|
EXECUTIVE
SUMMARY
|
REGISTRATION NO.
|
:
|
28825-K
|
|
COMPANY NAME
|
:
|
SENG ELECTRIC
CO. (M) SDN. BHD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
16/08/1976
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
EXEMPT PRIVATE
(LIMITED BY SHARE)
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
44-2-2, JALAN
2/101C, CHERAS BUSINESS CENTRE, 56100 KUALA LUMPUR, WILAYAH PERSEKUTUAN,
MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
6, LORONG YAP HIN,
OFF JALAN PASAR, PUDU, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-21418222
|
|
FAX.NO.
|
:
|
03-21419412
|
|
CONTACT PERSON
|
:
|
CHENG ONN (
MANAGING DIRECTOR )
|
|
|
|
|
INDUSTRY CODE
|
:
|
46496
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF
ELECTRICAL APPLIANCES AND APPARATUS
|
|
AUTHORISED CAPITAL
|
:
|
MYR
1,000,000.00 DIVIDED INTO
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
MYR 400,000.00
DIVIDED INTO
ORDINARY SHARES 400,000 CASH OF MYR 1.00 EACH.
|
|
|
|
|
SALES
|
:
|
N/A
|
|
NET WORTH
|
:
|
N/A
|
|
|
|
|
STAFF STRENGTH
|
:
|
10 [2015]
|
|
|
|
LITIGATION
|
:
|
CLEAR
|
|
DEFAULTER CHECK
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
N/A
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
|
|
|
COMMERCIAL RISK
|
:
|
HIGH
|
|
CURRENCY EXPOSURE
|
:
|
NIL
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
MARGINAL
GROWTH
|
HISTORY
/ BACKGROUND
The Subject is
an exempt private company which is allowed to have a minimum of two and a
maximum of twenty shareholders and all the shareholders must be individuals.
An exempt company is a type of private limited company. 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,
suing or be sued by other companies. The Subject is governed by the Companies
Act, 1965 and must file in its annual return. The Subject need not file in
its financial statements but it has to file in a document duly signed by its
director in charge of its finance, the secretary and its auditor stating that
the Subject is able to meet all its obligations as and when they fall due.
Although the Subject is not required to file in its financial statements, it
also has to prepare its financial account which must be presented at the Annual
General Meeting.
The Subject is
principally engaged in the (as a / as an) trading of electrical appliances
and apparatus.
The Subject is
not listed on Bursa Malaysia (Malaysia Stock Exchange).
Share Capital
History
|
Date
|
Authorised Shared Capital
|
Issue & Paid Up Capital
|
|
15/02/2013
|
MYR 1,000,000.00
|
MYR 400,000.00
|
The major
shareholder(s) of the Subject are shown as follows :
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
MR. CHENG ONN +
|
LOT PT 37132, 2, JALAN BAYU 2A, BUKIT GITA BAYU,
43300 SERI KEMBANGAN, SELANGOR, MALAYSIA.
|
551122-10-6489 4840762
|
219,999.00
|
55.00
|
|
CHENG WONG, TRUST OF BENEFICIARY CHENG HAN YANG
|
34 JALAN TR 8/2, TROPICANA COURT & COUNTRY RESORT, 47410
PETALING JAYA, SELANGOR, MALAYSIA.
|
00018873
|
45,000.00
|
11.25
|
|
CHENG WONG TRUST OF CHENG YEE LIAN
|
34 JLN TR 8/2, TROPICANA COURT & COUNTRY RESORT, 47410 PETALING
JAYA, SELANGOR, MALAYSIA.
|
00018060
|
45,000.00
|
11.25
|
|
MS. KHOR AI SOOK
|
47 JALAN 7/149J, BANDAR BARU SRI PETALING, 57000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
690312-02-5890 A1207254
|
45,000.00
|
11.25
|
|
MS. LOOI LIN
|
2, JALAN BAYU 2A, BUKIT GITA BAYU, 43300 SERI KEMBANGAN, SELANGOR,
MALAYSIA.
|
210407-71-5194 1478775
|
22,500.00
|
5.63
|
|
CHENG AH TIANG BENEFICIARY CHENG YEE LIAN
|
6 LORONG YAP HIN, OFF JALAN PASAR, 55100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
00020292
|
11,250.00
|
2.81
|
|
MS. CHENG SIEW FONG +
|
19, JALAN PANGLIMA AWANG 35/118A, ALAM IMPIAN, 40470 SHAH ALAM,
SELANGOR, MALAYSIA.
|
820803-10-5898
|
1.00
|
0.00
|
|
ESTATE OF ROSNA BINTI KASSIM
|
27 JALAN CAHAYA 7, TAMAN CAHAYA, 68000 AMPANG, SELANGOR, MALAYSIA.
|
00020293
|
11,250.00
|
2.81
|
|
|
|
---------------
|
------
|
|
|
|
400,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
MS. CHENG SIEW FONG
|
|
Address
|
:
|
19, JALAN PANGLIMA AWANG 35/118A, ALAM IMPIAN, 40470 SHAH ALAM, SELANGOR,
MALAYSIA.
|
|
|
|
|
New IC No
|
:
|
820803-10-5898
|
|
Date of Birth
|
:
|
03/08/1982
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
26/06/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
MR. CHENG ONN
|
|
Address
|
:
|
LOT PT 37132, 2, JALAN BAYU 2A, BUKIT GITA BAYU, 43300 SERI
KEMBANGAN, SELANGOR, MALAYSIA.
|
|
IC / PP No
|
:
|
4840762
|
|
New IC No
|
:
|
551122-10-6489
|
|
Date of Birth
|
:
|
22/11/1955
|
|
|
|
|
Nationality
|
:
|
MALAYSIAN
|
|
Date of Appointment
|
:
|
16/06/1981
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
CHENG ONN
|
|
Position
|
:
|
MANAGING DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PHANG & CO
|
|
Auditor' Address
|
:
|
46-2-2, JALAN 2/101C, CHERAS BUS.CENTRE, 56100 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
MR. PANG CHIN CHONG
|
|
IC / PP No
|
:
|
5434078
|
|
New IC No
|
:
|
580210-01-5571
|
|
Address
|
:
|
67, JALAN SAGA 27, TAMAN SAGA, 68000 AMPANG, SELANGOR, MALAYSIA.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
PUBLIC BANK BHD
|
|
|
|
|
|
|
|
|
ENCUMBRANCE
(S)
|
Charge No
|
Creation Date
|
Charge Description
|
Chargee Name
|
Total Charge
|
Status
|
|
2
|
08/03/1979
|
N/A
|
THE CHARTERED BANK
|
MYR 1.00
|
Satisfied
|
|
3
|
24/10/1979
|
N/A
|
THE PACIFIC BANK BHD
|
MYR 420,000.00
|
Unsatisfied
|
|
3(BK 87/76)
|
24/10/1979
|
CHARGE
|
THE PACIFIC BANK BHD
|
$ 420,000.00
|
Unsatisfied
|
|
4
|
28/12/1981
|
N/A
|
PUBLIC BANK BHD
|
MYR 340,000.00
|
Unsatisfied
|
|
4 (BK 87/76)
|
28/12/1981
|
CHARGE
|
PUBLIC BANK BHD
|
$ 340,000.00
|
Unsatisfied
|
|
5
|
28/12/1981
|
N/A
|
PUBLIC BANK BERHAD
|
MYR 240,000.00
|
Unsatisfied
|
|
5 (BK 87/76)
|
28/12/1981
|
CHARGE
|
THE CHARTERED BANK
|
$ 240,000.00
|
Unsatisfied
|
|
6
|
20/04/1983
|
N/A
|
PUBLIK BANK BHD
|
MYR 200,000.00
|
Unsatisfied
|
|
6 (BK 208/32)
|
20/04/1983
|
CHARGE
|
PUBLIC BANK BHD
|
$ 200,000.00
|
Unsatisfied
|
|
7
|
27/02/1985
|
N/A
|
PUBLIK BANK BHD
|
MYR 100,000.00
|
Unsatisfied
|
|
7 (BK 208/32)
|
27/02/1985
|
CHARGE
|
PUBLIC BANK BHD
|
$ 100,000.00
|
Unsatisfied
|
|
8
|
06/12/1985
|
N/A
|
PUBLIK BANK BHD
|
MYR 100,000.00
|
Unsatisfied
|
|
8 (BK 208/32)
|
06/12/1985
|
CHARGE
|
PUBLIC BANK BHD
|
$ 100,000.00
|
Unsatisfied
|
|
9
|
03/10/1990
|
N/A
|
PUBLIC BANK BERHAD
|
MYR 1,200,000.00
|
Satisfied
|
|
10
|
01/09/1992
|
N/A
|
PUBLIC BANK BHD
|
MYR 150,000.00
|
Satisfied
|
|
11
|
01/09/1992
|
CHARGE
|
PUBLIC BANK BHD
|
MYR 150,000.00
|
Unsatisfied
|
|
12
|
28/09/1994
|
DEBENTURE & CHARGE
|
PUBLIC BANK BERHAD
|
MYR 300,000.00
|
Unsatisfied
|
|
13
|
04/12/1995
|
N/A
|
PUBLIC BANK BERHAD
|
MYR 500,000.00
|
Unsatisfied
|
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject whether the
Subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Overseas
|
:
|
NO
|
Percentage
|
:
|
0%
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
Percentage
|
:
|
100%
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
NO
|
|
|
|
|
|
|
|
|
|
|
Credit Term
|
:
|
120 DAYS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
ELECTRICAL APPLIANCES AND APPARATUS
|
|
|
|
|
|
Member(s) / Affiliate(s)
|
:
|
THE ELECTRICAL AND ELECTRONICS ASSOCIATION OF MALAYSIA (TEEAM)
|
|
|
|
|
Total Number of Employees:
|
|
YEAR
|
2015
|
2013
|
|
|
GROUP
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
COMPANY
|
10
|
8
|
|
|
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
electrical appliances and apparatus.
The Subject is involved in trading of electrical and electronic appliances
and apparatus.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
0321418222
|
|
Current Telephone Number
|
:
|
03-21418222
|
|
Match
|
:
|
YES
|
|
|
|
|
Address Provided by Client
|
:
|
6, LORONG YAP HIN, OFF JALAN PASAR, PUDU,55100,KUALA LUMPUR,WILAYAH
PERSEKUTUAN.
|
|
Current Address
|
:
|
6, LORONG YAP HIN, OFF JALAN PASAR, PUDU, 55100 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
Latest Financial Accounts
|
:
|
NO
|
|
We have contacted the SC's Accountant and its Company Secretary for the latest
financial accounts. However they have rejected our request in view of the
confidentiality of the documents.
|
|
Other
Investigations
On 21st July 2015 we contacted one of the staff from the Subject and he
provided some information.
FINANCIAL ANALYSIS
|
The Subject is a private exempt company which does not need to file
in its accounts with the Registrar of Companies for the information of the
public. Therefore, we are not able to comment on the Subject's financial
performance.
|
|
|
|
|
|
|
|
|
Overall financial condition of the
Subject : N/A
|
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
|
|
46496 : Wholesale of electrical and electronic goods
|
|
|
|
INDUSTRY :
|
ELECTRICAL & ELECTRONIC
|
|
|
|
|
The electrical & electronics (E&E) industry is the leading
subsector in Malaysia's manufacturing sector, contributing significantly to
the country's exports (32.8 %) and employment (27.2 %) in 2013. E&E
products have been the largest traded items for Malaysia for several
decades since the industry inception in the 1960s. The E&E industry in
Malaysia is focused on strengthening the three major ecosystems of
semiconductors, solar and LED technologies.
|
|
|
In the E&E subsector, production grew more strongly by 13.3%
during the first seven months of 2014 mainly driven by electronic
components, communication equipment and domestic appliances. The output of
printed circuit boards and semiconductor devices rose in line with the
growing demand for consumer electronics, particularly mobile devices, as
well as improving global PC sales. Early in 2014, global PC sales rose on a
moderating trend due to the replacement of PCs with a new operating system.
Prices of PCs are also falling, narrowing the price differential with
tablets. In contrast, the output of general-purpose machinery decreased
8.8% on account of the decline in manufacture of air-conditioning machine
as well as lifting and handling equipment.
|
|
|
Malaysia being a part of the global E&E production network that
stands to gain from the stronger growth in worldwide semiconductor sales. In
2015, the export-oriented industries, particularly the E&E subsector
will benefit from the improvement in external conditions in line with
improving global growth. The E&E subsector is expected to grow further
driven by higher demand of semiconductors, electronic components,
communication and computer peripherals with the upswing of global
electronics demand.
|
|
|
Receipts from E&E products grew at an impressive 10.6% in the
first seven months of 2014, rebounding from a contraction of 2.9% in the
corresponding period last year. The steady improvement in the global
economy, coupled with a pickup in the ICT industry led a surge of 20.1% in
export of semiconductor devices. In addition, the robust demand for mid- to
low-end smartphones and tablets, notably in emerging markets has driven
higher shipments of telecommunication equipment and parts, which turned
around with a stronger growth of 30.9% to the US, Netherlands, Singapore
and Mexico.
|
|
|
According to Ministry of International Trade and Industry, the
healthy growth in the E&E sector will help boost the country's economy.
The E&E sector is important to Malaysia. Exports of manufactured goods
for September 2014 rose by 2.2 % to RM49.14 billion compared with September
2013, driven by higher exports of E&E products. Hence, gross exports
are expected to grow 3.2% in 2015 mainly supported by E&E.
|
|
|
The growth of semiconductor will continue to spearhead the growth of
the E&E industry in Malaysia and has benefited from the global demand
in the usage of mobile devices, storage devices, and optoelectronics
(photonics, fibre optics, LEDs) and embedded technology integrated
circuits, PCBs, LEDs. The E&E industry is targeted under the National
Key Economic Areas (NKEA) to gear the nation towards high-income economy by
focusing on high-value and high-growth manufacturing activities.
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Marginal Growth
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 1976, the Subject is an Exempt Private company, focusing on
trading of electrical appliances and apparatus. The Subject has been in
business for over two decades. It has built up a strong clientele base and
satisfactory reputation will enable the Subject to further enhance its
business in the near term. The Subject is expected to enjoy a stable market
shares. With an issued and paid up capital of MYR 400,000 contributed by
individual shareholders, the Subject may face difficulties in its attempt
to further expand its business in the future. Thus, the Subject should put
more efforts on its business to gain higher market share while competing
aggressively in the market.
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 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.
As the Subject is registered as an Exempt Private company, it is not
required to file financial statements for public review. As such, we are
unable to ascertain its present financial health.
We noted that the Subject's supplies are solely sourced from local market.
Being highly dependent on a limited number of suppliers could lead to
delays, lost of revenue and increased costs if such resources become
unavailable or shortage.
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 only recommend credit be proceeded to the Subject
with guarantee.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN
FINANCIAL REPORTING STANDARDS(FRS)
|
|
Financial Year End
|
2006-12-31
|
2005-12-31
|
2004-12-31
|
|
Months
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
NO
|
|
Financial Type
|
SUMMARY
|
SUMMARY
|
SUMMARY
|
|
Currency
|
MYR
|
MYR
|
MYR
|
|
|
|
|
|
TURNOVER
|
7,336,965
|
6,469,427
|
5,970,858
|
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
7,336,965
|
6,469,427
|
5,970,858
|
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
169,018
|
96,687
|
54,852
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
169,018
|
96,687
|
54,852
|
|
Taxation
|
(39,872)
|
(25,532)
|
(16,944)
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
129,146
|
71,155
|
37,908
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
129,146
|
71,155
|
37,908
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
|
129,146
|
71,155
|
37,908
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
As previously reported
|
478,233
|
407,078
|
369,170
|
|
----------------
|
----------------
|
----------------
|
|
As restated
|
478,233
|
407,078
|
369,170
|
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
607,379
|
478,233
|
407,078
|
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
607,379
|
478,233
|
407,078
|
|
=============
|
=============
|
=============
|
|
|
|
|
BALANCE
SHEET
|
ASSETS EMPLOYED:
|
|
|
|
|
FIXED ASSETS
|
509,341
|
539,646
|
532,102
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
509,341
|
539,646
|
532,102
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
4,266,103
|
3,475,401
|
3,381,272
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
4,775,444
|
4,015,047
|
3,913,374
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES
|
3,756,083
|
3,110,825
|
3,092,696
|
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
510,020
|
364,576
|
288,576
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
1,019,361
|
904,222
|
820,678
|
|
=============
|
=============
|
=============
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
Ordinary share capital
|
400,000
|
400,000
|
400,000
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
400,000
|
400,000
|
400,000
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
607,378
|
478,233
|
407,078
|
|
Others
|
-
|
(1)
|
-
|
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
607,378
|
478,232
|
407,078
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
1,007,378
|
878,232
|
807,078
|
|
|
|
|
|
TOTAL LONG TERM LIABILITIES
|
11,983
|
25,990
|
13,600
|
|
----------------
|
----------------
|
----------------
|
|
1,019,361
|
904,222
|
820,678
|
|
=============
|
=============
|
=============
|
|
|
|
|
FINANCIAL
RATIO
|
TYPES OF FUNDS
|
|
|
|
|
Net Liquid Assets
|
510,020
|
364,576
|
288,576
|
|
Net Current Assets/(Liabilities)
|
510,020
|
364,576
|
288,576
|
|
Net Tangible Assets
|
1,019,361
|
904,222
|
820,678
|
|
Net Monetary Assets
|
498,037
|
338,586
|
274,976
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
Total Liabilities
|
3,768,066
|
3,136,815
|
3,106,296
|
|
Total Assets
|
4,775,444
|
4,015,047
|
3,913,374
|
|
Net Assets
|
1,019,361
|
904,222
|
820,678
|
|
Net Assets Backing
|
1,007,378
|
878,232
|
807,078
|
|
Shareholders' Funds
|
1,007,378
|
878,233
|
807,078
|
|
Total Share Capital
|
400,000
|
400,000
|
400,000
|
|
Total Reserves
|
607,378
|
478,233
|
407,078
|
|
|
|
|
|
LIQUIDITY (Times)
|
|
|
|
|
Current Ratio
|
1.14
|
1.12
|
1.09
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
Liabilities Ratio
|
3.74
|
3.57
|
3.85
|
|
Assets Backing Ratio
|
2.55
|
2.26
|
2.05
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
Operating Profit Margin
|
2.30
|
1.49
|
0.92
|
|
Net Profit Margin
|
1.76
|
1.10
|
0.63
|
|
Return On Net Assets
|
16.58
|
10.69
|
6.68
|
|
Return On Capital Employed
|
16.58
|
10.69
|
6.68
|
|
Return On Shareholders' Funds/Equity
|
12.82
|
8.10
|
4.70
|
|
|
|
|
|