MIRA INFORM REPORT
|
Report No. : |
304435 |
|
Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
EVERISE FROZEN FOODS SDN. BHD. |
|
|
|
|
Registered Office : |
1-3R, Block A, Jalan Maju 3/1, Taman Lembah Maju, 3rd Floor, 56100 Kuala Lumpur, Wilayah Persekutuan |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.12.2003 |
|
|
|
|
Com. Reg. No.: |
637360-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Selling of frozen meats and fishes |
|
|
|
|
No. of Employees : |
15 [2015] |
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 : |
No complaints |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
EXECUTIVE
SUMMARY
|
|
|
|
REGISTRATION NO. |
: |
637360-H |
||||
|
COMPANY NAME |
: |
EVERISE FROZEN
FOODS SDN. BHD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
18/12/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
1-3R, BLOCK A, JALAN MAJU 3/1, TAMAN
LEMBAH MAJU, 3RD FLOOR, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
BUSINESS ADDRESS |
: |
24 JALAN E1/4 TAMAN EHSAN KEPONG, 52100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-62776339 |
||||
|
FAX.NO. |
: |
03-62769790 |
||||
|
EMAIL |
: |
EVERISEFROZENFOODS@GMAIL.COM |
||||
|
CONTACT PERSON |
: |
HENG CHUAN SENG ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY CODE |
: |
46319 |
||||
|
PRINCIPAL ACTIVITY |
: |
SELLING OF FROZEN MEATS AND FISHES |
||||
|
AUTHORISED CAPITAL |
: |
MYR 5,000,000.00 DIVIDED INTO |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
MYR 2,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR 152,721,245 [2013] |
||||
|
NET WORTH |
: |
MYR 3,451,645 [2013] |
||||
|
STAFF STRENGTH |
: |
15 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER CHECK |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
N/A |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
HISTORY
/ BACKGROUND
|
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) selling of
frozen meats and fishes.
The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
30/06/2014 |
MYR 5,000,000.00 |
MYR 2,000,000.00 |
|
12/03/2013 |
MYR 5,000,000.00 |
MYR 1,175,000.00 |
|
30/09/2009 |
MYR 1,000,000.00 |
MYR 675,000.00 |
|
23/08/2007 |
MYR 100,000.00 |
MYR 100,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MR. HENG CHUAN SENG + |
1900, TAMAN UJONG, JALAN TOK UNGKU, 70100
SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
740516-10-5537
A2841954 |
1,000,000.00 |
50.00 |
|
MS. LIM CHEW IM + |
1900, TAMAN UJONG, JALAN TOK UNGKU, 70100 SEREMBAN,
NEGERI SEMBILAN, MALAYSIA. |
610531-08-5372
6244803 |
1,000,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
2,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. HENG CHUAN SENG |
|
Address |
: |
1900, TAMAN UJONG, JALAN TOK UNGKU, 70100
SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
|
IC / PP No |
: |
A2841954 |
|
New IC No |
: |
740516-10-5537 |
|
Date of Birth |
: |
16/05/1974 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
18/02/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
MS. LIM CHEW IM |
|
Address |
: |
1900, TAMAN UJONG, JALAN TOK UNGKU, 70100
SEREMBAN, NEGERI SEMBILAN, MALAYSIA. |
|
IC / PP No |
: |
6244803 |
|
New IC No |
: |
610531-08-5372 |
|
Date of Birth |
: |
31/05/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
18/12/2003 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
HENG CHUAN SENG |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ZAMZURI & CO. |
|
Auditor' Address |
: |
10-1B, JALAN PANDAN 3/10, PANDAN JAYA, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. MOK CHEE HOE |
|
IC / PP No |
: |
A2079928 |
|
|
New IC No |
: |
720501-08-5440 |
|
|
Address |
: |
30, TELUK 2/5, SECTION 2, TAMAN KINRARA, JALAN PUCHONG, 47100 PUCHONG, SELANGOR, MALAYSIA. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ALLIANCE BANK MALAYSIA BHD |
|
2) |
Name |
: |
RHB BANK BHD |
|
3) |
Name |
: |
STANDARD CHARTERED BANK MALAYSIA BHD |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
1 |
10/05/2010 |
FACILITY
AGREEMENT |
ALLIANCE BANK MALAYSIA BHD |
- |
Unsatisfied |
|
2 |
16/02/2012 |
1ST PARTY OPEN ALL
MONIES LEGAL CHARGE UNDER THE NATIONAL LAND CODE |
RHB BANK BHD |
- |
Unsatisfied |
|
3 |
14/05/2013 |
SECURITY
AGREEMENT OVER BANK ACCOUNT |
STANDARD CHARTERED BANK MALAYSIA BHD |
- |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against 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.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
100% |
|
Domestic Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
NO |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
Payment Mode |
: |
CASH |
|||
OPERATIONS
|
|
Goods Traded |
: |
MEAT AND FISHES |
|||||
|
Competitor(s) |
: |
ANGLISS FOODS SDN BHD |
|||||
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
15 |
15 |
20 |
20 |
15 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) selling of frozen
meats and fishes.
The Subject is engaged in the trading of frozen meat and seafood.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
03-62776339 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
24 JALAN E1/4 TAMAN EHSAN KEPONG,52100,KUALA
LUMPUR,WILAYAH PERSEKUTUAN. |
|
Current Address |
: |
24 JALAN E1/4 TAMAN EHSAN KEPONG, 52100
KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA. |
|
Match |
: |
YES |
|
Latest Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.86% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
8.72% |
] |
|
|
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 increlase in turnover. 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 |
[ |
34 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
31 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 |
: |
Acceptable |
[ |
0.93 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.02 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 |
: |
Acceptable |
[ |
3.72 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.67 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject was highly geared, thus it had a high financial
risk. The Subject was dependent on loans to finance its business needs. In
times of economic downturn and / or high interest rate, the Subject will
become less profitable and competitive than other firms in the same industry,
which are lowly geared. This is because the Subject has to service the
interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
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. The Subject had an acceptable interest
cover. If there is no sudden sharp increase in interest rate or fall in the
Subject's profit, we do believe the Subject is able to generate sufficient
cash flow to service its interest payment. The Subject's gearing level was
high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic
Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population ( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross Domestic
Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private Expenditure
( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption ( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment ( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public
Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption ( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment ( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation ( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.3 |
4.0 |
|
Unemployment Rate |
3.3 |
3.2 |
3.0 |
3.0 |
3.0 |
|
Net International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average Risk-Weighted Capital Adequacy
Ratio ( % ) |
3.50 |
2.20 |
- |
- |
- |
|
Average 3 Months
of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
- |
- |
|
Business Loans Disbursed( % ) |
15.3 |
32.2 |
- |
- |
- |
|
Foreign Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
- |
- |
|
Consumer Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration of
New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
- |
- |
|
Registration of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
- |
- |
|
Liquidation of
Companies ( No. ) |
132,485 |
17,092 |
26,430 |
- |
- |
|
Liquidation of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
- |
- |
|
Registration of
New Business ( No. ) |
284,598 |
324,761 |
329,895 |
- |
- |
|
Registration of New Business ( % ) |
5.0 |
14.0 |
2.0 |
- |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
- |
- |
|
Business Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
- |
- |
|
Sales of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
- |
- |
|
Credit Cards Spending ( % ) |
15.6 |
12.6 |
- |
- |
- |
|
Bad Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES ( %
of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry & Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil & Gas |
(1.7) |
- |
- |
- |
- |
|
Other Mining |
- |
- |
- |
- |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
% of Industry
Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing # |
4.7 |
4.8 |
3.4 |
6.6 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical & Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles & Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food, Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical & Chemical Products |
10.0 |
10.8 |
5.6 |
- |
- |
|
Plastic Products |
3.8 |
- |
- |
- |
- |
|
Iron & Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper & Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude Oil Refineries |
9.3 |
- |
- |
- |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry Non-Performing Loans ( MYR
Million ) |
3,856.9 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric, Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport, Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale, Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance, Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
% of Industry
Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
* Estimate / Preliminary |
|||||
|
** Forecast |
|||||
|
# Based On Manufacturing Production
Index |
|||||
INDUSTRY
ANALYSIS
|
|
MSIC CODE |
|
|
46319 : Wholesale of meat, fish, fruits
and vegetables n.e.c. |
|
|
INDUSTRY : |
AGRICULTURE |
|
The agricultural sector has contributed to the growth and be a major
contributor to national income and export earnings. It initially derived from
the increase in the production of livestock, fisheries, and other
miscellaneous crops. |
|
|
The agriculture sector is expected to record a growth of 3.1% in 2015.
However, the agriculture sector in 2014 is likely to remain more favourable
and is expected to expand 3.8% (2013: 2.1%), supported by higher production
of crude palm oil (CPO) and food, especially poultry, fruits and vegetables.
The agriculture sector expanded 4.6% in the first half of 2014 (January –
June 2013: 3.2%), driven by higher CPO production despite lower rubber
output. Livestock, fruit and vegetables also recorded positive growth
following the Government’s measures to increase food production to enhance
food security and reduce the food import bill. In addition, the
implementations of fishermen’s market and Kedai Rakyat Agrobazaar have
contributed to higher production of food. |
|
|
The oil palm subsector rose 8.1% in the first half of 2014 following
higher CPO production. Production of CPO increased 6.6% during the first
seven months of 2014. On the other hand, the rubber subsector declined 13.3%
in the first half of 2014 due to lower output and prices. Production of
natural rubber dropped 13.2% to 0.3 million tonnes mainly due to the hot
weather conditions and prolonged wintering season during the first quarter of
the year. Taking into account the stable process and improved weather conditions
during the second half of 2014, the production of rubber is expected to
record a smaller contraction of 3.9% to 792,286 tonnes in 2014. |
|
|
Furthermore, livestock subsector grew 7% over the first half of 2014 on
account of higher output of poultry (10.2%) and eggs (3.1%) to meet higher
external and domestic demand. The fishing subsector moderated to 1.3% over
the first half of 2014 due to lower aquaculture production and marine fish
landings. Meanwhile, other agriculture subsector expanded 7.4% over the first
half of 2014 on account of higher output of vegetables (7.2%), fruits (7.3%),
and paddy (5.5%). |
|
|
Other than that, the agriculture exports are expected to rebound by
4.5% in 2014 (2013: -14.4%). The export earning increased 3.7% to Rm40
billion over the first seven months of 2014 on account of higher shipments of
palm oil and other agriculture goods. |
|
|
According to budget 2015, from 2015 to 2017, the Government will allocate
RM6 billion to Ministry of Agriculture and Agro-Based Industry to implement 4
initiatives in order to strengthen food supply chain, such as establishing 65
permanent farmers’ markets and 50 fish markets that will operate daily in
selected locations, introduce a weekly auction programme for quality
vegetables at reasonable prices, accelerating planting and replanting of
fruit trees, and providing RM100 million matching grant to Farmers’
Organisation Authority to enable the members to obtain loans to improve farm
productivity and marketing channels. |
|
|
Conclusively, the agriculture sector is a strong contributor to
Malaysia's GDP and total employment due to the share of agriculture sector to
GDP is estimated to remain at 7% in 2014, and it contributed 12.4% to total
employment in Malaysia. |
|
|
OVERALL INDUSTRY
OUTLOOK : Marginal Growth |
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
|
Investigation revealed that the Subject
concentrates only on the local market. This narrow market segment has placed
the Subject at high business risk and limits its business expansion
opportunities. 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 15 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 managed to maintain an adequate liquidity level,
indicating that the Subject has the ability to meet its financial
obligations. The high gearing ratio clearly implied that the Subject was
supported by more debt than equity. Thus, the Subject is exposed to high
financial risk. Given a positive net worth standing at MYR 3,451,645, 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 payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. The industry has reached its maturity
stage and only enjoying a marginal growth. The steady growth of the country's
economy will further enhance the industry activities. Thus, the Subject's
future performance is very much depend on its marketing strategies in order
to retain its position in the market. In view of the above, we recommend credit
be granted to the Subject with close monitoring. |
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING
STANDARDS(FRS) |
|
EVERISE FROZEN
FOODS SDN. BHD. |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
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 |
152,721,245 |
91,626,815 |
81,831,985 |
69,800,605 |
49,090,770 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
152,721,245 |
91,626,815 |
81,831,985 |
69,800,605 |
49,090,770 |
|
Costs of Goods Sold |
(148,124,335) |
(88,288,136) |
(79,263,455) |
(67,451,276) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
4,596,910 |
3,338,679 |
2,568,530 |
2,349,329 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
481,717 |
335,713 |
426,201 |
452,333 |
327,295 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
481,717 |
335,713 |
426,201 |
452,333 |
327,295 |
|
Taxation |
(210,448) |
(167,420) |
(103,780) |
(120,104) |
(80,484) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
271,269 |
168,293 |
322,421 |
332,229 |
246,811 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
110,622 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
110,622 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,451,645 |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,451,645 |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Hire purchase |
52,960 |
39,444 |
9,113 |
107,406 |
11,285 |
|
Others |
124,224 |
97,821 |
79,404 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
177,184 |
137,265 |
88,517 |
107,406 |
11,285 |
|
|
============= |
============= |
============= |
============= |
============= |
\
BALANCE
SHEET
|
|
|
|
EVERISE FROZEN
FOODS SDN. BHD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
7,149,801 |
7,070,083 |
6,208,882 |
2,899,972 |
595,638 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
7,149,801 |
7,070,083 |
6,208,882 |
2,899,972 |
595,638 |
|
Stocks |
1,682,177 |
983,924 |
814,503 |
748,892 |
1,712,423 |
|
Trade debtors |
14,297,103 |
11,557,754 |
6,613,093 |
7,052,976 |
7,099,811 |
|
Other debtors, deposits & prepayments |
115,155 |
126,447 |
166,274 |
332,287 |
249,126 |
|
Short term deposits |
607,075 |
- |
- |
- |
- |
|
Amount due from director |
1,325,000 |
- |
- |
- |
- |
|
Cash & bank balances |
1,351,887 |
795,486 |
1,136,161 |
625,536 |
403,360 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
19,378,397 |
13,463,611 |
8,730,031 |
8,759,691 |
9,464,720 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
26,528,198 |
20,533,694 |
14,938,913 |
11,659,663 |
10,060,358 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
12,469,073 |
12,660,829 |
4,556,315 |
4,617,788 |
3,637,870 |
|
Other creditors & accruals |
1,205,391 |
389,222 |
2,807,979 |
2,033,686 |
2,983,706 |
|
Hire purchase & lease creditors |
293,666 |
204,407 |
37,012 |
38,234 |
40,000 |
|
Short term borrowings/Term loans |
312,575 |
287,107 |
58,110 |
55,843 |
- |
|
Bill & acceptances payable |
4,635,000 |
530,000 |
1,900,000 |
1,888,000 |
2,259,000 |
|
Provision for taxation |
60,101 |
67,410 |
68,119 |
57,149 |
45,022 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
18,975,806 |
14,138,975 |
9,427,535 |
8,690,700 |
8,965,598 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
402,591 |
(675,364) |
(697,504) |
68,991 |
499,122 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
7,552,392 |
6,394,719 |
5,511,378 |
2,968,963 |
1,094,760 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,000,000 |
675,000 |
675,000 |
675,000 |
675,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,000,000 |
675,000 |
675,000 |
675,000 |
675,000 |
|
Retained profit/(loss) carried forward |
1,451,645 |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,451,645 |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
3,451,645 |
1,855,376 |
1,687,083 |
1,364,662 |
1,032,433 |
|
Long term loans |
3,264,372 |
3,612,732 |
3,608,351 |
1,455,671 |
- |
|
Hire purchase creditors |
719,723 |
814,533 |
131,896 |
73,092 |
20,000 |
|
Deferred taxation |
116,652 |
112,078 |
84,048 |
75,538 |
42,327 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
4,100,747 |
4,539,343 |
3,824,295 |
1,604,301 |
62,327 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,552,392 |
6,394,719 |
5,511,378 |
2,968,963 |
1,094,760 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
EVERISE FROZEN
FOODS SDN. BHD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,958,962 |
795,486 |
1,136,161 |
625,536 |
403,360 |
|
Net Liquid Funds |
(2,676,038) |
265,486 |
(763,839) |
(1,262,464) |
(1,855,640) |
|
Net Liquid Assets |
(1,279,586) |
(1,659,288) |
(1,512,007) |
(679,901) |
(1,213,301) |
|
Net Current Assets/(Liabilities) |
402,591 |
(675,364) |
(697,504) |
68,991 |
499,122 |
|
Net Tangible Assets |
7,552,392 |
6,394,719 |
5,511,378 |
2,968,963 |
1,094,760 |
|
Net Monetary Assets |
(5,380,333) |
(6,198,631) |
(5,336,302) |
(2,284,202) |
(1,275,628) |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
9,225,336 |
5,448,779 |
5,735,369 |
3,510,840 |
2,319,000 |
|
Total Liabilities |
23,076,553 |
18,678,318 |
13,251,830 |
10,295,001 |
9,027,925 |
|
Total Assets |
26,528,198 |
20,533,694 |
14,938,913 |
11,659,663 |
10,060,358 |
|
Net Assets |
7,552,392 |
6,394,719 |
5,511,378 |
2,968,963 |
1,094,760 |
|
Net Assets Backing |
3,451,645 |
1,855,376 |
1,687,083 |
1,364,662 |
1,032,433 |
|
Shareholders' Funds |
3,451,645 |
1,855,376 |
1,687,083 |
1,364,662 |
1,032,433 |
|
Total Share Capital |
2,000,000 |
675,000 |
675,000 |
675,000 |
675,000 |
|
Total Reserves |
1,451,645 |
1,180,376 |
1,012,083 |
689,662 |
357,433 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.10 |
0.06 |
0.12 |
0.07 |
0.04 |
|
Liquid Ratio |
0.93 |
0.88 |
0.84 |
0.92 |
0.86 |
|
Current Ratio |
1.02 |
0.95 |
0.93 |
1.01 |
1.06 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
4 |
4 |
4 |
4 |
13 |
|
Debtors Ratio |
34 |
46 |
29 |
37 |
53 |
|
Creditors Ratio |
31 |
52 |
21 |
25 |
27 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
2.67 |
2.94 |
3.40 |
2.57 |
2.25 |
|
Liabilities Ratio |
6.69 |
10.07 |
7.85 |
7.54 |
8.74 |
|
Times Interest Earned Ratio |
3.72 |
3.45 |
5.81 |
5.21 |
30.00 |
|
Assets Backing Ratio |
3.78 |
9.47 |
8.17 |
4.40 |
1.62 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
0.32 |
0.37 |
0.52 |
0.65 |
0.67 |
|
Net Profit Margin |
0.18 |
0.18 |
0.39 |
0.48 |
0.50 |
|
Return On Net Assets |
8.72 |
7.40 |
9.34 |
18.85 |
30.93 |
|
Return On Capital Employed |
8.40 |
7.17 |
9.28 |
18.61 |
29.84 |
|
Return On Shareholders' Funds/Equity |
7.86 |
9.07 |
19.11 |
24.35 |
23.91 |
|
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.61.49 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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.