|
Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHANG SHENG HAU SDN. BHD. |
|
|
|
|
Registered Office : |
68-3A, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.12.1995 |
|
|
|
|
Com. Reg. No.: |
369240-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Food Products and Grocery Products |
|
|
|
|
No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income
country, has transformed itself since the 1970s from a producer of raw materials
into an emerging multi-sector economy. Under current Prime Minister NAJIB,
Malaysia is attempting to achieve high-income status by 2020 and to move
farther up the value-added production chain by attracting investments in
Islamic finance, high technology industries, biotechnology, and services.
NAJIB's Economic Transformation Program (ETP) is a series of projects and
policy measures intended to accelerate the country's economic growth. The
government has also taken steps to liberalize some services sub-sectors. The
NAJIB administration also is continuing efforts to boost domestic demand and
reduce the economy's dependence on exports. Nevertheless, exports -
particularly of electronics, oil and gas, palm oil and rubber - remain a
significant driver of the economy. As an oil and gas exporter, Malaysia has
profited from higher world energy prices, although the rising cost of domestic
gasoline and diesel fuel, combined with sustained budget deficits, has forced
Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions
in energy and sugar subsidies and the announcement of the 2015 implementation
of a 6% goods and services tax. The government is also trying to lessen its
dependence on state oil producer Petronas. The oil and gas sector supplies
about 32% of government revenue in 2013. Bank Negara Malaysia (central bank)
maintains healthy foreign exchange reserves, and a well-developed regulatory
regime has limited Malaysia's exposure to riskier financial instruments and the
global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall
in commodity prices or a general slowdown in global economic activity because
exports are a major component of GDP. In order to attract increased investment,
NAJIB earlier raised possible revisions to the special economic and social
preferences accorded to ethnic Malays under the New Economic Policy of 1970,
but retreated in 2013 after he encountered significant opposition from Malay
nationalists and other vested interests. In September 2013 NAJIB launched the
new Bumiputra Economic Empowerment Program (BEEP), policies that favor and
advance the economic condition of ethnic Malays
|
Source
: CIA |
|
REGISTRATION NO. |
: |
369240-K |
||||
|
COMPANY NAME |
: |
CHANG SHENG HAU SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
02/12/1995 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
68-3A, JALAN PASAR, 41400 KLANG, SELANGOR, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
LOT PT 101844, JALAN SERULING 59, TAMAN KLANG JAYA,, 41200
KLANG, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-33243757/33421757 |
||||
|
FAX.NO. |
: |
03-33249757 |
||||
|
EMAIL |
: |
CSHSB2007@GMAIL.COM |
||||
|
CONTACT PERSON |
: |
KHOR LEAN HANG ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
INDUSTRY CODE |
: |
46329 |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF FOOD PRODUCTS AND GROCERY PRODUCTS |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 1,200,000.00 DIVIDED INTO |
||||
|
|
|
|
||||
|
SALES |
: |
MYR 30,235,899 [2012] |
||||
|
NET WORTH |
: |
MYR 1,446,989 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
10 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of food products and grocery products.
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 5,000,000.00 |
MYR 1,200,000.00 |
|
13/06/2003 |
MYR 1,000,000.00 |
MYR 1,000,000.00 |
|
08/09/1997 |
MYR 500,000.00 |
MYR 500,000.00 |
|
23/05/1996 |
MYR 500,000.00 |
MYR 300,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. KHOR LEAN HANG + |
LOT 40, JALAN BANTING, PANDAMARAN, 42000 KAPAR, SELANGOR, MALAYSIA. |
530925-08-6757 8043846 |
1,024,999.00 |
85.42 |
|
MS. OOI SAW LIAN + |
1, LENGKONGAN GAMBUS 4, TAMAN DESAWAN, 41200 KLANG, SELANGOR, MALAYSIA. |
550830-07-5148 4851202 |
175,001.00 |
14.58 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,200,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MS. OOI SAW LIAN |
|
Address |
: |
1, LENGKONGAN GAMBUS 4, TAMAN DESAWAN, 41200 KLANG, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
4851202 |
|
New IC No |
: |
550830-07-5148 |
|
Date of Birth |
: |
30/08/1955 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
02/12/1995 |
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. KHOR LEAN HANG |
|
Address |
: |
LOT 40, JALAN BANTING, PANDAMARAN, 42000 KAPAR, SELANGOR, MALAYSIA. |
|
IC / PP No |
: |
8043846 |
|
New IC No |
: |
530925-08-6757 |
|
Date of Birth |
: |
25/09/1953 |
|
|
|
|
|
Nationality |
: |
MALAYSIAN CHINESE |
|
Date of Appointment |
: |
02/12/1995 |
|
1) |
Name of Subject |
: |
KHOR LEAN HANG |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
KHOR CHEAH SENG |
|
|
Position |
: |
SAFETY MANAGER |
|
Auditor |
: |
SHAISTRI & CO |
|
Auditor' Address |
: |
306A, BATU 2 1/2, JALAN KAPAR, 41400 KLANG, SELANGOR, MALAYSIA. |
|
|
|
|
|
1) |
Company Secretary |
: |
MR. LIM AH HUAT |
|
|
IC / PP No |
: |
7083258 |
|
|
New IC No |
: |
630627-10-7239 |
|
|
Address |
: |
3, JALAN MUDA 70, TAMAN MERU SELATAN, 41050 KLANG, SELANGOR, MALAYSIA. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
MALAYAN BANKING BHD |
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
1 |
12/04/2002 |
FACILITY AGREEMENT |
MALAYAN BANKING BERHAD |
MYR 2,800,000.00 |
Unsatisfied |
|
2 |
05/06/2003 |
FACILITY AGREEMENT |
MALAYAN BANKING BERHAD |
MYR 2,200,000.00 |
Unsatisfied |
|
3 |
22/02/2005 |
FACILITY AGREEMENT |
MALAYAN BANKING BERHAD |
MYR 3,700,000.00 |
Unsatisfied |
* A check has been conducted in our databank againt the Subject whether the subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection since 1990. Information
was provided by third party where the debt amount can be disputed. Please check
with creditors for confirmation as alleged debts may have been paid since
recorded or are being disputed.
No blacklisted record & debt collection case was found in our defaulters'
databank.
|
SOURCES OF RAW MATERIALS: |
|
||
|
Local |
: |
YES |
|
|
Overseas |
: |
YES |
|
|
Import Countries |
: |
INDIA,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 |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|
|
|
|
|
|
|
|
|
|
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
RETAIL |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
|
|
|
|
|
|
|
|
Ownership of premises |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
COMPANY |
10 |
10 |
10 |
10 |
10 |
|
|
|
|
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of food
products and grocery products.
The Subject offers a wide range of sundry goods includes onion, dries chillies,
garlics, beans and others.
Besides that the Subject also provides products based on the customers'
requirements.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-33243757/33421757 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
LOT 2719, JALAN SERULING 59, TAMANG KLANG JAYA 41200 KLANG SLANGOR MALAYSIA |
|
Current Address |
: |
LOT PT 101844, JALAN SERULING 59, TAMAN KLANG JAYA,, 41200 KLANG, SELANGOR, MALAYSIA. |
|
Match |
: |
NO |
|
|
|
|
|
Latest Financial Accounts |
: |
YES |
Other Investigations
On 5th September 2014, we contacted one of the staff from the Subject's and he
provided some information on the Subject.
The address provided belongs to the Subject's also.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2008 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2008 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.56% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.25% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
40 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.36 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.43 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
1.39 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.35 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The Subject was 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject 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 : POOR |
||||||
|
Major Economic Indicators: |
2009 |
2010 |
2011 |
2012* |
2013** |
|
|
|
|
|
|
|
|
Population ( Million) |
28.13 |
28.35 |
28.70 |
29.30 |
29.80 |
|
Gross Domestic Products ( % ) |
(0.5) |
7.2 |
5.1 |
5.6 |
5.3 |
|
Domestic Demand ( % ) |
2.9 |
6.3 |
8.2 |
9.4 |
5.6 |
|
Private Expenditure ( % ) |
(2.7) |
8.1 |
8.2 |
8.0 |
7.4 |
|
Consumption ( % ) |
0.7 |
6.7 |
7.1 |
1.0 |
5.7 |
|
Investment ( % ) |
(17.2) |
17.7 |
12.2 |
11.7 |
13.3 |
|
Public Expenditure ( % ) |
5.2 |
3.8 |
8.4 |
13.3 |
1.2 |
|
Consumption ( % ) |
3.1 |
0.2 |
16.1 |
11.3 |
(1.2) |
|
Investment ( % ) |
8.0 |
2.8 |
(0.3) |
15.9 |
4.2 |
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million ) |
89,650 |
118,356 |
116,058 |
106,300 |
110,700 |
|
Government Finance ( MYR Million ) |
(28,450) |
(40,482) |
(45,511) |
(42,297) |
(39,993) |
|
Government Finance to GDP / Fiscal Deficit ( % ) |
(4.8) |
(5.6) |
(5.4) |
(4.5) |
(4.0) |
|
Inflation ( % Change in Composite CPI) |
(5.2) |
5.1 |
3.1 |
1.6 |
2.5 |
|
Unemployment Rate |
4.5 |
3.9 |
3.3 |
3.2 |
3.0 |
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion ) |
331 |
329 |
415 |
427 |
- |
|
Average Risk-Weighted Capital Adequacy Ratio ( % ) |
2.87 |
2.20 |
3.50 |
2.20 |
- |
|
Average 3 Months of Non-performing Loans ( % ) |
11.08 |
15.30 |
14.80 |
14.70 |
- |
|
Average Base Lending Rate ( % ) |
5.53 |
6.30 |
6.60 |
6.53 |
- |
|
Business Loans Disbursed( % ) |
10.5 |
14.7 |
15.3 |
32.2 |
- |
|
Foreign Investment ( MYR Million ) |
22,156.8 |
22,517.9 |
23,546.1 |
26,230.4 |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Companies ( No. ) |
41,578 |
44,148 |
45,455 |
45,441 |
- |
|
Registration of New Companies ( % ) |
(0.1) |
6.2 |
3.0 |
(0.0) |
- |
|
Liquidation of Companies ( No. ) |
39,075 |
25,585 |
132,476 |
- |
- |
|
Liquidation of Companies ( % ) |
39.6 |
(34.5) |
417.8 |
- |
- |
|
|
|
|
|
|
|
|
Registration of New Business ( No. ) |
312,581 |
271,414 |
284,598 |
324,761 |
- |
|
Registration of New Business ( % ) |
- |
- |
- |
- |
- |
|
Business Dissolved ( No. ) |
19,345 |
19,738 |
20,121 |
- |
- |
|
Business Dissolved ( % ) |
2.4 |
2.0 |
1.9 |
- |
- |
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit ) |
486.3 |
543.6 |
535.1 |
552.2 |
- |
|
Cellular Phone Subscribers ( Million ) |
30.1 |
32.8 |
35.3 |
38.5 |
- |
|
Tourist Arrival ( Million Persons ) |
23.6 |
24.6 |
24.7 |
25.0 |
- |
|
Hotel Occupancy Rate ( % ) |
58.0 |
63.0 |
60.6 |
62.4 |
- |
|
|
|
|
|
|
|
|
Credit Cards Spending ( % ) |
12.8 |
14.1 |
15.6 |
12.6 |
- |
|
Bad Cheque Offenders (No.) |
36,667 |
33,568 |
32,627 |
26,982 |
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 |
|
|
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. |
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|
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%. |
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|
|
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. |
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|
|
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. |
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|
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. |
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OVERALL INDUSTRY OUTLOOK : Average Growth |
|
|
Incorporated in 1995, the
Subject is a Private Limited company, focusing on trading of food products
and grocery products. Having been in the industry for over a decade, the
Subject has achieved a certain market share and has built up a satisfactory
reputation in the market. It should have received supports from its regular
customers. With a weak shareholders' backing, the Subject's capital position
is weak. Inadequate capital may be a constraint to the Subject as it limits
its ability to expand its business in future. The capital standing of the
Subject is fair. With an adequate share capital, the Subject has the
potential of expanding its business in future. |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS) |
|
CHANG SHENG HAU SDN. BHD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
2008-12-31 |
|
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 |
30,235,899 |
41,606,101 |
39,702,390 |
24,417,231 |
26,377,738 |
|
Other Income |
32,000 |
104,500 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
30,267,899 |
41,710,601 |
39,702,390 |
24,417,231 |
26,377,738 |
|
Costs of Goods Sold |
(29,225,096) |
(40,578,596) |
(38,826,319) |
(23,744,592) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
1,042,803 |
1,132,005 |
876,071 |
672,639 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
41,001 |
61,074 |
39,650 |
32,626 |
(178,316) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
41,001 |
61,074 |
39,650 |
32,626 |
(178,316) |
|
Taxation |
(18,475) |
(18,447) |
12,352 |
(28,023) |
23,633 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
22,526 |
42,627 |
52,002 |
4,603 |
(154,683) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
224,463 |
181,836 |
250,401 |
642,135 |
796,818 |
|
Prior year adjustment |
- |
- |
(120,567) |
(396,337) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
224,463 |
181,836 |
129,834 |
245,798 |
796,818 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
246,989 |
224,463 |
181,836 |
250,401 |
642,135 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
246,989 |
224,463 |
181,836 |
250,401 |
642,135 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Bank overdraft |
- |
53 |
4,363 |
969 |
1,767 |
|
Bankers' acceptance |
74,753 |
65,270 |
- |
- |
- |
|
Hire purchase |
7,327 |
10,064 |
8,984 |
6,824 |
9,170 |
|
Term loan / Borrowing |
- |
8,515 |
24,732 |
40,923 |
72,820 |
|
Others |
24,364 |
19,769 |
203,222 |
188,796 |
285,618 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
106,444 |
103,671 |
241,301 |
237,512 |
369,375 |
|
|
============= |
============= |
============= |
============= |
============= |
|
CHANG SHENG HAU SDN. BHD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
4,281,384 |
4,283,061 |
4,417,883 |
4,176,515 |
4,231,590 |
|
|
|
|
|
|
|
|
Deferred assets |
46,705 |
65,180 |
72,300 |
52,739 |
63,187 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
46,705 |
65,180 |
72,300 |
52,739 |
63,187 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
4,328,089 |
4,348,241 |
4,490,183 |
4,229,254 |
4,294,777 |
|
|
|
|
|
|
|
|
Stocks |
296,400 |
126,000 |
293,216 |
431,418 |
648,300 |
|
Trade debtors |
1,133,837 |
1,053,304 |
1,548,733 |
2,031,098 |
2,540,387 |
|
Other debtors, deposits & prepayments |
81,123 |
37,600 |
19,600 |
140,867 |
137,867 |
|
Amount due from director |
381,005 |
382,183 |
545,373 |
579,197 |
616,704 |
|
Cash & bank balances |
140,372 |
57,892 |
243,756 |
183,087 |
122,404 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
2,032,737 |
1,656,979 |
2,650,678 |
3,365,667 |
4,065,662 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
6,360,826 |
6,005,220 |
7,140,861 |
7,594,921 |
8,360,439 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
3,172,990 |
3,164,217 |
901,660 |
128,589 |
82,154 |
|
Other creditors & accruals |
1,228,528 |
348,896 |
498,500 |
209,378 |
148,452 |
|
Hire purchase & lease creditors |
76,011 |
43,422 |
65,704 |
41,704 |
41,704 |
|
Bank overdraft |
- |
- |
3,876 |
- |
4,676 |
|
Short term borrowings/Term loans |
- |
- |
191,545 |
178,500 |
252,289 |
|
Bill & acceptances payable |
290,000 |
794,000 |
3,609,000 |
4,795,000 |
5,248,000 |
|
Amounts owing to director |
- |
874 |
874 |
1,174 |
- |
|
Provision for taxation |
- |
120,362 |
247,079 |
388,282 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
4,767,529 |
4,471,771 |
5,518,238 |
5,742,627 |
5,777,275 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(2,734,792) |
(2,814,792) |
(2,867,560) |
(2,376,960) |
(1,711,613) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
1,593,297 |
1,533,449 |
1,622,623 |
1,852,294 |
2,583,164 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
1,200,000 |
1,200,000 |
1,200,000 |
1,200,000 |
1,200,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,200,000 |
1,200,000 |
1,200,000 |
1,200,000 |
1,200,000 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
246,989 |
224,463 |
181,836 |
250,401 |
642,135 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
246,989 |
224,463 |
181,836 |
250,401 |
642,135 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,446,989 |
1,424,463 |
1,381,836 |
1,450,401 |
1,842,135 |
|
|
|
|
|
|
|
|
Long term loans |
146,308 |
108,986 |
240,787 |
401,893 |
741,029 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
146,308 |
108,986 |
240,787 |
401,893 |
741,029 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,593,297 |
1,533,449 |
1,622,623 |
1,852,294 |
2,583,164 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CHANG SHENG HAU SDN. BHD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
140,372 |
57,892 |
243,756 |
183,087 |
122,404 |
|
Net Liquid Funds |
(149,628) |
(736,108) |
(3,369,120) |
(4,611,913) |
(5,130,272) |
|
Net Liquid Assets |
(3,031,192) |
(2,940,792) |
(3,160,776) |
(2,808,378) |
(2,359,913) |
|
Net Current Assets/(Liabilities) |
(2,734,792) |
(2,814,792) |
(2,867,560) |
(2,376,960) |
(1,711,613) |
|
Net Tangible Assets |
1,593,297 |
1,533,449 |
1,622,623 |
1,852,294 |
2,583,164 |
|
Net Monetary Assets |
(3,177,500) |
(3,049,778) |
(3,401,563) |
(3,210,271) |
(3,100,942) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
512,319 |
946,408 |
4,110,912 |
5,417,097 |
6,287,698 |
|
Total Liabilities |
4,913,837 |
4,580,757 |
5,759,025 |
6,144,520 |
6,518,304 |
|
Total Assets |
6,360,826 |
6,005,220 |
7,140,861 |
7,594,921 |
8,360,439 |
|
Net Assets |
1,593,297 |
1,533,449 |
1,622,623 |
1,852,294 |
2,583,164 |
|
Net Assets Backing |
1,446,989 |
1,424,463 |
1,381,836 |
1,450,401 |
1,842,135 |
|
Shareholders' Funds |
1,446,989 |
1,424,463 |
1,381,836 |
1,450,401 |
1,842,135 |
|
Total Share Capital |
1,200,000 |
1,200,000 |
1,200,000 |
1,200,000 |
1,200,000 |
|
Total Reserves |
246,989 |
224,463 |
181,836 |
250,401 |
642,135 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.03 |
0.01 |
0.04 |
0.03 |
0.02 |
|
Liquid Ratio |
0.36 |
0.34 |
0.43 |
0.51 |
0.59 |
|
Current Ratio |
0.43 |
0.37 |
0.48 |
0.59 |
0.70 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
4 |
1 |
3 |
6 |
9 |
|
Debtors Ratio |
14 |
9 |
14 |
30 |
35 |
|
Creditors Ratio |
40 |
28 |
8 |
2 |
1 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.35 |
0.66 |
2.97 |
3.73 |
3.41 |
|
Liabilities Ratio |
3.40 |
3.22 |
4.17 |
4.24 |
3.54 |
|
Times Interest Earned Ratio |
1.39 |
1.59 |
1.16 |
1.14 |
0.52 |
|
Assets Backing Ratio |
1.33 |
1.28 |
1.35 |
1.54 |
2.15 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
0.14 |
0.15 |
0.10 |
0.13 |
(0.68) |
|
Net Profit Margin |
0.07 |
0.10 |
0.13 |
0.02 |
(0.59) |
|
Return On Net Assets |
9.25 |
10.74 |
17.31 |
14.58 |
7.40 |
|
Return On Capital Employed |
8.83 |
10.45 |
16.60 |
14.26 |
7.27 |
|
Return On Shareholders' Funds/Equity |
1.56 |
2.99 |
3.76 |
0.32 |
(8.40) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.97.51 |
|
Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.