLANG, MALAYSIA. |
700623-10-5528
A1541942 |
25,000.00 |
25.00 |
|
MR. TAN CHEE KEONG + |
1, JALAN JELAI 1, KAWASAN 9, OFF JALAN KIM
CHUAN PANDAMARAN, PORT KLANG, 41200 KLANG, SELANGOR, MALAYSIA. |
751220-10-5283 |
25,000.00 |
25.00 |
|
MR. TAN CHEE MENG + |
1, JALAN JELAI 1, OFF JALAN KIM CHUAN,
PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
710829-10-5039
A1935754 |
25,000.00 |
25.00 |
|
MS. GAN BEE LING + |
951, JLN LETCHUMANAN, PANDAMARAN, 42000
PELABUHAN KLANG, SELANGOR, MALAYSIA. |
760229-10-5102
A3234465 |
25,000.00 |
25.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
100,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. TAN CHEE MENG |
|
Address |
: |
1, JALAN JELAI 1, OFF JALAN KIM CHUAN,
PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1935754 |
|
New IC No |
: |
710829-10-5039 |
|
Date of Birth |
: |
29/08/1971 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/12/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. TAN CHEE KEONG |
|
Address |
: |
1, JALAN JELAI 1, KAWASAN 9, OFF JALAN KIM
CHUAN PANDAMARAN, PORT KLANG, 41200 KLANG, SELANGOR, MALAYSIA. |
|
|
|
|
|
New IC No |
: |
751220-10-5283 |
|
Date of Birth |
: |
20/12/1975 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/04/2004 |
DIRECTOR 3
|
Name Of Subject |
: |
MS. TAN SOH HONG |
|
Address |
: |
1, JALAN JELAI 1, KAWASAN 9, OFF JALAN KIM
CHUAN PANDAMARAN, 42000 PORT KLANG, MALAYSIA. |
|
IC / PP No |
: |
A1541942 |
|
New IC No |
: |
700623-10-5528 |
|
Date of Birth |
: |
23/06/1970 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
07/04/2004 |
DIRECTOR 4
|
Name Of Subject |
: |
MS. GAN BEE LING |
|
Address |
: |
951, JLN LETCHUMANAN, PANDAMARAN, 42000
PELABUHAN KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A3234465 |
|
New IC No |
: |
760229-10-5102 |
|
Date of Birth |
: |
29/02/1976 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
29/12/2004 |
|
1) |
Name of Subject |
: |
TAN CHEE MENG |
|
|
Position |
: |
DIRECTOR |
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2) |
Name of Subject |
: |
LINDA |
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Position |
: |
ACCOUNT MANAGER |
|
Auditor |
: |
THIANG & CO. |
|
Auditor' Address |
: |
10, LEBUH GOPENG, 41400 KLANG, SELANGOR,
MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. LIM LILY |
|
|
IC / PP No |
: |
2266045 |
|
|
New IC No |
: |
470602-10-5966 |
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Address |
: |
77, JALAN IBUS, SOUTHERN PARK, 41200
KLANG, SELANGOR, MALAYSIA. |
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2) |
Company Secretary |
: |
MS. TONG MEI FONG |
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New IC No |
: |
570621-10-6276 |
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Address |
: |
225, JALAN LADANG PALM GROVE, 41200 KLANG,
SELANGOR, MALAYSIA. |
Banking relations are maintained principally
with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
09/12/2011 |
FACILITIES
AGREEMENT |
PUBLIC BANK BHD |
- |
Unsatisfied |
* A check has been conducted in our databank against 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.
* 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 |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
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 |
[ |
|
] |
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Average 61-90 Days |
[ |
|
] |
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Fair 91-120 Days |
[ |
X |
] |
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Poor >120 Days |
[ |
|
] |
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Local |
: |
YES |
|||
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Domestic Markets |
: |
MALAYSIA |
|||
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Overseas |
: |
YES |
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Export Market |
: |
INDONESIA |
|||
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Credit Term |
: |
30 - 60 DAYS |
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Payment Mode |
: |
CHEQUES |
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Services |
: |
JETTY SERVICES, FORWARDING SERVICES
|
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Competitor(s) |
: |
CJ GLS MALAYSIA SDN BHD
|
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Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
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|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
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|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
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COMPANY |
15 |
15 |
15 |
15 |
15 |
|
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Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) providing of jetty
services, forwarding services.
The Subject is engaged in the following services:
* Forwarding services
* Jetty handling services
The Subject provides its services according to its customers' requirements.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-31015184/31663055 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
JETTY AWAL IDAMAN, LOT 74080 SEKSYEN 1,
JALAN SUNGAI RABUAN GURAB PULAU INDAH 42920 PORT KLANG |
|
Current Address |
: |
JETTY AWAL IDAMAN, SUNGAI RABUAN GURAB,
PULAU INDAH, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.30% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
14.90% |
] |
|
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|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services. 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. |
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Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Nil |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
97 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
88 Days |
] |
|
|
|
|
|
|
|
|
|
|
As the Subject is a service oriented company, the Subject does not
need to keep stocks. The Subject's debtors ratio was high. The Subject should
tighten its credit control and improve its collection period. The
unfavourable creditors' ratio could be due to the Subject taking advantage of
the credit granted by its suppliers. However this may affect the goodwill
between the Subject and its suppliers and the Subject may inadvertently have
to pay more for its future supplies. |
||||||
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Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.27 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.27 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. |
||||||
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Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
71.68 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.13 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. 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. |
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|
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|
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|
Overall
Assessment : |
|
|
|
|
|
|
|
The Subject's performance deteriorated over the years with lower turnover
and profit. 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. With
the favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. 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 : FAIR |
||||||
|
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 |
|
|
52291 : Forwarding of freight |
|
|
|
|
|
INDUSTRY : |
TRANSPORTATION |
|
|
|
|
|
|
|
The Malaysian transportation industry is
forecast to grow at a compound annual growth rate of 11.6% to reach RM203.71
billion in 2016. |
|
|
|
|
|
In 2013, the transportation industry is expected to have a growth of 6.7%
due to the implementation of Government Transformation Programme and the
Economic Transformation Programme (ETP). According to Budget 2013, RM9.4
billion is allocated for the transportation sector, including RM4.2 billion
for improving access and connectivity in urban public transport. Substantial
provision is also made for the construction, maintenance and upgrading of
roads and bridges, railways, airports, ports and jetties as well as rural
infrastructure major ongoing transport projects include the East Coast
Highway (LPT) Phase II from Jabor to Kuala Terengganu and the Central Spine
Federal Road (Package 3). New projects slated for the year include upgrading
of road works between Donggongan to Simpang Jalan Papar Spur (Package 1)
(Sabah), Pekan-Nenasi-Endau (Pahang); and Batu Maung to Pulau Pinang Second
Bridge (Bayan Lepas Expressway) as well as upgrading of rail infrastructure
in Lembah Klang (Phase 1). Construction of the West Coast Highway from
Taiping to Banting is also expected to commence in 2013. |
|
|
|
|
|
During the first half of 2012, the transport and storage sector grew
5.9% due to sustained passenger travel and moderate trade activities. Growth
was also supported by initiatives to modernise the transport infrastructure,
particularly ports, airports and public transport. In 2012, the sector had
increased to 5.2% as domestic economic activities remain resilient amid a
moderate trade expansion. In addition, Malaysia ranked seventh in the Liner
Shipping Connectivity Index (LSCI) by the United Nations Conference on Trade
and Development (UNCTAD), underscoring the growing importance of Malaysia as
a regional logistics hub. The changing dynamics of the global shipping
environment have, however, affected the domestic maritime industry. The
introduction of ultra-large ships with a higher carrying capacity has lowered
the charter rates due to economies of scale. This has prompted domestic ports
to purchase new cranes and build new wharfs to cater for the berth of
ultra-large ships in efforts to remain competitive. |
|
|
|
|
|
The performance of the land transport segment is expected to remain
steady supported by initiatives to upgrade roads and public transport
infrastructure to ensure a seamless movement of goods and services. During
the first six months of 2012, the number of vehicles on tolled highways
increased 4.5% to 761.4 million. In urban public transport, total ridership
on Rapid KL and Rapid Penang bus services rose 3.8% to 67.5 million
passengers during the first six months of 2012. |
|
|
|
|
|
The air transport market plays an active role in Malaysia's economic
development by supporting the country's trade and tourism. The Malaysia's car
rental market developing into one of the most mature kind in the Asia-Pacific
region. Malaysia's rail network only covers 1,849km and transports 4-4.5
million passengers per year. As such, the rail transport market accounts for
a small share on the total passanger transportation industry. Malaysia also
emerging as an important cruise destination in the Asia-Pacific regoin.
During the first half of 2012, growth in the air transport segment was
moderate despite sustained demand for passenger travel. Total passenger
traffic in airports nationwide expanded 4.1% to 33.2 million partly
attributed to increased connectivity following the entry of new airlines to
Malaysia such as Mandala Airlines and Bangkok Airways. |
|
|
|
|
|
A world-class public transport system is imperative as the nation
moves towards a high-income and developed economy. The Sungai Buloh-Kajang
Line MY Rapid Transit (SBK-MRT) service, which is expected to be operational
by 2017, will transform the urban public transport infrastructure in the
Klang Valley. Similarly, there is a need to improve the public transport
system in major cities outside Klang Valley to facilitate a seamless and
efficient movement of people, goods and services. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth |
|
Incorporated in 2004, the Subject is a Private Limited company, focusing
on providing of jetty services and forwarding services. Having been in the
industry for a decade, the Subject has achieved a certain market share and has
built up a satisfactory reputation in the market. It should have received
supports from its regular customers.
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. Being a small company, the Subject's
business operation is supported by 15 employees. 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. However,
the Subject 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
2,249,274, 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.
The Subject's overall payment habit is fair and this clearly implied a weak
credit control of the Subject.
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.
|
HE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
MENG SIANG
TRADING & SERVICES SDN. BHD. |
|
Financial Year End |
2012-07-31 |
2011-07-31 |
2010-07-31 |
2009-07-31 |
2008-07-31 |
|
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 |
FULL |
FULL |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
|
|
|
|
|
|
|
TURNOVER |
23,799,581 |
23,849,893 |
25,839,507 |
14,626,096 |
14,766,302 |
|
Other Income |
- |
- |
1 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
23,799,581 |
23,849,893 |
25,839,508 |
14,626,096 |
14,766,302 |
|
Costs of Goods Sold |
(21,336,647) |
(21,662,103) |
(24,126,941) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
2,462,934 |
2,187,790 |
1,712,567 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
619,589 |
728,477 |
601,105 |
326,853 |
269,015 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES |
(249,999) |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
369,590 |
728,477 |
601,105 |
326,853 |
269,015 |
|
Taxation |
(160,306) |
(157,326) |
(110,940) |
(58,334) |
(62,861) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
209,284 |
571,151 |
490,165 |
268,519 |
206,154 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
404,001 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
404,001 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,149,274 |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,149,274 |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
|
Hire purchase |
- |
- |
- |
9 |
- |
|
Term loan / Borrowing |
5,229 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,229 |
- |
- |
9 |
- |
|
|
============= |
|
============= |
============= |
|
|
MENG SIANG
TRADING & SERVICES SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
855,419 |
159,572 |
244,577 |
143,735 |
169,955 |
|
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Associated companies |
1 |
250,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1 |
250,000 |
- |
- |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
855,420 |
409,572 |
244,577 |
143,735 |
169,955 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Trade debtors |
6,315,263 |
6,433,761 |
3,346,467 |
4,445,605 |
- |
|
Other debtors, deposits & prepayments |
244,145 |
563,070 |
144,039 |
22,074 |
- |
|
Short term deposits |
85,486 |
422,989 |
480,000 |
200,000 |
- |
|
Amount due from associated companies |
500,000 |
- |
- |
- |
- |
|
Cash & bank balances |
682,796 |
153,789 |
1,951,463 |
316,221 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
7,827,690 |
7,573,609 |
5,921,969 |
4,983,900 |
4,246,506 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
8,683,110 |
7,983,181 |
6,166,546 |
5,127,635 |
4,416,461 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
5,169,443 |
5,770,016 |
4,501,366 |
3,906,416 |
- |
|
Other creditors & accruals |
933,640 |
90,208 |
147,956 |
114,154 |
- |
|
Hire purchase & lease creditors |
19,752 |
- |
- |
- |
- |
|
Short term borrowings/Term loans |
16,180 |
- |
- |
- |
- |
|
Amounts owing to director |
22,253 |
- |
- |
100,000 |
- |
|
Provision for taxation |
5,534 |
67,567 |
32,985 |
12,991 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
6,166,802 |
5,927,791 |
4,682,307 |
4,133,561 |
3,693,606 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
1,660,888 |
1,645,818 |
1,239,662 |
850,339 |
552,900 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
2,516,308 |
2,055,390 |
1,484,239 |
994,074 |
722,855 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
2,149,274 |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
2,149,274 |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
2,249,274 |
2,039,990 |
1,468,839 |
978,674 |
710,155 |
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES |
|
|
|
|
|
|
Long term loans |
175,207 |
- |
- |
- |
- |
|
Hire purchase creditors |
71,248 |
- |
- |
- |
- |
|
Deferred taxation |
20,579 |
15,400 |
15,400 |
15,400 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
267,034 |
15,400 |
15,400 |
15,400 |
12,700 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,516,308 |
2,055,390 |
1,484,239 |
994,074 |
722,855 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
MENG SIANG
TRADING & SERVICES SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
768,282 |
576,778 |
2,431,463 |
516,221 |
- |
|
Net Liquid Funds |
768,282 |
576,778 |
2,431,463 |
516,221 |
- |
|
Net Liquid Assets |
1,660,888 |
1,645,818 |
1,239,662 |
850,339 |
552,900 |
|
Net Current Assets/(Liabilities) |
1,660,888 |
1,645,818 |
1,239,662 |
850,339 |
552,900 |
|
Net Tangible Assets |
2,516,308 |
2,055,390 |
1,484,239 |
994,074 |
722,855 |
|
Net Monetary Assets |
1,393,854 |
1,630,418 |
1,224,262 |
834,939 |
540,200 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
282,387 |
0 |
0 |
0 |
- |
|
Total Liabilities |
6,433,836 |
5,943,191 |
4,697,707 |
4,148,961 |
3,706,306 |
|
Total Assets |
8,683,110 |
7,983,181 |
6,166,546 |
5,127,635 |
4,416,461 |
|
Net Assets |
2,516,308 |
2,055,390 |
1,484,239 |
994,074 |
722,855 |
|
Net Assets Backing |
2,249,274 |
2,039,990 |
1,468,839 |
978,674 |
710,155 |
|
Shareholders' Funds |
2,249,274 |
2,039,990 |
1,468,839 |
978,674 |
710,155 |
|
Total Share Capital |
100,000 |
100,000 |
100,000 |
100,000 |
100,000 |
|
Total Reserves |
2,149,274 |
1,939,990 |
1,368,839 |
878,674 |
610,155 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.12 |
0.10 |
0.52 |
0.12 |
- |
|
Liquid Ratio |
1.27 |
1.28 |
1.26 |
1.21 |
- |
|
Current Ratio |
1.27 |
1.28 |
1.26 |
1.21 |
1.15 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
0 |
- |
|
Debtors Ratio |
97 |
98 |
47 |
111 |
- |
|
Creditors Ratio |
88 |
97 |
68 |
97 |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.13 |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
2.86 |
2.91 |
3.20 |
4.24 |
5.22 |
|
Times Interest Earned Ratio |
71.68 |
0.00 |
0.00 |
36,318.00 |
- |
|
Assets Backing Ratio |
25.16 |
20.55 |
14.84 |
9.94 |
7.23 |
|
PERFORMANCE RATIO
(%) |
|
|
|
|
|
|
Operating Profit Margin |
1.55 |
3.05 |
2.33 |
2.23 |
1.82 |
|
Net Profit Margin |
0.88 |
2.39 |
1.90 |
1.84 |
1.40 |
|
Return On Net Assets |
14.90 |
35.44 |
40.50 |
32.88 |
37.22 |
|
Return On Capital Employed |
14.78 |
35.44 |
40.50 |
32.88 |
37.22 |
|
Return On Shareholders' Funds/Equity |
9.30 |
28.00 |
33.37 |
27.44 |
29.03 |
|
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. 62.17 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.