|
|
REGISTRATION
NO.
|
:
|
904582-W
|
|
COMPANY NAME
|
:
|
J P SILK SDN.
BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
15/06/2010
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
359-2, 2 1/2
MILE, JALAN IPOH, 51200 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
LOT 211,
WILAYAH COMPLEX, 2, JALAN MUNSHI ABDULLAH, ,SECOND FLOOR, 50100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
N/A
|
|
FAX.NO.
|
:
|
N/A
|
|
HP.NO.
|
:
|
0166851869
|
|
CONTACT PERSON
|
:
|
LAKSHMINARAYANAN
A/L M KRISHNAN ( DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
46411
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADING IN TEXTILES,BRASSWARE,SILVERWARE
COSTUME JEWELERIES AND UTENSILES
|
|
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
1,000,000.00 DIVIDED INTO
ORDINARY SHARES 550,002 CASH AND 449,998 OTHERWISE OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
MYR 817,045
[2012]
|
|
NET WORTH
|
:
|
MYR 1,010,092
[2012]
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
FAIR
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
HIGH
|
|
CURRENCY
EXPOSURE
|
:
|
N/A
|
|
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 in textiles,brassware,silverware costume jeweleries
and utensiles.
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
1,000,000.00
|
|
15/06/2010
|
MYR 100,000.00
|
MYR 2.00
|
The major shareholder(s) of the Subject are shown
as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR.
LAKSHMINARAYANAN A/L M KRISHNAN +
|
4, JALAN
CHEMPEDAK, OFF JALAN KOVIL HILIR, SENTUL, 51100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
590623-71-5057
5955069
|
510,000.00
|
51.00
|
|
MR. SUMITHA
HANUMANDAN MOHANRAJ +
|
B-30-7, MENARA
CITY ONE, JALAN MUNSHI ABDULLAH, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
H0970060
|
300,000.00
|
30.00
|
|
MR.
JAYAPRAKASH SENGOTAYA GOUNDER MURUGESAN +
|
171, JALAN SIBU,
TAMAN WAHYU, OFF JALAN KUCHING, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
Z1774528
|
190,000.00
|
19.00
|
|
|
|
---------------
|
------
|
|
|
|
1,000,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MR.
JAYAPRAKASH SENGOTAYA GOUNDER MURUGESAN
|
|
Address
|
:
|
171, JALAN
SIBU, TAMAN WAHYU, OFF JALAN KUCHING, 68100 BATU CAVES, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
Z1774528
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
15/06/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MR. SUMITHA
HANUMANDAN MOHANRAJ
|
|
Address
|
:
|
B-30-7, MENARA
CITY ONE, JALAN MUNSHI ABDULLAH, 50100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
H0970060
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
07/05/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MR.
LAKSHMINARAYANAN A/L M KRISHNAN
|
|
Address
|
:
|
4, JALAN CHEMPEDAK,
OFF JALAN KOVIL HILIR, SENTUL, 51100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
IC / PP No
|
:
|
5955069
|
|
New IC No
|
:
|
590623-71-5057
|
|
Date of Birth
|
:
|
23/06/1959
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
15/06/2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
LAKSHMINARAYANAN
A/L M KRISHNAN
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
Auditor
|
:
|
ARI & CO.
|
|
Auditor'
Address
|
:
|
24-4-2, JALAN 4/50,
DIAMOND SQUARE BUSINESS CENTRE, OFF JALAN GOMBAK BATU 3 1/2, 53000 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MR. RATHA
KRISHNAN A/L NADARAJAN
|
|
IC / PP No
|
:
|
5964178
|
|
New IC No
|
:
|
600827-08-6033
|
|
Address
|
:
|
254, JALAN
MEDAN 16, TAMAN MEDAN, 46000 PETALING JAYA, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING
BHD
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the
wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW
MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its suppliers.
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
N/A
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CASH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
TEXTILES,BRASSWARE,SILVERWARE
COSTUME JEWELERIES AND UTENSILES
|
|
|
|
|
|
Total Number
of Employees:
|
|
YEAR
|
2014
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading in
textiles,brassware,silverware costume jeweleries and utensiles.
The Subject is engaged in the trading of textiles and household products.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
014-7511668
|
|
Current
Telephone Number
|
:
|
0166851869
|
|
Match
|
:
|
NO
|
|
|
|
|
Address
Provided by Client
|
:
|
LOT 2.11, 2ND FLOOR,
KAMPLEKS WILAYAH, NO 2 JALAN MUNSHI ABDULLAH 50100 KUALA LUMPUR
|
|
Current
Address
|
:
|
LOT 211,
WILAYAH COMPLEX, 2, JALAN MUNSHI ABDULLAH, ,SECOND FLOOR, 50100 KUALA
LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
Latest Financial
Accounts
|
:
|
YES
|
Other
Investigations
On 13th October 2014 we contacted one of the SC's Director, Mr Lakshminarayan
on his mobile at 0166851869 and he provided some information on the Subject.
The Subject can only be contacted via mobile at 0166851869.
The Subject does not use fax facility.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
63.56%
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
17.36%
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Unfavourable
|
[
|
0.54%
|
]
|
|
|
Return on Net
Assets
|
:
|
Unfavourable
|
[
|
0.54%
|
]
|
|
|
|
|
|
|
|
|
|
The increase
in turnover could be due to the Subject adopting an aggressive marketing strategy.The
Subject's management have been efficient in controlling its operating
costs. 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
|
:
|
Unfavourable
|
[
|
176 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
64 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
0 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject could
be incurring higher holding cost. As its capital was tied up in stocks, it
could face liquidity problems. The Subject's management was quite efficient
in handling its debtors. The Subject's debtors days were at an acceptable
range, thus the risk of its debts turning bad was minimised. 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
|
:
|
Favourable
|
[
|
144.96 Times
|
]
|
|
|
Current Ratio
|
:
|
Favourable
|
[
|
237.69 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
|
:
|
Nil
|
[
|
0.00 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's
interest cover was nil as it did not pay any interest during the year. The Subject
had no gearing and hence it had virtually no financial risk. The Subject
was financed by its shareholders' funds and internally generated fund.
During the economic downturn, the Subject, having a zero gearing, will be
able to compete better than those which are highly geared in the same
industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment :
|
|
|
|
|
|
|
|
Generally, the
Subject's performance has improved with higher 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. The Subject did
not make any interest payment during the year. The Subject was dependent on
its shareholders' funds to finance its business needs. The Subject was a
zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The Subject has good chance of
getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
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
|
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
|
|
46411 : Wholesale
of yarn and fabrics
|
|
|
|
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
|
|
Established in 2010, the Subject is a Private Limited company with core business
in the trading in textiles, brassware, silverware costume jeweleries and
utensiles. The Subject has been in business for less than 5 years and it
has slowly been building up contact with its clients while competing in the
industry. However, it has yet to enjoy a stable market shares as it need to
compete many well established players in the same field. A paid up capital
of MYR 1,000,000 allows the Subject to expand its business more
comfortably. We considered that the Subject's business position in the
market is much dependent on the efforts of its directors.
Investigation revealed that the Subject's interest lies mostly in the local
market. The Subject should have build up its clientele base and received
supports from its regular customers. Thus, 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. This indicates that the Subject has greater potential to improve
its business performance and raising income for the Subject.
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 is
in good liquidity position with its current liabilities well covered by it
current assets. Hence, it has sufficient working capital to meet its short
term financial obligations. Being a zero geared company, the Subject
virtually has no financial risk as it is mainly dependent on its internal
funds to finance its business. Given a positive net worth standing at MYR
1,010,092, the Subject should be able to maintain its business in the near
terms.
Without a strong assets backing, the Subject may face difficulties in
getting loans for its future expansion and continued growth .
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Hence, the Subject is expected to benefit from the
favourable outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
J P SILK SDN.
BHD.
|
|
Financial Year
End
|
2012-06-30
|
2011-06-30
|
|
Months
|
12
|
12
|
|
Consolidated
Account
|
Company
|
Company
|
|
Audited
Account
|
YES
|
YES
|
|
Unqualified
Auditor's Report (Clean Opinion)
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
|
|
|
|
TURNOVER
|
817,045
|
499,546
|
|
----------------
|
----------------
|
|
Total Turnover
|
817,045
|
499,546
|
|
Costs of Goods
Sold
|
(667,636)
|
(380,539)
|
|
----------------
|
----------------
|
|
Gross Profit
|
149,409
|
119,007
|
|
----------------
|
----------------
|
|
|
|
|
PROFIT/(LOSS)
FROM OPERATIONS
|
5,449
|
4,643
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
5,449
|
4,643
|
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
5,449
|
4,643
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
As previously
reported
|
4,643
|
-
|
|
----------------
|
----------------
|
|
As restated
|
4,643
|
-
|
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
10,092
|
4,643
|
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD
|
10,092
|
4,643
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
ASSETS EMPLOYED:
|
|
|
|
FIXED ASSETS
|
4,148
|
5,004
|
|
|
|
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
4,148
|
5,004
|
|
|
|
|
Stocks
|
394,116
|
470,001
|
|
Trade debtors
|
144,057
|
137,400
|
|
Other debtors,
deposits & prepayments
|
9,002
|
9,000
|
|
Amount due
from director
|
421,643
|
-
|
|
Cash &
bank balances
|
41,376
|
1,229
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
1,010,194
|
617,630
|
|
----------------
|
----------------
|
|
TOTAL ASSET
|
1,014,342
|
622,634
|
|
=============
|
=============
|
|
|
|
|
Other
creditors & accruals
|
4,250
|
6,600
|
|
Amounts owing
to director
|
-
|
611,389
|
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
4,250
|
617,989
|
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
1,005,944
|
(359)
|
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
1,010,092
|
4,645
|
|
=============
|
=============
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
Ordinary share
capital
|
1,000,000
|
2
|
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
1,000,000
|
2
|
|
|
|
|
Retained
profit/(loss) carried forward
|
10,092
|
4,643
|
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
10,092
|
4,643
|
|
|
|
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
1,010,092
|
4,645
|
|
|
|
|
----------------
|
----------------
|
|
1,010,092
|
4,645
|
|
=============
|
=============
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
41,376
|
1,229
|
|
Net Liquid
Funds
|
41,376
|
1,229
|
|
Net Liquid
Assets
|
611,828
|
(470,360)
|
|
Net Current
Assets/(Liabilities)
|
1,005,944
|
(359)
|
|
Net Tangible
Assets
|
1,010,092
|
4,645
|
|
Net Monetary
Assets
|
611,828
|
(470,360)
|
|
BALANCE SHEET
ITEMS
|
|
|
|
Total
Borrowings
|
0
|
0
|
|
Total
Liabilities
|
4,250
|
617,989
|
|
Total Assets
|
1,014,342
|
622,634
|
|
Net Assets
|
1,010,092
|
4,645
|
|
Net Assets
Backing
|
1,010,092
|
4,645
|
|
Shareholders'
Funds
|
1,010,092
|
4,645
|
|
Total Share
Capital
|
1,000,000
|
2
|
|
Total Reserves
|
10,092
|
4,643
|
|
LIQUIDITY
(Times)
|
|
|
|
Cash Ratio
|
9.74
|
0.00
|
|
Liquid Ratio
|
144.96
|
0.24
|
|
Current Ratio
|
237.69
|
1.00
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
176
|
343
|
|
Debtors Ratio
|
64
|
100
|
|
Creditors
Ratio
|
0
|
0
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.00
|
0.00
|
|
Liabilities
Ratio
|
0.00
|
133.04
|
|
Times Interest
Earned Ratio
|
0.00
|
0.00
|
|
Assets Backing
Ratio
|
1.01
|
2,322.50
|
|
PERFORMANCE RATIO
(%)
|
|
|
|
Operating
Profit Margin
|
0.67
|
0.93
|
|
Net Profit
Margin
|
0.67
|
0.93
|
|
Return On Net
Assets
|
0.54
|
99.96
|
|
Return On
Capital Employed
|
0.54
|
99.96
|
|
Return On
Shareholders' Funds/Equity
|
0.54
|
99.96
|
|
Dividend Pay Out
Ratio (Times)
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
|