|
|
REGISTRATION
NO.
|
:
|
694376-D
|
|
COMPANY NAME
|
:
|
INDOSPICE SDN.
BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION
DATE
|
:
|
15/06/2005
|
|
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE
LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
REGISTERED
ADDRESS
|
:
|
322A, JALAN SLIM,
OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
BUSINESS
ADDRESS
|
:
|
16, JALAN
HAMILTON, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
TEL.NO.
|
:
|
04-2831053
|
|
FAX.NO.
|
:
|
04-2812053
|
|
CONTACT PERSON
|
:
|
TAN KIM SUAN (
DIRECTOR )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
46329
|
|
PRINCIPAL
ACTIVITY
|
:
|
TRADER OF
SPICES
|
|
AUTHORISED
CAPITAL
|
:
|
MYR 100,000.00
DIVIDED INTO
ORDINARY SHARE 100,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND
PAID UP CAPITAL
|
:
|
MYR 100,000.00
DIVIDED INTO
ORDINARY SHARES 100,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
|
SALES
|
:
|
MYR 30,949,611
[2013]
|
|
NET WORTH
|
:
|
MYR 5,585,962
[2013]
|
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2014]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER
CHECK
|
:
|
CLEAR
|
|
FINANCIAL
CONDITION
|
:
|
STABLE
|
|
PAYMENT
|
:
|
PROMPT
|
|
MANAGEMENT
CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
|
COMMERCIAL
RISK
|
:
|
LOW
|
|
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) trader of spices.
The Subject is not listed on Bursa
Malaysia (Malaysia Stock Exchange).
The immediate holding company of the
Subject is YEOW BENG RESOURCES SDN. BHD., a company incorporated in MALAYSIA.
The ultimate holding company of the Subject
is TYB PROPERTY HOLDING SDN BHD, a company incorporated in MALAYSIA.
Share Capital History
|
Date
|
Authorised
Shared Capital
|
Issue &
Paid Up Capital
|
|
15/02/2013
|
MYR 100,000.00
|
MYR 100,000.00
|
|
15/06/2005
|
MYR 100,000.00
|
MYR 3.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
YEOW BENG
RESOURCES SDN. BHD.
|
322A, JALAN
SLIM, OFF JALAN PERAK, JELUTONG, 2ND FLOOR, 11600 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
914965W
|
20,000.00
|
20.00
|
|
KARENTAN
AGENCY SDN. BHD.
|
322A, JALAN
SLIM, OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
913481V
|
10,000.00
|
10.00
|
|
THOR & TAN
RESOURCES SDN. BHD.
|
322A, JALAN SLIM,
OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
913800T
|
10,000.00
|
10.00
|
|
KSYB RESOURCES
SDN. BHD.
|
322A, JALAN
SLIM, OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
913804U
|
10,000.00
|
10.00
|
|
AC & YB
RESOURCES SDN. BHD.
|
322A, JALAN
SLIM, OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG,
MALAYSIA.
|
913807A
|
10,000.00
|
10.00
|
|
BEBE RESOURCES
SDN. BHD.
|
322A, JALAN SLIM,
OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
913809M
|
10,000.00
|
10.00
|
|
KIM CHAN
RESOURCES SDN. BHD.
|
322A, JALAN
SLIM, OFF JALAN PERAK, JELUTONG, 2ND FLOOR, 11600 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
915367T
|
10,000.00
|
10.00
|
|
CHEE KEONG
RESOURCES SDN. BHD.
|
322A, JALAN
SLIM, OFF JALAN PERAK, JELUTONG, 2ND FLOOR, 11600 PULAU PINANG, PULAU
PINANG, MALAYSIA.
|
915372W
|
10,000.00
|
10.00
|
|
ELEEN TAN
RESOURCES SDN. BHD.
|
322A, JALAN SLIM,
OFF JALAN PERAK, JELUTONG, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
918221H
|
10,000.00
|
10.00
|
|
|
|
|
---------------
|
------
|
|
|
|
|
100,000.00
|
100.00
|
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTOR 1
|
Name Of
Subject
|
:
|
MS. TAN KIM
SUAN
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
780627-07-5410
|
|
Date of Birth
|
:
|
27/06/1978
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
24/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of
Subject
|
:
|
MS. TAN KIM
LIAN
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A3787225
|
|
New IC No
|
:
|
771104-07-6014
|
|
Date of Birth
|
:
|
04/11/1977
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
24/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of
Subject
|
:
|
MS. TAN KIM
HONG
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A3424899
|
|
New IC No
|
:
|
761003-07-5080
|
|
Date of Birth
|
:
|
03/10/1976
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
24/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of
Subject
|
:
|
MS. TAN KIM
GAIK
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
A3195623
|
|
New IC No
|
:
|
751115-07-5780
|
|
Date of Birth
|
:
|
15/11/1975
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
24/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of
Subject
|
:
|
MS. THOR TEIK
CHOO
|
|
Address
|
:
|
16, HAMILTON ROAD,
11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
5851660
|
|
New IC No
|
:
|
600216-07-5730
|
|
Date of Birth
|
:
|
16/02/1960
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
15/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 6
|
Name Of
Subject
|
:
|
MS. BOK AH
CHOO
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
4962521
|
|
New IC No
|
:
|
560528-07-5058
|
|
Date of Birth
|
:
|
28/05/1956
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
15/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 7
|
Name Of
Subject
|
:
|
MR. TAN YEOW
BENG
|
|
Address
|
:
|
16, HAMILTON ROAD,
11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
IC / PP No
|
:
|
4409001
|
|
New IC No
|
:
|
530329-07-5293
|
|
Date of Birth
|
:
|
29/03/1953
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
15/06/2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 8
|
Name Of
Subject
|
:
|
MR. TAN KIM
CHAN
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
790831-07-5185
|
|
Date of Birth
|
:
|
31/08/1979
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
28/01/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 9
|
Name Of
Subject
|
:
|
MR. TAN CHEE
KEONG
|
|
Address
|
:
|
16, HAMILTON
ROAD, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
New IC No
|
:
|
800506-07-5313
|
|
Date of Birth
|
:
|
06/05/1980
|
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of
Appointment
|
:
|
28/01/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1)
|
Name of
Subject
|
:
|
TAN KIM SUAN
|
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
|
|
Auditor
|
:
|
YCS & CO.
|
|
Auditor'
Address
|
:
|
163-C-3, WISMA
SERI PERAK, JALAN PERAK, 10150 GEORGETOWN, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
1)
|
Company
Secretary
|
:
|
MR. LOH SEONG
YEW
|
|
|
|
|
|
|
|
New IC No
|
:
|
781108-07-5325
|
|
|
Address
|
:
|
1-5-3A, CASA
PINANG, GERBANG BATU LANCANG, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN
BANKING BHD
|
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
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
|
:
|
YES
|
|
Overseas
|
:
|
YES
|
|
Import
Countries
|
:
|
INDIA,VIETNAM,INDONESIA,CHINA
|
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
|
[
|
X
|
]
|
|
Good 31-60
Days
|
[
|
|
]
|
|
Average 61-90
Days
|
[
|
|
]
|
|
|
Fair 91-120
Days
|
[
|
|
]
|
|
Poor >120
Days
|
[
|
|
]
|
|
|
|
|
|
|
|
Local
|
:
|
YES
|
|
Domestic
Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
MIDDLE EAST
EUROPE
UNITED ARAB EMIRATES
HONG KONG
THAILAND
INDONESIA
CHINA
INDIA
BANGLADESH
VIETNAM
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
Type of
Customer
|
:
|
RETAIL,DISTRIBUTORS,AGENTS,WHOLESALERS,END
USERS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded
|
:
|
|
|
|
|
|
|
Ownership of
premises
|
:
|
|
|
Total Number of
Employees:
|
|
|
YEAR
|
2014
|
2013
|
2012
|
2009
|
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
10
|
10
|
10
|
9
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trader of spices.
The Subject sells a wide range of spices including coriander seeds, nutmegs,
cinnamons, cloves and others.
The Subject also sells curry powders, tumeric powders and etc.
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone
Number Provided By Client
|
:
|
N/A
|
|
Current
Telephone Number
|
:
|
04-2831053
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address
Provided by Client
|
:
|
16, JALAN
HAMILTON,11600,PULAU PINANG.
|
|
Current
Address
|
:
|
16, JALAN
HAMILTON, 11600 PULAU PINANG, PULAU PINANG, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest
Financial Accounts
|
:
|
YES
|
Other
Investigations
On 27th August 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Profit/(Loss)
Before Tax
|
:
|
Increased
|
[
|
2009 - 2013
|
]
|
|
|
Return on
Shareholder Funds
|
:
|
Acceptable
|
[
|
25.91%
|
]
|
|
|
Return on Net
Assets
|
:
|
Favourable
|
[
|
34.35%
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's turnover
increased steadily as the demand for its products / services increased due
to the goodwill built up over the years.The higher profit could be
attributed to the increase in turnover. The Subject's management had
generated acceptable return for its shareholders using its assets.
|
|
|
|
|
|
|
|
|
|
Working
Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Unfavourable
|
[
|
79 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Unfavourable
|
[
|
180 Days
|
]
|
|
|
Creditors
Ratio
|
:
|
Favourable
|
[
|
15 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 debtors ratio was high.
The Subject should tighten its credit control and improve its collection
period. 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
|
:
|
Acceptable
|
[
|
0.93 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
1.32 Times
|
]
|
|
|
|
|
|
|
|
|
|
|
The Subject's liquid
ratio was slightly low. This could indicate that the Subject's working
capital was slightly deficient. The Subject will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due.
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Favourable
|
[
|
82.92 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.08 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 :
|
|
|
|
|
|
|
|
Generally, the
Subject's performance has improved with higher turnover and profit. The Subject's
liquidity was at an acceptable range. If the Subject is able to obtain
further short term financing, it should be able to meet all its short term
obligations. 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 : STABLE
|
|
|
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
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
|
|
|
|
|
|
|
|
MSIC CODE
|
|
46329 :
Wholesale of other foodstuffs
|
|
|
|
|
INDUSTRY :
|
TRADING
|
|
|
|
|
|
|
According to
the Retail Group Malaysia (RGM), the wholesale and retail trade sector
forecast to grow to 6% in year 2013. During the first quarter of year 2013,
RGM is estimating the retail industry to grow 6.9%. Many retailers have been
enjoying better sales since the government handed out cash from mid-January
of 2013 under the second round of Bantuan Rakyat 1Malaysia to more than 12
million Malaysians. Bookstores and related retail stores have also started
enjoying rising sales since the RM250 1Malaysia Book Voucher was
distributed to 1.3 million private and public university students. Besides,
since early February 2013, handphone traders and retailers selling
smartphone accessories have started to benefit from the RM200 rebate on smartphones
for 1.5 million young adults aged between 21 and 30 years with a monthly
income of not more than RM3,000.
|
|
|
|
The wholesale
and retail trade sector grew 6.1% in the first half of the year 2012 driven
by strong domestic consumption and the increasing number of large format
stores operating in Malaysia, including 180 foreign hypermarkets,
superstores and departmental stores as at end of August 2012. In addition,
other indicators such as imports of consumption goods were higher by 15.2%.
|
|
|
|
In 2012, the
wholesale and retail trade sector growth to 5.5% driven by higher
consumption which benefited from Government initiatives under the 2012
Budget such as BR1M, Baucar Buku 1Malaysia (BB1M) and the RM100 assistance
for all primary and secondary school students. The performance of the
sector will also be supported by ongoing efforts to modernise the retail
segment under the ETP. In 2012, 500 retail shops and 50 workshops are
targeted to be modernised under the Retail Shop Transformation (TUKAR) and
Automotive Workshop Modernisation (ATOM) programmes, respectively. As at
end of July 2012, 95 workshops have been modernised, surpassing the yearly
target, while 393 retail shops have been modernised.
|
|
|
|
Growth of the
sector is anticipated to remain encouraging with ongoing efforts by the
Government to increase its contribution to the economy. Major initiatives
include increasing the number of large format stores such as hypermarkets,
superstores and departmental stores are carried out to boost the economy.
|
|
|
|
Over 60% of
Gross Domestic Product (GDP) is contributed by domestic consumption,
therefore the wholesale and retail sector plays a crucial role in driving
Malaysia's growth over the next decade despite the ongoing global economic
slowdown. By 2020, Malaysia's wholesale and retail sector is expected to
boost the country's total Gross National Income (GNI) by RM156 billion,
creating 454,190 new jobs.
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : Average Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Incorporated in 2005, the Subject is a Private Limited company, focusing on
trader of spices. Having been in business for more than 5 years, the
Subject has established a remarkable clientele base for itself which has
contributed to its business growth. Having strong support from its
shareholder has enabled the Subject to remain competitive despite the
challenging business environment.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is
competing in the industry. Its stable clientele base will enable the
Subject to further enhance its business in the near term. Being a small
company, the Subject's business operation is supported by 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. Return on shareholders' funds of the
Subject was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. The Subject managed to
maintain an adequate liquidity level, indicating that the Subject has the
ability to meet its financial obligations. Being a lowly geared company,
the Subject is exposed to low financial risk as it is mainly dependent on
its internal funds to finance its business needs. Given a positive net
worth standing at MYR 5,585,962, the Subject should be able to maintain its
business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises. The Subject's supplier are from both the
local and overseas countries. This will eliminates the risk of dependency
on deliveries from a number of key suppliers and insufficient quantities of
its raw materials. Overall the Subject has a good control over its
resources.
We regard that the Subject's overall payment habit is prompt. The Subject
had a favourable creditors' ratio as evidenced by its favourable collection
days.
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
promptly.
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS)
|
|
INDOSPICE SDN.
BHD.
|
|
Financial
Year End
|
2013-07-31
|
2012-07-31
|
2011-07-31
|
2010-07-31
|
2009-07-31
|
|
Months
|
12
|
12
|
12
|
12
|
13
|
|
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
|
SUMMARY
|
FULL
|
FULL
|
|
Currency
|
MYR
|
MYR
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
|
|
|
TURNOVER
|
30,949,611
|
30,150,219
|
26,079,778
|
22,389,972
|
20,262,805
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
30,949,611
|
30,150,219
|
26,079,778
|
22,389,972
|
20,262,805
|
|
Costs of Goods
Sold
|
(27,273,972)
|
(27,029,086)
|
-
|
(20,558,571)
|
(18,633,745)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
3,675,639
|
3,121,133
|
-
|
1,831,401
|
1,629,060
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM
OPERATIONS
|
1,898,118
|
1,365,630
|
1,138,671
|
1,028,101
|
613,001
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
BEFORE TAXATION
|
1,898,118
|
1,365,630
|
1,138,671
|
1,028,101
|
613,001
|
|
Taxation
|
(450,926)
|
(321,299)
|
(272,056)
|
(230,202)
|
(127,804)
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS)
AFTER TAXATION
|
1,447,192
|
1,044,331
|
866,615
|
797,899
|
485,197
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
|
As previously
reported
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
844,728
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
844,728
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS
|
5,485,962
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD
|
5,485,962
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
Bank overdraft
|
533
|
-
|
-
|
11
|
-
|
|
Bankers'
acceptance
|
22,636
|
20,227
|
-
|
32,547
|
40,108
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
23,169
|
20,227
|
-
|
32,558
|
40,108
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
ASSETS
EMPLOYED:
|
|
|
|
|
|
|
FIXED ASSETS
|
64,577
|
91,019
|
109,392
|
34,641
|
47,342
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM ASSETS
|
64,577
|
91,019
|
109,392
|
34,641
|
47,342
|
|
|
|
|
|
|
|
|
Stocks
|
6,661,525
|
4,934,326
|
-
|
2,577,005
|
1,989,354
|
|
Trade debtors
|
15,279,141
|
14,564,456
|
-
|
7,146,514
|
5,178,045
|
|
Other debtors,
deposits & prepayments
|
-
|
-
|
-
|
381,341
|
26,765
|
|
Amount due
from holding company
|
-
|
-
|
-
|
8,987
|
23,505
|
|
Cash &
bank balances
|
642,271
|
168,899
|
-
|
62,469
|
346,478
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
ASSETS
|
22,582,937
|
19,667,681
|
17,255,113
|
10,176,316
|
7,564,147
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
22,647,514
|
19,758,700
|
17,364,505
|
10,210,957
|
7,611,489
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Trade
creditors
|
1,107,996
|
3,182,359
|
-
|
230,739
|
112,100
|
|
Other
creditors & accruals
|
9,254,000
|
7,508,798
|
-
|
255,724
|
192,428
|
|
Bill &
acceptances payable
|
438,053
|
-
|
-
|
658,744
|
1,144,254
|
|
Amounts owing
to related companies
|
-
|
-
|
-
|
2,329,678
|
907,935
|
|
Amounts owing
to director
|
6,158,426
|
4,872,527
|
-
|
4,444,303
|
3,787,443
|
|
Provision for
taxation
|
95,359
|
48,934
|
-
|
60,452
|
32,404
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT
LIABILITIES
|
17,053,834
|
15,612,618
|
14,264,595
|
7,979,640
|
6,176,564
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT
ASSETS/(LIABILITIES)
|
5,529,103
|
4,055,063
|
2,990,518
|
2,196,676
|
1,387,583
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET
ASSETS
|
5,593,680
|
4,146,082
|
3,099,910
|
2,231,317
|
1,434,925
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
|
Ordinary share
capital
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE
CAPITAL
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
|
|
|
|
|
|
|
Retained
profit/(loss) carried forward
|
5,485,962
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
5,485,962
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
|
|
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS'
FUNDS/EQUITY
|
5,585,962
|
4,138,770
|
3,094,439
|
2,227,824
|
1,429,925
|
|
|
|
|
|
|
|
|
Deferred
taxation
|
7,718
|
7,312
|
-
|
3,493
|
5,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG
TERM LIABILITIES
|
7,718
|
7,312
|
5,471
|
3,493
|
5,000
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
5,593,680
|
4,146,082
|
3,099,910
|
2,231,317
|
1,434,925
|
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
|
|
|
Cash
|
642,271
|
168,899
|
-
|
62,469
|
346,478
|
|
Net Liquid
Funds
|
204,218
|
168,899
|
-
|
(596,275)
|
(797,776)
|
|
Net Liquid
Assets
|
(1,132,422)
|
(879,263)
|
2,990,518
|
(380,329)
|
(601,771)
|
|
Net Current
Assets/(Liabilities)
|
5,529,103
|
4,055,063
|
2,990,518
|
2,196,676
|
1,387,583
|
|
Net Tangible
Assets
|
5,593,680
|
4,146,082
|
3,099,910
|
2,231,317
|
1,434,925
|
|
Net Monetary
Assets
|
(1,140,140)
|
(886,575)
|
2,985,047
|
(383,822)
|
(606,771)
|
|
BALANCE SHEET
ITEMS
|
|
|
|
|
|
|
Total
Borrowings
|
438,053
|
0
|
-
|
658,744
|
1,144,254
|
|
Total
Liabilities
|
17,061,552
|
15,619,930
|
14,270,066
|
7,983,133
|
6,181,564
|
|
Total Assets
|
22,647,514
|
19,758,700
|
17,364,505
|
10,210,957
|
7,611,489
|
|
Net Assets
|
5,593,680
|
4,146,082
|
3,099,910
|
2,231,317
|
1,434,925
|
|
Net Assets
Backing
|
5,585,962
|
4,138,770
|
3,094,439
|
2,227,824
|
1,429,925
|
|
Shareholders'
Funds
|
5,585,962
|
4,138,770
|
3,094,439
|
2,227,824
|
1,429,925
|
|
Total Share
Capital
|
100,000
|
100,000
|
100,000
|
100,000
|
100,000
|
|
Total Reserves
|
5,485,962
|
4,038,770
|
2,994,439
|
2,127,824
|
1,329,925
|
|
LIQUIDITY
(Times)
|
|
|
|
|
|
|
Cash Ratio
|
0.04
|
0.01
|
-
|
0.01
|
0.06
|
|
Liquid Ratio
|
0.93
|
0.94
|
-
|
0.95
|
0.90
|
|
Current Ratio
|
1.32
|
1.26
|
1.21
|
1.28
|
1.22
|
|
WORKING
CAPITAL CONTROL (Days)
|
|
|
|
|
|
|
Stock Ratio
|
79
|
60
|
-
|
42
|
36
|
|
Debtors Ratio
|
180
|
176
|
-
|
117
|
93
|
|
Creditors
Ratio
|
15
|
43
|
-
|
4
|
2
|
|
SOLVENCY
RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0.08
|
0.00
|
-
|
0.30
|
0.80
|
|
Liabilities
Ratio
|
3.05
|
3.77
|
4.61
|
3.58
|
4.32
|
|
Times Interest
Earned Ratio
|
82.92
|
68.52
|
-
|
32.58
|
16.28
|
|
Assets Backing
Ratio
|
55.94
|
41.46
|
31.00
|
22.31
|
14.35
|
|
PERFORMANCE
RATIO (%)
|
|
|
|
|
|
|
Operating
Profit Margin
|
6.13
|
4.53
|
4.37
|
4.59
|
3.03
|
|
Net Profit
Margin
|
4.68
|
3.46
|
3.32
|
3.56
|
2.39
|
|
Return On Net
Assets
|
34.35
|
33.43
|
36.73
|
47.54
|
45.52
|
|
Return On
Capital Employed
|
34.35
|
33.43
|
36.73
|
47.54
|
45.52
|
|
Return On
Shareholders' Funds/Equity
|
25.91
|
25.23
|
28.01
|
35.82
|
33.93
|
|
Dividend Pay
Out Ratio (Times)
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
|
NOTES TO
ACCOUNTS
|
|
|
|
|
|
|
Contingent
Liabilities
|
0
|
0
|
-
|
0
|
0
|
|