|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
YI TAI HUNG ENTERPRISE SDN. BHD. |
|
|
|
|
Registered Office : |
24B, Jalan Dato' Yusof Shahbudin 28, Taman Sentosa, Tingkat 2, 41200 Klang,
Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
08.04.2011 |
|
|
|
|
Com. Reg. No.: |
939627-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trader of foodstuffs |
|
|
|
|
No of Employees : |
10 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
939627-V |
||||
|
COMPANY NAME |
: |
YI TAI HUNG ENTERPRISE
SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
08/04/2011 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
24B, JALAN DATO' YUSOF SHAHBUDIN 28, TAMAN
SENTOSA, TINGKAT 2, 41200 KLANG, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
WAREHOUSE D, LOT 4359, JALAN PANDAMARAN,
KAMPUNG PENDAMAR, PANDAMARAN, 42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-31658245 |
||||
|
FAX.NO. |
: |
03-31658246 |
||||
|
CONTACT PERSON |
: |
KOH CHOON KHENG ( DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46329 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF FOODSTUFFS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 17,461,518 [2013] |
||||
|
NET WORTH |
: |
MYR 1,131,784 [2013] |
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
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) trading of foodstuffs.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
16/08/2013 |
MYR 1,000,000.00 |
MYR 1,000,000.00 |
|
20/05/2013 |
MYR 1,000,000.00 |
MYR 100,000.00 |
|
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. KOH CHOON KHENG + |
32, LORONG BENDAHARA 46B, TAMAN MEWAH
BARU, BATU 3, JALAN SUNGAI JATI, 41200 KLANG, SELANGOR, MALAYSIA. |
700905-07-5232
A1673238 |
275,000.00 |
27.50 |
|
MR. KHOO SOO CHANG + |
32, LORONG BENDAHARA 46B, TAMAN MEWAH BARU,
BATU 3, JALAN SUNGAI JATI, 41200 KLANG, SELANGOR, MALAYSIA. |
680421-07-5599
A0985253 |
275,000.00 |
27.50 |
|
MS. BEH YEE PHENG |
2, JALAN MULIA 3, TAMAN MULIA, 42700
BANTING, SELANGOR, MALAYSIA. |
781122-08-5714 |
250,000.00 |
25.00 |
|
MR. NG KIAM CHUAN |
9, B-2, JALAN MELAKA RAYA 14, TAMAN MELAKA
RAYA, 75300 MELAKA, MELAKA, MALAYSIA. |
750924-07-5073
A3206198 |
100,000.00 |
10.00 |
|
MR. KHOO SOO KEAT |
32, LORONG BENDAHARA 46B, TAMAN MEWAH BARU,
BATU 3, JALAN SUNGAI JATI, 41200 KLANG, SELANGOR, MALAYSIA. |
720331-07-5417
A2131432 |
100,000.00 |
10.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. KOH CHOON KHENG |
|
Address |
: |
32, LORONG BENDAHARA 46B, TAMAN MEWAH
BARU, BATU 3, JALAN SUNGAI JATI, 41200 KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A1673238 |
|
New IC No |
: |
700905-07-5232 |
|
Date of Birth |
: |
05/09/1970 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
08/04/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. KHOO SOO CHANG |
|
Address |
: |
32, LORONG BENDAHARA 46B, TAMAN MEWAH BARU,
BATU 3, JALAN SUNGAI JATI, 41200 KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
A0985253 |
|
New IC No |
: |
680421-07-5599 |
|
Date of Birth |
: |
21/04/1968 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
08/04/2011 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
KOH CHOON KHENG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
H.L.LEE & CO. |
|
Auditor' Address |
: |
11-2, JALAN BATU NILAM 4, BANDAR BUKIT TINGGI,
41200 KLANG, SELANGOR, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MR. LAI YOK FOONG |
|
IC / PP No |
: |
5612231 |
|
|
New IC No |
: |
590123-10-6925 |
|
|
Address |
: |
36, LORONG HULUBALANG 10B, TAMAN SENTOSA,
41200 KLANG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
15/01/2013 |
LEGAL CHARGE
UNDER THE NATIONAL LAND CODE 1965 DATED 15 JAN 2013 |
OCBC BANK (MALAYSIA) BERHAD |
- |
Unsatisfied |
LEGAL
CHECK AGAINST SUBJECT
|
* 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.
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.
PAYMENT
RECORD
|
|
||
|
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
FOODSTUFFS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
10 |
10 |
10 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of foodstuffs.
The Subject is engaged in the trading of grocery products such as onions, rice,
flour and others.
The Subject sells the products according to its customers' orders.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-31658245 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
WARE HOUSE D LOT 4359 JLAN PANDAMARAN KAMPUNG PENDAMAR 42000 PORTELANG
SELANGOR DARUL EHSAN |
|
Current Address |
: |
WAREHOUSE D, LOT 4359, JALAN PANDAMARAN, KAMPUNG PENDAMAR, PANDAMARAN,
42000 PELABUHAN KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address provided is incorrect.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
0.43% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
66.28% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
9.25% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
8.62% |
] |
|
|
The higher turnover could be attributed to the favourable market condition.
The higher profit could be attributed to the increase in turnover. 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 |
[ |
7 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
54 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
66 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 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. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.95 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.04 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
4.80 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.54 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. 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 : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject's liquidity was at an acceptable range. If the Subject
is able to obtain further short term financing, it should be able to meet all
its short term obligations. The Subject had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the Subject's
profit, we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. 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 |
||||||
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 |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
46329 : Wholesale of other foodstuffs |
|
|
INDUSTRY : |
TRADING |
|
According to the Retail Group Malaysia (RGM), the wholesale and retail
trade sector forecast to grow to 6% in year 2013. During the first quarter of
year 2013, RGM is estimating the retail industry to grow 6.9%. Many retailers
have been enjoying better sales since the government handed out cash from
mid-January of 2013 under the second round of Bantuan Rakyat 1Malaysia to
more than 12 million Malaysians. Bookstores and related retail stores have
also started enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling smartphone
accessories have started to benefit from the RM200 rebate on smartphones for
1.5 million young adults aged between 21 and 30 years with a monthly income
of not more than RM3,000. |
|
|
The wholesale and retail trade sector grew 6.1% in the first half of
the year 2012 driven by strong domestic consumption and the increasing number
of large format stores operating in Malaysia, including 180 foreign
hypermarkets, superstores and departmental stores as at end of August 2012.
In addition, other indicators such as imports of consumption goods were
higher by 15.2%. |
|
|
In 2012, the wholesale and retail trade sector growth to 5.5% driven
by higher consumption which benefited from Government initiatives under the
2012 Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100
assistance for all primary and secondary school students. The performance of
the sector will also be supported by ongoing efforts to modernise the retail
segment under the ETP. In 2012, 500 retail shops and 50 workshops are
targeted to be modernised under the Retail Shop Transformation (TUKAR) and
Automotive Workshop Modernisation (ATOM) programmes, respectively. As at end
of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised. |
|
|
Growth of the sector is anticipated to remain encouraging with ongoing
efforts by the Government to increase its contribution to the economy. Major
initiatives include increasing the number of large format stores such as
hypermarkets, superstores and departmental stores are carried out to boost
the economy. |
|
|
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
|
|
|
|
Investigation revealed that the Subject
concentrates only on the local market. This narrow market segment has placed
the Subject at high business risk and limits its business expansion
opportunities. Any adverse changes to the local economy might have a negative
impact on the Subject's business performance. Being a small company, the
Subject's business operation is supported by 10 employees. Overall, we regard
that the Subject's management capability is average. We noted that both the turnover and
profits have increased compared to the previous year. The higher profit could
be due to increase in turnover and better control over its operating costs.
The Subject has generated an unfavourable return on shareholders' funds
indicating that the management was inefficient in utilising its funds to
generate return. The Subject however managed to maintain an adequate
liquidity level, indicating that the Subject has the ability to meet its
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
1,131,784, the Subject should be able to maintain its business in the near
terms. 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 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. Nonetheless,
the Subject should adopt better competitive strategies in order to sustain
its business position and to compete with other well established players in
the same industry. In view of the above, we recommend credit
be granted to the Subject with close monitoring. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
YI TAI HUNG
ENTERPRISE SDN. BHD. |
|
Financial Year End |
2013-06-30 |
2012-06-30 |
|
Months |
12 |
15 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
MYR |
MYR |
|
TURNOVER |
17,461,518 |
17,386,082 |
|
---------------- |
---------------- |
|
|
Total Turnover |
17,461,518 |
17,386,082 |
|
Costs of Goods Sold |
(16,217,500) |
(15,928,178) |
|
---------------- |
---------------- |
|
|
Gross Profit |
1,244,018 |
1,457,904 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
117,373 |
70,589 |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
117,373 |
70,589 |
|
Taxation |
(12,658) |
(43,520) |
|
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
104,715 |
27,069 |
|
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||
|
As previously reported |
27,069 |
- |
|
---------------- |
---------------- |
|
|
As restated |
27,069 |
- |
|
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
131,784 |
27,069 |
|
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
131,784 |
27,069 |
|
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
||
|
Bank overdraft |
2,255 |
- |
|
Hire purchase |
19,127 |
17,728 |
|
Term loan / Borrowing |
9,497 |
- |
|
---------------- |
---------------- |
|
|
30,879 |
17,728 |
|
|
============= |
============= |
BALANCE
SHEET
|
|
|
|
YI TAI HUNG
ENTERPRISE SDN. BHD. |
|
ASSETS EMPLOYED: |
||
|
FIXED ASSETS |
1,555,388 |
601,583 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,555,388 |
601,583 |
|
CURRENT ASSETS |
||
|
Stocks |
347,968 |
302,790 |
|
Trade debtors |
2,605,298 |
2,141,748 |
|
Other debtors, deposits & prepayments |
14,546 |
14,651 |
|
Cash & bank balances |
856,001 |
166,399 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
3,823,813 |
2,625,588 |
|
---------------- |
---------------- |
|
|
TOTAL ASSET |
5,379,201 |
3,227,171 |
|
============= |
============= |
|
|
CURRENT
LIABILITIES |
||
|
Trade creditors |
2,935,652 |
1,829,013 |
|
Other creditors & accruals |
65,213 |
323,394 |
|
Short term borrowings/Term loans |
26,740 |
- |
|
Amounts owing to director |
522,329 |
512,435 |
|
Provision for taxation |
14,165 |
35,324 |
|
Lease payables |
95,674 |
76,497 |
|
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
3,659,773 |
2,776,663 |
|
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
164,040 |
(151,075) |
|
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,719,428 |
450,508 |
|
============= |
============= |
|
|
SHARE CAPITAL |
||
|
Ordinary share capital |
1,000,000 |
100,000 |
|
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,000,000 |
100,000 |
|
RESERVES |
||
|
Retained profit/(loss) carried forward |
131,784 |
27,069 |
|
---------------- |
---------------- |
|
|
TOTAL RESERVES |
131,784 |
27,069 |
|
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,131,784 |
127,069 |
|
LONG TERM
LIABILITIES |
||
|
Long term loans |
341,576 |
- |
|
Lease obligations |
239,217 |
315,243 |
|
Deferred taxation |
6,851 |
8,196 |
|
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
587,644 |
323,439 |
|
---------------- |
---------------- |
|
|
1,719,428 |
450,508 |
|
|
============= |
============= |
|
FINANCIAL
RATIO
|
|
YI TAI HUNG
ENTERPRISE SDN. BHD. |
|
TYPES OF FUNDS |
||
|
Cash |
856,001 |
166,399 |
|
Net Liquid Funds |
856,001 |
166,399 |
|
Net Liquid Assets |
(183,928) |
(453,865) |
|
Net Current Assets/(Liabilities) |
164,040 |
(151,075) |
|
Net Tangible Assets |
1,719,428 |
450,508 |
|
Net Monetary Assets |
(771,572) |
(777,304) |
|
BALANCE SHEET
ITEMS |
||
|
Total Borrowings |
607,533 |
315,243 |
|
Total Liabilities |
4,247,417 |
3,100,102 |
|
Total Assets |
5,379,201 |
3,227,171 |
|
Net Assets |
1,719,428 |
450,508 |
|
Net Assets Backing |
1,131,784 |
127,069 |
|
Shareholders' Funds |
1,131,784 |
127,069 |
|
Total Share Capital |
1,000,000 |
100,000 |
|
Total Reserves |
131,784 |
27,069 |
|
LIQUIDITY
(Times) |
||
|
Cash Ratio |
0.23 |
0.06 |
|
Liquid Ratio |
0.95 |
0.84 |
|
Current Ratio |
1.04 |
0.95 |
|
WORKING CAPITAL
CONTROL (Days) |
||
|
Stock Ratio |
7 |
6 |
|
Debtors Ratio |
54 |
45 |
|
Creditors Ratio |
66 |
42 |
|
SOLVENCY RATIOS
(Times) |
||
|
Gearing Ratio |
0.54 |
2.48 |
|
Liabilities Ratio |
3.75 |
24.40 |
|
Times Interest Earned Ratio |
4.80 |
4.98 |
|
Assets Backing Ratio |
1.72 |
4.51 |
|
PERFORMANCE
RATIO (%) |
||
|
Operating Profit Margin |
0.67 |
0.41 |
|
Net Profit Margin |
0.60 |
0.16 |
|
Return On Net Assets |
8.62 |
19.60 |
|
Return On Capital Employed |
8.62 |
19.60 |
|
Return On Shareholders' Funds/Equity |
9.25 |
21.30 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
||
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.13 |
|
|
1 |
Rs. 101.17 |
|
Euro |
1 |
Rs. 84.59 |
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.