MIRA INFORM REPORT

 

 

Report No. :

319977

Report Date :

04.05.2015

 

IDENTIFICATION DETAILS

 

Name :

BOON HONG FISHERY SDN. BHD.

 

 

Registered Office :

5, Jalan Kijang, Taman Suntex, Batu 9, 1st Floor, 43200 Cheras, Selangor

 

 

Country :

Malaysia

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

16.06.2000

 

 

Com. Reg. No.:

517017-V

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Subject is engaged in the trading of seafood and other related fishery product.

 

 

No. of Employees :

40 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. Falling global oil prices in the second half of 2014 have shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. 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. Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

517017-V

COMPANY NAME

:

BOON HONG FISHERY SDN. BHD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

16/06/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, JALAN KIJANG, TAMAN SUNTEX, BATU 9, 1ST FLOOR, 43200 CHERAS, SELANGOR, MALAYSIA.

BUSINESS ADDRESS

:

52, JALAN 2/3A PUSAT PASAR BORONG, KM 12, JALAN IPOH, 68100 BATU CAVES, SELANGOR, MALAYSIA.

TEL.NO.

:

03-61381332

FAX.NO.

:

03-61389382

CONTACT PERSON

:

ANG CHEE KEAN ( DIRECTOR )

INDUSTRY CODE

:

46312

PRINCIPAL ACTIVITY

:

TRADING OF SEAFOOD AND OTHER RELATED FISHERY PRODUCT

AUTHORISED CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARE 1,000,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 1,000,000.00 DIVIDED INTO 
ORDINARY SHARES 1,000,000 CASH OF MYR 1.00 EACH.

SALES

:

MYR 30,697,587 [2014]

NET WORTH

:

MYR 1,087,283 [2014]

STAFF STRENGTH

:

40 [2015]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

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) trading of seafood and other related fishery product.

 

The Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

15/02/2013

MYR 1,000,000.00

MYR 1,000,000.00

 

The major shareholder(s) of the Subject are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MS. YAP LAI KIM +

84, JALAN SRI SELAYANG 1, TAMAN SRI SELAYANG, 68100 BATU CAVES, SELANGOR, MALAYSIA.

550527-10-6706 4820434

500,000.00

50.00

MR. ANG CHEE KEAN +

84, JALAN SRI SELAYANG 1, TAMAN SRI SELAYANG, 68100 BATU CAVES, SELANGOR, MALAYSIA.

780625-14-6107

250,000.00

25.00

MR. ANG CHEE LIP +

2, JALAN SG 7/7, TAMAN SRI GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA.

840424-14-5927

250,000.00

25.00

---------------

------

1,000,000.00

100.00

============

=====

 

+ Also Director

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

MR. ANG CHEE KEAN

Address

:

84, JALAN SRI SELAYANG 1, TAMAN SRI SELAYANG, 68100 BATU CAVES, SELANGOR, MALAYSIA.

New IC No

:

780625-14-6107

Date of Birth

:

25/06/1978

Nationality

:

MALAYSIAN

Date of Appointment

:

23/03/2005

 

DIRECTOR 2

 

Name Of Subject

:

MR. ANG CHEE LIP

Address

:

2, JALAN SG 7/7, TAMAN SRI GOMBAK, 68100 BATU CAVES, SELANGOR, MALAYSIA.

New IC No

:

840424-14-5927

Date of Birth

:

24/04/1984

Nationality

:

MALAYSIAN

Date of Appointment

:

23/03/2005

 

DIRECTOR 3

 

Name Of Subject

:

MS. YAP LAI KIM

Address

:

84, JALAN SRI SELAYANG 1, TAMAN SRI SELAYANG, 68100 BATU CAVES, SELANGOR, MALAYSIA.

IC / PP No

:

4820434

New IC No

:

550527-10-6706

Date of Birth

:

27/05/1955

Nationality

:

MALAYSIAN

Date of Appointment

:

16/06/2000



MANAGEMENT

 

 

1)

Name of Subject

:

ANG CHEE KEAN

Position

:

DIRECTOR

 

2)

Name of Subject

:

HILMA

Position

:

STAFF

 

AUDITOR

 

Auditor

:

C.M. LIM & CO

Auditor' Address

:

SUITE 1, 18A, JALAN MUTIARA RAYA, TAMAN MUTIARA, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. CHEN FUI MEI

IC / PP No

:

A1637555

New IC No

:

700925-14-5162

Address

:

15, JALAN DAMAI PERDANA 3/2B, BANDAR DAMAI PERDANA, 56000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

1

14/08/2012

N/A

PUBLIC BANK BHD

-

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

Overseas

:

YES

Import Countries

:

ASIA

 

CLIENTELE

 

Local

:

YES

Percentage

:

100%

Domestic Markets

:

MALAYSIA

Overseas

:

NO

Credit Term

:

30 - 60 DAYS

Payment Mode

:

CHEQUES

Type of Customer

:

DISTRIBUTORS,END USERS

 

OPERATIONS

 

Goods Traded

:

SEAFOOD AND OTHER RELATED FISHERY PRODUCT

 

Total Number of Employees:

YEAR

2015

2012

GROUP

N/A

N/A

COMPANY

40

10

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of seafood and other related fishery product. 

The Subject sells seafood such fish, crab, prawns and others.

The Subject sells the products according to its customers' orders.

The Subject refused to elaborate further on its business operation. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

+603-61381332.

Current Telephone Number

:

03-61381332

Match

:

YES

Address Provided by Client

:

NO 52, JALAN 2/3A PUSAT PASAR BORONG, KM12 JALAN IPOH,68100 BATU CAVES, KUALA LUMPUR, MALAYSIA,

Current Address

:

52, JALAN 2/3A PUSAT PASAR BORONG, KM 12, JALAN IPOH, 68100 BATU CAVES, SELANGOR, MALAYSIA.

Match

:

NO

Latest Financial Accounts

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.


The provided state is incorrect.



FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Increased

[

2010 - 2014

]

Return on Shareholder Funds

:

Favourable

[

108.35%

]

Return on Net Assets

:

Favourable

[

115.78%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Liquidity

Current Ratio

:

Acceptable

[

1.17 Times

]

The Subject has an adequate liquidity position with its current liabilities well covered by its current assets. With its net current assets, the Subject should be able to repay its short term obligations.

Solvency

Liability Ratio

:

Unfavourable

[

5.77 Times

]

The Subject has high liabilities ratio and it may face financial difficulties if no additional capital is injected.

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject's liabilities 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

46312 : Wholesale of fish and other seafood

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

 


Incorporated in 2000, the Subject is a Private Limited company, focusing on trading of seafood and other related fishery product. 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 paid up capital of MYR 1,000,000, the Subject has greater opportunities to expand its business when the needs arise. Under the control of its directors, we considered that the Subject's business position in the market is much dependent on their abilities. 

Over the years, the Subject should have build up its clientele base and received supports from its regular customers. Investigation revealed that the Subject's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the Subject's business performance. The Subject is operating on a medium scale and it has approximately 40 employees in its business operations. 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The Subject has high liabilities ratio and it may face financial difficulties if no additional capital is injected. Given a positive net worth standing at MYR 1,087,283, the Subject should be able to maintain its business in the near terms. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

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. 

Based on the above condition, we recommend credit be granted to the Subject normally.

 



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL REPORTING STANDARDS(FRS)

BOON HONG FISHERY SDN. BHD.

 

Financial Year End

2014-06-30

2013-06-30

2012-06-30

2011-06-30

2010-06-30

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

SUMMARY

SUMMARY

SUMMARY

FULL

FULL

Currency

MYR

MYR

MYR

MYR

MYR

TURNOVER

30,697,587

28,343,224

33,899,244

34,384,619

32,174,753

Other Income

-

-

-

-

1,930

----------------

----------------

----------------

----------------

----------------

Total Turnover

30,697,587

28,343,224

33,899,244

34,384,619

32,176,683

Costs of Goods Sold

-

-

-

(29,988,024)

(28,520,241)

----------------

----------------

----------------

----------------

----------------

Gross Profit

-

-

-

4,396,595

3,656,442

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

1,268,601

81,767

210,491

342,175

209,348

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

1,268,601

81,767

210,491

342,175

209,348

Taxation

(90,518)

(79,110)

(77,241)

(88,217)

(62,664)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

1,178,083

2,657

133,250

253,958

146,684

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

909,200

906,543

773,293

519,335

372,651

----------------

----------------

----------------

----------------

----------------

As restated

909,200

906,543

773,293

519,335

372,651

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

2,087,283

909,200

906,543

773,293

519,335

DIVIDENDS - Ordinary (paid & proposed)

(2,000,000)

-

-

-

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

87,283

909,200

906,543

773,293

519,335

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

-

33,842

42,477

Hire purchase

-

-

-

3,961

8,149

Trust receipts

-

-

-

96,494

83,554

----------------

----------------

----------------

----------------

----------------

-

-

-

134,297

134,180

-

-

-

=============

=============

DEPRECIATION (as per notes to P&L)

-

-

-

93,407

92,434

----------------

----------------

----------------

----------------

----------------

-

-

-

93,407

92,434

=============

=============

=============

 

 

 

 

 

 

 

BALANCE SHEET

 

BOON HONG FISHERY SDN. BHD.

 

ASSETS EMPLOYED:

FIXED ASSETS

41,261

7,544,654

6,923,240

202,139

285,811

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

41,261

7,544,654

6,923,240

202,139

285,811

Stocks

-

-

-

3,015,036

4,402,385

Trade debtors

-

-

-

2,673,646

3,418,130

Other debtors, deposits & prepayments

-

-

-

266,161

234,391

Amount due from director

-

-

-

78,400

-

Cash & bank balances

-

-

-

137,656

12,437

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

7,321,718

7,103,988

8,656,130

6,170,899

8,067,343

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

7,362,979

14,648,642

15,579,370

6,373,038

8,353,154

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

-

-

-

1,090,081

2,763,677

Other creditors & accruals

-

-

-

1,537,747

1,364,089

Hire purchase & lease creditors

-

-

-

20,816

69,637

Bank overdraft

-

-

-

253,882

533,526

Bill & acceptances payable

-

-

-

1,512,000

2,096,000

Amounts owing to director

-

-

-

7,448

563,484

Provision for taxation

-

-

-

142,650

141,947

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

6,267,296

8,502,246

13,660,431

4,564,624

7,532,360

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

1,054,422

(1,398,258)

(5,004,301)

1,606,275

534,983

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

1,095,683

6,146,396

1,918,939

1,808,414

820,794

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

1,000,000

1,000,000

1,000,000

1,000,000

250,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

1,000,000

1,000,000

1,000,000

1,000,000

250,000

Retained profit/(loss) carried forward

87,283

909,200

906,543

773,293

519,335

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

87,283

909,200

906,543

773,293

519,335

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

1,087,283

1,909,200

1,906,543

1,773,293

769,335

Hire purchase creditors

-

-

-

23,505

44,321

Deferred taxation

-

-

-

11,616

7,138

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

8,400

4,237,196

12,396

35,121

51,459

----------------

----------------

----------------

----------------

----------------

1,095,683

6,146,396

1,918,939

1,808,414

820,794

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

FINANCIAL RATIO

 

BOON HONG FISHERY SDN. BHD.

 

TYPES OF FUNDS

Cash

-

-

-

137,656

12,437

Net Liquid Funds

-

-

-

(1,628,226)

(2,617,089)

Net Liquid Assets

1,054,422

(1,398,258)

(5,004,301)

(1,408,761)

(3,867,402)

Net Current Assets/(Liabilities)

1,054,422

(1,398,258)

(5,004,301)

1,606,275

534,983

Net Tangible Assets

1,095,683

6,146,396

1,918,939

1,808,414

820,794

Net Monetary Assets

1,046,022

(5,635,454)

(5,016,697)

(1,443,882)

(3,918,861)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

-

-

-

476,472

343,528

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

-

-

-

569,879

435,962

BALANCE SHEET ITEMS

Total Borrowings

-

-

-

1,810,203

2,743,484

Total Liabilities

6,275,696

12,739,442

13,672,827

4,599,745

7,583,819

Total Assets

7,362,979

14,648,642

15,579,370

6,373,038

8,353,154

Net Assets

1,095,683

6,146,396

1,918,939

1,808,414

820,794

Net Assets Backing

1,087,283

1,909,200

1,906,543

1,773,293

769,335

Shareholders' Funds

1,087,283

1,909,200

1,906,543

1,773,293

769,335

Total Share Capital

1,000,000

1,000,000

1,000,000

1,000,000

250,000

Total Reserves

87,283

909,200

906,543

773,293

519,335

LIQUIDITY (Times)

Cash Ratio

-

-

-

0.03

0.00

Liquid Ratio

-

-

-

0.69

0.49

Current Ratio

1.17

0.84

0.63

1.35

1.07

WORKING CAPITAL CONTROL (Days)

Stock Ratio

-

-

-

32

50

Debtors Ratio

-

-

-

28

39

Creditors Ratio

-

-

-

13

35

SOLVENCY RATIOS (Times)

Gearing Ratio

-

-

-

1.02

3.57

Liabilities Ratio

5.77

6.67

7.17

2.59

9.86

Times Interest Earned Ratio

-

-

-

3.55

2.56

Assets Backing Ratio

1.10

6.15

1.92

1.81

3.28

PERFORMANCE RATIO (%)

Operating Profit Margin

4.13

0.29

0.62

1.00

0.65

Net Profit Margin

3.84

0.01

0.39

0.74

0.46

Return On Net Assets

115.78

1.33

10.97

26.35

41.85

Return On Capital Employed

115.78

1.33

10.97

22.87

24.12

Return On Shareholders' Funds/Equity

108.35

0.14

6.99

14.32

19.07

Dividend Pay Out Ratio (Times)

1.70

-

-

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

-

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               


 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.