|
|
REGISTRATION
NO.
|
:
|
241742-W
|
|
COMPANY NAME
|
:
|
LOYAL
MACHINERY SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
03/06/1992
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
WISMA GOSHEN,
60 & 62, JALAN SS 22/21, DAMANSARA JAYA, 2ND FLOOR, 47400 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
63, JALAN SAMUDRA
BARAT SATU, TAMAN SAMUDRA, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-61862500
|
|
FAX.NO.
|
:
|
03-61862500
|
|
CONTACT PERSON
|
:
|
BAH AH BAH (
DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
45103
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING OF PARTS
FOR COMMERCIAL VEHICLES, TRAILERS & INDUSTRIAL MACHINERIES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 912,998.00
DIVIDED INTO
ORDINARY SHARES 912,998 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 3,378,087
[2013]
|
|
NET WORTH
|
:
|
MYR 3,372,606
[2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STRONG
|
|
PAYMENT
|
:
|
POOR
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
MODERATE
|
|
CURRENCY
EXPOSURE
|
:
|
N/A
|
|
GENERAL
REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL
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 parts for commercial vehicles, trailers & industrial
machineries.
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
1,000,000.00
|
MYR 912,998.00
|
|
30/12/1997
|
MYR
1,000,000.00
|
MYR 912,998.00
|
|
27/11/1995
|
MYR
1,000,000.00
|
MYR 829,998.00
|
|
08/09/1994
|
MYR
1,000,000.00
|
MYR 790,000.00
|
|
19/07/1993
|
MYR
1,000,000.00
|
MYR 767,000.00
|
|
16/07/1993
|
MYR
1,000,000.00
|
MYR 520,000.00
|
|
05/01/1993
|
MYR
1,000,000.00
|
MYR 400,000.00
|
|
02/01/1993
|
MYR
1,000,000.00
|
MYR 300,000.00
|
|
17/06/1992
|
MYR
1,000,000.00
|
MYR 2.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. BAH AH BAH
+
|
111, JALAN
METRO PERDANA BARAT 15, TAMAN USAHAWAN, KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
510916-02-5057
8092517
|
252,123.00
|
27.61
|
|
MR. ONG MENG
SOON
|
53A, JALAN CUMARAMASAMI,
OFF JALAN IPOH, 3 1/2 MILES, 51100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
570928-71-5287
5334872
|
127,451.00
|
13.96
|
|
KONG TAY
TRADING SDN. BHD.
|
273, JALAN
MA'AROF, OFF BANGSAR, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
106222P
|
109,960.00
|
12.04
|
|
MS. MOK KWAI
CHEE +
|
816, JALAN
SELESA SATU, TAMAN GEMBIRA, OFF JALAN KUCHAI LAMA, 58200 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
501117-08-5366
4022017
|
59,896.00
|
6.56
|
|
MS. LEE LOO
PHING
|
56, JALAN KANGAR,
TAMAN RAINBOW, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
610905-10-6044
6310745
|
59,814.00
|
6.55
|
|
MS. LEE LOO
YEAN
|
111, JALAN
METRO PERDANA BARAT 15, TAMAN USAHAWAN, KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
550712-10-6468
|
57,760.00
|
6.33
|
|
MS. ONG CHIEW
KIAT
|
53A, JALAN
CUMARAMASI, OFF JALAN IPOH, 3 1/2 MILES, 51200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
360718-04-5048
|
57,021.00
|
6.25
|
|
MR. LAW KEE
HUAT +
|
8, JALAN SG 7/11,
TAMAN SRI GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
640210-10-7777
7283598
|
54,980.00
|
6.02
|
|
MS. LIM YOKE
LAN
|
273, JALAN
MA'AROF, OFF BANGSAR, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
291227-71-5426
7989036
|
34,196.00
|
3.75
|
|
MS. NG CHUN
HONG
|
273, JALAN
MA'AROF, OFF BANGSAR, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
630907-10-7508
7157968
|
27,490.00
|
3.01
|
|
MS. LEE LOO
LING
|
38, JALAN SS
20/26, DAMANSARA KIM, 47400 PETALING JAYA, SELANGOR, MALAYSIA.
|
670930-10-6200
A0793363
|
27,490.00
|
3.01
|
|
MS. GLORIA LEE
LOO CHENG
|
273, JALAN
MAAROF, OFF BANGSAR, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
580318-10-5392
5334802
|
22,825.00
|
2.50
|
|
MS. BEY AH SA
|
6-2, CASCADIUM
SOUTH BLOCK, 28 JALAN PENAGA, BUKIT BANDARAYA, LEVEL 9, 59100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
420314-02-5296
3703601
|
21,992.00
|
2.41
|
|
|
|
|
---------------
|
------
|
|
|
|
|
912,998.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MS. ONG LAY
FONG
|
|
Address
|
:
|
53A, JALAN
CUMARASAMI, BATU 4, JALAN IPOH, 51100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
6310811
|
|
New IC No
|
:
|
610908-10-5936
|
|
Date of Birth
|
:
|
08/09/1961
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
28/04/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. LEE TECK
BUOY
|
|
Address
|
:
|
273, JALAN MA'AROF,
OFF BANGSAR, 59000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
831025-14-5079
|
|
Date of Birth
|
:
|
25/10/1983
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
11/05/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR. LAW KEE
HUAT
|
|
Address
|
:
|
8, JALAN SG
7/11, TAMAN SRI GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
7283598
|
|
New IC No
|
:
|
640210-10-7777
|
|
Date of Birth
|
:
|
10/02/1964
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
09/09/1992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
MS. MOK KWAI
CHEE
|
|
Address
|
:
|
816, JALAN SELESA
SATU, TAMAN GEMBIRA, OFF JALAN KUCHAI LAMA, 58200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
4022017
|
|
New IC No
|
:
|
501117-08-5366
|
|
Date of Birth
|
:
|
17/11/1950
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
03/06/1992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of
Subject
|
:
|
MR. BAH AH BAH
|
|
Address
|
:
|
111, JALAN
METRO PERDANA BARAT 15, TAMAN USAHAWAN, KEPONG, 52100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
IC / PP No
|
:
|
8092517
|
|
New IC No
|
:
|
510916-02-5057
|
|
Date of Birth
|
:
|
16/09/1951
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
09/09/1992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of Subject
|
:
|
BAH AH BAH
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
ROGER YUE, TAN
& ASSOCIATES
|
|
Auditor'
Address
|
:
|
WISMA GOSHEN,
60 & 62, JALAN SS 22/21, DAMANSARA JAYA, GROUND & 1ST FLOOR, 47400 PETALING
JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MS. ERICIA TAN
YOKE KUAN
|
|
|
|
|
|
|
|
New IC No
|
:
|
820603-14-6214
|
|
|
Address
|
:
|
F-11-05, METROPOLITAN
SQUARE, JALAN PJU 8/1, DAMANSARA PERDANA, 47820 PETALING JAYA, SELANGOR,
MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2)
|
Company
Secretary
|
:
|
MS. LAM LEE
SAN
|
|
|
IC / PP No
|
:
|
A2855638
|
|
|
New IC No
|
:
|
740810-14-5740
|
|
|
Address
|
:
|
B-02-17, SRI
CAMELLIA APT, JALAN PUTERI 7/15, BANDAR PUTERI PUCHONG, 47100 PUCHONG,
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
|
10/09/1999
|
FIRST AND
SECOND LEGAL CHARGE
|
HOCK HUA BANK
BERHAD
|
MYR 110,000.00
|
Unsatisfied
|
|
2
|
23/09/1999
|
N/A
|
PUBLIC BANK
BHD
|
2,021,153.50
|
Unsatisfied
|
LEGAL CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990.
Information was provided by third party where the debt amount can be
disputed. Please check with creditors for confirmation as alleged debts may
have been paid since recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
|
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT
HABIT
|
|
Prompt 0-30
Days
|
[
|
|
]
|
|
Good 31-60
Days
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
X
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
PARTS FOR
COMMERCIAL VEHICLES, TRAILERS & INDUSTRIAL MACHINERIES
|
|
|
|
|
|
|
Total Number
of Employees:
|
|
|
YEAR
|
2014
|
2013
|
2011
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
COMPANY
|
10
|
10
|
10
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of parts for
commercial vehicles, trailers & industrial machineries.
The Subject sells parts and accessories for trailers and commercial vehicles.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
03-61862500
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
NO 63 JALAN
SAMUDRA BARAT SATU, TAMAN SAMUDRA,68100,BATU CAVES,SELANGOR.
|
|
Current
Address
|
:
|
63, JALAN
SAMUDRA BARAT SATU, TAMAN SAMUDRA, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 7th October 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss) Before
Tax
|
:
|
Decreased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Unfavourable
|
[
|
6.48%
|
]
|
|
|
Return on Net
Assets
|
:
|
Unfavourable
|
[
|
8.34%
|
]
|
|
|
|
|
|
|
|
|
|
|
The continuous
fall in turnover could be due to the lower demand for the Subject's
products / services.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. 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
|
:
|
Acceptable
|
[
|
60 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
124 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Unfavourable
|
[
|
133 Days
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject
kept adequate stocks to meet its normal business transactions without
incurring excessive storage costs. 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.
|
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
3.32 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
3.90 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
A minimum
liquid ratio of 1 should be maintained by the Subject in order to assure
its creditors of its ability to meet short term obligations and the Subject
was in a good liquidity position. Thus, we believe the Subject is able to
meet all its short term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
49.94 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.01 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 : STRONG
|
|
|
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
|
28,876
|
|
Individual
Bankruptcy ( No.)
|
16,228
|
18,119
|
19,167
|
19,575
|
21,984
|
|
Individual
Bankruptcy ( % )
|
16.7
|
11.7
|
5.8
|
2.1
|
12.3
|
|
INDUSTRIES ( %
of Growth ):
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
|
Agriculture
|
0.1
|
2.4
|
5.8
|
1.3
|
2.1
|
|
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
|
(6.5)
|
(0.3)
|
(5.4)
|
1.0
|
0.7
|
|
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
#
|
(9.0)
|
11.9
|
4.7
|
4.8
|
3.5
|
|
Exported-oriented
Industries
|
(19.0)
|
12.1
|
2.8
|
4.1
|
-
|
|
Electrical
& Electronics
|
(30.3)
|
28.4
|
(4.0)
|
12.7
|
18.6
|
|
Rubber
Products
|
(10.1)
|
25.3
|
20.7
|
3.0
|
8.2
|
|
Wood Products
|
(24.1)
|
20.1
|
(5.1)
|
8.7
|
(3.1)
|
|
Textiles &
Apparel
|
(19.5)
|
(0.4)
|
13.2
|
(7.1)
|
(2.6)
|
|
Domestic-oriented
Industries
|
(9.8)
|
16.3
|
6.5
|
8.6
|
-
|
|
Food,
Beverages & Tobacco
|
0.2
|
3.0
|
4.8
|
2.7
|
3.6
|
|
Chemical &
Chemical Products
|
(7.7)
|
16.2
|
10.0
|
10.8
|
(0.7)
|
|
Plastic
Products
|
(9.1)
|
2.4
|
3.8
|
-
|
-
|
|
Iron &
Steel
|
(32.7)
|
29.3
|
2.2
|
(6.6)
|
3.4
|
|
Fabricated Metal
Products
|
(2.5)
|
14.9
|
21.8
|
13.8
|
12.2
|
|
Non-metallic
Mineral
|
(15.5)
|
20.2
|
12.1
|
2.9
|
(0.4)
|
|
Transport
Equipment
|
(13.5)
|
36.5
|
12.0
|
3.4
|
13.8
|
|
Paper &
Paper Products
|
(5.0)
|
18.7
|
9.5
|
3.1
|
2.3
|
|
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
|
6.2
|
11.4
|
4.7
|
18.6
|
10.9
|
|
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
|
2.9
|
7.4
|
7.1
|
6.4
|
5.9
|
|
Electric, Gas
& Water
|
1.4
|
7.8
|
3.5
|
4.4
|
4.2
|
|
Transport,
Storage & Communication
|
1.6
|
7.7
|
6.5
|
7.1
|
7.3
|
|
Wholesale,
Retail, Hotel & Restaurant
|
2.8
|
4.7
|
5.2
|
4.7
|
5.9
|
|
Finance,
Insurance & Real Estate
|
3.8
|
6.1
|
6.9
|
9.7
|
3.7
|
|
Government
Services
|
3.4
|
5.9
|
12.4
|
9.4
|
8.3
|
|
Other Services
|
3.8
|
4.4
|
5.1
|
3.9
|
5.1
|
|
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
|
|
45103 : Sale of
industrial, commercial and agriculture vehicles - new
|
|
|
|
|
INDUSTRY :
|
MOTOR VECHICLE
|
|
|
|
|
|
|
The total
industry volume (TIV) for year 2013 forcasted 640 000 units. This is an increase
of 2.0% compared to the year 2012. Sales of passenger vehicles in the year
2013 forcasted increase by 2.0% to 563 000 units compared to 552 189 units
at the year 2012. While sales of comercial vehicles in year 2013 forcasted
to increase by 2.0% to 77 000 units compared to 75 564 units at the year
2012.
|
|
|
|
It is a big
challenge for the TIV of year 2013 to create another high record. However,
Malaysia's GPD growth is forcasted to be 5.6% in year 2013. This is driven
by exports and domestic demand and is expected to give confidence in
consumer sentiments. Besides, multiplier effects from the Economic
Transformation Programme's (ETP) projects would give a further boost to the
domestic economy and create greater demand for new vehicles.
|
|
|
|
According to
the Malaysian Automotive Association (MAA), the implimentation of the Bank
Negara's guidelines on responsible financing practices from 1st January
2012 coused a slowdown in new vehicle purchase in first quarter 2012.
However, the total industry volume (TIV) of the year 2012 surged to a
historical high of 627,753 units which is an all time record achievement
for the industry. This record had overtaken the previous highest record of
605,156 units achieved in 2010. It had also outperformed the MAA's TIV
forcast of 615,000 units. The main contributors to the growth were led by
Perodua and Proton, followed by Toyota, Honda and Nissan.
|
|
|
|
The total
registration of new passenger vehicles in year 2012 reached 552,189 unts compare
with 535,113 units in year 2011. Which had bring an increase of 3.2%
(17,076 units) of growth rate in the registration of passenger vehicles.
While the total registration for commercial vehicles n 2012 was 75,564
units which is an increase of 6.2% (10,554 units). Besides, the production
of new vehicles also recorded an increase of 6.8% (36,105 units) in year
2012. According to the president of Malaysian Automotive Association (MAA),
the record new vehicle sales in 2012 was due to factors such as strong
economic growth, the implementation of infrastructure projects under the
Economic Transformation Programme (ETP), increased consumer spending and
consumption due to stable employment and rising disposable income,
introduction of new models at competitive prices as well as aggressive
sales campaigns by car companies.
|
|
|
|
|
OVERALL
INDUSTRY OUTLOOK : Marginal Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
The Subject, incorporated in 1992 as a Private Limited company, focusing on
trading of parts for commercial vehicles, trailers & industrial
machineries. The Subject has been existence in the market for 22 years and
it has succeeded in building up its image in the market. It has built up a
strong clientele base and satisfactory reputation will enable the Subject
to further enhance its business in the near term. A paid up capital of the
Subject is MYR 912,998. We considered that the Subject does not have strong
shareholders' backing because the Subject's business position in the market
is much dependent on the efforts of its directors.
Based on our investigation, the Subject only provides its services to the
local market. So, any adverse changes to the local economy might have a
negative impact on the Subject's business performance. The commercial risk
of the Subject is moderate. 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.
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's return on shareholders' funds is an unfavourable. The Subject
is good in 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 3,372,606, 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 poor payment habit may affect the goodwill between the Subject and its
suppliers and the Subject may inadvertently have to pay more for its future
supplies.
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the Subject's future performance is very much
depend on its marketing strategies in order to retain its position in the
market.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
LOYAL
MACHINERY SDN. BHD.
|
|
Financial
Year End
|
2013-09-30
|
2012-09-30
|
2011-09-30
|
2010-09-30
|
2009-09-30
|
|
Months
|
12
|
12
|
12
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
Company
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
3,378,087
|
3,562,834
|
3,916,337
|
3,199,120
|
2,899,146
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
3,378,087
|
3,562,834
|
3,916,337
|
3,199,120
|
2,899,146
|
|
Costs of Goods
Sold
|
(2,429,811)
|
(2,613,928)
|
(2,865,889)
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
948,276
|
948,906
|
1,050,448
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
278,546
|
317,903
|
424,345
|
236,603
|
123,335
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
278,546
|
317,903
|
424,345
|
236,603
|
123,335
|
|
Taxation
|
(59,869)
|
(66,677)
|
(88,888)
|
(51,359)
|
(26,549)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
218,677
|
251,226
|
335,457
|
185,244
|
96,786
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
2,309,406
|
2,126,655
|
1,859,673
|
1,708,666
|
1,646,117
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
2,309,406
|
2,126,655
|
1,859,673
|
1,708,666
|
1,646,117
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
2,528,083
|
2,377,881
|
2,195,130
|
1,893,910
|
1,742,903
|
|
DIVIDENDS -
Ordinary (paid & proposed)
|
(68,475)
|
(68,475)
|
(68,475)
|
(34,237)
|
(34,237)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
2,459,608
|
2,309,406
|
2,126,655
|
1,859,673
|
1,708,666
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Hire purchase
|
3,341
|
3,447
|
1,181
|
2,061
|
4,581
|
|
Term loan /
Borrowing
|
-
|
-
|
-
|
-
|
649
|
|
Trust receipts
|
2,351
|
1,395
|
3,136
|
2,017
|
4,517
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
5,692
|
4,842
|
4,317
|
4,078
|
9,747
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
LOYAL
MACHINERY SDN. BHD.
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
638,372
|
670,287
|
636,461
|
627,494
|
651,144
|
|
|
|
|
|
|
|
|
Deferred
assets
|
-
|
-
|
-
|
-
|
1,560
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM INVESTMENTS/OTHER ASSETS
|
-
|
-
|
-
|
-
|
1,560
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
638,372
|
670,287
|
636,461
|
627,494
|
652,704
|
|
|
|
|
|
|
|
|
Stocks
|
553,280
|
565,923
|
540,250
|
633,056
|
628,535
|
|
Trade debtors
|
1,147,152
|
1,170,407
|
1,248,950
|
1,238,810
|
946,911
|
|
Other debtors,
deposits & prepayments
|
5,363
|
5,363
|
4,109
|
5,113
|
5,113
|
|
Cash &
bank balances
|
2,019,750
|
1,795,093
|
1,533,724
|
1,162,280
|
923,994
|
|
Others
|
-
|
-
|
-
|
19,482
|
33,648
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
3,725,545
|
3,536,786
|
3,327,033
|
3,058,741
|
2,538,201
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
4,363,917
|
4,207,073
|
3,963,494
|
3,686,235
|
3,190,905
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
887,213
|
613,910
|
677,380
|
548,100
|
323,219
|
|
Other
creditors & accruals
|
55,055
|
109,356
|
136,475
|
187,331
|
131,406
|
|
Hire purchase
& lease creditors
|
12,588
|
11,706
|
75,614
|
10,867
|
28,133
|
|
Bank overdraft
|
-
|
-
|
-
|
96
|
-
|
|
Short term
borrowings/Term loans
|
-
|
-
|
-
|
-
|
1
|
|
Other
borrowings
|
-
|
197,436
|
-
|
150,669
|
63,031
|
|
Provision for
taxation
|
1,087
|
3,752
|
29,378
|
-
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
955,943
|
936,160
|
918,847
|
897,063
|
545,790
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
2,769,602
|
2,600,626
|
2,408,186
|
2,161,678
|
1,992,411
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
3,407,974
|
3,270,913
|
3,044,647
|
2,789,172
|
2,645,115
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
912,998
|
912,998
|
912,998
|
912,998
|
912,998
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
912,998
|
912,998
|
912,998
|
912,998
|
912,998
|
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
2,459,608
|
2,309,406
|
2,126,655
|
1,859,673
|
1,708,666
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
2,459,608
|
2,309,406
|
2,126,655
|
1,859,673
|
1,708,666
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
3,372,606
|
3,222,404
|
3,039,653
|
2,772,671
|
2,621,664
|
|
|
|
|
|
|
|
|
Hire purchase
creditors
|
31,504
|
44,093
|
990
|
12,584
|
23,451
|
|
Deferred
taxation
|
3,864
|
4,416
|
4,004
|
3,917
|
-
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
35,368
|
48,509
|
4,994
|
16,501
|
23,451
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
3,407,974
|
3,270,913
|
3,044,647
|
2,789,172
|
2,645,115
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOYAL
MACHINERY SDN. BHD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
2,019,750
|
1,795,093
|
1,533,724
|
1,162,280
|
923,994
|
|
Net Liquid
Funds
|
2,019,750
|
1,795,093
|
1,533,724
|
1,162,184
|
923,994
|
|
Net Liquid
Assets
|
2,216,322
|
2,034,703
|
1,867,936
|
1,528,622
|
1,363,876
|
|
Net Current
Assets/(Liabilities)
|
2,769,602
|
2,600,626
|
2,408,186
|
2,161,678
|
1,992,411
|
|
Net Tangible
Assets
|
3,407,974
|
3,270,913
|
3,044,647
|
2,789,172
|
2,645,115
|
|
Net Monetary
Assets
|
2,180,954
|
1,986,194
|
1,862,942
|
1,512,121
|
1,340,425
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
44,092
|
253,235
|
76,604
|
174,216
|
114,616
|
|
Total
Liabilities
|
991,311
|
984,669
|
923,841
|
913,564
|
569,241
|
|
Total Assets
|
4,363,917
|
4,207,073
|
3,963,494
|
3,686,235
|
3,190,905
|
|
Net Assets
|
3,407,974
|
3,270,913
|
3,044,647
|
2,789,172
|
2,645,115
|
|
Net Assets
Backing
|
3,372,606
|
3,222,404
|
3,039,653
|
2,772,671
|
2,621,664
|
|
Shareholders'
Funds
|
3,372,606
|
3,222,404
|
3,039,653
|
2,772,671
|
2,621,664
|
|
Total Share
Capital
|
912,998
|
912,998
|
912,998
|
912,998
|
912,998
|
|
Total Reserves
|
2,459,608
|
2,309,406
|
2,126,655
|
1,859,673
|
1,708,666
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
2.11
|
1.92
|
1.67
|
1.30
|
1.69
|
|
Liquid Ratio
|
3.32
|
3.17
|
3.03
|
2.70
|
3.50
|
|
Current Ratio
|
3.90
|
3.78
|
3.62
|
3.41
|
4.65
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
60
|
58
|
50
|
72
|
79
|
|
Debtors Ratio
|
124
|
120
|
116
|
141
|
119
|
|
Creditors
Ratio
|
133
|
86
|
86
|
63
|
41
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.01
|
0.08
|
0.03
|
0.06
|
0.04
|
|
Liabilities
Ratio
|
0.29
|
0.31
|
0.30
|
0.33
|
0.22
|
|
Times Interest
Earned Ratio
|
49.94
|
66.66
|
99.30
|
59.02
|
13.65
|
|
Assets Backing
Ratio
|
3.73
|
3.58
|
3.33
|
3.05
|
2.90
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
8.25
|
8.92
|
10.84
|
7.40
|
4.25
|
|
Net Profit
Margin
|
6.47
|
7.05
|
8.57
|
5.79
|
3.34
|
|
Return On Net
Assets
|
8.34
|
9.87
|
14.08
|
8.63
|
5.03
|
|
Return On
Capital Employed
|
8.31
|
9.83
|
13.74
|
8.60
|
4.98
|
|
Return On
Shareholders' Funds/Equity
|
6.48
|
7.80
|
11.04
|
6.68
|
3.69
|
|
Dividend Pay
Out Ratio (Times)
|
0.31
|
0.27
|
0.20
|
0.18
|
0.35
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
0
|
0
|
0
|
|