|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUI HIN CHAN
ENTERPRISE (M) SDN. BHD. |
|
|
|
|
Registered Office : |
19 & 21 (LOT 112 & 113), Jalan Industri 3/4, Taman
Perindustrian Temerloh, 28400 Mentakab, Pahang |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.11.2009 |
|
|
|
|
Com. Reg. No.: |
879056-V |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading Of Food Products, Grocery Products And Provision Goods |
|
|
|
|
No. of Employees |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Malaysia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
|
REGISTRATION NO. |
: |
879056-V |
||||
|
COMPANY NAME |
: |
SUI HIN CHAN ENTERPRISE (M) SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
13/11/2009 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
19 & 21 (LOT 112 & 113), JALAN INDUSTRI 3/4, TAMAN
PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB, PAHANG, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
19 & 21 (LOT 112 & 113), JALAN INDUSTRI 3/4, TAMAN
PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB, PAHANG, MALAYSIA. |
||||
|
TEL.NO. |
: |
09-2770818 |
||||
|
FAX.NO. |
: |
09-2773843 |
||||
|
CONTACT PERSON |
: |
TEE SIEW HEW ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46329 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF FOOD PRODUCTS, GROCERY PRODUCTS AND PROVISION GOODS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 500,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 31,811,304 [2012] |
||||
|
NET WORTH |
: |
MYR 1,017,441 [2012] |
||||
|
STAFF STRENGTH |
: |
50 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
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 food products, grocery
products and provision goods.
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 500,000.00 |
MYR 500,000.00 |
|
13/11/2009 |
MYR 500,000.00 |
MYR 100.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MS. TEE SIEW HEW + |
F255, JALAN SELAYANG 3, TAMAN SELAYANG, 28000 TEMERLOH, PAHANG,
MALAYSIA. |
600102-08-6394
5770608 |
310,000.00 |
62.00 |
|
MR. YAP KEAN CHONG + |
F255, JALAN SELAYANG 3, TAMAN SELAYANG, 28000 TEMERLOH, PAHANG,
MALAYSIA. |
821115-14-5479 |
95,000.00 |
19.00 |
|
MR. YAP KEAN SING + |
F255, JALAN SELAYANG 3, TAMAN SELAYANG, 28000 TEMERLOH, PAHANG,
MALAYSIA. |
860224-14-5381 |
95,000.00 |
19.00 |
|
--------------- |
------ |
|||
|
500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. YAP KEAN CHONG |
|
Address |
: |
F255, JALAN SELAYANG 3, TAMAN SELAYANG, 28000 TEMERLOH, PAHANG,
MALAYSIA. |
|
New IC No |
: |
821115-14-5479 |
|
Date of Birth |
: |
15/11/1982 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
02/01/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
MR. YAP KEAN SING |
|
Address |
: |
F255, JALAN SELAYANG 3, TAMAN SELAYANG, 28000 TEMERLOH, PAHANG,
MALAYSIA. |
|
New IC No |
: |
860224-14-5381 |
|
Date of Birth |
: |
24/02/1986 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
02/01/2013 |
DIRECTOR 3
|
Name Of Subject |
: |
MS. TEE SIEW HEW |
|
Address |
: |
F255, JALAN SELAYANG 3, TAMAN SELAYANG, 28000 TEMERLOH, PAHANG,
MALAYSIA. |
|
IC / PP No |
: |
5770608 |
|
New IC No |
: |
600102-08-6394 |
|
Date of Birth |
: |
02/01/1960 |
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
13/11/2009 |
|
1) |
Name of Subject |
: |
TEE SIEW HEW |
|
Position |
: |
MANAGING DIRECTOR |
|
|
Auditor |
: |
WONG YENG MUN & CO. |
|
Auditor' Address |
: |
19, JALAN 1/57A, BATU 3, JALAN IPOH, 1ST FLOOR, 51200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
1) |
Company Secretary |
: |
MS. LEE MOOI YOKE |
|
IC / PP No |
: |
A0899404 |
|
|
New IC No |
: |
680421-10-6316 |
|
|
Address |
: |
12A, JALAN PJU 1A/43B, ARA DAMANSARA, 47301 PETALING JAYA, SELANGOR,
MALAYSIA. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
PUBLIC BANK BHD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
20/07/2010 |
OPEN ALL MONIES
3RD PARTY 1ST LEGAL CHARGE & FACILITIES AGREEMENT & JOINT AND SEVERAL
GUARANTEE & CORPORATE GUARANTEE & LETTER OF OFFER |
PUBLIC BANK BERHAD |
MYR 2,500,000.00 |
Unsatisfied |
|
2 |
17/01/2012 |
FACILITIES
AGREEMENT & OPEN ALL MONIES 1ST PARTY CHARGE & JOINT AND SEVERAL
GUARANTEE & LETTER OF OFFER |
PUBLIC BANK BERHAD |
- |
Unsatisfied |
|
3 |
10/01/2014 |
OPEN ALL MONIES
3RD PARTY CHARGE & FACILITIES AGREEMENT & JOINT AND SEVERAL GUARANTEE
& CORPORATE GUARANTEE & LETTER OF OFFER DATED 9TH OF OCTOBER, 2013
AND EXTENSION LETTER OF OFFER DATED 14TH OF OCTOBER, 2013 FROM M/S PUBLIC
BANK BERHAD |
PUBLIC BANK BERHAD |
MYR 680,000.00 |
Unsatisfied |
|
4 |
17/01/2014 |
1ST PARTY 1ST
LEGAL CHARGE & MASTER FACILITY AGREEMENT (CASH LINE-I) & FACILITY
AGREEMENT (ACCEPTED BILLS-I) & ASSET SALE AGREEMENT & LETTER OF
GUARANTEE & LETTER OF OFFER DATED 3RD OF SEPTEMBER, 2013 |
MAYBANK ISLAMIC BERHAD |
MYR 2,475,000.00 |
Unsatisfied |
* 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.
* 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 |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Import Countries |
: |
ASIA |
|||
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CASH |
|||
|
Goods Traded |
: |
FOOD PRODUCTS, GROCERY PRODUCTS AND PROVISION GOODS |
|||||
|
Competitor(s) |
: |
7-ELEVEN MALAYSIA SDN BHD |
|||||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2011 |
2010 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
50 |
50 |
20 |
10 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of food
products, grocery products and provision goods.
The Subject sells food products such as onions, dry chillies and others.
The Subject sells its products both in loose and large quantities.
The Subject is also able to provide transport delivery for large quantity
purchase.
According to the Subject, its sales increases during the festive season.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
09-2770818 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
19 & 21 (LOT 112 & 113), JALAN INDUSTRI 3/4, TAMAN
PERINDUSTRIAN TEMERLOH,28400,MENTAKAB,PAHANG. |
|
Current Address |
: |
19 & 21 (LOT 112 & 113), JALAN INDUSTRI 3/4, TAMAN
PERINDUSTRIAN TEMERLOH, 28400 MENTAKAB, PAHANG, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 19th May 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(3.77%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.67% |
] |
|
|
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 Subject's unfavourable returns on shareholders'
funds indicate the management's inefficiency in utilising its assets to
generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
19 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
23 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
32 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 |
[ |
0.56 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.89 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 |
[ |
1.41 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.24 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 |
||||||
|
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 |
|
|
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 |
|
|
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
SUI HIN CHAN
ENTERPRISE (M) SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
SUMMARY |
|
Currency |
MYR |
MYR |
MYR |
|
TURNOVER |
31,811,304 |
34,770,610 |
31,419,640 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
31,811,304 |
34,770,610 |
31,419,640 |
|
Costs of Goods Sold |
(27,778,545) |
(31,147,206) |
- |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
4,032,759 |
3,623,404 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
32,443 |
430,550 |
305,368 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
32,443 |
430,550 |
305,368 |
|
Taxation |
(70,829) |
(97,654) |
(82,437) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(38,386) |
332,896 |
222,931 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
555,827 |
222,931 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
555,827 |
222,931 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
517,441 |
555,827 |
222,931 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
517,441 |
555,827 |
222,931 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||
|
Bank overdraft |
7,884 |
236 |
- |
|
Bankers' acceptance |
3,855 |
7,371 |
- |
|
Hire purchase |
32,122 |
34,564 |
- |
|
Term loan / Borrowing |
16,436 |
- |
- |
|
Others |
18,686 |
21,373 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
78,983 |
63,544 |
- |
|
|
============= |
============= |
|
SUI HIN CHAN
ENTERPRISE (M) SDN. BHD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
2,523,029 |
1,529,165 |
1,039,806 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
2,523,029 |
1,529,165 |
1,039,806 |
|
Stocks |
1,647,130 |
1,243,536 |
- |
|
Trade debtors |
1,974,657 |
1,505,191 |
- |
|
Other debtors, deposits & prepayments |
151,073 |
201,844 |
- |
|
Amount due from related companies |
86,823 |
341,196 |
- |
|
Amount due from director |
11,754 |
40,778 |
- |
|
Cash & bank balances |
489,215 |
1,326,924 |
- |
|
Others |
79,170 |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
4,439,822 |
4,659,469 |
5,066,005 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
6,962,851 |
6,188,634 |
6,105,811 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
2,415,669 |
3,783,993 |
- |
|
Other creditors & accruals |
918,661 |
556,711 |
- |
|
Hire purchase & lease creditors |
436,678 |
178,695 |
- |
|
Bank overdraft |
847,757 |
- |
- |
|
Short term borrowings/Term loans |
33,336 |
- |
- |
|
Bill & acceptances payable |
105,000 |
151,000 |
- |
|
Amounts owing to related companies |
242,081 |
31,690 |
- |
|
Amounts owing to director |
- |
60,000 |
- |
|
Provision for taxation |
- |
21,404 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
4,999,182 |
4,783,493 |
5,011,751 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(559,360) |
(124,024) |
54,254 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
1,963,669 |
1,405,141 |
1,094,060 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
500,000 |
500,000 |
500,000 |
|
Retained profit/(loss) carried forward |
517,441 |
555,827 |
222,931 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
517,441 |
555,827 |
222,931 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
1,017,441 |
1,055,827 |
722,931 |
|
Long term loans |
184,911 |
- |
- |
|
Hire purchase creditors |
671,317 |
307,314 |
- |
|
Deferred taxation |
90,000 |
42,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
946,228 |
349,314 |
371,129 |
|
---------------- |
---------------- |
---------------- |
|
|
1,963,669 |
1,405,141 |
1,094,060 |
|
|
============= |
============= |
============= |
|
|
SUI HIN CHAN
ENTERPRISE (M) SDN. BHD. |
|
TYPES OF FUNDS |
|||
|
Cash |
489,215 |
1,326,924 |
- |
|
Net Liquid Funds |
(463,542) |
1,175,924 |
- |
|
Net Liquid Assets |
(2,206,490) |
(1,367,560) |
54,254 |
|
Net Current Assets/(Liabilities) |
(559,360) |
(124,024) |
54,254 |
|
Net Tangible Assets |
1,963,669 |
1,405,141 |
1,094,060 |
|
Net Monetary Assets |
(3,152,718) |
(1,716,874) |
(316,875) |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
2,278,999 |
637,009 |
- |
|
Total Liabilities |
5,945,410 |
5,132,807 |
5,382,880 |
|
Total Assets |
6,962,851 |
6,188,634 |
6,105,811 |
|
Net Assets |
1,963,669 |
1,405,141 |
1,094,060 |
|
Net Assets Backing |
1,017,441 |
1,055,827 |
722,931 |
|
Shareholders' Funds |
1,017,441 |
1,055,827 |
722,931 |
|
Total Share Capital |
500,000 |
500,000 |
500,000 |
|
Total Reserves |
517,441 |
555,827 |
222,931 |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.10 |
0.28 |
- |
|
Liquid Ratio |
0.56 |
0.71 |
- |
|
Current Ratio |
0.89 |
0.97 |
1.01 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
19 |
13 |
- |
|
Debtors Ratio |
23 |
16 |
- |
|
Creditors Ratio |
32 |
44 |
- |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
2.24 |
0.60 |
- |
|
Liabilities Ratio |
5.84 |
4.86 |
7.45 |
|
Times Interest Earned Ratio |
1.41 |
7.78 |
- |
|
Assets Backing Ratio |
3.93 |
2.81 |
2.19 |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
0.10 |
1.24 |
0.97 |
|
Net Profit Margin |
(0.12) |
0.96 |
0.71 |
|
Return On Net Assets |
5.67 |
35.16 |
27.91 |
|
Return On Capital Employed |
3.43 |
31.20 |
27.91 |
|
Return On Shareholders' Funds/Equity |
(3.77) |
31.53 |
30.84 |
|
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.58.57 |
|
|
1 |
Rs.98.87 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.